<SEC-DOCUMENT>0001104659-23-034445.txt : 20230320
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<ACCEPTANCE-DATETIME>20230320160605
ACCESSION NUMBER:		0001104659-23-034445
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		113
CONFORMED PERIOD OF REPORT:	20221231
FILED AS OF DATE:		20230320
DATE AS OF CHANGE:		20230320

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:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34985
		FILM NUMBER:		23746438

	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
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: justify; text-indent: 0px"></p>

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<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0; color: Black; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><b><br />
</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px"><b>For
the transition period from ___________ to ___________</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px"><b>Commission
file number <span id="xdx_906_edei--EntityFileNumber_c20220101__20221231_zLZVuaa7c4T4"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityFileNumber">001-34985</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px"><b><span>&#160;</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&#160;</p>

<!-- Field: Rule-Page --><div style="margin: 3pt auto; width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px"></p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><span id="xdx_903_edei--EntityRegistrantName_c20220101__20221231_z9WzgLyB2kA5" style="font: 24pt Times New Roman, Times, Serif"><b><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityRegistrantName">Globus
Maritime Limited</ix:nonNumeric></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><span style="font: 10pt Times New Roman, Times, Serif"><b>(Exact
name of Registrant as Specified in its Charter)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"></p>

<!-- Field: Rule-Page --><div style="margin: 3pt auto; width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><b>Not
Applicable</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px">(Translation
of Registrant&#8217;s name into English)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><b><span id="xdx_90E_edei--EntityIncorporationStateCountryCode_c20220101__20221231_zP7c6WPSuiOc"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt-sec:edgarprovcountryen" name="dei:EntityIncorporationStateCountryCode">Republic
of the Marshall Islands</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px">(Jurisdiction
of Incorporation or Organization)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><b><span id="xdx_90B_edei--EntityAddressAddressLine1_c20220101__20221231_zY6Udji3xKm8"><span id="xdx_905_edei--EntityAddressAddressLine1_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zSBwz4tbRYzg"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityAddressAddressLine1"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:EntityAddressAddressLine1">128
Vouliagmenis Ave., 3rd Floor</ix:nonNumeric></ix:nonNumeric></span></span>, <span id="xdx_90F_edei--EntityAddressPostalZipCode_c20220101__20221231_zxgWxjFM8qP"><span id="xdx_90B_edei--EntityAddressPostalZipCode_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zh6NQYLUYVm1"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityAddressPostalZipCode"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:EntityAddressPostalZipCode">166 74</ix:nonNumeric></ix:nonNumeric></span></span> <span id="xdx_90E_edei--EntityAddressCityOrTown_c20220101__20221231_zqwEPVcwQ9t7"><span id="xdx_902_edei--EntityAddressCityOrTown_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zPg7PFZ5q8b9"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityAddressCityOrTown"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:EntityAddressCityOrTown">Glyfada, Attica</ix:nonNumeric></ix:nonNumeric></span></span>, <span id="xdx_904_edei--EntityAddressCountry_c20220101__20221231_zzPV0ptl9Qlf"><span id="xdx_904_edei--EntityAddressCountry_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zLMi5otSXBg4"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">Greece</ix:nonNumeric></ix:nonNumeric></span></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px">(Address
of Principal Executive Offices)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><b><span id="xdx_90F_edei--ContactPersonnelName_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zBXG8I2Qu031"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:ContactPersonnelName">Athanasios
Feidakis</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><b>128
Vouliagmenis Avenue, 3rd Floor</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><b>166
74 Glyfada, Attica, Greece</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><b>Tel:
<span id="xdx_901_edei--CityAreaCode_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zkGir2gJkAgb"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:CityAreaCode">+30</ix:nonNumeric></span> <span id="xdx_90C_edei--LocalPhoneNumber_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z59p502s2ti"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:LocalPhoneNumber">210 960 8300</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><b>Facsimile:
+30 210 960 8359</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px">(Name,
Telephone, E-mail and/or Facsimile Number and Address of Company Contact Person)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px">Securities
registered or to be registered pursuant to Section 12(b) of the Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="text-decoration: underline; width: 35%; padding-right: 0.8pt; text-align: center"><span style="text-decoration: underline">Title&#160;of&#160;each&#160;class</span></td>
    <td style="text-decoration: underline; width: 20%; padding-right: 0.8pt; text-align: center"><span style="text-decoration: underline">Trading Symbol</span></td>
    <td style="text-decoration: underline; width: 45%; padding-right: 0.8pt; text-align: center"><span style="text-decoration: underline">Name&#160;of&#160;each&#160;exchange&#160;on&#160;which&#160;registered</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-right: 0.8pt; text-align: center">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-right: 0.8pt; text-align: center"><b><span id="xdx_90E_edei--Security12bTitle_c20220101__20221231_zo7reKNepcFb"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:Security12bTitle">Common&#160;Shares, par value $0.004&#160;per share</ix:nonNumeric></span></b></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px"></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px">Securities
registered or to be registered pursuant to Section 12(g) of the Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><b>None</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px">(Title
of Class)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px">Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><b>None</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px">(Title
of Class)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center">Indicate
the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered
by the annual report.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><b>As
of December 31, 2022, there were <span id="xdx_90B_edei--EntityCommonStockSharesOutstanding_iI_c20221231_zKZ8HNAswwa1"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,582,301</ix:nonFraction></span></b><b>
of the registrant&#8217;s common shares outstanding and 10,300 Series B preferred shares outstanding.</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><b></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><span style="font-family: Wingdings">&#168;</span>&#160;Yes&#160;<span style="font-family: Wingdings">x</span>&#160;<span id="xdx_90A_edei--EntityVoluntaryFilers_c20220101__20221231_zcFw5PWkPFA9"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center">If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><span style="font-family: Wingdings">&#168;</span>&#160;Yes&#160;<span style="font-family: Wingdings">x</span>&#160;<span id="xdx_908_edei--EntityWellKnownSeasonedIssuer_c20220101__20221231_z4FGv6gYgQbb"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center">Note
&#8211; Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 from their obligations under those Sections.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center">Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><span style="font-family: Wingdings">x</span>&#160;<span id="xdx_906_edei--EntityCurrentReportingStatus_c20220101__20221231_zaqpZrDULCzg"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span>&#160;<span style="font-family: Wingdings">&#168;</span>&#160;No</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center"><span style="background-color: white">Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted&#160;pursuant to
Rule 405 of Regulation S-T (&#167; 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit and post such files).&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><span style="font-family: Wingdings">x</span>&#160;<span id="xdx_90F_edei--EntityInteractiveDataCurrent_c20220101__20221231_zSMmiWiVRGW5"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span>&#160;<span style="font-family: Wingdings">&#168;</span>&#160;No</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of
&#8220;accelerated filer and large accelerated filer&#8221; in Rule 12b-2 of the Exchange Act. (Check one):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: center">Large accelerated filer&#160;<span style="font-family: Wingdings">&#168;</span></td>
    <td colspan="2" style="text-align: center">Accelerated filer&#160;<span style="font-family: Wingdings">&#168;</span></td>
    <td style="text-align: center"><span id="xdx_903_edei--EntityFilerCategory_c20220101__20221231_z5KCuuuGTOT8"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Non-accelerated filer</ix:nonNumeric></span>&#160;<span style="font-family: Wingdings">x</span></td></tr>
  <tr style="vertical-align: top">
    <td style="width: 33%">&#160;</td>
    <td style="text-align: center; width: 17%">&#160;</td>
    <td style="width: 17%">&#160;</td>
    <td style="text-align: center; width: 33%">Emerging Growth Company&#160;<span style="font-family: Wingdings"><span id="xdx_90D_edei--EntityEmergingGrowthCompany_c20220101__20221231_z1B629kXZUkh"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#168;</ix:nonNumeric></span></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: left; text-indent: 0px"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: right; text-indent: 0px">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards&#8224; provided
pursuant to Section 13(a) of the Exchange Act.&#160;<span style="font-family: Wingdings">&#168;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center">&#8224;
The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center">Indicate
by check mark whether the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the
registered public accounting firm that prepared or issued its audit report.&#160;<span style="font-family: Wingdings"><span id="xdx_900_edei--IcfrAuditorAttestationFlag_c20220101__20221231_z2KIqN62udLj"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt:booleantrue" name="dei:IcfrAuditorAttestationFlag">x</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center">If securities are registered pursuant to Section 12(b) of the
Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error
to previously issued financial statements. <span style="font-family: Wingdings">&#168;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center">Indicate by check mark whether any of those error corrections
are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant&#8217;s executive
officers during the relevant recovery period pursuant to &#167;240.10D-1(b). <span style="font-family: Wingdings">&#168;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&#160;&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center">Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filling:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: center; width: 33%; padding-right: 0.8pt; padding-left: 0.5in">U.S.&#160;GAAP&#160;<span style="font-family: Wingdings">&#168;</span></td>
    <td style="text-align: center; width: 34%"><span id="xdx_904_edei--DocumentAccountingStandard_c20220101__20221231_zBnzJzT2wLGe"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:DocumentAccountingStandard">International Financial Reporting Standards</ix:nonNumeric></span> as issued <span style="font-family: Times New Roman, Times, Serif">by the International Accounting Standards
Board </span><span style="font-family: Wingdings">x</span></td>
    <td style="text-align: center; width: 33%; padding-right: 0.8pt">Other&#160;<span style="font-family: Wingdings">&#168;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center">If
&#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the registrant
has elected to follow.&#160;<b>N/A</b>&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center"><span style="font-family: Wingdings">&#168;</span>&#160;Item
17&#160;&#160;&#160;&#160;&#160;<span style="font-family: Wingdings">&#168;</span>&#160;Item 18</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center">If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).&#160;&#160;<span style="font-family: Wingdings">&#168;</span>&#160;Yes&#160;<span style="font-family: Wingdings">x&#160;</span><span id="xdx_903_edei--EntityShellCompany_c20220101__20221231_zGZTsoLaHMO7"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt:booleanfalse" name="dei:EntityShellCompany">No</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center">(APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center">Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.&#160;<b>N/A</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center"><span style="font-family: Wingdings">&#168;&#160;</span>Yes&#160;<span style="font-family: Wingdings">&#168;</span>&#160;No</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: justify; text-indent: 0px">&#160;</p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 9pt; width: 100%"><div style="border-top: Black 1pt solid; border-bottom: Black 2pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 144pt; text-align: justify; text-indent: 36pt"><b></b>&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 144pt; text-align: justify; text-indent: 36pt"></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 36pt"><span id="a_033"></span><b>TABLE OF CONTENTS</b></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>



<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="width: 90%; text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_001">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</a></td>
    <td style="width: 10%; text-align: center; padding-top: 0cm; padding-bottom: 0cm"><span style="font-size: 10pt"><a href="#a_001">3</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_002">PART I</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><span style="font-size: 10pt"><a href="#a_002">4</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_003">Item 1.&#160;&#160;Identity of Directors, Senior Management and Advisers</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#a_003">4</a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_004">Item 2.&#160;&#160;Offer Statistics and Expected Timetable</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#a_004"><span style="font-size: 10pt"></span>4</a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_005">Item 3.&#160;&#160;Key Information</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#a_005"><span style="font-size: 10pt">4</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_006">Item 4.&#160;&#160;Information on the Company</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#a_006"><span style="font-size: 10pt">41</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_007">Item 4A.&#160; Unresolved Staff Comments</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#a_007"><span style="font-size: 10pt">65</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_008">Item 5.&#160;&#160;Operating and Financial Review and Prospects</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#a_008"><span style="font-size: 10pt">65</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_009">Item 6.&#160;&#160;Directors, Senior Management and Employees</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#a_009"><span style="font-size: 10pt">87</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_010">Item 7.&#160;&#160;Major Shareholders and Related Party Transactions</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#a_010"><span style="font-size: 10pt">90</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_011">Item 8.&#160;&#160;Financial Information</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#a_011"><span style="font-size: 10pt">94</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_012">Item 9.&#160;&#160;The Offer and Listing</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#a_012"><span style="font-size: 10pt">95</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_013">Item 10.&#160;&#160;Additional Information</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#a_013"><span style="font-size: 10pt">95</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_014">Item 11.&#160;&#160;Quantitative and Qualitative Disclosures About Market Risk</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#a_014"><span style="font-size: 10pt">116</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_015">Item 12.&#160;&#160;Description of Securities Other than Equity Securities</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#a_015"><span style="font-size: 10pt">117</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_018">PART II</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#a_018"><span style="font-size: 10pt">117</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_016">Item 13.&#160;&#160;Defaults, Dividend Arrearages and Delinquencies</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#a_016"><span style="font-size: 10pt">117</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_017">Item 14.&#160;&#160;Material Modifications to the Rights of Security Holders and Use of Proceeds</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#a_017"><span style="font-size: 10pt">117</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_019">Item 15.&#160;&#160;Controls and Procedures</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#a_019"><span style="font-size: 10pt">118</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_020">Item 16A.&#160;&#160;Audit Committee Financial Expert</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#a_020"><span style="font-size: 10pt">120</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_021">Item 16B.&#160;&#160;Code of Ethics</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#a_021"><span style="font-size: 10pt">120</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_022">Item 16C.&#160;&#160;Principal Accountant Fees and Services</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#a_022"><span style="font-size: 10pt">120</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_023">Item 16D.&#160;&#160;Exemptions from the Listing Standards for Audit Committees</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#a_023"><span style="font-size: 10pt">121</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_024">Item 16E.&#160;&#160;Purchases of Equity Securities by the Issuer and Affiliated Purchasers</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#a_024"><span style="font-size: 10pt">121</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_025">Item 16F.&#160;&#160;Change in Registrant&#8217;s Certifying Accountant</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#a_025"><span style="font-size: 10pt">121</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_026">Item 16G.&#160;&#160;Corporate Governance</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#a_026"><span style="font-size: 10pt">121</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_027">Item 16H.&#160;&#160;Mining Safety Disclosure</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#a_027"><span style="font-size: 10pt">122</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_028">Item 16I.&#160;&#160;Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#a_028"><span style="font-size: 10pt">122</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_029">PART III</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#a_029"><span style="font-size: 10pt">122</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_030">Item 17.&#160;&#160;Financial Statements</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#a_030"><span style="font-size: 10pt">122</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_031">Item 18.&#160;&#160;Financial Statements</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#a_031"><span style="font-size: 10pt">122</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <td style="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm"><a href="#a_032">Item 19.&#160;&#160;Exhibits</a></td>
    <td style="text-align: center; padding-top: 0cm; padding-bottom: 0cm"><a href="#a_032"><span style="font-size: 10pt">122</span></a></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span id="a_001"></span>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This annual report on Form 20-F contains
forward-looking statements and information within the meaning of U.S. securities laws and Globus Maritime Limited desires to take
advantage of, among other things, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is
including this cautionary statement in connection with this safe harbor legislation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Forward-looking statements provide our current expectations
or forecasts of future events. Forward-looking statements include statements about our expectations, beliefs, plans, objectives, intentions,
assumptions and other statements that are not historical facts or that are not present facts or conditions. Forward-looking statements
and information can generally be identified by the use of forward-looking terminology or words, such as &#8220;anticipate,&#8221; &#8220;approximately,&#8221;
&#8220;believe,&#8221; &#8220;continue,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;forecast,&#8221; &#8220;intend,&#8221;
&#8220;may,&#8221; &#8220;ongoing,&#8221; &#8220;pending,&#8221; &#8220;perceive,&#8221; &#8220;plan,&#8221; &#8220;potential,&#8221;
&#8220;predict,&#8221; &#8220;project,&#8221; &#8220;seeks,&#8221; &#8220;should,&#8221; &#8220;views&#8221; or similar words or phrases
or variations thereon, or the negatives of those words or phrases, or statements that events, conditions or results &#8220;can,&#8221;
&#8220;will,&#8221; &#8220;may,&#8221; &#8220;must,&#8221; &#8220;would,&#8221; &#8220;could&#8221; or &#8220;should&#8221; occur or be
achieved and similar expressions in connection with any discussion, expectation or projection of future operating or financial performance,
costs, regulations, events or trends. The absence of these words does not necessarily mean that a statement is not forward-looking. Forward-looking
statements and information are based on management&#8217;s current expectations and assumptions, which are inherently subject to uncertainties,
risks and changes in circumstances that are difficult to predict.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Without limiting the generality of the
foregoing, all statements in this annual report on Form 20-F concerning or relating to estimated and projected earnings, margins,
costs, expenses, expenditures, cash flows, growth rates, future financial results and liquidity are forward-looking statements. In
addition, we, through our senior management, from time to time may make forward-looking public statements concerning our expected
future operations and performance and other developments. Such forward-looking statements are necessarily estimates reflecting our
best judgment based upon current information and involve a number of risks and uncertainties. Other factors may affect the accuracy
of these forward-looking statements and our actual results may differ materially from the results anticipated in these
forward-looking statements. While it is impossible to identify all such factors, factors that could cause actual results to differ
materially from those estimated by us may include, but are not limited to, those factors and conditions described under &#8220;Item
3.D. Risk Factors&#8221; as well as general conditions in the economy, dry bulk industry and capital markets and effects of COVID-19
and world conflicts. We undertake no obligation to revise any forward-looking statement to reflect circumstances or events after the
date of this annual report on Form 20-F or to reflect the occurrence of unanticipated events or new information, other than any
obligation to disclose material information under applicable securities laws. Forward-looking statements appear in a number of
places in this annual report on Form 20-F including, without limitation, in the sections entitled &#8220;Item 5. Operating and
Financial Review and Prospects,&#8221; &#8220;Item 4.A. History and Development of the Company&#8221; and &#8220;Item 8.A.
Consolidated Statements and Other Financial Information&#8212;Our Dividend Policy and Restrictions on Dividends.&#8221;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Terms Used in this Annual Report on Form 20-F</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The &#8220;Company,&#8221; &#8220;Globus,&#8221; &#8220;Globus
Maritime,&#8221; &#8220;we,&#8221; &#8220;our&#8221; and &#8220;us&#8221; refer to Globus Maritime Limited and its subsidiaries, unless
the context otherwise requires.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">References to our common shares are references to
Globus Maritime Limited&#8217;s registered common shares, par value $0.004 per share, or, as applicable, the ordinary shares of Globus
Maritime Limited prior to our redomiciliation into the Marshall Islands on November 24, 2010.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">References to our Class B shares are references to
Globus Maritime Limited&#8217;s registered Class B shares, par value $0.001 per share, none of which are currently outstanding. We refer
to both our common shares and Class B shares as our shares. References to our shareholders are references to the holders of our common
shares and Class B shares. References to our Series A Preferred Shares are references to our shares of Series A preferred stock, par value
$0.001 per share, none of which were outstanding on December 31, 2021 and 2022 as well as on the date of this annual report on Form 20-F. References to our Series B Preferred Shares are references to our shares of Series B preferred stock, par value $0.001 per
share.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0cm">On July 29, 2010, we effected
a 1-4 reverse split of our common shares. On October 20, 2016, we effected a 1-4 reverse stock split which reduced the number of outstanding
common shares from 10,510,741 to 2,627,674 shares (adjustments were made based on fractional shares). On October 15, 2018, the Company
effected a 1-10 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). On October 21, 2020, the Company effected a 1-100 reverse stock split which reduced number of outstanding
common shares from 175,675,651 to 1,756,720 shares (adjustments were made based on fractional shares). Unless otherwise noted, all historical
share numbers and per share amounts in this annual report on Form 20-F have been adjusted to give effect to these reverse splits.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Unless otherwise indicated, all references
to &#8220;dollars&#8221; and &#8220;$&#8221; in this annual report on Form 20-F are to, and amounts are presented in, U.S. dollars. References
to our ships, our vessels or out fleet relates to the ships that we own, unless context otherwise requires.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain financial information has been rounded, and,
as a result, certain totals shown in this annual report on Form 20-F may not equal the arithmetic sum of the figures that should otherwise
aggregate to those totals.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span id="a_002"></span>PART I</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="a_003"></span>Item 1.&#160;&#160;Identity of Directors, Senior
Management and Advisers</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not Applicable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="a_004"></span>Item 2.&#160;&#160;Offer Statistics and Expected
Timetable</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not Applicable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="a_005"></span>Item 3.&#160;&#160;Key Information</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>A. [Reserved]</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>B. Capitalization and Indebtedness</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not Applicable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>C.&#160;&#160;Reasons for
the Offer and Use of Proceeds</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not Applicable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>D.&#160;&#160;Risk Factors</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>This annual report on Form 20-F contains forward-looking
statements and information within the meaning of U.S. securities laws that involve risks and uncertainties. Our actual results may differ
materially from the results discussed in the forward-looking statements and information. Factors that may cause such a difference include
those discussed below and elsewhere in this annual report on Form 20-F.</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Some of the following risks relate principally
to the industry in which we operate and our business in general. Other risks relate principally to the securities market and ownership
of our common shares. The occurrence of any of the events described in this section could significantly and negatively affect our business,
financial condition, operating results, and ability to pay dividends or the trading price of our common shares, and you may lose all or
part of your investment.</i>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span style="text-decoration: underline">Summary of Risk Factors</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Below is a summary of the principal factors that
make an investment in our common stock speculative or risky. This summary does not address all of the risks that we face. Additional discussion
of the risks summarized in this risk factor summary, and other risks that we face, can be found below under the headings &#8220;Risks
relating to Our Industry,&#8221; &#8220;Company Specific Risk Factors&#8221; and &#8220;Risks Relating to our Common Shares&#8221; and
should be carefully considered, together with other information in this Annual Report on Form 20-F and our other filings with the Securities
and Exchange Commission (the &#8220;SEC&#8221;), before making an investment decision regarding our common shares.</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 12pt -webkit-standard,serif; margin: 0; text-align: justify; text-indent: 18pt"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span style="text-decoration: underline">Risks
relating to Our Industry</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span style="font-style: normal; font-weight: normal">&#160;</span></b></p>

<p style="margin-top: 0; margin-bottom: 0"><b><span style="text-decoration: underline"></span></b></p>

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

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt"><i>The international dry bulk shipping industry is cyclical and volatile.</i></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>The dry bulk vessel charter market remains significantly below its high in 2008.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>The international shipping industry and dry bulk market are highly competitive.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><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></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>The current state of the global financial markets and current economic conditions may adversely impact
the dry bulk shipping industry.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>An over-supply of dry bulk carrier capacity may depress charter rates.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>Our industry is subject to complex laws and regulations.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol; font-style: normal; font-weight: normal">&#183;</span></td><td style="text-align: justify"><span style="font-weight: normal"><i>Climate
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol; font-style: normal; font-weight: normal; color: windowtext">&#183;</span></td><td style="text-align: justify"><span style="font-weight: normal"><i>Pending
                                            and future tax law changes may result in significant additional taxes to us.</i></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt"><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></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>Capital expenditures and other costs necessary to operate and maintain our vessels may increase.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>Seasonal fluctuations in industry demand could affect us.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>Our insurance may not be adequate to cover our losses that may result from our operations.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>Our vessels are exposed to operational risks.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><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></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>We may be subject to increased inspection procedures, tighter import and export controls and new security
regulations.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>Rising fuel prices may adversely affect our profits.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>Increases in crew costs may adversely affect our profits.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>Maritime claimants could arrest our vessels.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>Governments could requisition our vessels during a period of war or emergency.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>Compliance with safety and other vessel requirements imposed by classification societies may be costly.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><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></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="margin-top: 0pt; margin-bottom: 6pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Pandemics such as the 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></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>Sulphur regulations to reduce air pollution from ships may require retrofitting of vessels and may
cause us to incur significant costs.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>A downturn in the worldwide economy may harm our business.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>Worldwide inflationary pressures could negatively impact our results of operations and cash flows.</i></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>Environmental, social and governance matters may impact our business and reputation.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>The smuggling of drugs or other contraband onto our vessels may lead to governmental claims against
us.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>Labor interruptions could disrupt our business.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b><span style="text-decoration: underline">Company Specific Risk Factors</span></b></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>The market values of our vessels have fluctuated and have from time to time triggered certain financial
covenants under our existing and potentially future loan and credit facilities.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt"><i>We may not be able to attract and retain key management personnel and
other employees in the shipping industry.</i></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>Our loan agreement contains, and we expect that future loan agreements and financing arrangements will
contain, restrictive covenants that may limit our liquidity and corporate activities, which could limit our operational flexibility and
have an adverse effect on our financial condition and results of operations. In addition, because of the presence of cross-default provisions
in our loan agreement and the expectation that such will exist in any future loan agreements and financing arrangements, a default by
us under one loan could lead to defaults under multiple loans.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>We cannot assure you that we will be able to refinance our existing indebtedness or obtain additional
financing.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>We depend on short-term or spot charters in volatile shipping markets.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><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></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>We conduct a substantial amount of business in China.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><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></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>Our charterers may renegotiate or default on their charters.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>        Contracts for newbuilding vessels present certain economic and other risks.</i></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>The aging of our fleet may result in increased operating costs in the future.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>We may have difficulty managing our planned growth properly.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>Legislative or regulatory changes in Greece may adversely affect our results from operations.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>We rely on our information systems to conduct our business.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>A cyber-attack could materially disrupt our business.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>We expect that a limited number of financial institutions will hold our cash including financial institutions
that may be located in Greece or the United States.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="margin-top: 0pt; margin-bottom: 8pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>Purchasing and operating secondhand vessels may result in increased operating costs and reduced fleet
utilization.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><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></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>Unless we set aside reserves or are able to raise or borrow funds for vessel replacement, at the end
of a vessel&#8217;s useful life our revenues will decline.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>We depend upon a few significant customers for a large part of our revenues.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><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></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>If volatility in the Secured Overnight Financing Rate, or SOFR, occurs, it could affect our profitability,
earnings and cash flow.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>We may have to pay tax on U.S. source shipping income.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>U.S. tax authorities could treat us as a &#8220;passive foreign investment company,&#8221; which could
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>We could face penalties under European Union, United States or other economic sanctions.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>Our vessels may call on ports subject to economic sanctions or embargoes.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol; font-size: 11pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt"><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></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>It may be difficult to serve us with legal process or enforce judgments against us, our directors or
our management.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>The international nature of our operations may make the outcome of any bankruptcy proceedings difficult
to predict.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span style="text-decoration: underline">Risks Relating to our Common Shares</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span>&#160;</span></b></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>Our stock price has been volatile and no assurance can be made that it will not substantially depreciate.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>We may issue additional common shares or other equity securities without shareholder approval, which
would dilute our existing shareholders&#8217; ownership interests and may depress the market price of our common shares.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>Future issuances or sales, or the potential for future issuances or sales, of our common shares may
cause the trading price of our securities to decline and could impair our ability to raise capital through subsequent equity offerings.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt"><i>The market price of our common shares may be volatile, which could result
in substantial losses for investors who purchase our shares; and the volatility in the stock prices of other companies may contribute
to volatility in our stock price.&#160;</i></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt"><i>A possible &#8220;short squeeze&#8221; due to a sudden increase in demand
of our common shares that largely exceeds supply may lead to further price volatility in our common shares.</i></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Our common shares could be delisted from Nasdaq, which could affect their
market price and liquidity.</i></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><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></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

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<p style="margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><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></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Provisions of our articles of incorporation and bylaws may have anti-takeover
effects<span style="background-color: white">, which could depress the trading price of our common shares.</span></i></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>We are subject to Marshall Islands corporate law, which is not well-developed.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>Increases in interest rates may cause the market price of our shares to decline.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>The public market may not continue to be active and liquid enough for our shareholders to resell our
common shares in the future.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span style="text-decoration: underline">Risks relating to Our Industry</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 the beginning of 2020, the rates continued to drop and came close to the all-time low, but substantially
rebounded in 2020 and continued to increase in 2021, reaching in October 2021 the highest point since 2008. In 2022 the rates remained
volatile reaching a peak during the second quarter, followed by a decreasing trend the next two quarters and remain at fairly depressed
levels in the beginning of 2023. Currently  eight of our vessels are chartered
on short-term time charters or 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Factors that influence demand for vessel capacity
include:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 36pt">&#8226;</td><td style="text-align: justify">port and canal congestion charges;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 36pt">&#8226;</td><td style="text-align: justify">general dry bulk shipping market conditions, including fluctuations in charter hire 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: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 36pt">&#8226;</td><td style="text-align: justify">global and regional economic and political conditions, including exchange rates, trade deals, conflicts
and wars (including the Ukraine conflict), and the rate and geographic distributions of economic growth;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 36pt">&#8226;</td><td style="text-align: justify">environmental and other regulatory developments;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 36pt">&#8226;</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: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 36pt">&#8226;</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: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 36pt">&#8226;</td><td style="text-align: justify">natural disasters and/or world pandemics such as COVID-19.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Factors that influence the supply of vessel capacity
include:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 36pt">&#8226;</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: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 36pt">&#8226;</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: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 36pt">&#8226;</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: 0; text-align: justify">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 36pt">&#8226;</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: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 36pt">&#8226;</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: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 36pt">&#8226;</td><td style="text-align: justify">port and canal congestion;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 36pt">&#8226;</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: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 36pt">&#8226;</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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We anticipate that the future demand for our dry bulk
vessels and charter rates will be dependent upon continued economic growth in the world&#8217;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: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>The dry bulk vessel charter market remains significantly
below its high in 2008.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">The revenues, earnings
and profitability of companies in our industry are affected by the charter rates that can be obtained in the market, which is volatile
and has experienced significant declines since its highs in 2008. The Baltic Dry Index, or the BDI, which is published daily by the Baltic
Exchange Limited, or the Baltic Exchange, a London-based membership organization that provides daily shipping market information to the
global investing community, is an average of selected ship brokers&#8217; assessments of time charter rates paid by a customer to hire
a dry bulk vessel to transport dry bulk cargoes by sea. The BDI has long been viewed as the main benchmark to monitor the movements of
the dry bulk vessel charter market and the performance of the entire dry bulk shipping market. The BDI declined from an all-time high
of 11,793 in May 2008 to a low of 663 in December 2008, which represents a decline of 94% within a single calendar year. Since 2009,
the BDI has remained fairly depressed compared to historical numbers. The BDI reached a new all-time low of 290 on February 10, 2016.
The BDI remained significantly depressed from 2008-2019. In 2021, the BDI rose to a high of 5,650 on October 7, 2021 and had a low of
1,303 on February 10, 2021. In 2022, the BDI ranged from a low of 965 on August 31, 2022 to a high of 3,369 on May 23, 2022. During calendar
year 2023 to March 14, 2023, the BDI has ranged from a high of 1,587 (on March 14, 2023) to a low of 601 (on February 7, 2023).</span>
<span style="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The decline and volatility in charter rates in the
dry bulk market also affects the value of our dry bulk vessels, which generally follows the trends of dry bulk charter rates, and earnings
on our charters, and similarly affects our cash flows, liquidity and compliance with the covenants contained in our loan arrangements.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: justify">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Continuing war and recent developments in Ukraine,
the Middle East, including tensions between the U.S. and Iran, as well as other geographic countries and areas, terrorist or other attacks,
and war (or threatened war) or international hostilities, such as the ones currently in progress between Russia and Ukraine, China and
Taiwan, or the U.S. and North Korea, have recently and may in the future lead to armed conflict or acts of terrorism around the world
continue to cause uncertainty and volatility in the world financial markets and may affect our business, results of operations and financial
condition. Additionally, continuing concerns relating <span style="background-color: white">geopolitical events such as the previous withdrawal
of the U.K. from the European Union, or </span>Brexit and concerns regarding any lingering effects of the COVID-19 pandemic or the emergence
of other viral outbreaks have led to increased volatility in global credit and equity markets. These uncertainties could also adversely
affect our ability to obtain additional financing on terms acceptable to us or at all. 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.
These types of attacks have also affected vessels trading in regions such as the Black Sea, South China Sea and the Gulf of Aden off the
coast of Somalia. The IMO&#8217;s extraordinary council session held on March 10-11, 2022 addressed the impacts on shipping and seafarers,
as a result of the war in Ukraine. The IMO called for the need to preserve the integrity of maritime supply chains and the safety and
welfare of seafarers and any spillover effects of the military action on global shipping, logistics and supply chains, in particular the
impacts on the delivery of commodities and food to developing nations and the impacts on energy supplies. Any of these occurrences could
have a material adverse impact on our operating results, revenues and costs.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The conflict between Russia and Ukraine, which commenced
in February 2022, has disrupted supply chains and caused instability and significant volatility in the global economy. Much uncertainty
remains regarding the global impact of the conflict in Ukraine, and it is possible that such instability, uncertainty and resulting volatility
could significantly increase our costs and adversely affect our business, including our ability to secure charters and financing on attractive
terms, and as a result, adversely affect our business, financial condition, results of operation and cash flows.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of the conflict between Russia and Ukraine,
Switzerland, the United States, the European Union, the United Kingdom and others have announced unprecedented levels of sanctions and
other measures against Russia and certain Russian entities and nationals. Such sanctions against Russia may adversely affect our business,
financial condition, results of operation and cash flows. For example, apart from the immediate commercial disruptions caused in the conflict
zone, escalating tensions and fears of potential shortages in the supply of Russian crude have caused the price of oil to trade above
historical pricing. The ongoing conflict could result in the imposition of further economic sanctions against Russia, with uncertain impacts
on the dry bulk market and the world economy. While we do not have any Ukrainian or Russian crew and our vessels currently do not sail
in the Black Sea, it is possible that the conflict in Ukraine, including any increased shipping costs, disruptions of global shipping
routes, any impact on the global supply chain and any impact on current or potential customers caused by the events in Russia and Ukraine,
could adversely affect our operations or financial performance. Due to the recent nature of these activities, the full impact on our business
is not yet known.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Brexit further increases the risk of additional trade
protectionism. Brexit, or similar events in other jurisdictions, could continue to impact global markets, including foreign exchange
and securities markets; any resulting changes in currency exchange rates, tariffs, treaties and other regulatory matters could in turn
adversely impact our business, cash flows and operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Further, as a result of the economic situation in&#160;Greece,
which has been slowly recovering from the sovereign crisis and the related austerity measures implemented by the Greek government and
the influx of refugees from Syria and other areas, the operations of our Manager located in Greece 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 could disrupt the shoreside operations of our Manager located in Greece.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 short-term or 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. An uptick in charter rates generally discourages scrapping older vessels, but recent
regulatory actions have increased the economic incentive to scrap certain older vessels. Accordingly, it remains to be seen in 2023 whether
the number of worldwide dry bulk carrying capacity, net of scrapped vessels, will increase.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Our industry is subject to complex laws and
regulations.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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, which we refer to as the MTSA.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 (&#8220;IMO&#8221;) global 0.5% sulphur cap on
marine fuels came into force on January 1, 2020, as stipulated in 2008 amendments to Annex VI to the International Convention for
the Prevention of Pollution from ships (&#8220;MARPOL&#8221;). Our vessels require pricier low-sulphur fuel, which may reduce the
amount charterers are willing to pay to charter our vessels. In addition, on January 1, 2023, regulations came into force that aim
to reduce carbon emissions from both new and existing ships as measured by two main energy efficiency indicators. Ships that fail to
comply with the these 2023 regulations may be subject to penalties and require modifications to the ship to ensure compliance. It is
difficult to determine the cost, if any, until our ships&#8217; performance is measured in accordance with these new regulations. If
our ships fail to comply with the IMO 2023 regulations or otherwise do not have good performance, this can result in penalties and
require modifications to the ship to ensure compliance. Any such modifications may be costly and those ships will be offhire during
any period of modification. 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 &#8220;Safety Management System&#8221;
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 &#8220;Environmental and Other Regulations.&#8221; 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 our CIT Loan Facility 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 lender could accelerate
our indebtedness and foreclose on the vessels in our fleet securing the CIT Loan Facility. As of the date of this annual report on Form
20-F, each of our vessels is ISM Code-certified.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 0cm">Climate change
and greenhouse gas restrictions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Due to concern over the risk of climate change, a
number of countries and the 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 IMO imposed a global 0.5% sulphur cap on marine fuels which came into force
on January 1, 2020. Our vessels do not have scrubbers and use low-sulphur fuel instead, and now may 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We discuss this further in this annual report on
Form 20-F. See &#8220;Item 4.B. Business Overview&#8212;Environmental and Other Regulations&#8212;Regulations to Prevent Pollution from
Ships&#8221; and &#8220;Item 3.D. Risk Factors&#8212;Risks Relating to our Industry&#8212;Our industry is subject to complex
laws and regulations.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 (this task was delegated under the Kyoto Protocol to the IMO for action), 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, which could have a material adverse effect on our business, results of operations, cash flows and financial
condition and our ability to pay dividends.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Pending and future tax law changes may result
in significant additional taxes to us.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pending and future tax law changes may result in significant
additional taxes to us. For example, the Organization for Economic Cooperation and Development published a &#8220;Programme of Work,&#8221;
which was divided into two pillars. Pillar One focused on the allocation of group profits among taxing jurisdictions based on a market-based
concept rather than the historical &#8220;permanent establishment&#8221; concept. Pillar Two, among other things, introduced a global
minimum tax. The foregoing proposals (in the event international consensus is achieved and implementing laws are adopted) and other possible
future tax changes may have an adverse impact on us. Any requirement or legislation that requires us to pay more tax 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><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-right: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Payments to us by our charterers under time
charters are and will be our sole 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 large vessels as well as the oversupply of smaller size vessels
due to a cascading effect would place certain of our customers under financial pressure. 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; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 dry bulk vessel capacity, the expected entry
into service of new technologically advanced ships, and the expected increase in the size of the world dry bulk fleet over the next few
years may make it difficult to secure substitute employment for any of our vessels if our counterparties fail to perform their obligations
under the currently arranged time charters, and any new charter arrangements we are able to secure may be at lower rates. Furthermore,
the surplus of dry bulk vessels available at lower charter rates could negatively affect our charterers&#8217; 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to charter parties, we may, among other
things, enter into contracts for the sale or purchase of secondhand dry bulk vessels or 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 ocean-going dry bulk
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: 0">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Seasonal fluctuations in industry demand could
affect us.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We operate our vessels in markets that have historically
exhibited seasonal variations in demand and, as a result, in charter rates. This seasonality may result in quarter-to-quarter volatility
in our results of operations, which could affect the amount of dividends, if any, that we pay to our shareholders. The market for marine
dry bulk transportation services 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 scheduling and supplies of certain commodities. This seasonality 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Our vessels are exposed to operational risks.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: justify">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the past, political conflicts have also resulted
in attacks on vessels, mining of waterways and other efforts to disrupt international shipping, particularly in the Arabian Gulf region.
Acts of terrorism and piracy have also affected vessels trading in regions such as the South China Sea, the Gulf of Aden and parts of
the Indian Ocean and West Africa. Continuing conflicts and recent developments in the Middle East and North Africa, including Egypt, Syria,
Iran, Iraq and Libya, the recent conflict in Ukraine, 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 &#8220;war risk&#8221;
zones or Joint War Committee &#8220;war, strikes, terrorism and related perils&#8221; listed areas, premiums payable for such coverage
could increase significantly and such insurance coverage may be more difficult or impossible to obtain. In addition, we face the risk
of a marine disaster, which could include an oil spill and other environmental damage. Although our vessels carry a relatively small amount
of oil used for fuel (&#8220;bunkers&#8221;), 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The operation of certain vessel types, such as dry
bulk vessels, also carry 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. Under the terms of the CIT Loan Facility, we will be subject
to restrictions on the use of any proceeds we may receive from claims under our 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 could occur during an unscheduled
drydocking, unscheduled repairs due to damage to the vessel, or as a result of acts of piracy. Accordingly, any loss of a vessel or any
extended period of vessel off- hire, due to an incident, 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: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#8217;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.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>We may be subject to increased inspection procedures,
tighter import and export controls and new security regulations.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">International shipping is subject to various security
and customs inspection and related procedures in countries of origin and destination and trans-shipment points. Inspection procedures
can result in the seizure of the cargo and contents of our vessels, delays in the loading, offloading or delivery and the levying of customs
duties, fines or other penalties against us. It is possible that changes to inspection procedures could impose additional financial and
legal obligations on us. Furthermore, changes to inspection procedures could also impose additional costs and obligations on our customers
and may, in certain cases, render the shipment of certain types of cargo impractical. Any such changes or developments may have a material
adverse effect on our business, financial condition, results of operations and our ability to pay dividends.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Rising fuel prices may adversely affect our
profits.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Fuel is a significant, if not the largest, 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 short-term or 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 has or may become much more expensive in the future, including as a result of the developments
in Ukraine and the sanctions against Russia, the imposition of sulfur oxide emissions limits in January 2020 and reductions of carbon
emissions from January 2023 under new regulations adopted by the International Maritime Organization, or the IMO, 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of the sulfur oxide emissions limits,
because we do not have scrubbers on our vessels, our vessels require pricier low-sulfur 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.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Increases in crew costs may adversely affect
our profits.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. In addition, labor disputes or unrest, including work stoppages, strikes and/or work disruptions
or increases imposed by collective bargaining agreements covering the majority of our officers on board our vessels could result in higher
personnel costs and significantly affect our financial performance. Furthermore, while we do not have any Ukrainian or Russian crew and the Company's vessels currently do not sail in the Black Sea, the extent to which this will
impact the Company&#8217;s future results of operations and financial condition will depend on future developments, which are highly uncertain
and cannot be predicted. Changes in labor laws and regulations, collective bargaining negotiations and labor disputes, and potential shortage
of crew due to the conflict between Russia and Ukraine, could increase our crew costs and have a material 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: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Maritime claimants could arrest our vessels.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 in the CIT Loan Facility, interrupt our cash flow and require us to pay large sums of money to have the arrest or attachment
lifted. Please see &#8220;Item 5.B. Liquidity and Capital Resources&#8212;Indebtedness&#8221; for further information.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, in some jurisdictions, such as South
Africa, under the &#8220;sister ship&#8221; theory of liability, a claimant may arrest both the vessel which is subject to the claimant&#8217;s
maritime lien and any &#8220;associated&#8221; vessel, which is any vessel owned or controlled by the same owner. Claimants could attempt
to assert &#8220;sister ship&#8221; liability against one vessel in our fleet for claims relating to another of our vessels.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The hull and machinery of every commercial vessel
must be certified as safe and seaworthy in accordance with applicable rules and regulations, and accordingly vessels must undergo regular
surveys. All of the vessels that we operate or manage are classed by one of the major classification societies, including Nippon Kaiji
Kyokai (Class NK), DNV GL, Lloyds and ABS. Vessels must undergo annual surveys, immediate surveys
and special surveys. In lieu of a special survey, a vessel&#8217;s machinery may be on a continuous survey cycle, under which the machinery
would be surveyed 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 CIT Loan
Facility or future credit arrangements 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. Please see &#8220;Item 5.B. Liquidity and Capital Resources&#8212;Indebtedness&#8221; for further information.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#8217;s fastest growing economies as measured by gross domestic product, or GDP, which had a significant impact on shipping
demand. China's GDP growth rate for the year ended December 31, 2022 was approximately 3.0%, one of its lowest rates in 50 years, thought
to be mainly caused by the country&#8217;s zero-COVID policy and strict lockdowns, which was a marked decline from 8.1% for the year ended
December 31, 2021. 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Pandemics such as the 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our business may be adversely affected by the lingering
effects of COVID-19 and the reimposition of governmental responses to the virus, which has introduced uncertainty into our operational
and financial activities and has negatively impacted, and may continue to impact negatively, global economic activity. Although the incidence
and severity of COVID-19 and its variants have diminished over time, periodic spikes in incidence occur. Many nations worldwide have significantly
eased or eliminated restrictions that were enacted at the outset of the outbreak of COVID-19. The United States has announced that it
will terminate the COVID-19 national emergency and public health emergency that was put in place in 2020. Notably, the Chinese government
removed its zero-COVID policy in December 2022, although China is now facing a sudden surge in COVID cases after easing the lockdown restrictions
nationwide. WHO officials had expressed hope that COVID-19 might be entering an endemic phase by early 2023, but the continued uncertainties
associated with the COVID-19 pandemic worldwide may cause an adverse impact on the global economy and the rate environment for tanker
and other cargo vessels may deteriorate and our operations and cash flows may be negatively impacted.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Average charter rates for dry bulk vessels, as measured
by the Baltic Dry Index, improved significantly in 2021 and part of 2022 since the second quarter of 2020, but has reduced in the beginning
of 2023; the underlying reasons for this improvement, such as tight supply lines, increased demand for bulk commodities on the back of
firmly rebounding industrial activity, increased demand for containerized cargo due to increased consumption mainly from developed countries,
and newbuild construction being put on hold due to the pandemic, has somewhat reversed, which could negatively impact our business. Over
time, the incidence of COVID-19 and its variants has diminished although periodic spikes in incidence occur. Consequently, restrictions
imposed by various governmental health organizations may change over time. Several countries have lifted restrictions only to reimpose
such restrictions as the number of cases rise and new variants emerge. Negative impacts could occur, even after the pandemic itself diminishes
or ends. It is difficult to predict what impact a resurgence of COVID-19 or the occurrence of another pandemic and resultant government
measures may have on our business. The duration of scheduled repairs could exceed our estimates, causing our vessels to remain off-hire
for longer periods than planned or to miss scheduled employment. We may face increased costs operating our vessels due to travel restrictions
and quarantine requirements. Possible delays due to quarantine of our vessels caused by viral infections of our crew or other related
disruptions may lead to the termination of charters leaving our vessels without employment. It is also possible that the companies that
charter our vessels may be materially impacted by the effects of the COVID-19 or another virus outbreak and therefore may default on their
charters or seek to restructure the terms of their charters (which are legally binding).&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="font: 12pt Times New Roman, Times, Serif; width: 35px"><span style="font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-size: 10pt">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.</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="font: 12pt Times New Roman, Times, Serif; width: 35px"><span style="font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-size: 10pt">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.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="font: 12pt Times New Roman, Times, Serif; width: 35px"><span style="font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-size: 10pt">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.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="font: 12pt Times New Roman, Times, Serif; width: 35px"><span style="font-size: 10pt">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-size: 10pt">We have seen a decrease in productivity, generally, as people&#8212;including our office employees and crews, as well as our counterparties&#8212;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&#8217;s entire crew fell seriously ill, we may have substantial difficulty operating its vessel and may necessitate extraordinary external aid.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="font: 12pt Times New Roman, Times, Serif; width: 35px"><span style="font-size: 10pt">(5)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-size: 10pt">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 shipyards 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.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="font: 12pt Times New Roman, Times, Serif; width: 35px"><span style="font-size: 10pt">(6)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-size: 10pt">Governments impose new regulations, directives or practices, which we may be obligated to implement at our own expense.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="font: 12pt Times New Roman, Times, Serif; width: 35px"><span style="font-size: 10pt">(7)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-size: 10pt">Any or all of the foregoing could lead our charterers to try to invoke force majeure clauses. As of the date hereof, however, none of our charterers have invoked a force majeure clause citing the pandemic.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="font: 12pt Times New Roman, Times, Serif; width: 35px"><span style="font-size: 10pt">(8)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-size: 10pt">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.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Since January 1, 2020 the IMO regulations have required
vessels to comply with a global cap on the sulphur in fuel oil used on board of 0.5%, down from the previous 3.5%. The interpretation
of &#8220;fuel oil used on board&#8221; includes use in main engine, auxiliary engines and boilers. Shipowners may comply with this regulation
by (i) using 0.5% sulphur fuels on board, which costs more than higher sulphur fuel; (ii) installing scrubbers for cleaning of the exhaust
gas (which we have not done to any of our vessels); or (iii) by retrofitting vessels to be powered by liquefied natural gas (which we
have not done to any of our vessels), which may not be a viable option due to the lack of supply network and high costs involved in this
process. Costs of compliance with these regulatory changes may be significant and may have a material adverse effect on our future performance,
results of operations, cash flows and financial position.&#160;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. Over time, however,
it is possible that 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i>A downturn in the worldwide
economy may harm our business.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i>&#160;</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Downturns in the worldwide
economy, due to inflation, geopolitics, major central bank policy actions including interest rate increases, public health crises, or
other factors, have harmed our business in the past and future downturns could also adversely affect our business. Adverse economic conditions
affect demand for goods and oil. Reduced demand for these or other products could result in significant decreases in rates we obtain for
chartering our ships. In addition, the cost for crew members, oils and bunkers, and other supplies may increase. A deterioration of conditions
in worldwide credit markets could limit our ability to obtain external financing to fund our operations and capital expenditures. In addition,
we may experience losses on our holdings of cash and investments due to failures of financial institutions and other parties. Difficult
economic conditions may also result in a higher rate of losses on our accounts receivable due to credit defaults. During an inflationary
period, such as one we are currently experiencing, the SOFR or similar reference rate will generally be increased, thus costing us more
money to service our debt obligations and reducing our net revenues. As a result, downturns in the worldwide economy could have a material
adverse effect on our business, results of operations, or financial condition.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0pt; text-align: justify; background-color: white"><b><i>Worldwide
inflationary pressures could negatively impact our results of operations and cash flows.</i></b>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">It has been recently observed
that worldwide economies have experienced inflationary pressures, with price increases seen across many sectors globally. For example,
the U.S. consumer price index, an inflation gauge that measures costs across dozens of items, rose 6.5% in December 2022 compared to the
prior year, driven in large part by increases in energy costs. It remains to be seen whether inflationary pressures will continue, and
to what degree, as central banks begin to respond to price increases. In the event that inflation becomes a significant factor in the
global economy generally and in the shipping industry more specifically, inflationary pressures would result in increased operating, voyage
and administrative costs. Furthermore, the effects of inflation on the supply and demand of the products we transport could alter demand
for our services. Interventions in the economy by central banks in response to inflationary pressures may slow down economic activity,
including by altering consumer purchasing habits and reducing demand for the commodities and products we carry, and cause a reduction
in trade. As a result, the volumes of goods we deliver and/or charter rates for our vessels may be affected. Any of these factors could
have an adverse effect on our business, financial condition, cash flows and operating results.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to the importance of their financial performance,
companies are increasingly being judged by their performance on a variety of environmental, social and governance matters, or ESG, which
are considered to contribute to the long-term sustainability of companies&#8217; performance.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A variety of organizations measure the performance
of companies on such ESG topics, and the results of these assessments are widely publicized. In addition, investment in funds that specialize
in companies that perform well in such assessments are increasingly popular, and major institutional investors have publicly emphasized
the importance of such ESG measures to their investment decisions. Topics taken into account in such assessments include, among others,
the company&#8217;s efforts and impacts on climate change and human rights, ethics and compliance with law, and the role of the company&#8217;s
board of directors in supervising various sustainability issues.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We actively manage a broad range of such ESG matters,
taking into consideration their expected impact on the sustainability of our business over time, and the potential impact of our business
on society and the environment. However, in light of investors&#8217; increased focus on ESG matters, there can be no certainty that we
will manage such issues successfully, or that we will successfully meet society&#8217;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, share 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 31, 2018, EU-flagged vessels became subject
to Regulation (EU) No. 1257/2013 of the European Parliament and of the Council of 20 November 2013 on ship recycling (the &#8220;EU Ship
Recycling Regulation&#8221; or &#8220;ESRR&#8221;) and exempt from the Regulation (EC) No. 1013/2006 of the European Parliament and of
the Council of 14 June 2006 on shipments of waste (the &#8220;European Waste Shipment Regulation&#8221; or &#8220;EWSR&#8221;), which
had previously governed their disposal and recycling. The EWSR continues to be applicable to Non-European Union Member State-flagged (&#8220;non-EU-flagged&#8221;)
vessels.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the ESRR, commercial EU-flagged vessels of 500
gross tonnage and above may be recycled only at shipyards included on the European List of Authorised Ship Recycling Facilities (the &#8220;European
List&#8221;). The European List presently includes eight facilities in Turkey, but no facilities in the major ship recycling countries
in Asia. The combined capacity of the European List facilities may prove insufficient to absorb the total recycling volume of EU-flagged
vessels. This circumstance, taken in tandem with the possible decrease in cash sales, may result in longer wait times for divestment of
recyclable vessels as well as downward pressure on the purchase prices offered by European List shipyards. We currently have one vessel
flagged in Malta and in the future may have additional vessels flagged in EU jurisdictions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, the EWSR requires that non-EU-flagged
ships departing from European Union ports be recycled only in Organisation for Economic Cooperation and Development (OECD) member countries.
In March 2018, the Rotterdam District Court ruled that the sale of four recyclable vessels by third-party Dutch ship owner Seatrade to
cash buyers, who then reflagged and resold the vessels to non-OECD country recycling yards, were effectively indirect sales to non-OECD
country yards, in violation of the EWSR. If European Union Member State courts widely adopt this analysis, it may negatively impact revenue
from the residual values of our vessels and we may be subject to a heightened risk of non-compliance, due diligence obligations and costs
in instances where we sell older ships to cash buyers.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Labor interruptions could disrupt our business.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our vessels are manned by masters, officers and crews
(totaling 192 as of December 31, 2022). 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: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><span style="text-decoration: underline">Company-Specific Risk Factors</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>The market values of our vessels have fluctuated
and have from time to time triggered 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The market value of dry bulk vessels has generally
experienced high volatility. 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. In particular, as of March 31, 2020, the Company concluded that the recoverable
amounts of the vessels were lower than their carrying amounts and recognized an impairment loss of  $4.6 million. However,
the market value of our vessels increased the subsequent years and we did not recognize any impairment loss on our vessels in 2021 and
2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
  <tr style="vertical-align: top">
    <td style="font: 12pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify; width: 48px">&#160;</td>
    <td style="font: 12pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify; width: 35px"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify">prevailing level of charter rates;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"></p></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
  <tr style="vertical-align: top">
    <td style="font: 12pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify; width: 48px">&#160;</td>
    <td style="font: 12pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify; width: 35px"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">age of vessels;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
  <tr style="vertical-align: top">
    <td style="font: 12pt Times New Roman, Times, Serif; width: 48px; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="font: 12pt Times New Roman, Times, Serif; width: 35px; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
  <tr style="vertical-align: top">
    <td style="font: 12pt Times New Roman, Times, Serif; width: 48px; padding-right: 0.8pt; text-align: justify">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
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    <td style="font: 12pt Times New Roman, Times, Serif; width: 48px; padding-right: 0.8pt; text-align: justify">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
  <tr style="vertical-align: top">
    <td style="font: 12pt Times New Roman, Times, Serif; width: 48px; padding-right: 0.8pt; text-align: justify">&#160;</td>
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    <td style="font: 12pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">other modes of transportation;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
  <tr style="vertical-align: top">
    <td style="font: 12pt Times New Roman, Times, Serif; width: 48px; padding-right: 0.8pt; text-align: justify">&#160;</td>
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    <td style="font: 12pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">cost of newbuildings;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
  <tr style="vertical-align: top">
    <td style="font: 12pt Times New Roman, Times, Serif; width: 48px; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="font: 12pt Times New Roman, Times, Serif; width: 35px; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="font: 12pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">governmental or other regulations; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 35px; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our loan agreement with First Citizens Bank &amp;
Trust Company (formerly known as CIT Bank N.A.), which we refer to as our CIT Loan Facility, is secured by mortgages on seven of our vessels,
and requires us to maintain specified collateral coverage ratios and to satisfy financial covenants, including requirements 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. <span style="background-color: white">Since the middle of 2008 through part of
2021, the prevailing conditions
in the dry bulk charter market coupled with the general difficulty in obtaining financing for vessel purchases led to a decline in the
market values of our vessels, which have increased since that time. However, we cannot predict when and if vessel values will again start
to decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2022, we satisfied the covenants
included in our CIT Loan Facility. For a more detailed discussion see &#8220;Item 5.B Liquidity and Capital Resources&#8212;Indebtedness&#8221;
and Note 11 in the Consolidated Financial Statements included herewith.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 breach the financial and other covenants under the CIT 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 for Globus Maritime to pay dividends.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For a more detailed discussion on our loan covenants
and cross-default provisions, see &#8220;Item 5.B Liquidity and Capital Resources&#8212;Indebtedness.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#8217;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 for Globus
Maritime to pay dividends.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If a determination is made that a vessel&#8217;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&#8217; equity. These impairment costs
could be very substantial.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i>We may not be able
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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Our success will depend
to a significant extent upon the abilities and efforts of our management team consisting of our Chief Executive Officer, including our
ability to retain our management team and the ability of our management to recruit and hire suitable employees. The loss of our Chief
Executive Officer or other key employees could adversely affect our business prospects and financial condition. Difficulty in hiring
and retaining personnel could adversely affect our results of operations.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Our loan agreement contains, and we expect that
future loan agreements and financing arrangements will contain, restrictive covenants that may limit our liquidity and corporate activities,
which could limit our operational flexibility and have an adverse effect on our financial condition and results of operations. In addition,
because of the presence of cross-default provisions in our loan agreement and the expectation that such will exist in any future loan
agreements and financing arrangements, a default by us under one loan could lead to defaults under multiple loans.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our CIT Loan Facility contains, and we expect that
future loan agreements and financing arrangements will contain, customary covenants and event of default clauses, financial covenants,
restrictive covenants and performance requirements, which may affect operational and financial flexibility. Such restrictions could affect,
and in many respects limit or prohibit, among other things, our ability to pay dividends, incur additional indebtedness, create liens,
sell assets, change our chief executive officer or chairman or ship manager, or engage in mergers or acquisitions. These restrictions
could limit our ability to plan for or react to market conditions or meet extraordinary capital needs or otherwise restrict corporate
activities. There can be no assurance that such restrictions will not adversely affect our ability to finance our future operations or
capital needs.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of these restrictions, we may need to
seek permission from our lenders and other financing counterparties in order to engage in some corporate actions. Our lenders&#8217; and
other financing counterparties&#8217; interests may be different from ours and we may not be able to obtain their permission when needed.
This may prevent us from taking actions that we believe are in our best interests, which may adversely impact our revenues, results of
operations and financial condition.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If we fail to meet our payment and other obligations,
including our financial covenants and any security coverage requirements, could lead to defaults under our financing arrangements. Likewise,
a decrease in vessel values or adverse market conditions could cause us to breach our financial covenants or security requirements (the
market values of dry bulk vessels have generally experienced high volatility). In the event of a default that we cannot remedy, our lenders
and other financing counterparties could then accelerate their indebtedness and foreclose on the respective vessels in our fleet. The
loss of any of our vessels could have a material adverse effect on our business, results of operations and financial condition.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There can be no assurance that we will obtain waivers
and deferrals from our lenders in the future, if needed, as we have obtained in the past. We are currently in compliance with all applicable
financial covenants under our CIT Loan Facility. For more information regarding our current loan facilities, see please see &#8220;Item
5.B. Liquidity and Capital Resources.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Because of the presence of cross-default provisions
in our CIT Loan Facility and, we expect, any future loan agreements, a default by us under a loan and the refusal of any one lender to
grant or extend a waiver could result in the acceleration of our indebtedness under our other loans. A cross-default provision means that
if we default on one loan, we would then default on our other loans containing a cross-default provision.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We may finance future fleet expansion with
additional secured indebtedness. In May 2021, we reached an agreement with First Citizens Bank &amp; Trust Company (formerly known
as CIT Bank N.A.) for a loan facility of up to $34.25 million bearing interest at LIBOR plus a margin of 3.75% per annum. The
proceeds of this financing were used to repay the outstanding balance of a loan agreement with EnTrust, which we refer to as the
EnTrust Loan Facility. In August 2022, we reached an agreement with First Citizens Bank &amp; Trust Company (formerly known as CIT
Bank N.A.) for a deed of accession, amendment and restatement of the CIT loan facility by the accession of an additional borrower in
order to increase the loan facility from a total of $34.25 million to $52.25 million, by a top up loan amount of $18 million for the
purpose of financing our vessel Orion Globe and for general corporate and general working capital purposes. The CIT Loan Facility
(including the new top up loan amount) is now further secured by a first preferred mortgage over the vessel Orion Globe.
Furthermore, the CIT Loan Facility now bears interest at Term SOFR plus a margin of 3.35%.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If we are not able to obtain new debt financing on
terms acceptable to us or refinance our existing debt, 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 CIT 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.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>We depend on short-term or spot charters in
volatile shipping markets.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We currently charter most of the vessels we own
on the short-term charter market. The short-term or spot charter market is highly competitive and short-term or 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 short-term or spot market may enable us to benefit if industry conditions strengthen, we must consistently procure
short-term or spot charter business. Conversely, such dependence makes us vulnerable to declining market rates for short-term or
spot charters and to the off-hire periods including ballast passages. Rates within the short-term or 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 short-term or spot rates will be sufficient to enable the vessels to be operated profitably. A significant decrease in
charter rates would affect value and further adversely affect our profitability, cash flows and ability to pay dividends.
Furthermore, we have in the past, and may in the future, employ our vessels on index-linked time charters, which may have similar
fluctuations in hire as short-term or spot charters. We cannot give assurances that future available short-term. spot charters or
index-linked charters will enable us to operate our vessels profitably.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our long-term strategy to maximize the value of
our fleet is to employ our vessels on a mix of all types of charter contracts, including in the short-term or spot market and on
bareboat charters and long-term or fixed-hire or index-linked hire time charters. We believe this strategy provides the cash flow
stability, reduced exposure to market downturns and high utilization rates of the charter market, while at the same time enabling us
to benefit from periods of increasing short-term or spot market rates. But our short-term strategy at any given point in time is
dictated by a multitude of factors and the chartering opportunities before us. We may, for example, seek to employ a greater portion
of our fleet on the short-term, spot market or index-linked time charters or on fixed-hire time charters with longer durations,
should we believe it to be in our best interests. We generally prefer spot or short-term contracts in order to be versatile, to be
able to move quickly to capture a market upswing, and to be more selective with the cargos we carry. Long-term charters, however,
provide desirable cash flow stability, albeit at the cost of missing upswings in cargo rates. Accordingly, our mix between
short-term or spot charters,longer-term charters and index-linked charters changes from time-to-time. When our ships are not all on
the short-term or spot market, we generally seek to stagger the expiration dates of our charters to reduce exposure to volatility in
the shipping cycle when our vessels come off of charter. We also continually monitor developments in the dry bulk shipping industry
and, subject to market demand, will adjust the number of vessels on charters and the charter periods for our vessels according to
market conditions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We and our Manager have developed relationships with
a number of international charterers, vessel brokers, financial institutions, insurers and shipbuilders. We have also developed a network
of relationships with vessel brokers who help facilitate vessel charters and acquisitions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 short-term or 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.
While charter rates are presently generally above our operating expenses, in the past charter rates have declined below operating costs
of vessels. If we are required to enter into a charter when charter rates are low, employ our vessels on the short-term or spot market
during periods when charter rates have fallen, have index linked charters when rates are low, 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>We conduct a substantial amount of business
in China.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Chinese legal system is based on written statutes
and their legal interpretation by the Standing Committee of the National People&#8217;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 counterparties. 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. Although the charters we enter into with Chinese counterparties are
not governed by Chinese law, we may have difficulties enforcing a judgment rendered by an arbitration tribunal or by an English or U.S.
court (or other non-Chinese court) in China.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, China enacted a tax for non-resident international transportation enterprises
engaged in the provision of services to passengers or cargo, among other items, in and out of China using their own, chartered or leased
vessels, including any stevedore, warehousing and other services connected with the transportation. The law and relevant regulations broaden
the range of international transportation companies which may find themselves liable for Chinese enterprise income tax on profits generated
from international transportation services passing through Chinese ports. This tax or similar regulations by China may reduce our operating
results and may also result in an increase in the cost of goods exported from China and the risks associated with exporting goods from
China, as well as a decrease in the quantity of goods to be shipped from or through China, which would have an adverse impact on our charterers&#8217;
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. 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 &#8220;market economy&#8221; and enterprise reform,
although it still acts with greater control than a truly free-market economy. Many of the Chinese government&#8217;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: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Our charterers may renegotiate or default on
their charters.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: justify">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0pt; text-align: justify"><b><i>Contracts for newbuilding vessels present certain
economic and other risks.&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Three of our subsidiaries have contracts for the construction
of three Ultramax for anticipated delivery in 2024. We may also order additional newbuildings. During the course of construction of a
vessel, we are typically required to make progress payments. While two of those three contracts have refund guarantees from banks to cover
defaults by the shipyards and our construction contracts would be saleable in the event of our payment default, we can still incur economic
losses in the event that we or the shipyards are unable to perform our respective obligations. Shipyards may periodically experience financial
difficulties.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Delays in the delivery of these vessels, or any newbuilding
or secondhand vessels our subsidiaries may agree to acquire, could delay our receipt of revenues generated by these vessels and, to the
extent we have arranged charter employment for these vessels, could possibly result in the cancellation of those charters, and therefore
adversely affect our anticipated results of operations. The delivery of newbuilding vessels could be delayed because of, among other things:
work stoppages or other labor disturbances; bankruptcy or other financial crisis of the shipyard building the vessel; hostilities or political
or economic disturbances in the countries where the vessels are being built, including any escalation of tensions involving countries
in east Asia; weather interference or catastrophic events, such as a major earthquake, tsunami or fire; our requests for changes to the
original vessel specifications; requests from our customers, with whom our commercial managers arrange charters for such vessels, to delay
construction and delivery of such vessels due to weak economic conditions and shipping demand or a dispute with the shipyard building
the vessel.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In general, the cost of maintaining a vessel in good
operating condition increases with the age of the vessel. As of December 31, 2022 and 2021, the weighted average age of the vessels in
our fleet was 11.2 and 10.2 years, respectively. Our oldest vessel was built in 2005, and our youngest vessel was built in 2018. As our
fleet ages, we will incur increased costs to operate and maintain the vessels. Older vessels are typically less fuel efficient and cost
more 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: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>We may have difficulty managing our planned
growth properly.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our recent vessel acquisitions have imposed additional
responsibilities on our management and staff, as will any further acquisition of vessels, which may require us to add more personnel and
find new customers. Attracting qualified staff and customers are difficult tasks, and we might struggle to do so on attractive terms.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">identifying and consummating acquisitions;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">managing our expansion; and</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 newbuilding on time or at all because of:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: justify; width: 3%">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: justify; width: 3%"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">shortages of or delays in the receipt of necessary equipment, such as main engines, electricity generators and propellers.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, if we enter a newbuilding or secondhand
purchase contract, 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 newbuilding 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 newbuilding contracts at favorable
prices. During periods when charter rates are low, we may be unable to fund the acquisition of newbuildings, 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent we scrap or sell vessels, we may decide
to terminate the employment of some of our staff.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The tax residents of Greece who receive dividends
from such shipowning or their holding companies are taxed at 5% 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.<b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0; text-align: justify"><b><i>&#160;</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>A cyber-attack could materially disrupt our business.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We rely on information technology systems and networks
in our operations and administration of our business. 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. Most recently,
the escalation in conflict between Russia and Ukraine has been accompanied by cyber-attacks against the Ukrainian government and other
countries in the region. It is possible that these attacks could have collateral effects on additional critical infrastructure and financial
institutions globally, which could adversely affect our operations. It is difficult to assess the likelihood of such threat and any potential
impact at this time.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>We expect that a limited number of financial
institutions will hold our cash including financial institutions that may be located in Greece and the United States.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We expect that a limited number of financial
institutions will hold all of our cash, including some institutions located in Greece and the U.S. Our bank accounts are with banks in
Switzerland, the U.S. and Greece. Of the financial institutions located in Greece, none are subsidiaries of international banks.
Depending on our cash balance in any our accounts at any given point in time, our balances may not be covered by government-backed
deposit insurance programs in the event of default by these financial institutions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0pt; text-align: justify">For example, a substantial amount of cash is currently
held in U.S. banking institutions. While the U.S. Federal Deposit Insurance Corporation provides deposit insurance of $250,000 per depositor,
per insured bank, the amounts that we have in U.S. banks far exceeds that insurance amount, and therefore if the U.S. government does
not impose measures to protect depositors, in the event the bank in which our funds are located fails, we may lose all or a substantial
portion of our deposits. In addition, our bank accounts held in Swiss banking institutions are used for daily commercial transactions.
Esisuisse, a self-regulatory organisation for banks in Switzerland, guarantees that it will cover protected deposits as part of the self-regulation
of Swiss banks and securities firms which provides deposit insurance against loss up to the amount of CHF&#160;100,000. The deposits we
have in Swiss banks exceeds that insurance amount and therefore if the Swiss government does not impose measures to protect depositors,
in the event the bank in which our funds are located fails, we may lose all or a substantial portion of our deposits. In addition, in
the event any of our banks do not allow us to withdraw funds in the time and amounts that we want, we may not timely comply with contractual
provisions in any of our contracts or our salary obligations, among other things.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The occurrence of any default of any of our
banks 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.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under Section 404 of the Sarbanes-Oxley Act of 2002,
which we refer to as Sarbanes-Oxley, we are required to include in each of our annual reports on Form 20-F a report containing our management&#8217;s
assessment of the effectiveness of our internal control over financial reporting. In addition, management may not conclude that our internal control over financial
reporting is effective if a material weakness exists in our internal control over financial reporting. If in such annual reports on Form
20-F our management cannot provide a report as to the effectiveness of our internal control over financial reporting or, when applicable,
our independent registered public accounting firm is unable to provide us with an unqualified attestation report as to the effectiveness
of our internal control over financial reporting as required by Section 404, investors could lose confidence in the reliability of our
consolidated financial statements, which could result in a decrease in the value of our common shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Unless we set aside reserves or are able to
raise or borrow funds for vessel replacement, at the end of a vessel&#8217;s useful life our revenues will decline.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2022 and December 31, 2021, the
vessels in our current fleet had a weighted average age of 11.2 and 10.2 years, respectively. Our oldest vessel was built in 2005, and
our youngest vessel was built in 2018. Unless we maintain reserves or are able to raise or 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.&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We may derive a significant part of our revenue from
a small number of customers. During the years ended December 31, 2022, 2021 and 2020, we derived substantially all of our revenues from
approximately 37, 23 and 29 customers, respectively, and approximately 39%, 47% and 31%, 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">the customer fails to make charter payments because of its financial inability, disagreements with us or otherwise;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">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</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">the customer terminates the charter because the vessel has been subject to seizure for more than 30 days.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We generate substantially all of our revenues from
the trading of our vessels in U.S. dollars, but during the years ended December 31, 2022, 2021 and 2020 we incurred approximately 30%,
31% and 25%, 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 results from operations. 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: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>If volatility in the Secured Overnight Financing
Rate, or SOFR, occurs, it could affect our profitability, earnings and cash flow.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The interest rates borne by the CIT Loan
Facility fluctuates with changes in SOFR (which replaced the previously used LIBOR), which fluctuations 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. CIT Loan
Facility now bears interest at Term SOFR, which is a forward looking term SOFR, plus a margin of 3.35%.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In order to manage our exposure to interest
rate fluctuations under SOFR, or any other alternative rate, we have and may from time to time use interest rate derivatives to effectively
fix some of our floating rate debt obligations. No assurance can however be given that the use of these derivative instruments, if any,
may effectively protect us from adverse interest rate movements. The use of interest rate derivatives may affect our results through mark
to market valuation of these derivatives. Also, adverse movements in interest rate derivatives may require us to post cash as collateral,
which may impact our free cash position.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the U.S. Internal Revenue Code of 1986, as amended,
or the Code, 50% of the gross shipping income of a vessel-owning or chartering corporation that is attributable to transportation that
begins or ends, but that does not both begin and end, in the United States is characterized as U.S. source shipping income and such income
is subject to a 4% U.S. federal income tax without allowance for deductions, unless that corporation qualifies for exemption from tax
under section 883 of the Code and the U.S. Treasury regulations promulgated thereunder, which we refer to as the Section 883 Exemption,
or through the application of a comprehensive income tax treaty between the United States and the corporation&#8217;s country of residence.
The eligibility of Globus Maritime and our subsidiaries to qualify for the Section 883 Exemption is determined each taxable year and is
dependent on certain circumstances related to the ownership of our shares and on interpretations of existing U.S. Treasury regulations,
each of which could change. We can therefore give no assurance that we will in fact be eligible to qualify for the Section 883 Exemption
for all taxable years. In addition, changes to the Code, the U.S. Treasury regulations or the interpretation thereof by the U.S. Internal
Revenue Service, or IRS, or the courts could adversely affect the ability of Globus Maritime and our subsidiaries to take advantage of
the Section 883 Exemption.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If we are not entitled to the Section 883 Exemption
or an exemption under a tax treaty for any taxable year in which any company in the group earns U.S. source shipping income, any company
earning such U.S. source shipping income, would be subject to a 4% U.S. federal income tax on the gross amount of the U.S. source shipping
income for the year (or an effective rate of 2% on shipping income attributable to the transportation of freight to or from the United
States). The imposition of this taxation could have a negative effect on our business and revenues and would result in decreased earnings
available for distribution to our shareholders.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For a more complete discussion, please read the section
entitled &#8220;Item 10.E. Taxation&#8212; United States Tax Considerations&#8212; United States Federal Income Taxation of the Company.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>U.S. tax authorities could treat us as a &#8220;passive
foreign investment company,&#8221; which could result in adverse U.S. federal income tax consequences to U.S. shareholders. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A foreign corporation will be treated as a &#8220;passive
foreign investment company,&#8221; or PFIC, for U.S. federal income tax purposes if either at least 75% of its gross income for any taxable
year consists of certain types of &#8220;passive income&#8221; or at least 50% of the average value of the corporation&#8217;s assets
produce or are held for the production of those types of &#8220;passive income.&#8221; For purposes of these tests, &#8220;passive income&#8221;
includes dividends, interest and gains from the sale or exchange of investment property, and rents and royalties other than rents and
royalties that are received from unrelated parties in connection with the active conduct of a trade or business. For purposes of these
tests, income derived from the performance of services does not constitute &#8220;passive income.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In particular, U.S. shareholders who are
individuals would not be eligible for the preferential tax rate on qualified dividends. Please read &#8220;Item 10.E. Taxation&#8212;United
States Tax Considerations&#8212;United States Federal Income Taxation of United States Holders&#8221; 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based on our current operations and anticipated future
operations, we believe we should not be treated as a PFIC. In this regard, we intend to treat gross income we derive or are deemed to
derive from our time chartering activities as services income, rather than rental income. Accordingly, we believe that our income from
our time chartering activities should not constitute &#8220;passive income,&#8221; and that the assets we own and operate in connection
with the production of that income do not constitute assets that produce or are held for the production of &#8220;passive income.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There are legal uncertainties involved in this determination
because there is no direct legal authority under the PFIC rules addressing our current and projected future operations. Moreover, a case
decided in 2009 by the U.S. Court of Appeals for the Fifth Circuit held that, contrary to the position of the IRS in that case, and for
purposes of a different set of rules under the Code, income received under a time charter of vessels should be treated as rental income
rather than services income. If the reasoning of this case were extended to the PFIC context, the gross income we derive or are deemed
to derive from our time chartering activities would be treated as rental income, and we would be a PFIC unless an active leasing exception
applies. Although the IRS has announced that it will not follow the reasoning of this case, and that it intends to treat the income from
standard industry time charters as services income, no assurance can be given that a U.S. court will not follow the aforementioned case.
Moreover, no assurance can be given that we would not constitute a PFIC for any future taxable year if there were to be changes in our
assets, income or operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the IRS were to find that we are or have been
a PFIC for any taxable year, our U.S. shareholders will face adverse U.S. tax consequences and information reporting obligations, as
more fully described under &#8220;Item 10.E. Taxation&#8212;United States Tax Considerations&#8212;United States Federal Income Taxation
of United States Holders.&#8221;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b><i>We could face
penalties under European Union, United States or other economic sanctions. </i></b></span><span style="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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, Russia, 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 economic
sanctions on Russian persons, first imposed in March 2014 and further in 2022, is an example of economic sanctions with a potentially
widespread and unpredictable impact on shipping.&#160;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 and the current conflict in Ukraine.
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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Additionally, the U.S. Iran Threat Reduction Act (which
was signed into law in 2012) amended the Exchange Act to require issuers that file annual or quarterly reports under Section 13(a) of
the Exchange Act to include disclosure in their annual and quarterly reports as to whether the issuer or its affiliates have knowingly
engaged in certain activities prohibited by sanctions against Iran or transactions or dealings with certain identified persons. We are
subject to this disclosure requirement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0; text-align: justify"><b><i>&#160;</i></b></p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From time to time on charterers&#8217; 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, Cuba, North Korea, and Syria. It is also possible for
us to call on a port in Russia. 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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 common shares may adversely affect the price at which our common shares trade. Moreover, our charterers may violate
applicable sanctions and embargo laws and regulations as a result of actions that do not involve us or our vessels, and those violations
could in turn negatively affect our reputation. In addition, our reputation and the market for our securities may be adversely affected
if we engage in certain other activities, such as entering into charters with individuals or entities in countries subject to U.S. sanctions
and embargo laws that are not controlled by the governments of those countries, or engaging in operations associated with those countries
pursuant to contracts with third parties that are unrelated to those countries or entities controlled by their governments. Investor
perception of the value of our common shares may be adversely affected by the consequences of war, the effects of terrorism, civil unrest
and governmental actions in these and surrounding countries.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 12, 2019, the Council of the European Union
published a list of &#8220;non-cooperative jurisdictions&#8221; for tax purposes in which the Republic of the Marshall Islands, among
others, was placed by the E.U. on this list for failing to implement certain commitments previously made to the E.U. by the agreed deadline.
However, it was announced by the Council of the European Union on October 10, 2019 that the Marshall Islands had been removed from that
list, but was put back on the list in February 2023. 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 and non-deductibility of costs. The European
Commission has stated it will continue to support member states' efforts to develop a more coordinated approach to sanctions for the listed
countries in 2019. E.U. legislation prohibits certain E.U. funds from being channeled or transited through entities in non-cooperative
jurisdictions.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are a Marshall Islands corporation with principal
executive offices in Greece. Our management company is also a Marshall Islands entity and one of our subsidiaries is organized in Malta.
The Marshall Islands has enacted economic substance regulations with which we may be obligated to comply. Those regulations require certain
entities that carry out particular activities to comply with an economic substance test whereby the entity must show that it (i) is directed
and managed in the Marshall Islands in relation to that relevant activity, (ii) carries out core income-generating activity in relation
to that relevant activity in the Marshall Islands (although it is being understood and acknowledged by the regulators that income-generated
activities for shipping companies will generally occur in international waters) and (iii) having regard to the level of relevant activity
carried out in the Marshall Islands has (a) an adequate amount of expenditures in the Marshall Islands, (b) adequate physical presence
in the Marshall Islands and (c) an adequate number of qualified employees in the Marshall Islands.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We do not know: if the E.U. will remove the Marshall
Islands from the list of non-cooperative jurisdictions, or add Malta to that list; 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: 0">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>It may be difficult to serve us with legal process
or enforce judgments against us, our directors or our management.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our business is operated primarily from our offices
in Greece. In addition, 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: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. The Marshall Islands does not have a bankruptcy statute or general statutory mechanism for insolvency proceedings. If we become
a debtor under U.S.&#160;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.&#160;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.&#160;bankruptcy court&#8217;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.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span style="text-decoration: underline">Risks Relating to our Common Shares</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our stock price has been volatile recently. The
closing price of our common shares within 2022 has ranged from a peak of $2.57 on April 20, 2022 to a low of $1.05 on December 30,
2022, representing a decrease of 59%. We can offer no comfort or assurance that our stock price will stop being volatile or not
substantially depreciate. Our stock price was $1.10 on March 15, 2023. <span style="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We may continue to incur
rapid and substantial increases or decreases in our stock price in the foreseeable future that may not coincide in timing with the disclosure
of news or developments by or affecting us. Accordingly, the market price of our common shares may decline or fluctuate rapidly, regardless
of any developments in our business. Overall, there are various factors, many of which are beyond our control, that could negatively affect
the market price of our common shares or result in fluctuations in the price or trading volume of our common shares, which include but
are not limited to:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 36pt">&#8226;&#9;investor reaction
to our business strategy;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 36pt">&#8226;&#9;the sentiment
of the significant number of retail investors whom we believe to hold our common shares, in part due to direct access by retail investors
to broadly available trading platforms, and whose investment thesis may be influenced by views expressed on financial trading and other
social media sites and online forums;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 36pt">&#8226;&#9;the amount and
status of short interest in our common shares, access to margin debt, trading in options and other derivatives on our common shares and
any related hedging and other trading factors;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 36pt">&#8226;&#9;our continued
compliance with the listing standards of the Nasdaq Capital Market;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 36pt">&#8226;&#9;regulatory or
legal developments in the United States and other countries, especially changes in laws or regulations applicable to our industry;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 36pt">&#8226;&#9;variations in
our financial results or those of companies that are perceived to be similar to us;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 36pt">&#8226;&#9;our ability or
inability to raise additional capital and the terms on which we raise it;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 36pt">&#8226;&#9;our dividend strategy;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 36pt">&#8226;&#9;our continued
compliance with our debt covenants;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 36pt">&#8226;&#9;variations in
the value of our fleet;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 36pt">&#8226;&#9;declines in the
market prices of stocks generally;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 36pt">&#8226;&#9;trading volume
of our common shares;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 36pt">&#8226;&#9;sales of our common
shares by us or our shareholders;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 36pt">&#8226;&#9;speculation in
the press or investment community about our Company or industry;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 36pt">&#8226;&#9;general economic,
industry and market conditions; and</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: justify; text-indent: 36pt">&#8226;&#9;other events or factors, including those resulting from such events, or the prospect of such events, including
war, terrorism and other international conflicts, public health issues including health epidemics or pandemics, including worldwide pandemics
similar to the COVID-19 pandemic, and natural disasters such as fire, hurricanes, earthquakes, tornados or other adverse weather and climate
conditions, whether occurring in the United States or elsewhere, could disrupt our operations or result in political or economic instability.</p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, some companies
that have experienced volatility in the market price of their common shares have been subject to securities class-action litigation. If
instituted against us, such litigation could result in substantial costs and diversion of management&#8217;s attention and resources,
which could materially and adversely affect our business, financial condition, operating results and growth prospects. There can be no
guarantee that the price of our common shares will remain at its current level or that future sales of our common shares will not be at
prices lower than those sold to investors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>We may issue additional common shares or other
equity securities without shareholder approval, which would dilute our existing shareholders&#8217; ownership interests and may depress
the market price of our common shares.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We may issue additional common shares or other equity
securities of equal or senior rank in the future without shareholder approval for cash or in connection with, among other things, future
vessel acquisitions, the repayment of outstanding indebtedness, and the conversion of convertible financial instruments.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our issuance of additional common shares or other
equity securities of equal or senior rank in these situations would have the following effects:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#183;&#9;our existing shareholders&#8217; proportionate
ownership interest in us would decrease;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#183;&#9;the proportionate amount of cash available
for dividends payable on our common shares could decrease;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#183;&#9;the relative voting strength of each previously
outstanding common share could be diminished; and</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#183;&#9;the market price of our common shares
could decline.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, we may be obligated to issue, upon exercise
or conversion of outstanding agreements and warrants pursuant to the terms thereof:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 33pt">&#183;</td><td style="text-align: justify">388,700 common shares issuable upon the exercise of outstanding Class A Warrants (at an exercise price
of $35.00 per share) which expire in June 2025;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 33pt">&#183;</td><td style="text-align: justify">458,500 common shares issuable upon exercise of outstanding June PP Warrants (at an exercise price of
$18.00 per share) issued in a private placement that closed on June 30, 2020 and expire in December 2025;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

<p style="margin-top: 0; margin-bottom: 0"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 33pt">&#183;</td><td style="text-align: justify">833,333 common shares issuable upon exercise of outstanding July PP Warrants (at an exercise price of
at $18.00 per share) issued in a private placement that closed on July 21, 2020 and expire in January 2026;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 33pt">&#183;</td><td style="text-align: justify">1,270,587 common shares issuable upon exercise of the December 2020 Warrants (at an exercise price of
$6.25 per share) which expire in June 2026;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 33pt">&#183;</td><td style="text-align: justify">1,950,000 common shares issuable upon the exercise of the January 2021 Warrants (at an exercise price
of $6.25 per share) which expire in July 2026; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 33pt">&#183;</td><td style="text-align: justify">4,800,000 common shares issuable upon the exercise of the February 2021 Warrants (at an exercise price
of $6.25 per share) which expire in August 2026.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 33pt">&#183;</td><td style="text-align: justify">10,000,000 common shares issuable upon the exercise of the June 2021 Warrants (at an exercise price of
$5.00 per share) which expire in December 2026.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition:</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">We historically issued, on a quarterly basis, common shares to certain of our directors, although we have
changed our compensation arrangements with directors to pay only cash.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">We have issued an aggregate of 10,300 of our Series B preferred shares, par value $0.001 per share, to
Goldenmare Limited, which shares have 25,000 votes per share, subject to maximum voting rights of 49.99%.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our issuance of additional common shares upon the
exercise of such warrants and agreements would cause the proportionate ownership interest in us of our existing shareholders, other than
the exercising warrant or agreement 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 are exercised, may result in dilution
to our shareholders. Because we are a foreign private issuer, we are not bound by Nasdaq rules that require shareholder approval for
issuances of our securities. We therefore can issue securities in such amounts and at such times as we feel appropriate, all without
shareholder approval. See &#8220;Item 16G. Corporate Governance.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Future issuances or sales, or the potential
for future issuances or sales, of our common shares may cause the trading price of our securities to decline and could impair our ability
to raise capital through subsequent equity offerings.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have issued a significant number of our common
shares and may do so in the future. Shares to be issued pursuant to the exercise of our outstanding warrants could cause the market price
of our common shares to decline and could have an adverse effect on our earnings per share. In addition, future sales of our common shares
or other securities in the public or private markets, or the perception that these sales may occur, could cause the market price of our
common shares to decline, and could materially impair our ability to raise capital through the sale of additional securities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm">The market price of our common shares
could decline due to sales, or the announcements of proposed sales, of a large number of common shares in the market, including sales
of common shares by our large shareholders, or the perception that these sales could occur. These sales or the perception that these sales
could occur could also depress the market price of our common shares and impair our ability to raise capital through the sale of additional
equity securities or make it more difficult or impossible for us to sell equity securities in the future at a time and price that we deem
appropriate. We cannot predict the effect that future sales of common shares or other equity-related securities would have on the market
price of our common shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>The market price of our common shares may be
volatile, which could result in substantial losses for investors who purchase our shares; and the volatility in the stock prices of other
companies may contribute to volatility in our stock price.&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our common shares have experienced price and volume
fluctuations and may continue to experience volatility in the future. The closing price of our common shares within 2022 has ranged from
a peak of $2.57 on April 20, 2022 to a low of $1.05 on December 30, 2022, representing a decrease of 59%. You may not be able to sell
your shares quickly or at the latest market price if trading in our stock is not active or the volume is low. Some of the factors that
may cause the market price of our common shares to fluctuate include:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 2.45pt; margin-left: 0; text-indent: 0.5in">&#9679;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
trading of our ships, and whether one or more ships are not trading or otherwise offhire;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 2.45pt; margin-left: 0; text-indent: 0.5in">&#9679;&#160;&#160;&#160;&#160;&#160;&#160;&#160;regulatory
or legal developments in the United States and other countries;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 2.45pt; margin-left: 0; text-indent: 0.5in">&#9679;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
recruitment or departure of key personnel;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 2.45pt; margin-left: 0; text-indent: 0.5in">&#9679;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
level of expenses related to our business or to comply with changing laws, including in relation to environmental laws;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 2.45pt; margin-left: 0; text-indent: 0.5in">&#9679;&#160;&#160;&#160;&#160;&#160;&#160;&#160;actual
or anticipated changes in estimates as to financial results or recommendations by securities analysts;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 2.45pt; margin-left: 0; text-indent: 0.5in">&#9679;&#160;&#160;&#160;&#160;&#160;&#160;&#160;announcement
or expectation of additional financing efforts;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 2.45pt; margin-left: 0; text-indent: 0.5in">&#9679;&#160;&#160;&#160;&#160;&#160;&#160;&#160;sales
of our securities by us, our insiders, or other shareholders, and the exercise of our warrants and other convertible securities and instruments;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 2.45pt; margin-left: 0; text-indent: 0.5in">&#9679;&#160;&#160;&#160;&#160;&#160;&#160;&#160;variations
in our financial results or those of companies that are perceived to be similar to us;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 2.45pt; margin-left: 0; text-indent: 0.5in">&#9679;&#160;&#160;&#160;&#160;&#160;&#160;&#160;changes
in estimates or recommendations by securities analysts, if any, that cover our stock;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 2.45pt; margin-left: 0; text-indent: 0.5in">&#9679;&#160;&#160;&#160;&#160;&#160;&#160;&#160;market
conditions in the shipping industry and dry bulk sector; and</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 2.45pt; margin-left: 0; text-indent: 0.5in">&#9679;&#160;&#160;&#160;&#160;&#160;&#160;&#160;general
economic, industry, and market conditions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">On December
30, 2022, the closing price of our common shares on the Nasdaq Capital Market was $1.05 per share, as compared to $1.10, which was the
closing price on March 15, 2023</span><span style="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span><span style="font-size: 10pt">.
In addition, there has been volatility for our intra-day common share price. For example, the high and low intra-day prices on March
7, 2022 were $2.59 and $2.02, respectively, and the high and low intra-day prices on October 5, 2022 were $1.74 and $1.30, respectively.
As a result, there is a potential for rapid and substantial decreases in the price of our common shares, including decreases unrelated
to our operating performance or prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In recent years, the stock market in general, Nasdaq,
and the markets for shipping companies, has experienced significant price and volume fluctuations and depressions that have often been
unrelated or disproportionate to changes in the operating performance of the companies whose stock is experiencing those price and volume
fluctuations. Broad market and industry factors may seriously affect the market price of our common shares, regardless of our actual
operating performance. Following periods of such volatility in the market price of a company&#8217;s securities, securities class action
litigation has often been brought against that company. Because of the potential volatility of our stock price, we may become the target
of securities litigation in the future. Securities litigation could result in substantial costs and divert management&#8217;s attention
and resources from our business.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>A possible &#8220;short squeeze&#8221; due to
a sudden increase in demand of our common shares that largely exceeds supply may lead to further price volatility in our common shares.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Investors may purchase our common shares to hedge
existing exposure in our common shares or to speculate on the price of our common shares. Speculation on the price of our common shares
may involve long and short exposures. To the extent aggregate short exposure exceeds the number of common shares available for purchase
in the open market, investors with short exposure may have to pay a premium to repurchase our common shares for delivery to lenders of
our common shares. Those repurchases may in turn, dramatically increase the price of our common shares until investors with short exposure
are able to purchase additional common shares to cover their short position. This is often referred to as a &#8220;short squeeze.&#8221;
A short squeeze could lead to volatile price movements in common shares that are not directly correlated to the performance or prospects
of our company and once investors purchase the common shares necessary to cover their short position the price of our common shares may
decline.<b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Our common shares could be delisted from Nasdaq,
which could affect their market price and liquidity.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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, a market value of publicly held securities of $1 million and net income from continuing operations of $500,000), as well as other
corporate governance standards, to maintain the listing of our common shares on the Nasdaq Capital Market, or Nasdaq. It is possible that
we could fail to satisfy one or more of these requirements. There can be no assurance that we will be able to maintain compliance with
the minimum bid price, shareholders&#8217; equity, number of publicly held shares, net income requirements 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. We have received in the past, and most recently on March 6, 2020, received a written notification from Nasdaq, 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 Nasdaq, as set forth in Nasdaq Listing Rule 5450(a)(1). We were able to regain
compliance within the grace period prescribed pursuant to a reverse stock split effective October 21, 2020. We discuss this reverse stock
split and others further in this annual report on Form 20-F. See &#8220;Item 4.A. History and Development of the Company&#8212;
History relating to our shares.&#8221; In such event, Nasdaq rules permit us to appeal any delisting determination to a Nasdaq Hearings
Panel. If we are unable to maintain or regain compliance in a timely manner and our common shares are delisted, it could be more difficult
to buy or sell our common shares and obtain accurate quotations, and the price of our shares could suffer a material decline. Delisting
may also impair our ability to raise capital. Delisting of our shares may breach our CIT Loan Facility, which contains cross default provisions,
and the purchase agreement pursuant to which we sold some of our outstanding warrants. There could also be adverse tax consequences&#8212;please
read &#8220;Item 10.E Taxation &#8211; United States Tax Considerations - United States Federal Income Taxation of United States Holders
&#8211; Distributions&#8221; for further information.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There can be no assurance that we will be able to
maintain compliance with the minimum bid price, shareholders&#8217; 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.
The Company agreed, in its securities purchase agreements relating to share and warrant issuances in 2020 and 2021, to use commercially
reasonable efforts to maintain the listing or quotation of the common shares on Nasdaq, and to take all action reasonably necessary to
continue the listing and trading of our common shares on Nasdaq.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If we are not in compliance with our loan covenants
and received a notice of default and were unable to cure it under the terms of our loan covenants, we may be forbidden from issuing dividends.
There can be no assurance that dividends will be paid to holders of our shares in any anticipated amounts and frequency at all. We may
incur other expenses or liabilities that would reduce or eliminate the cash available for distribution as dividends, including as a result
of the risks described in this section of this annual report on Form 20-F.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For instance, the CIT Loan Facility presently prohibits
our declaration and payment of dividends under some circumstances. Under the CIT Loan Facility Globus Maritime Limited is prohibited from
making dividends (other than up to $500,000 annually on or in respect of its preferred shares) in cash or redeem or repurchase its shares
unless there is no event of default under the CIT Loan Facility, the net loan to value ratio is less than 60% before the making of the
dividend and Globus Maritime Limited is in compliance with the debt service coverage ratio, and Globus Maritime Limited must prepay the
CIT Loan Facility in an equal amount of the dividend. Please read &#8220;Item 5.B. Liquidity and Capital Resources&#8212;Indebtedness&#8221;
for further information.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We may also enter into new financing or other agreements
that may restrict our ability to pay dividends even without an event of default or make it less desirable for us to do so. 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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If we pay a dividend, the terms of our outstanding
warrants provide that the exercise price shall be decreased by the amount of cash and/or the fair market value of any securities or other
assets paid on each common share in respect of such dividend in order that subsequent thereto upon exercise of the warrants the holder
of the warrants may obtain the equivalent benefit of such dividend.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The declaration and payment of dividends to holders
of our shares will be subject at all times to the discretion of our board of directors, and will be paid equally on a per-share basis
between our common shares and our Class B shares, to the extent any are issued and outstanding. We can provide no assurance that dividends
will be paid in the future.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; width: 94%"><span style="font-size: 10pt">the number of unscheduled off-hire days and the timing of, and number of days required for, scheduled drydocking of our vessels;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; width: 94%"><span style="font-size: 10pt">vessel acquisitions and related financings;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Marshall Islands law generally prohibits the payment
of dividends other than from surplus or certain net profits, or while a company 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 newbuildings 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 or make it less desirable for us to
do so.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Provisions of our articles of incorporation
and bylaws may have anti-takeover effects<span style="background-color: white">, which could depress the trading price of our common shares.</span></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For instance, while our common shares have one vote
on matters before the shareholders, each of our 10,300 outstanding Series B preferred shares has 25,000 votes on matters before the shareholders;&#160;<i>provided
however,&#160;</i>that no holder of Series B preferred shares may exercise voting rights pursuant to any Series B preferred shares that
would result in the total number of votes a holder is entitled to vote on any matter submitted to a vote of shareholders of the Company
to exceed 49.99% of the total number of votes eligible to be cast on such matter. No Class B common shares are presently outstanding,
but if and when we issue any, each Class B common share will have 20 votes on matters before the shareholders.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At present, and until a substantial number of additional
securities are issued, our holder of Series B preferred shares exerts substantial control of the Company&#8217;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&#8217;s interest could differ from other shareholders&#8217; interests.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Blank Check Preferred Shares</i>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 &#8220;blank
check&#8221; 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: 0">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Advance Notice Requirements for Shareholder Proposals
and Director Nominations</i>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our bylaws provide that shareholders, other than shareholders
holding 30% or more of the voting power of the aggregate number of our shares issued and outstanding and entitled to vote, seeking to
nominate candidates for election as directors or to bring business before an annual meeting of shareholders must provide timely notice
of their proposal in writing to the corporate secretary.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Generally, to be timely, a shareholder&#8217;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&#8217;s
notice. These provisions may impede a shareholder&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Calling of Special Meetings of Shareholders</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our bylaws provide that special meetings of our shareholders
may be called only by the chairman of our board of directors, by resolution of our board of directors or by holders of 30% or more of
the voting power of the aggregate number of our shares issued and outstanding and entitled to vote at such meeting.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Action by Written Consent in Lieu of a Meeting</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our articles permit any action which may or is required
by the BCA to be taken at a meeting of the shareholders to be authorized by consents in writing signed 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. Presently and until and unless we issue a significant number of securities, Goldenmare
Limited, a company affiliated with our Chief Executive Officer, holds Series B preferred shares controlling a significant portion of the
voting power of our outstanding capital stock. Goldenmare could, together with shareholders possessing a relatively small number of shares,
act by written consent in lieu of a meeting and authorize major transactions on behalf of the Company, all without calling a meeting of
shareholders.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our articles 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, subject to certain exceptions. Please see &#8220;Item 10B.&#8212;Memorandum and Articles of Association&#8212;Anti-Takeover
Effects of Certain Provisions of our Articles of Incorporation and Bylaws&#8212;Business Combinations.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>We are subject to Marshall Islands corporate
law, which is not well-developed.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 (and adopts their case law to
the extent it does not conflict with the BCA), 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 the relevant SOFR increases, then our payments pursuant to certain existing loan will increase. See &#8220;Item 11.
Quantitative and Qualitative Disclosures About Market Risk.&#8221;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>The public market may not continue to be active
and liquid enough for our shareholders to resell our common shares in the future.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="text-align: justify; width: 3%">&#160;</td>
    <td style="text-align: justify; width: 3%"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="text-align: justify; width: 94%"><span style="font-size: 10pt">actual or anticipated
fluctuations in our quarterly and annual results and those of other public companies in our industry;</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="text-align: justify; width: 3%">&#160;</td>
    <td style="text-align: justify; width: 3%"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="text-align: justify; width: 94%"><span style="font-size: 10pt">mergers and strategic alliances in the dry bulk shipping industry;</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">market conditions in the dry bulk shipping industry;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">changes in government regulation;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">shortfalls in our operating results from levels forecast by securities analysts;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">announcements concerning us or our competitors; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">the general state of the securities market.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="a_006"></span>Item 4.&#160;&#160;Information on the Company</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><b><i>A.&#160;&#160;History and Development of the Company</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><i>History relating to our shares and certain financings</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We originally incorporated as Globus Maritime Limited
on July 26, 2006 pursuant to the Companies (Jersey) Law 1991 (as amended) and began operations in September 2006. Following the conclusion
of our initial public offering on June 1, 2007, our common shares were listed on the London Stock Exchange&#8217;s Alternative Investment
Market, or AIM, under the ticker &#8220;GLBS.L.&#8221; On July 29, 2010, we effected a 1-4 reverse stock split, with our issued share
capital resulting in 7,240,852 common shares of $0.004 each. (These figures do not reflect the 1-4 reverse stock split which occurred
in October 2016, the 1-10 reverse stock split which occurred in October 2018 or the 1-100 reverse stock split which occurred in October
2020.)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 24, 2010, we redomiciled into the Marshall
Islands pursuant to the BCA and a resale registration statement for our common shares was declared effective by the SEC. Once the resale
registration statement was declared effective by the SEC, our common shares began trading on the Nasdaq Global Market under the ticker
&#8220;GLBS.&#8221; Our common shares were suspended from trading on the AIM on November 24, 2010 and were delisted from the AIM on November
26, 2010.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">On April 11, 2016, our common
shares began trading on the Nasdaq Capital Market and ceased trading on the Nasdaq Global Market.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 20, 2016, we effected
a 1-4 reverse stock split which reduced the number of outstanding common shares from 10,510,741 to 2,627,674 shares (adjustments were
made based on fractional shares). (These figures do not reflect the 1-10 reverse stock split which occurred in October 2018 or the 1-100
reverse stock split which occurred in October 2020.)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 15, 2018, we effected
a 1-10 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). (These figures do not reflect the 1-100 reverse stock split which occurred in October 2020.)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In November 2018, we entered into a credit facility
for up to $15 million with Firment Shipping Inc., a related party to us, for the purpose of financing our general working capital needs,
which facility was amended and restated on May 8, 2020. The Firment Shipping Credit Facility was unsecured and remained available until
its final maturity date at October 31, 2021, as amended. We had the right to drawdown any amount up to $15 million or prepay any amount
in multiples of $100,000. Any prepaid amount could have been re-borrowed.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Interest on drawn and outstanding amounts was charged at 3.5%
per annum until December 31, 2020, and thereafter at 7% per annum. No commitment fee was charged on the amounts remaining available and
undrawn. Interest was 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 was charged. We had 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 would have equaled the higher of (i) the average of the daily dollar volume-weighted average sale price for
the common stock on the Principal Market on any trading day during the period beginning at 9.30 a.m. New York City time and ending at
4.00 p.m. over the Pricing Period multiplied by 80%, where the &#8220;Pricing Period&#8221; equals the ten consecutive trading days immediately
preceding the date on which the conversion notice was executed or (ii) $280.00. On July 27, 2020, the Company repaid the total outstanding
principal and interest of the Firment Shipping Credit Facility of approximately $863,000. This facility expired by its terms on October
31, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 13, 2019, the Company signed a securities
purchase agreement with a private investor and on March 13, 2019 issued, for gross proceeds of $5 million, a senior convertible note (the
&#8220;Convertible Note&#8221;) that was convertible into shares of the Company&#8217;s common stock, par value $0.004 per share. If not
converted or redeemed beforehand pursuant to the terms of the Convertible Note, the Convertible Note was scheduled to mature on March
13, 2020, the first anniversary of its issue, but its holder waived the Convertible Note&#8217;s maturity until March 13, 2021. The Convertible
Note was issued in a transaction exempt from registration under the Securities Act. The Convertible Note provided for interest to accrue
at 10% annually, to be paid at maturity unless the Convertible Note was converted or redeemed pursuant to its terms beforehand. The interest
could have been paid in common shares of the Company, if certain conditions described within the Convertible Note were met. The outstanding
balance of the Convertible Note not previously converted into shares was fully repaid in June 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 22, 2020, we completed a public offering of
342,857 units of the Company. Each unit consisted of one common share and one Class A Warrant to purchase one common share (a &#8220;Class
A Warrant&#8221;), for $35 per unit. At the time of the closing, the underwriters exercised and closed a part of their over-allotment
option, and purchased an additional 51,393 common shares and Class A Warrants to purchase 51,393 common shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The exercise price of the Class A Warrants is $35
per whole share at any time after their original issuance up to the date that is five years after their original issuance. If a registration
statement registering the issuance of the common shares underlying the warrants under the Securities Act is not effective or available,
the holder may, in its sole discretion, elect to exercise the warrant through a cashless exercise, in which case the holder would receive
upon such exercise the net number of common shares determined according to the formula set forth in the warrant. We may be required to
pay certain amounts as liquidated damages as specified in the warrants in the event we do not deliver common shares upon exercise of the
warrants within the time periods specified in the warrants.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 30, 2020, we issued 458,500 of our common
shares in a registered direct offering and 458,500 of June Private Placement (&#8220;PP&#8221;) Warrants in a concurrent private placement
for a purchase price of $27 per common share and June PP Warrant. The exercise price of each June PP Warrant was initially $30 per share
but in July 2020 was reduced to $18 per share.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 21, 2020, we issued 833,333 of our common
shares in a registered direct offering and 833,333 of July PP Warrants to purchase common shares in a concurrent private placement for
a purchase price of $18 per common share and July PP Warrant. The exercise price of each July PP Warrant is $18 per share.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 9, 2020, we issued (a) 1,256,765 common
shares, (b) pre-funded warrants to purchase 155,000 common shares, and (c) warrants (the &#8220;December 2020 Warrants&#8221;) to purchase
1,270,587 common shares. The pre-funded warrants have all been exercised. No December 2020 Warrants have been exercised as of the date
hereof, and may be exercised at any time prior to 5:00 PM New York time on June 9, 2026. The exercise price of the December 2020 Warrants
was reduced from $8.50 per share to $6.25 per share on January 29, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 29, 2021, we issued (a) 2,155,000 common
shares, (b) pre-funded warrants to purchase 445,000 common shares, and (c) warrants (the &#8220;January 2021 Warrants&#8221;) to purchase
1,950,000 common shares at an exercise price of $6.25 per share, which may be exercised at any time prior to 5:00 PM New York time on
July 29, 2026. The pre-funded warrants were all exercised prior to the date of this annual report. No January 2021 Warrants have been
exercised as of the date hereof.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 17, 2021, we issued (a) 3,850,000 common
shares, (b) pre-funded warrants to purchase 950,000 common shares, and (c) warrants (the &#8220;February 2021 Warrants&#8221;) to purchase
4,800,000 common shares at an exercise price of $6.25 per share, which may be exercised at any time prior to 5:00 PM New York time on
August 17, 2026. The pre-funded warrants have all been exercised. No February 2021 Warrants have been exercised as of the date hereof.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 29, 2021, we issued (a) 8,900,000 common shares,
(b) pre-funded warrants to purchase 1,100,000 common shares, and (c) warrants (the &#8220;June 2021 Warrants&#8221;) to purchase 10,000,000
common shares at an exercise price of $5.00 per share, which may be exercised at any time prior to 5:00 PM New York time on December 29,
2026. The pre-funded warrants have all been exercised. No June 2021 Warrants have been exercised as the date hereof.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each of the June PP Warrants, July PP Warrants, December
2020 Warrants, January 2021 Warrants, February 2021 Warrants and June 2021 Warrants is exercisable for a period of five and one-half years
commencing on the date of issuance. The 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 private placement warrants under the
Securities Act is not effective or available at any time after the six month anniversary of the date of issuance of the private placement
warrants, the holder may, in its sole discretion, elect to exercise the private placement warrant through a cashless exercise, in which
case the holder would receive upon such exercise the net number of common shares determined according to the formula set forth in the
warrant. If a registration statement covering the issuance of the shares under the Securities Act is not effective or available at any
time after the issuance of the December 2020 Warrants, January 2021 Warrants, February 2021 Warrants and June 2021 Warrants, the holder
may, in its sole discretion, elect to exercise the such warrants through a cashless exercise, in which case the holder would receive upon
such exercise the net number of common shares determined according to the formula set forth in the warrant. If we do not issue the shares
in a timely fashion, each warrant contains certain liquidated damages provisions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each of the warrants described above, other than the
Class A Warrants, were issued pursuant to a securities purchase agreement and a placement agency agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From June 22, 2020 to date hereof, we have issued
5,550 common shares pursuant to exercises of outstanding Class A Warrants. As of the date of this annual report, no June PP Warrants,
July PP Warrants, December 2020 Warrants, January 2021 Warrants, February 2021 Warrants or June 2021 Warrants have been exercised.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 21, 2020, we effected a 1-100 reverse stock
split which reduced the number of shares outstanding from 175,675,651 to 1,756,720 (adjustments were made based on fractional shares).
Unless otherwise noted, all historical share numbers, per share amounts, including common share, preferred shares and warrants, have been
adjusted to give effect to this reverse split.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm">On June 12, 2020, we entered into
a stock purchase agreement and issued 50 of our newly designated Series B preferred shares, par value $0.001 per share, to Goldenmare
Limited, a company controlled by our Chief Executive Officer, Athanasios Feidakis, in return for $150,000, which amount was settled by
reducing, on a dollar for dollar basis, the amount payable by the Company to Goldenmare Limited pursuant to a consultancy agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In July 2020, we issued an additional 250 of our Series
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 by the Company to Goldenmare Limited pursuant to a consultancy agreement. In addition, we increased the maximum voting
rights under the Series B preferred shares from 49.0% to 49.99%.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In March 2021, we issued an additional 10,000 of our
Series B preferred shares to Goldenmare Limited in return for $130,000, which was settled by reducing, on a dollar-for-dollar basis, the
amount payable by the Company to Goldenmare Limited pursuant to a consultancy agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm">Each Series B preferred share entitles
the holder thereof 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 B preferred shares may exercise voting rights pursuant to Series B preferred shares that would result in the
aggregate voting power of any beneficial owner of such shares and its affiliates (whether pursuant to ownership of Series B preferred
shares, common shares or otherwise) to exceed 49.99% 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 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.
The Series B preferred shares are not convertible into common shares or any other security. They are not redeemable and have no dividend
rights. Upon any liquidation, dissolution or winding up of the Company, the Series B preferred shares are entitled to receive a payment
with priority over the common shareholders equal to the par value of $0.001 per share.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm">The Series B preferred shareholder has no other
rights to distributions upon any liquidation, dissolution or winding up of the Company. All issued and outstanding Series B preferred
shares must be held of record by one holder, and the Series B preferred shares shall not be transferred without the prior approval of
our Board of Directors. Finally, in the event the Company (i) declares any dividend on its common shares, payable in common shares, (ii)
subdivides the outstanding common shares or (iii) combines the outstanding common shares into a smaller number of shares, there shall
be a proportional adjustment to the number of outstanding Series B preferred shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each issuance of Series B preferred shares to Goldenmare
Limited was approved by an independent committee of the Board of Directors of the Company, which (in each instance) 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In March&#160;2021, the Company prepaid $6.0 million
of the Entrust loan facility, which represented all amounts that would otherwise come due during calendar year 2021. As a result, after
this pre-payment we had an aggregate debt outstanding of $31 million, gross of unamortized debt costs, from the Entrust Loan Facility.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May&#160;10, 2021, we reached an agreement
with First Citizens Bank &amp; Trust Company (formerly known as CIT Bank N.A.) for a loan facility of $34.25 million bearing
interest at LIBOR plus a margin of 3.75% per annum. This loan facility is referred to as the CIT loan facility. The proceeds of this
financing were used to repay the outstanding balance of the EnTrust Loan Facility. In August 2022, we reached an agreement with
First Citizens Bank &amp; Trust Company (formerly known as CIT Bank N.A.) for a deed of accession, amendment and restatement of the
CIT loan facility by the accession of an additional borrower in order to increase the loan facility from a total of $34.25 million
to $52.25 million, by a top up loan amount of $18 million for the purpose of financing vessel Orion Globe and for general corporate
and working capital purposes of all the borrowers and Globus. Following the agreement reached in August 2022 the benchmark rate was
amended from LIBOR to Term SOFR and the applicable margin was decreased from 3.75% to 3.35%.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2022, our issued and outstanding
capital stock consisted of 20,582,301 common shares and 10,300 Series B preferred shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><i>Recent history relating to our
ships </i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In October 2020, we purchased
a 2015-built Kamsarmax dry bulk carrier for $18.4 million. The vessel was delivered on October 29, 2020 and was named <i>Galaxy Globe.
Galaxy Globe </i>was built at the Hudong-Zhonghua Shipyard in China and has a carrying capacity of 81,167 dwt.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 9, 2021, we took delivery of the m/v &#8220;Diamond
Globe&#8221;, a 2018-built Kamsarmax dry bulk carrier, through its subsidiary, Argo Maritime Limited, for a purchase price of $27 million
financed with available cash. The m/v &#8220;Diamond Globe&#8221; was built at Jiangsu New Yangzi Shipbuilding Co., Ltd and has a carrying
capacity of 82,027 dwt.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 20, 2021, we took delivery of the m/v &#8220;Power
Globe&#8221;, a 2011-built Kamsarmax dry bulk carrier, through its subsidiary, Talisman Maritime Limited, for a purchase price of $16.2
million financed with available cash. The m/v &#8220;Power Globe&#8221; was built at Universal Shipbuilding Corporation in Japan and has
a carrying capacity of 80,655 dwt.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 29, 2021, we took delivery of the m/v
&#8220;Orion Globe&#8221;, a 2015-built Kamsarmax dry bulk carrier, through its subsidiary, Salaminia Maritime Limited, for a purchase
price of $28.4 million financed with available cash. The m/v &#8220;Orion Globe&#8221; was built at Tsuneishi Zosen in Japan and has a
carrying capacity of 81,837 dwt.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 29, 2022, we entered
into a contract, through our subsidiary Calypso Shipholding S.A., for the construction and purchase of one fuel efficient dry bulk carrier
with a carrying capacity of about 64,000 dwt. The vessel will be built at Nihon Shipyard Co. in Japan and is scheduled to be delivered
during the first half of 2024. The total consideration for the construction of the vessel is approximately $37.5 million, which we intend
to finance with a combination of debt and equity. In May 2022 we paid the first installment of $7.4 million and in March 2023 we paid the second installment of $3.7 million.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 13, 2022, we signed two contracts, through
our subsidiaries Daxos Maritime Limited and Paralus Shipholding S.A., for the construction and purchase of two fuel efficient bulk carriers
of about 64,000 dwt each. The sister vessels will be built at Nantong COSCO KHI Ship Engineering Co. in China with the first one scheduled
to be delivered during the third quarter of 2024 and the second one scheduled during the fourth quarter of 2024. The total consideration
for the construction of both vessels is approximately $70.3 million, which we intend to finance with a combination of debt and equity.
In May 2022 we paid the first installment of $13.8 million and in November 2022 paid the second installment of $6.9 million for both vessels
under construction.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our fleet is currently comprised of a total of nine
dry bulk vessels consisting of four Kamsarmaxes, one Panamax and four Supramaxes, and we have contracted for the construction of three
additional Ultramaxes. The weighted average age of the vessels we owned as of December 31, 2022 was 11.2 years, and their carrying capacity
was 626,257 dwt.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt; text-align: justify">On March 6, 2023, we, through a wholly owned subsidiary,
entered into an agreement to sell the 2007-built Sun Globe for a gross price of $14.1 million, before commissions, to an unaffiliated
third party, which sale is subject to standard closing conditions. We expect the sale to occur in the second quarter of 2023.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><i>General</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our executive office is located at the office of Globus
Shipmanagement Corp., which we refer to as our Manager, at 128 Vouliagmenis Avenue, 3rd Floor, 166 74 Glyfada, Attica, Greece. Our telephone
number is +30 210 960 8300. Our registered agent in the Marshall Islands is The Trust Company of the Marshall Islands, Inc. and our registered
address in the Marshall Islands is Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960. We maintain
our website at www.globusmaritime.gr. Information that is available on or accessed through our website does not constitute part of, and
is not incorporated by reference into, this annual report on Form 20-F. The SEC maintains an internet site that contains reports, proxy
and information statements, and other information regarding us and other issuers that file electronically with the SEC at http://www.sec.gov.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><b><i>B.&#160;&#160;Business Overview</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are an integrated dry bulk shipping company,
providing marine transportation services on a worldwide basis. We own, operate and manage a fleet of dry bulk vessels that transport
iron ore, coal, grain, steel products, cement, alumina and other dry bulk cargoes internationally. We intend to grow our fleet
through timely and selective acquisitions of modern vessels or acquisition through construction of new 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. 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our operations are managed by our Glyfada, 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 to provide services that include managing day-to-day
vessel operations, such as supervising the crewing, supplying, maintaining of vessels and other services.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following table presents information concerning the vessels we own:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="border-bottom: Black 0.5pt solid; width: 23%; text-align: left"><span style="font-size: 10pt"><b>Vessel</b></span></td>
    <td style="width: 1%; text-align: center">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: center"><b>Year Built</b></p></td>
    <td style="width: 1%; padding-right: 0.8pt; text-align: center">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; text-align: center"><span style="font-size: 10pt"><b>Flag</b></span></td>
    <td style="width: 1%; text-align: center">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: center"><b>Direct Owner</b></p></td>
    <td style="width: 1%; text-align: center">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; text-align: center"><span style="font-size: 10pt"><b>Shipyard</b></span></td>
    <td style="width: 1%; text-align: center">&#160;</td>
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    <td style="width: 1%; text-align: center">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: center"><b>Delivery Date</b></p></td>
    <td style="width: 1%; text-align: center">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: center; width: 10%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>Carrying Capacity (dwt)</b></p></td></tr>
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    <td style="text-align: left"><span style="font-size: 10pt"><i>m/v River Globe</i></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">2007</span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Marshall Islands</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Devocean Maritime Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Yangzhou Dayang</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Supramax</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">December 2007</span></td>
    <td>&#160;</td>
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    <td style="text-align: left"><span style="font-size: 10pt"><i>m/v Sky Globe</i></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">2009</span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Marshall Islands</span></td>
    <td>&#160;</td>
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    <td style="text-align: center"><span style="font-size: 10pt">Taizhou Kouan</span></td>
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    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">May 2010</span></td>
    <td>&#160;</td>
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    <td style="text-align: left"><span style="font-size: 10pt"><i>m/v Star Globe</i></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">2010</span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Marshall Islands</span></td>
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    <td style="text-align: center"><span style="font-size: 10pt">Dulac Maritime S.A.</span></td>
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    <td style="text-align: center"><span style="font-size: 10pt">Taizhou Kouan</span></td>
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    <td style="text-align: center"><span style="font-size: 10pt">Supramax</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">May 2010</span></td>
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    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">2005</span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Marshall Islands</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Artful Shipholding S.A.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Hudong-Zhonghua</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Panamax</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">June 2011</span></td>
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    <td style="text-align: left"><span style="font-size: 10pt"><i>&#160;m/v Sun Globe</i></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">2007</span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Malta</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;Longevity Maritime Limited</span></td>
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    <td style="text-align: center"><span style="font-size: 10pt">&#160;Tsuneishi Cebu</span></td>
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    <td style="text-align: center"><span style="font-size: 10pt">&#160;Supramax</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;September 2011</span></td>
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    <td style="text-align: left"><span style="font-size: 10pt"><i>m/v Galaxy Globe</i></span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">2015</span></td>
    <td style="padding-right: 0.8pt; text-align: center">&#160;</td>
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    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Serena Maritime Limited</span></td>
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    <td style="text-align: center"><span style="font-size: 10pt">Hudong-Zhonghua</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Kamsarmax</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">October 2020</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">81,167</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-size: 10pt"><i>&#160;m/v Diamond Globe</i></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">2018</span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Marshall Islands</span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td style="text-align: center"><span style="font-size: 10pt">&#160;Kamsarmax</span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td style="text-align: center"><span style="font-size: 10pt">&#160;Kamsarmax</span></td>
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    <td style="text-align: center"><span style="font-size: 10pt">&#160;July 2021</span></td>
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    <td style="text-align: center"><span style="font-size: 10pt">80,655</span></td></tr>
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    <td style="text-align: left"><span style="font-size: 10pt"><i>&#160;m/v Orion Globe</i></span></td>
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    <td style="padding-right: 0.8pt">&#160;</td>
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    <td style="text-align: center"><span style="font-size: 10pt">Salaminia Maritime Limited</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Tsuneishi Zosen</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;Kamsarmax</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;November 2021</span></td>
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    <td style="text-align: center"><span style="font-size: 10pt">81,837</span></td></tr>
  <tr style="background-color: White">
    <td style="text-align: left">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="padding-right: 0.8pt; text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We own each of our vessels through separate, wholly
owned subsidiaries, eight 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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to the above vessels, we have contracted
for the construction of three additional Ultramaxes. See &#8220;Item 4.A. History and Development
of the Company.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 6, 2023, we, through a wholly owned subsidiary,
entered into an agreement to sell the 2007-built Sun Globe for a gross price of $14.1 million, before commissions, to an unaffiliated
third party, which sale is subject to standard closing conditions. We expect the sale to occur in the second quarter of 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our long-term strategy to maximize the value of
our fleet is to employ our vessels on a mix of all types of charter contracts, including in the short-term or spot market and on
long-term charters and index-linked charters. We believe this strategy provides the cash flow stability, reduced exposure to market
downturns and high utilization rates of the charter market, while at the same time enabling us to benefit from periods of increasing
short-term or spot market rates. But our short-term strategy at any given point in time is dictated by a multitude of factors and
the chartering opportunities before us. We may, for example, seek to employ a greater portion of our fleet on the short-term or spot
market or on time charters with longer durations, should we believe it to be in our best interests. We generally prefer spot or
short-term contracts in order to be versatile, to be able to move quickly to capture a market upswing, and to be more selective with
the cargos we carry. Long-term charters, however, provide desirable cash flow stability, albeit at the cost of missing upswings in
cargo rates. Finally, the index-linked charters reflect similar rate volatility as spot/voyage rates, although the index-linked hire
rate may enable us to capture increased profit margins during periods of improvements in vessel charter rates. Accordingly, our mix
between short-term or spot charters, longer-term charters and index-linked charters changes from time-to-time. When our ships are
not all on the short-term or spot market, we generally seek to stagger the expiration dates of our charters to reduce exposure to
volatility in the shipping cycle when our vessels come off of charter. We also continually monitor developments in the dry bulk
shipping industry and, subject to market demand, will adjust the number of vessels on charters and the charter periods for our
vessels according to market conditions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We and our Manager have developed relationships with
a number of international charterers, vessel brokers, financial institutions, insurers and shipbuilders. We have also developed a network
of relationships with vessel brokers who help facilitate vessel charters and acquisitions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0pt; text-align: justify">On the date of the filing of this annual report on
20-F, eight of our vessels were employed on short-term time charters, of which two are index-linked.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;Each of our vessels travels across the world
and not on any particular route. The charterers of our vessels, whether time, bareboat or on the spot market, select the locations to
which our vessels travel, subject to any restrictions under terms of employment.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A time charter is a contract for the use of a vessel
for a fixed period of time at a specified daily rate. Under a time charter, the vessel owner provides crewing, insuring, repairing and
maintenance and other services related to the vessel&#8217;s operation, the cost of which is included in the daily rate, and the customer
is responsible for substantially all of the vessel voyage costs, including the cost of bunkers (fuel oil) and canal and port charges.
The owner also pays commissions typically ranging from 0% to 6.25% of the total daily charter hire rate of each charter to unaffiliated
ship brokers and to in-house brokers associated with the charterer, depending on the number of brokers involved with arranging the charter.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><i>Basic Hire Rate and Term</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#8220;Basic hire rate&#8221; refers to the basic
payment from the customer for the use of the vessel. The hire rate is generally payable semi-monthly or 15 days, in advance, in U.S. dollars
as specified in the charter. A hire rate can be fixed or index-linked, with the latter reflecting similar rate volatility as spot/voyage
rates, although the index-linked hire rate may enable us to capture increased profit margins during periods of improvements in vessel
charter rates.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><i>Off-hire</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When the vessel is &#8220;off-hire,&#8221; the charterer
generally is not required to pay the basic hire rate, and we are responsible for all costs. Prolonged off-hire may lead to vessel substitution
or termination of the time charter. A vessel generally will be deemed off-hire if there is a loss of time due to, among other things,
operational deficiencies; drydocking for examination or painting the bottom; equipment breakdowns; damages to the hull; or similar problems.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><i>Ship Management and Maintenance</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are responsible for the technical management of
the vessel and for maintaining the vessel, periodic drydocking, cleaning and painting and performing work required by regulations. Globus
Shipmanagement provides the technical, commercial and day-to-day operational management of our vessels. Technical management includes
crewing, maintenance, repair and drydockings. During the 2022 year, we paid Globus Shipmanagement $700 per vessel per day. All fees payable
to Globus Shipmanagement for vessels that we own are eliminated upon consolidation of our accounts.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are generally entitled to suspend performance under
the time charter if the customer defaults in its payment obligations. Either party may terminate the charter in the event of war in specified
countries.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended December 31, 2022, we paid commissions
ranging from 5% to 6.25% relevant to each time charter agreement then in effect.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A bareboat charter is a contract pursuant to which
the vessel owner provides the vessel to the charterer for a fixed period of time at a specified daily rate, and the charterer provides
for all of the vessel&#8217;s operating expenses. The charterer undertakes to maintain the vessel in a good state of repair and efficient
operating condition and drydock the vessel during this period as per the classification society requirements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Upon the expiration of a bareboat charter, typically
the charterer must redeliver the vessel in as good structure, state, condition and class as that in which the vessel was delivered.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><i>Ship Management and Maintenance</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under a bareboat charter, the charterer is responsible
for all of the vessel&#8217;s operating expenses, including crewing, insuring, maintaining and repairing the vessel, any drydocking costs,
and the stores, lube oils and communication expenses. Under a bareboat charter, the charterer is also responsible for the voyage costs,
and generally assumes all risk of operation. The charterer covers the costs associated with the vessel&#8217;s special surveys and related
drydocking falling within the charter period.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Commissions on bareboat charters typically range
from 0% to 3.75%.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Our Customers</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We seek to charter our vessels to customers who we
perceive as creditworthy thereby minimizing the risk of default by our charterers. We also try to select charterers depending on the type
of product they want to carry and the geographical areas in which they tend to trade.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our assessment of a charterer&#8217;s financial condition
and reliability is an important factor in negotiating employment for our vessels. We generally charter our vessels to operators, trading
houses (including commodities traders), shipping companies and producers and government-owned entities and generally avoid chartering
our vessels to companies we believe to be speculative or undercapitalized entities. Since our operations began in September 2006, our
customers have included Hyundai Glovis Co. Ltd., Dampskibsselskabet NORDEN A/S, NYK Bulk &amp; Projects Carriers Ltd. and Olam Global
Agri Pte Ltd. In addition, during the periods when some of our vessels were trading on the spot market, they have been chartered to charterers
such as Cargill International SA, Oldendorff GmbH &amp; Co KG, Western Bulk Pte. Ltd., Ausca Shipping HK Limited and others, thus expanding
our customer base.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our business fluctuates in line with the main patterns
of trade of the major dry bulk cargoes and varies according to changes in the supply and demand for these items. We operate in markets
that are highly competitive and based primarily on supply and demand. We compete for charters on the basis of price, vessel location,
size, age and condition of the vessel, as well as on our reputation as an owner and operator. We compete with other owners of dry bulk
vessels in the Panamax, Supramax and Kamsarmax dry bulk vessels, but we also compete with owners for the purchase and sale of vessels
of all sizes. Those competitors may be better capitalized or have more liquidity than we do. In this period of significantly depressed
pricing and over capacity, better liquidity may be a major competitive advantage, and we believe that some of our competitors may be better
capitalized than we are.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ownership of dry bulk vessels is highly fragmented.
It is likely that we will face substantial competition for long-term charter business from a number of experienced companies. Many of
these competitors will have larger dry bulk vessel fleets and greater financial resources than us, which may make them more competitive.
It is also likely that we will face increased numbers of competitors entering into our transportation sectors, including in the dry bulk
sector. Many of these competitors have strong reputations and extensive resources and experience. Increased competition may cause greater
price competition, especially for long-term charters. We believe that no single competitor has a dominant position in the markets in which
we compete.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The process for obtaining longer term time charters
generally involves a lengthy and intensive screening and vetting process and the submission of competitive bids. In addition to the quality
and suitability of the vessel, longer term shipping contracts may be awarded based upon a variety of other factors relating to the vessel
operator, including:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">shipping experience and quality of vessel operations, including cost-effectiveness;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">quality, experience and technical capability of crews;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="padding-right: 0.8pt; text-align: justify; width: 3%">&#160;</td>
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    <td style="padding-right: 0.8pt; text-align: justify; width: 94%"><span style="font-size: 10pt">environmental, social, and governance criteria;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">construction management experience, including the ability to procure on-time delivery of new vessels according to customer specifications;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">willingness to accept operational risks pursuant to the charter, such as allowing termination of the charter for force majeure events; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">competitiveness of the bid in terms of overall price.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of these factors, we may be unable to
expand our relationships with existing customers or obtain new customers for long-term time charters on a profitable basis, if at all.
However, even if we are successful in employing our vessels under longer term charters, our vessels will not be available for trading
on the short-term or spot market during an upturn in the market cycle, when short-term or spot trading may be more profitable. If we cannot
successfully employ our vessels in profitable charters, our results of operations and operating cash flow could be materially adversely
affected.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>The Dry Bulk Shipping Industry</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The world dry bulk fleet is generally divided into
six major categories, based on a vessel&#8217;s cargo carrying capacity. These categories consist of: Handysize, Handymax/Supramax, Panamax,
Kamsarmax, Capesize and Very Large Ore Carrier.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Wingdings">&#216;</span>
&#160;&#160;&#160;&#160; <i>Handysize</i>. <i>&#160;</i>Handysize vessels have a carrying capacity of up to 39,999 dwt. These vessels
are primarily involved in carrying minor bulk cargoes. Increasingly, vessels of this type operate on regional trading routes, and may
serve as trans-shipment feeders for larger vessels. Handysize vessels are well suited for small ports with length and draft restrictions.
Their cargo gear enables them to service ports lacking the infrastructure for cargo loading and unloading.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Wingdings">&#216;</span>
&#160;&#160;&#160;&#160; <i>Handymax/Supramax</i>. Handymax vessels have a carrying capacity of between 40,000 and 59,999 dwt. These vessels
operate on a large number of geographically dispersed global trade routes, carrying primarily iron ore, coal, grains and minor bulks.
Within the Handymax category there is also a sub-sector known as <i>Supramax</i>. Supramax bulk vessels are vessels between 50,000 to
59,999 dwt, normally offering cargo loading and unloading flexibility with on-board cranes, while at the same time possessing the cargo
carrying capability approaching conventional Panamax bulk vessels. Hence, the earnings potential of a Supramax dry bulk vessel, when compared
to a conventional Handymax vessel of 45,000 dwt, is greater.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Wingdings">&#216;</span>
&#160;&#160;&#160;&#9;<i>Ultramax</i>. Ultramax vessels are medium-sized vessels. Larger than Supramax vessels, they have a carrying capacity
generally between 60,000 to 65,000 dwt.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Wingdings">&#216;</span>
&#160;&#160;&#160;&#160; <i>Panamax</i>. Panamax vessels have a carrying capacity of between 60,000 and 79,999 dwt. These vessels carry
coal, grains, and, to a lesser extent, minor bulks, including steel products, forest products and fertilizers. The term &#8220;Panamax&#8221;
refers to vessels that were able to pass through the Panama Canal before the Panama Canal was expanded in June 2016 (to allow vessels
of up to 120,000 dwt, a size sometimes referred to as New Panamax). Panamax vessels are more versatile than larger vessels.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Wingdings">&#216;</span>
&#160;&#160;&#160;&#160; <i>Kamsarmax</i>. Kamsarmax vessels typically have a carrying capacity of between 80,000 and 109,999 dwt. These
vessels tend to be shallower and have a larger beam than a standard Panamax vessel with a higher cubic capacity. They have been designed
specifically for loading high cubic cargoes from draught restricted ports. The term Kamsarmax stems from Port Kamsar in Guinea, where
large quantities of bauxite are exported from a port with only 13.5 meter draught and a 229 meter length overall restriction, but no beam
restriction.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Wingdings">&#216;</span>
&#160;&#160;&#160;&#160; <i>Capesize</i>. Capesize vessels have carrying capacities of between 110,000 and 199,999 dwt. Only the largest
ports around the world possess the infrastructure to accommodate vessels of this size. Capesize vessels are mainly used to transport iron
ore or coal and, to a lesser extent, grains, primarily on long-haul routes.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-family: Wingdings">&#216;</span>
&#160;&#160;&#160;&#160; <i>VLOC</i>. Very large ore carriers are in excess of 200,000 dwt. VLOCs are built to exploit economies of scale
on long-haul iron ore routes.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The supply of dry bulk shipping capacity, measured
by the amount of suitable vessel tonnage available to carry cargo, is determined by the size of the existing worldwide dry bulk fleet,
the number of new vessels on order, the scrapping of older vessels and the number of vessels out of active service (i.e., laid up or otherwise
not available for hire). In addition to 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 voyage expenses,
costs associated with classification society surveys, normal maintenance and insurance coverage, the efficiency and age profile of the
existing fleets in the market and government and industry regulation of marine transportation practices. The supply of dry bulk vessels
is not only a result of the number of vessels in service, but also the operating efficiency of the fleet. Dry bulk trade is influenced
by the underlying demand for the dry bulk commodities which, in turn, is influenced by the level of worldwide economic activity. Generally,
growth in gross domestic product and industrial production correlate with peaks in demand for marine dry bulk transportation services.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dry bulk vessels are one of the most versatile elements
of the global shipping fleet in terms of employment alternatives. They seldom operate on round trip voyages with high ballasting times.
Rather, they often participate in triangular or multi-leg voyages.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the time charter market, rates vary depending on
the length of the charter period and vessel specific factors such as age, speed, size and fuel consumption. In the voyage charter market,
rates are influenced by cargo size, commodity, port dues and canal transit fees, as well as delivery and redelivery regions. In general,
a larger cargo size is quoted at a lower rate per ton than a smaller cargo size. Routes with costly ports or canals generally command
higher rates. Voyages loading from a port where vessels usually discharge cargo, or discharging from a port where vessels usually load
cargo, are generally quoted at lower rates. This is because such voyages generally increase vessel efficiency by reducing the unloaded
portion (or ballast leg) that is included in the calculation of the return charter to a loading area.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Within the dry bulk shipping industry, the freight
rate indices issued by the Baltic Exchange in London are the references most likely to be monitored. These references are based on actual
charter hire rates under charters entered into by market participants as well as daily assessments provided to the Baltic Exchange by
a panel of major shipbrokers. The Baltic Exchange, an independent organization comprised of shipbrokers, shipping companies and other
shipping players, provides daily independent shipping market information and has created freight rate indices reflecting the average freight
rates (that incorporate actual business concluded as well as daily assessments provided to the exchange by a panel of independent shipbrokers)
for the major bulk vessel trading routes. These indices include the Baltic Panamax Index, the index with the longest history and, more
recently, the Baltic Capesize Index.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">Charter (or hire) rates
paid for dry bulk vessels are generally a function of the underlying balance between vessel supply and demand. Over the past 25 years,
dry bulk cargo charter rates have passed through cyclical phases and changes in vessel supply and demand have created a pattern of rate
&#8220;peaks&#8221; and &#8220;troughs.&#8221; Generally, spot/voyage charter rates will be more volatile than time charter rates, as
they reflect short-term movements in demand and market sentiment. The BDI remained significantly depressed from 2008-2020. In 2021, the
BDI rose to a high of 5,650 on October 7, 2021 and had a low of 1,303 on February 10, 2021. In 2022, the BDI ranged from a low of 965
on August 31, 2022 to a high of 3,369 on May 23, 2022.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">During calendar
year 2023 to date, the BDI has ranged from a high of 1,587 (on March 14, 2023) to a low of 601 (on February 7, 2023).</span><span style="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Newbuilding vessel prices generally fell as part of
the sudden and steep decline in freight rates after August 2008, and continued to gradually decline, but started to increase in 2021 (although
not at the 2008 levels) although have fallen in the latter half of 2022 and in the beginning of 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In broad terms, the secondhand market is affected
by both the newbuilding prices as well as the overall freight expectations and sentiment observed at any given time. As with newbuild
prices, secondhand vessel values have continued to gradually decline since August 2008 until 2021, when they started to increase, although
have fallen in the latter half of 2022 and in the beginning of 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our fleet consists of dry bulk vessels that operate
in markets that have historically exhibited seasonal variations in demand and, as a result, in charter rates. The dry bulk sector 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. Such seasonality will affect the rates we obtain on the vessels in our fleet that operate on the
short-term or spot market.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are required by various governmental and quasi-governmental
agencies to obtain certain permits, licenses and certificates with respect to our vessels. The kinds of permits, licenses and certificates
required depend upon several factors, including the commodity transported, the waters in which the vessel operates, the nationality of
the vessel&#8217;s crew and the age of a vessel. We have been able to obtain all permits, licenses and certificates currently required
to permit our vessels to operate. Additional laws and regulations, environmental or otherwise, may be adopted which could limit our ability
to do business or increase our cost of doing business.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><b>Disclosure of Activities pursuant to Section&#160;13(r)
of the U.S. Securities Exchange Act of 1934 </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Section&#160;219 of the Iran
Threat Reduction and Syria Human Rights Act of 2012 added Section&#160;13(r) to the Exchange Act. Section&#160;13(r), as amended, requires
an issuer to disclose whether it or any of its affiliates knowingly engaged in certain activities, transactions or dealings relating to
Iran or certain other sanctioned parties. Disclosure is required even where the activities, transactions or dealings are conducted in
compliance with applicable law. Provided in this section is information concerning the activities of us and our affiliates that occurred
in 2022 and which we believe may be required to be disclosed pursuant to Section&#160;13(r) of the Exchange Act. Because the term &#8220;affiliate&#8221;
is broadly interpreted pursuant to Exchange Act Rule 12b-2, certain activities that occurred during the fiscal year ended December 31,
2022 may be deemed to have been conducted by one of our affiliates.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">In 2022, our vessels
did not call on any port call in Iran.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">However, in 2022, the vessels Eolos Angel and Eolos
G each a vessel that is owned by an entity that may be affiliated with our chairman, Mr. George Feidakis, and therefore each vessel may
be an affiliate of ours, made calls to Iran. Based on information provided to us, the Eolos Angel made calls to (1) the port of Bandar
Imam Khomeini on February, 2022, discharging corn, and remained in that port during 2022 for 31.5 days, pursuant to a time charter with
an unaffiliated third party charterer at a gross rate of $24,750 per day, (2) the port of Bandar Imam Khomeini on June, 2022, discharging
soya beans, and remained in that port during 2022 for 20 days, pursuant to a time charter with an unaffiliated third party charterer at
a gross rate of $24,750 per day, and (3) the port of Bandar Imam Khomeini on October, 2022, discharging corn, and remained in that port
during 2022 for 8.6 days. The Eolos G made calls to (1) the port of Bandar Imam Khomeini on February, 2022, discharging soya beans, and
remained in that port during 2022 for 27.5 days, pursuant to a time charter with an unaffiliated third party charterer at a gross rate
of $35,000 per day, and (2) the port of Bandar Imam Khomeini on June, 2022, discharging corn, and remained in that port during 2022 for
18 days, pursuant to a time charter with an unaffiliated third party charterer at a gross rate of $35,000 per day. The United States maintains
broad authorizations and exceptions that allow for the sale of agricultural commodities and food to Iran. The position is similar under
the relevant EU Regulations. As part of the charter arrangements between the vessel owner and third-party charterers or sub-charterers,
the vessel owner or its manager may pay fees and expenses related to the port calls made in Iran through a private third-party agent in
Iran appointed by the third-party charterer or sub-charterer. Globus Maritime Limited and its subsidiaries did not earn any income from
this activity and did not control this activity.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Our charter party agreements
for our vessels restrict the charterers from calling in Iran in violation of U.S. sanctions, or carrying any cargo to Iran which is subject
to U.S. sanctions. However, there can be no assurance that our vessels will not, from time to time in the future on charterer's instructions,
perform voyages which would require disclosure pursuant to Exchange Act Section 13(r).</p>

<p style="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We currently have no intention to charter our vessels
to charterers and sub-charterers, including, as the case may be, Iran-related parties, who may make, or may sub-let the vessels to sub-charterers
who may make, port calls to Iran. In addition, our affiliate has informed us that it currently has no intention to continue to charter
its vessels to charterers and sub-charterers, including, as the case may be, Iran-related parties, who may make, or may sub-let the vessels
to sub-charterers who may make, port calls to Iran.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Every oceangoing vessel must be &#8220;classed&#8221;
by a classification society. The classification society certifies that the vessel is &#8220;in class,&#8221; signifying that the vessel
has been built and maintained in accordance with the rules of the classification society and complies with applicable rules and regulations
of the vessel&#8217;s country of registry and the international conventions of which that country is a member. In addition, where surveys
are required by international conventions and corresponding laws and ordinances of a flag state, the classification society will undertake
them on application or by official order, acting on behalf of the authorities concerned.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The classification society also undertakes on request
other surveys and checks that are required by regulations and requirements of the flag state. These surveys are subject to agreements
made in each individual case and/or to the regulations of the country concerned. For maintenance of the class certification, regular and
extraordinary surveys of hull, machinery, including the electrical plant, and any special equipment classed are required to be performed
as follows:</p>

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    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt"><i>Annual Surveys</i>. For seagoing vessels, annual surveys are conducted for the hull and the machinery, including the electrical plant and where applicable for special equipment classed, at intervals of 12 months from the date of commencement of the class period indicated in the certificate.</span></td></tr>
  </table>
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  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt"><i>Intermediate Surveys</i>. Extended annual surveys are referred to as intermediate surveys and typically are conducted two and one-half years after commissioning and each class renewal. Intermediate surveys may be carried out on the occasion of the second or third annual survey.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt"><i>Class Renewal Surveys</i>. Class renewal surveys, also known as special surveys, are carried out for the vessel&#8217;s hull, machinery, including the electrical plant, and for any special equipment classed, at the intervals indicated by the character of classification for the hull. At the special survey the vessel is thoroughly examined, including audio-gauging to determine the thickness of the steel structures. Should the thickness be found to be less than class requirements, the classification society would prescribe steel renewals. The classification society may grant a one-year grace period for completion of the special survey. Substantial amounts of money may have to be spent for steel renewals to pass a special survey if the vessel experiences excessive wear and tear. In lieu of the special survey every four or five years, depending on whether a grace period was granted, a shipowner has the option of arranging with the classification society for the vessel&#8217;s hull or machinery to be on a continuous survey cycle, in which every part of the vessel would be surveyed within a five-year cycle. At an owner&#8217;s application, the surveys required for class renewal may be split according to an agreed schedule to extend over the entire period of class. This process is referred to as continuous class renewal.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All areas subject to survey as defined by the classification
society are required to be surveyed at least once per class period, unless shorter intervals between surveys are prescribed elsewhere.
The period between two subsequent surveys of each area must not exceed five years.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Most insurance underwriters make it a condition for
insurance coverage that a vessel be certified as &#8220;in class&#8221; by a classification society that is a member of the International
Association of Classification Societies. All the vessels that we own and operate are certified as being &#8220;in class&#8221; by Nippon
Kaiji Kyokai (Class NK), DNV GL, Lloyds or ABS. Typically, all new and secondhand vessels that we purchase must
be certified &#8220;in class&#8221; prior to their delivery under our standard purchase contracts and memoranda of agreement. Under our
standard purchase contracts, unless negotiated otherwise, if the vessel is not certified on the date of closing, we would have no obligation
to take delivery of the vessel. Although we may not have an obligation to accept any vessel that is not certified on the date of closing,
we may determine nonetheless to purchase the vessel, should we determine it to be in our best interests. If we do so, we may be unable
to charter such vessel after we purchase it until it obtains such certification, which could increase our costs and affect the earnings
we anticipate from the employment of the vessel.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Vessels are drydocked during intermediate and special
surveys for repairs of their underwater parts. If &#8220;in water survey&#8221; notation is assigned, the vessel owner has the option
of carrying out an underwater inspection of the vessel in lieu of drydocking, subject to certain conditions. In the event that an &#8220;in
water survey&#8221; notation is assigned and other requirements as stipulated by class rules permit, dry docking required as part of an
Intermediate Survey may be carried out &#8220;in lieu&#8221; thereby achieving a higher utilization for the relevant vessel. As per rules
each vessel must dry dock twice within a five year cycle.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">One drydock must coincide with the special survey
while the time distance between two dry docks must not exceed 36 months. We budget 40 days per drydocking per vessel. Actual length will
vary based on the condition of each vessel, shipyard schedules and other factors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table lists the dates by which we expect
to carry out the next drydockings and special surveys for the vessels in our fleet:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="border: Black 0.5pt solid; text-align: left; width: 43%"><span style="font-size: 10pt"><b>Vessel Name</b></span></td>
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    <td style="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; width: 20%; text-align: center"><span style="font-size: 10pt"><b>Special Survey</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; width: 20%; text-align: center"><span style="font-size: 10pt"><b>Classification Society</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: left"><span style="font-size: 10pt"><i>m/v River Globe</i></span></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; text-align: center"><span style="font-size: 10pt">August 2025</span></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; text-align: center"><span style="font-size: 10pt">August 2027</span></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; text-align: center"><span style="font-size: 10pt">Class NK</span></td></tr>
  <tr style="background-color: White">
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: left"><span style="font-size: 10pt"><i>m/v Sky Globe</i></span></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; text-align: center"><span style="font-size: 10pt">November 2024</span></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; text-align: center"><span style="font-size: 10pt">November 2024</span></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; text-align: center"><span style="font-size: 10pt">Class NK</span></td></tr>
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    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: left"><span style="font-size: 10pt"><i>m/v Star Globe</i></span></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; text-align: center"><span style="font-size: 10pt">May 2025</span></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; text-align: center"><span style="font-size: 10pt">May 2025</span></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; text-align: center"><span style="font-size: 10pt">DNV GL</span></td></tr>
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    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: left"><span style="font-size: 10pt"><i>m/v Moon Globe</i></span></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; text-align: center"><span style="font-size: 10pt">November 2025</span></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; text-align: center"><span style="font-size: 10pt">November 2025</span></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; text-align: center"><span style="font-size: 10pt">Class NK</span></td></tr>
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    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: left"><span style="font-size: 10pt"><i>m/v Sun Globe</i></span></td>
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    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; text-align: center"><span style="font-size: 10pt">August 2027</span></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; text-align: center"><span style="font-size: 10pt">ABS</span></td></tr>
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    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: left"><span style="font-size: 10pt"><i>m/v Galaxy Globe</i></span></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; text-align: center"><span style="font-size: 10pt">October 2023</span></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; text-align: center"><span style="font-size: 10pt">October 2025</span></td>
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    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: left"><span style="font-size: 10pt"><i>m/v Power Globe</i></span></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; text-align: center"><span style="font-size: 10pt">October 2024</span></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; text-align: center"><span style="font-size: 10pt">June 2026</span></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; text-align: center"><span style="font-size: 10pt">Class NK</span></td></tr>
  <tr style="background-color: White">
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: left"><span style="font-size: 10pt"><i>m/v Orion Globe</i></span></td>
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    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: left"><span style="font-size: 10pt"><i>m/v Diamond Globe</i></span></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; text-align: center"><span style="font-size: 10pt">May 2023</span></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: top; text-align: center"><span style="font-size: 10pt">May 2023</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Following an incident or a scheduled survey, if any
defects are found, the classification surveyor will issue a &#8220;recommendation&#8221; or &#8220;condition of class&#8221; which must
be rectified by the vessel owner within the prescribed time limits.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The operation of any cargo vessel embraces a wide
variety of risks, including the following:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">mechanical failure or damage, for example by reason of the seizure of a main engine crankshaft;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">cargo loss, for example arising from hull damage;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">personal injury, for example arising from collision or piracy;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">losses due to piracy, terrorist or war-like action between countries;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: -25.5pt; text-align: justify"><span style="font-size: 10pt">environmental damage, for example arising from marine disasters such as oil spills and other environmental mishaps; </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">physical damage to the vessel, for example by reason of collision;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">damage to other property, for example by reason of cargo damage or oil pollution; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">business interruption, for example arising from strikes and political or regulatory change.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The value of such losses or damages may vary from
modest sums, for example for a small cargo shortage damage claim, to catastrophic liabilities, for example arising out of a marine disaster,
such as a serious oil or chemical spill, which may be virtually unlimited. While we maintain the traditional range of marine and liability
insurance coverage for our fleet (hull and machinery insurance, war risks insurance and protection and indemnity coverage) in amounts
and to extents that we believe are prudent to cover normal risks in our operations, we cannot insure against all risks, and we cannot
be assured that all covered risks are adequately insured against. Furthermore, there can be no guarantee that any specific claim will
be paid by the insurer or that it will always be possible to obtain insurance coverage at reasonable rates. Any uninsured or under-insured
loss could harm our business and financial condition.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><i>Hull and Machinery and War Risks</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">The principal coverages
for marine risks (covering loss or damage to the vessels, rather than liabilities to third parties) are hull and machinery insurance and
war risk insurance. These address the risks of the actual or constructive total loss of a vessel and accidental damage to a vessel&#8217;s
hull and machinery, for example from running aground or colliding with another ship. These insurances provide coverage which is limited
to an agreed &#8220;insured value&#8221; which, as a matter of policy, is never less than the particular vessel&#8217;s fair market value.
Reimbursement of loss under such coverage is subject to policy deductibles that vary according to the vessel and the nature of the coverage.
Hull and machinery deductibles may, for example, be between $75,000 and $150,000 per incident whereas the war risks insurance has a more
modest incident deductible of, for example, $30,000.</span><span style="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><i>Protection and Indemnity Insurance</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Protection and indemnity insurance is a form of mutual
indemnity insurance provided by mutual marine protection and indemnity associations, or &#8220;P&amp;I Clubs,&#8221; formed by vessel
owners to provide protection from large financial loss to one club member by contribution towards that loss by all members.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each of the vessels that we operate is entered in
the Gard P&amp;I (Bermuda) Ltd. which we refer to as the Club, for third party liability marine insurance
coverage.&#160;The Club is a mutual insurance vehicle.&#160;As a member of the Club, we are insured, subject to agreed deductibles and
our terms of entry, for our legal liabilities and expenses arising out of our interest in an entered ship, out of events occurring during
the period of entry of the ship in the Club and in connection with the operation of the ship, against specified risks.&#160;These risks
include liabilities arising from death of crew and passengers, loss or damage to cargo, collisions, property damage, oil pollution and
wreck removal.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Club benefits from its membership in the International
Group of P&amp;I Clubs, or the International Group, for its main reinsurance program, and maintains a separate complementary insurance
program for additional risks.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Club&#8217;s policy year commences each February.&#160;The
mutual calls are levied by way of Estimated Total Premiums, or ETP, and the amount of the final installment of the ETP varies in accordance
with the actual total premium ultimately required by the Club for a particular policy year.&#160;Members have a liability to pay supplementary
calls which may be levied by the Club if the ETP is insufficient to cover the Club&#8217;s outgoings in a policy year.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cover per claim is generally limited to an unspecified
sum, being the amount available from reinsurance plus the maximum amount collectable from members of the International Group by way of
overspill calls.&#160;Certain exceptions apply, including a $1.0 billion limit on claims in respect of oil pollution, a $3.0 billion limit
on cover for passenger and crew claims and a sub-limit of $2.0 billion for passenger claims.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent that we experience either a supplementary
or an overspill call, our policy is to expense such amounts. To the extent that the Club depends on funds paid in calls from other members
in our industry, if there were an industry-wide slow-down, other members might not be able to meet the call and we might not receive a
payout in the event we made a claim on a policy.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><i>Uninsured Risks</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not all risks are insured and not all risks are insurable.
The principal insurable risks which nevertheless remain uninsured across our fleet are &#8220;loss of hire&#8221; and &#8220;strikes.&#8221;
We generally do not insure these risks because we regard the costs as disproportionate. These insurances provide, subject to a deductible,
a limited indemnity for hire that is not receivable by the shipowner for reasons set forth in the policy. For example, loss of hire risk
may be covered on a 14/90/90 basis, with a 14 days deductible, 90 days cover per incident and a 90-day overall limit per vessel per year.
Should a vessel on time charter, where the vessel is paid a fixed hire day by day, suffer a serious mechanical breakdown, the daily hire
will no longer be payable by the charterer. The purpose of the loss of hire insurance is to secure the loss of hire during such periods.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>Environmental and
Other Regulations</b></span><span style="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><i>Sources of Applicable Rules
and Standards</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shipping is one of the world&#8217;s most heavily
regulated industries, and it is subject to many industry standards. Government regulation significantly affects the ownership and operation
of vessels. These regulations consist mainly of rules and standards established by international conventions, but they also include national,
state and local laws and regulations in force in jurisdictions where vessels may operate or are registered, and which may be more stringent
than international rules and standards. This is the case particularly in the United States and, increasingly, in Europe.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A variety of governmental and private entities subject
vessels to both scheduled and unscheduled inspections. These entities include local port authorities (the U.S. Coast Guard, harbor masters
or equivalent entities), classification societies, flag state administration (country vessel of registry), port state control, charterers
and particularly terminal operators. Certain of these entities require vessel owners to obtain permits, licenses and certificates for
the operation of their vessels. Failure to maintain necessary permits or approvals could require a vessel owner to incur substantial costs
or temporarily suspend operation of one or more of its vessels.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Heightened levels of environmental and quality concerns
among insurance underwriters, regulators and charterers continue to lead to greater inspection and safety requirements on all vessels
and may accelerate the scrapping of older vessels throughout the industry. Increasing environmental concerns have created a demand for
vessels that conform to stricter environmental standards. Vessel owners are required to maintain operating standards for all vessels that
will emphasize operational safety, quality maintenance, continuous training of officers and crews and compliance with U.S. and international
regulations. Because laws and regulations are frequently changed and may impose increasingly stricter requirements, we cannot predict
the ultimate cost of complying with these requirements, or the impact of these requirements on the resale value or useful lives of our
vessels. In addition, a future serious marine incident that causes significant adverse environmental impact could result in additional
legislation or regulation that could negatively affect our profitability.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following is a non-exhaustive overview of certain
material conventions, laws and regulations that affect our business and the operation of our vessels. It is not a comprehensive summary
of all the conventions, laws and regulations to which we are subject.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The IMO is a United Nations agency setting standards
and creating a regulatory framework for the shipping industry and has negotiated and adopted a number of international conventions. These
fall into two main categories, consisting firstly of those concerned generally with vessel safety and security standards, and secondly
of those specifically concerned with measures to prevent pollution from vessels.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><i>Ship Safety Regulation</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A primary international safety convention is the Safety
of Life at Sea Convention of 1974, as amended, or SOLAS, including the regulations and codes of practice that form part of its regime.
Much of SOLAS is not directly concerned with preventing pollution, but some of its safety provisions are intended to prevent pollution
as well as promote safety of life and preservation of property. These regulations have been and continue to be regularly amended as new
and higher safety standards are introduced with which we are required to comply.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under Chapter IX of the SOLAS Convention, or the International
Safety Management Code for the Safe Operation of Ships and for Pollution Prevention, or the ISM Code, our operations are also subject
to environmental standards and requirements. The purpose of the ISM Code is to provide an international standard for the safe management
and operation of vessels and for pollution prevention. Under the ISM Code, the party with operational control of a vessel is required
to develop, implement and maintain an extensive safety management system that includes, among other things, the adoption of a safety and
environmental protection policy setting forth instructions and procedures for operating its vessels safely and protecting the environment
and describing procedures for responding to emergencies. The ISM Code requires that vessel operators obtain a Safety Management Certificate
for each vessel they operate. This certificate issued after verification that the vessel&#8217;s operator and its shipboard management
operate in accordance with the approved safety management system and evidence that the vessel complies with the requirements of the ISM
Code. No vessel can obtain a Safety Management Certificate unless its operator has been awarded a document of compliance, issued by the
respective flag state for the vessel, under the ISM Code.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Another amendment of SOLAS, made after the terrorist
attacks in the United States on September 11, 2001, introduced special measures to enhance maritime security, including the International
Ship and Port Facility Security Code, or ISPS Code, which sets out measures for the enhancement of security of vessels and port facilities.
To trade internationally, a vessel must attain an International Ship Security Certificate, or ISSC, from a recognized security organization
approved by the vessel's flag state.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The vessels that we operate maintain ISM and ISPS
certifications for safety and security of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><i>Regulations to Prevent Pollution from
Ships </i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the second main category of international regulation
which deals with prevention of pollution, the primary convention is the International Convention for the Prevention of Pollution from
Ships 1973 as amended by the 1978 Protocol, or MARPOL, which imposes environmental standards on the shipping industry set out in its Annexes
I-VI. These contain regulations for the prevention of pollution by oil (Annex I), by noxious liquid substances in bulk (Annex II), by
harmful substances in packaged forms within the scope of the International Maritime Dangerous Goods Code (Annex III), by sewage (Annex
IV), by garbage (Annex V) and by air emissions (Annex VI).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These regulations have been and continue to be regularly
amended and supplemented as new and higher standards of pollution prevention are introduced with which we are required to comply.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For example, MARPOL Annex VI sets limits on Sulphur
Oxides (SOx) and Nitrogen Oxides (NOx) and particulate matter emissions from vessel exhausts and prohibits deliberate emissions of ozone
depleting substances. It also regulates the emission of volatile organic compounds (VOC) from cargo tankers and certain gas carriers,
as well as shipboard incineration of specific substances. Annex VI also includes a global cap on the sulphur content of fuel oil with
a lower cap on the sulphur content applicable inside special areas, the &#8220;Emission Control Areas&#8221; or ECAs. Already established
ECAs include the Baltic Sea, the North Sea, including the English Channel, the North American area and the US Caribbean Sea area. Recently
the IMO approved a proposal for a new ECA in the Mediterranean to apply from 1 July 2025 such that the sulphur content of marine fuels
does not exceed 0.1%. The global cap on the sulphur content of fuel oil was reduced to 0.5% as of January 1, 2020, regardless of whether
a ship is operating outside a designated ECA. From January 1, 2015 the cap on the sulphur content of fuel oil for vessels operating in
ECAs has been 0.1%. Additional amendments to Annex VI revising, among other terms, the definition of &#8220;Sulphur content of fuel oil&#8221;
and &#8220;low-flashpoint fuel&#8221;, and pertaining to the sampling and testing of onboard fuel oil, which became effective in 2022.
These regulations subject ocean-going vessels to stringent emissions controls and may cause us to incur substantial costs.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Annex VI also provides for progressive reductions
in NOx emissions from marine diesel engines installed in vessels. Limiting NOx emissions is set on a three tier reduction, the final tier
(&#8220;Tier III&#8221;) applying to engines installed on vessels constructed on or after January 1, 2016 and which operate in the North
American ECA or the US Caribbean Sea ECA, and to engines installed on vessels constructed on or after January 1, 2021 and which operate
in the Baltic Sea ECA or the North Sea ECA. The Tier III requirements would also apply to engines of vessels operating in other ECAs as
may be designated in the future by the IMO&#8217;s Marine Environment Protection Committee (or MEPC) for Tier III NOx control. The Tier
III requirements do not apply to engines installed on vessels constructed prior to January 1, 2021, if they are of less than 500 gross
tons, of 24 meters or over in length, and have been designed and used solely for recreational purposes. We anticipate incurring costs
at each stage of implementation on all these areas. Currently we are compliant in all our vessels. Additionally, amendments to Annex II,
which strengthen discharge requirements for cargo residues and tank washings in specified sea areas (including North West European waters,
Baltic Sea area, Western European waters and Norwegian Sea), came into effect in January 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><i>Greenhouse Gas Emissions</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2005, the Kyoto Protocol to the United
Nations Framework Convention on Climate Change entered into force. Pursuant to the Kyoto Protocol, adopting countries are required to
implement national programs to reduce emissions of certain gases, generally referred to as greenhouse gases, which are suspected of contributing
to global warming. Currently, the greenhouse gas emissions from international shipping do not come under the Kyoto Protocol (this task
having been delegated to the IMO). In December 2009, more than 27 nations, including the United States, entered into the Copenhagen Accord.
The Copenhagen Accord is non-binding, but is intended to pave the way for a comprehensive, international treaty on climate change. On
December 12, 2015 the Paris Agreement was adopted by 195 countries. The Paris Agreement deals with greenhouse gas emission reduction measures
and targets from 2020 in order to limit the global temperature increases above pre-industrial levels to well below 2&#730; Celsius. Although
shipping was ultimately not included in the Paris Agreement, it is expected that the adoption of the Paris Agreement may lead to regulatory
changes in relation to curbing greenhouse gas emissions from shipping. The Paris Agreement has been ratified by a large number of countries
and entered into force on November 4, 2016. The United States rejoined the Paris Agreement in February 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In July 2011 the IMO adopted regulations imposing
technical and operational measures for the reduction of greenhouse gas emissions. These new regulations formed a new chapter in Annex
VI of MARPOL and became effective on January 1, 2013. The new technical and operational measures include the &#8220;Energy Efficiency
Design Index,&#8221; which is mandatory for newbuilding vessels, and the &#8220;Ship Energy Efficiency Management Plan,&#8221; which is
mandatory for all vessels. In October 2016 the MEPC adopted updated guidelines for the calculation of the Energy-Efficiency Design Index.
In addition, the IMO is evaluating various mandatory measures to reduce greenhouse gas emissions from international shipping, which may
include market-based instruments or a carbon tax. In October 2016, the IMO adopted a mandatory data collection system under which vessels
of 5,000 gross tonnage and above are to collect fuel consumption data and to report the aggregated data to their flag state at the end
of each calendar year. The new requirements entered into force on March 1, 2018. In April 2018, the MEPC adopted an initial strategy on
the reduction of greenhouse gas emissions from ships, which envisages a reduction in total greenhouse gas emissions from international
shipping by at least 50% by 2050 compared to 2008.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IMO&#8217;s MEPC 76 adopted amendments to Annex VI
that will require ships to reduce their greenhouse gas emissions; effective January 2023, the Revised MARPOL Annex VI includes requirements
for ships to calculate their Energy Efficiency Existing Ship Index, or &#8220;EEXI,&#8221; following technical means to improve their
energy efficiency and to establish their annual operational carbon intensity indicator and rating, or &#8220;CII.&#8221; MEPC 76 also
adopted guidelines to support implementation of the amendments. The EEXI measures apply to newbuild ships and all existing ships above
400 GT and CII requirements apply to all ships of 5000 GT or above. This means that the first annual reporting will be completed in 2023,
with the first rating awarded in 2024. The CII regulations state that a ship rated D for three consecutive years, or E for one year, will
be required to submit a corrective action plan showing how C or above will be achieved.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The EU adopted Regulation (EU) 2015/757 on the monitoring,
reporting and verification of carbon dioxide emissions from vessels (or the MRV Regulation), which was published in the Official Journal
on May 19, 2015 and entered into force on July 1, 2015 (as amended by Regulation (EU) 2016/2071). The MRV Regulation applies to all vessels
over 5,000 gross tonnage (except for a few types, such as, amongst others, warships and fish catching or fish processing vessels), irrespective
of flag, in respect of carbon dioxide emissions released during intra-EU voyages and EU incoming and outgoing voyages. The first reporting
period commenced on January 1, 2018. The monitoring, reporting and verification system adopted by the MRV Regulation was the precursor
to a market-based mechanism to be adopted in the future (see below).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Furthermore, the 70th MEPC meeting in October
2016 adopted a mandatory data collection system (DCS) which requires ships above 5 000 gross tonnes to report consumption data for fuel
oil, hours under way and distance travelled. Unlike the EU MRV (see below), the IMO DCS covers any maritime activity carried out by ships,
including dredging, pipeline laying, ice-breaking, fish-catching and off-shore installations. The system, adopted by resolution MEPC.278(70),
entered into force on 1 March 2018. Reporting commenced with the year 2019. The Ship Energy Efficiency Management Plans of all ships covered
by the IMO DCS must include a description of the methodology for data collection and reporting. After each calendar year, the aggregated
data are reported to the flag state. If the data have been reported in accordance with the requirements, the flag state issues a statement
of compliance to the ship. Flag states subsequently transfer this data to an IMO ship fuel oil consumption database, which is part of
the Global Integrated Shipping Information System (GISIS) platform. IMO will then produce annual reports, summarising the data collected.
Thus, currently, data related to the GHG emissions of ships above 5 000 gross tonnes calling at ports in the European Economic Area (EEA)
must be reported in two separate, but largely overlapping, systems: the EU MRV &#8211; which applies since 2018 &#8211; and the IMO DCS
&#8211; which applies since 2019. The proposed revision of Regulation (EU) 2015/757 adopted on 4 February 2019 aims to align and facilitate
the simultaneous implementation of the two systems however it is still not clear when the proposal will be adopted.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the United States, the U.S. Environmental Protection
Agency, or EPA, issued an &#8220;endangerment finding&#8221; regarding greenhouse gases under the Clean Air Act. While this finding in
itself does not impose any requirements on our industry, it authorizes the EPA to regulate directly greenhouse gas emissions through a
rule-making process. Any passage of new climate control legislation or other regulatory initiatives by the IMO, EU, the United States
or other countries or states where we operate that restrict emissions of greenhouse gases could have a significant financial and operational
impact on our business through increased compliance costs or additional operational restrictions that we cannot predict with certainty
at this time.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><i>Anti-Fouling Requirements</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2001, the IMO adopted the International Convention
on the Control of Harmful Anti-fouling Systems on Ships, or the Anti-fouling Convention. The Anti-fouling Convention, which entered into
force in September 2008, prohibits and/or restricts the use of organotin compound coatings to prevent the attachment of mollusks and other
sea life to the hulls of vessels. Vessels of over 400 gross tons engaged in international voyages must obtain an International Anti-Fouling
System Certificate and undergo a survey before the vessel is put into service or before the Anti-fouling System Certificate is issued
for the first time and when the anti-fouling systems are altered or replaced.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2023, amendments to the Anti-fouling Convention
will come into effect and will include controls on the biocide cybutryne; ships shall not apply or re-apply anti-fouling systems containing
this substance from January 1, 2023. MEPC 76 adopted amendments to the Anti-fouling Convention to include controls on the biocide cybutryne;
ships shall not apply or re-apply anti-fouling systems containing that substance starting January 1, 2023. The amendments require ships
to remove this substance, or apply a coating to anti-fouling systems with this substance, at the next scheduled renewal of the anti-fouling
system after January 1, 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><i>Other International Regulations
to Prevent Pollution</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to MARPOL, other more specialized international
instruments have been adopted to prevent different types of pollution or environmental harm from vessels.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2004, the IMO adopted an International
Convention for the Control and Management of Ships&#8217; Ballast Water and Sediments, or the BWM Convention. The BWM Convention, which
entered into force on September 8, 2017, aims to prevent the spread of harmful aquatic organisms from one region to another, by establishing
standards and procedures for the management and control of vessels&#8217; ballast water and sediments. The BWM Convention&#8217;s implementing
regulations require vessels to conduct ballast water management in accordance with the standards set out in the convention, which include
performance of ballast water exchange in accordance with the requirements set out in the relevant regulation and the gradual phasing
in of a ballast water performance standard which requires ballast water treatment and the installation of ballast water treatment systems
on board the vessels. Under the BWM Convention, 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. Pursuant to the BWM Convention amendments that
entered into force in October 2019, ballast water management systems (&#8220;BWMSs&#8221;) installed on or after October 28, 2020 shall
be approved in accordance with BWMS Code, while BWMSs installed before October 23, 2020 must be approved taking into account guidelines
developed by the IMO or the BWMS Code. Additionally, many countries already regulate the discharge of ballast water carried by vessels
from country to country to prevent the introduction of invasive and harmful species via such discharges. The U.S., for example, requires
vessels entering its waters from another country to conduct mid-ocean ballast exchange, or undertake some alternate measure, and to comply
with certain reporting requirements. Ships sailing in U.S. waters are required to employ a type-approved BWMS which is compliant with
USCG regulations. The U.S. Coast Guard has approved a number of BWMS. Amendments to the BWM Convention concerning commissioning testing
of BWMS became effective in June 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Hong Kong International Convention for the Safe
and Environmentally Sound Recycling of Ships adopted by the IMO in 2009, or the Recycling Convention, deals with issues relating to ship
recycling and aims to address the occupational health and safety, as well as environmental risks relating to ship recycling. It contains
regulations regarding the design, construction, operation, maintenance and recycling of vessels, as well as regarding their survey and
certification to verify compliance with the requirements of the Recycling Convention. The Recycling Convention, amongst other things,
prohibits and/or restricts the installation or use of hazardous materials on vessels and requires vessels to have on board an inventory
of hazardous materials specific to each vessel. It also requires ship recycling facilities to develop a ship-recycling plan for each vessel
prior to its recycling. Parties to the Recycling Convention are to ensure that ship-recycling facilities are designed, constructed and
operated in a safe and environmentally sound manner and that they are authorized by competent authorities after verification of compliance
with the requirements of the Recycling Convention. The Recycling Convention (which is not effective yet) is to enter into force 24 months
after a specified minimum number of states with a combined gross tonnage and maximum annual recycling volume during the preceding 10 years
have ratified it.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A MARPOL regulation and the International Convention
on Oil Pollution Preparedness, Response and Co-operation, 1990 also require owners and operators of vessels to adopt Shipboard Oil Pollution
Emergency Plans. Another MARPOL regulation sets out similar requirements for the adoption of shipboard marine pollution emergency plans
for noxious liquid substances with respect to vessels carrying such substances in bulk. Periodic training and drills for response personnel
and for vessels and their crews are required.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><i>European Union Regulations</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">European regulations in the maritime sector are in
general based on international law most of which were promulgated by the IMO and then adopted by the Member States. However, since the
<i>Erika</i> incident in 1999, when the <i>Erika</i> broke in two off the coast of France while carrying heavy fuel oil, the European
Union (or EU) has become increasingly active in the field of regulation of maritime safety and protection of the environment. It has been
the driving force behind a number of amendments of MARPOL (including, for example, changes to accelerate the timetable for the phase-out
of single hull tankers, and prohibiting the carriage in such tankers of heavy grades of oil), and if dissatisfied either with the extent
of such amendments or with the timetable for their introduction it has been prepared to legislate on a unilateral basis. In some instances
where it has done so, international regulations have subsequently been amended to the same level of stringency as that introduced in the
EU, but the risk is well established that EU regulations (and other jurisdictions) may from time to time impose burdens and costs on shipowners
and operators which are additional to those involved in complying with international rules and standards.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In some areas of regulation the EU has introduced
new laws without attempting to procure a corresponding amendment of international law. Notably, it adopted in 2005 a directive on ship-source
pollution (which was amended in 2009), imposing criminal sanctions for discharges of oil and other noxious substances from vessels sailing
in its waters, irrespective of their flag not only where such pollution is caused by intent or recklessness (which would be an offense
under MARPOL), but also where it is caused by &#8220;serious negligence.&#8221; The directive could therefore result in criminal liability
being incurred in circumstances where it would not be incurred under international law. Experience has shown that in the emotive atmosphere
often associated with pollution incidents, retributive attitudes towards vessel interests have found expression in negligence being alleged
by prosecutors and found by courts on grounds which the international maritime community has found hard to understand. Moreover, there
is skepticism that the notion of &#8220;serious negligence&#8221; is likely to prove any narrower in practice than ordinary negligence.
Criminal liability for a pollution incident could not only result in us incurring substantial penalties or fines but may also, in some
jurisdictions, facilitate civil liability claims for greater compensation than would otherwise have been payable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The EU has also adopted legislation (Directive 2009/16/EC
on Port State Control, as subsequently amended) which requires the Member States to refuse access to their ports to certain sub-standard
vessels according to various factors, such as the vessel&#8217;s condition, flag and number of previous detentions within certain preceding
periods; creates obligations on the part of EU member port states to inspect minimum percentages of vessels using their ports annually;
and provides for increased surveillance of vessels posing a high risk to maritime safety or the marine environment. If deficiencies are
found that are clearly hazardous to safety, health or the environment, the state is required to detain the vessel or stop loading or unloading
until the deficiencies are addressed. Member states are also required to implement their own separate systems of proportionate penalties
for breaches of these standards.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Commission Regulation (EU) No 802/2010, which was
adopted by the European Commission in September 2010, as part of the implementation of the Port State Control Directive and came into
force on January&#160;1, 2011, as subsequently amended by Regulation 1205/2012 of December 14, 2012, introduced a ranking system (published
on a public website and updated daily) displaying shipping companies operating in the EU with the worst safety records. The ranking is
judged upon the results of the technical inspections carried out on the vessels owned by a particular shipping company. Those shipping
companies that have the most positive safety records are rewarded by being subjected to fewer inspections, whilst those with the most
safety shortcomings or technical failings recorded upon inspection are to be subjected to a greater frequency of official inspections
of their vessels.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">By Directive 2009/15/EC of April 23, 2009 (on common
rules and standards for ship inspection and survey organizations and for the relevant activities of maritime administrations) as amended
by Directive 2014/111/EU of December 17, 2014, the European Union has established measures to be followed by the Member States for the
exercise of authority and control over classification societies, including the ability to seek to suspend or revoke the authority of classification
societies that are negligent in their duties.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The EU has also adopted legislation requiring the
use of low sulphur fuel. Under Council Directive 1999/32/EC as subsequently amended, from January 1, 2015, vessels have been required
to burn fuel with a sulphur content not exceeding 0.1% while within EU member states&#8217; territorial seas, exclusive economic zones
and pollution control zones falling within sulphur oxide (SOx) Emission Control Areas (or SECAs), such as the Baltic Sea and the North
Sea, including the English Channel. Further sea areas may be designated as SECAs in the future by the IMO in accordance with MARPOL Annex
VI. Directive 1999/32/EC was repealed and codified by 2016/802/EU to align with the revised Annex VI.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Regulation (EU) 2015/757 of the European Parliament
and of the Council of 29 April 2015 ( amended by Regulation (EU) 2016/2071 with respect to methods of calculating, inter alia, emission
and consumption) governs the monitoring, reporting and verification of carbon dioxide emissions from maritime transport, and, subject
to some exclusions, requires companies with ships over 5,000 gross tonnage to monitor and report carbon dioxide emissions annually, which
may cause us to incur additional expenses. As of January 2019, large ships calling at EU ports have been required to collect and publish
data on carbon dioxide emissions and other information. The system entered into force on 1 March 2018.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">July 2020 saw the European Parliament&#8217;s Committee
on Environment, Public Health and Food Safety vote in favor of the inclusion of vessels of 5000 gross tons and above in the EU Emissions
Trading System (in addition to voting for a revision to the monitoring, reporting and verification of CO2 emissions). In September 2020,
the European Parliament adopted the proposal from the European Commission to amend the regulation on monitoring carbon dioxide emissions
from maritime transport.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 14, 2021, the European Commission published
a package of draft proposals as part of its &#8216;Fit for 55&#8217; environmental legislative agenda and as part of the wider EU Green
Deal growth strategy. The Proposals are not yet in final form and may be subject to amendment. There are two key initiatives relevant
to maritime arising from the Proposals: (a) a bespoke emissions trading scheme for maritime (Maritime ETS) which is due to commence in
2024 and which is to apply to all ships above a gross tonnage of 5000; and (b) a FuelEU draft regulation which seeks to require all ships
above a gross tonnage of 5000 to carry on board a &#8216;FuelEU certificate of compliance&#8217; from 30 June 2025 as evidence of compliance
with the limits on the greenhouse gas intensity of the energy used on-board by a ship and with the requirements on the use of on-shore
power supply (OPS) at berth. More specifically, Maritime ETS is to apply gradually over the period from 2024-2026. The cap under the ETS
would be set by taking into account EU MRV system emissions data for the years 2018 and 2019, adjusted, from year 2021 and is to capture
100% of the emissions from intra-EU maritime voyages; 100% of emissions from ships at berth in EU ports; and 50% of emissions from voyages
which start or end at EU ports (but the other destination is outside the EU). More recent proposed amendments signal that 100% of non-EU
emissions may be caught if the IMO does not introduce a global market-based measure by 2028. Furthermore, the proposals envisage that
all maritime allowances would be auctioned and there will be no free allocation. Whilst the FuelEU Maritime Regulation is still being
negotiated, Maritime ETS deal was reached in December 2022 and the final legal text is expected to be published in the coming months.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Concerned at the lack of progress in satisfying the
conditions needed to bring the Hong Kong Convention into force, the EU published its own Ship Recycling Regulation 1257/2013 (SRR) in
2013, with a view to facilitating early ratification of the Hong Kong Convention both within the EU and in other countries outside the
EU. As the Hong Kong Convention has yet to come into force, the 2013 regulations are vital to responsible ship recycling in the EU. The
SRR Regulation applies to vessels flying the flag of a Member State and certain of its provisions apply to vessels flying the flag of
a third country calling at a port or anchorage of a Member State. For example, when calling at a port or anchorage of a Member State,
the vessels flying the flag of a third country will be required, amongst other things, to have on board an inventory of hazardous materials
which complies with the requirements of the Regulation and to be able to submit to the relevant authorities of that Member State a copy
of a statement of compliance issued by the relevant authorities of the country of their flag and verifying the inventory. Pursuant to
the Regulation, the EU Commission publishes from time to time a European List of approved ship recycling facilities meeting the requirements
of the Regulation. On November 11, 2020 the EU Commission published an implementing decision which included an updated version of the
European List. Furthermore, the SRR requires that, from 31 December 2020, all existing ships sailing under the flag of EU member states
and non-EU flagged ships calling at an EU port or anchorage must carry on-board an Inventory of Hazardous Materials (IHM) with a certificate
or statement of compliance, as appropriate. For EU-flagged vessels, a certificate (either an Inventory Certificate or Ready for Recycling
Certificate) will be necessary, while non-EU flagged vessels will need a Statement of Compliance.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><i>Compliance Enforcement</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The flag state, as defined by the United Nations Convention
on the Law of the Sea, has overall responsibility for the implementation and enforcement of international maritime regulations for all
vessels granted the right to fly its flag. The &#8220;Shipping Industry Guidelines on Flag State Performance&#8221; issued by the International
Chamber of Shipping in cooperation with other international shipping associations evaluates flag states based on factors such as port
state control record, ratification of major international maritime treaties, use of recognized organizations conducting survey work on
their behalf which comply with the IMO guidelines, age of fleet, compliance with reporting requirements and participation at IMO meetings.
The vessels that we operate are flagged in the Marshall Islands and Malta. Marshall Islands- and Malta-flagged vessels have historically
received a good assessment in the shipping industry.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Noncompliance with the ISM Code or other IMO regulations
may subject the shipowner or bareboat charterer to increased liability and, if the implementing legislation so provides, to criminal sanctions,
may lead to decreases in available insurance coverage for affected vessels or may invalidate or result in the loss of existing insurance
cover and may result in the denial of access to, or detention in, some ports. The U.S. Coast Guard and European Union authorities have,
for example, indicated that vessels not in compliance with the ISM Code will be prohibited from trading in U.S. and European Union ports,
respectively. As of the date of this annual report on Form 20-F, each of our vessels is ISM Code certified. However, there can be no assurance
that such certificate will be maintained.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The IMO, the EU and other regulatory authorities continue
to review and introduce new regulations. It is impossible to predict what additional regulations, if any, may be passed by the IMO, the
EU and/or other regulatory authorities and what effect, if any, such regulations may have on our operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><i>United States Environmental Regulations
and Laws Governing Civil Liability for Pollution</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Environmental legislation in the United States merits
particular mention as it is in many respects more onerous than international laws, representing a high-water mark of regulation with which
shipowners and operators must comply, and of liability likely to be incurred in the event of non-compliance or an incident causing pollution.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">U.S. federal legislation, including notably the OPA,
establishes an extensive regulatory and liability regime for the protection and cleanup of the environment from oil spills, including
bunker oil spills from dry bulk vessels as well as cargo or bunker oil spills from tankers. The OPA affects all owners and operators whose
vessels trade in the United States, its territories and possessions or whose vessels operate in United States waters, which includes the
United States&#8217; territorial sea and its 200 nautical mile exclusive economic zone. Under OPA, vessel owners, operators and bareboat
charterers are &#8220;responsible parties&#8221; and are jointly, severally and strictly liable without regard to fault (unless the spill
results solely from the act or omission of a third party, an act of God or an act of war) for all containment and clean-up costs and other
damages arising from discharges or substantial threats of discharges of oil from their vessels. The OPA expressly allows the individual
states of the United States to impose their own liability regimes for the discharge of petroleum products. In addition to potential liability
under the OPA as the relevant federal legislation, vessel owners may in some instances incur liability on an even more stringent basis
under state law in the particular state where the spillage occurred.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The OPA requires the owner or operator of any non-tank
vessel of 400 gross tons or more that carries oil of any kind as a fuel for main propulsion, including bunkers, to prepare and submit
a response plan for each vessel. The vessel response plans must include detailed information on actions to be taken by vessel personnel
to prevent or mitigate any discharge or substantial threat of such a discharge of oil from the vessel.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The OPA contains statutory caps on liability and damages;
such caps do not apply to direct clean-up costs. On December 23, 2022, the USCG adjusted the limits of OPA liability for a non-tank vessel,
to the greater of $1,300 per gross ton or $1,076,000 (subject to periodic adjustment for inflation). However, these limits of liability
do not apply if an incident was proximately caused by violation of applicable United States federal safety, construction or operating
regulations or by a responsible party&#8217;s gross negligence or willful misconduct, or if the responsible party fails or refuses to
report the incident or to cooperate and assist in connection with oil removal activities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, the Comprehensive Environmental Response,
Compensation, and Liability Act, or CERCLA, which applies to the discharge of hazardous substances (other than oil) whether on land or
at sea, contains a similar liability regime and provides for cleanup, removal and natural resource damages. Liability under CERCLA is
limited to the greater of $300 per gross ton or $0.5 million for vessels not carrying hazardous substances as cargo or residue (or the
greater of $300 per gross ton or $5.0 million for vessels carrying hazardous substances) unless the incident is caused by gross negligence,
willful misconduct or a violation of certain regulations, in which case liability is unlimited.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We maintain, for each of our vessels, protection and
indemnity coverage against pollution liability risks in the amount of $1.0 billion per event. This insurance coverage is subject to exclusions,
deductibles and other terms and conditions. If any liabilities or expenses fall within an exclusion from coverage, or if damages from
a catastrophic incident exceed the $1.0 billion limitation of coverage per event, our cash flow, profitability and financial position
could be adversely impacted.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We believe our insurance and protection and indemnity
coverage as described above meets the requirements of the OPA.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The OPA requires owners and operators of all vessels
over 300 gross tons, even those that do not carry petroleum or hazardous substances as cargo, to establish and maintain with the U.S.
Coast Guard evidence of financial responsibility sufficient to meet their potential liabilities under the OPA. Under the regulations,
vessel owners and operators may evidence their financial responsibility by showing proof of insurance, surety bond, self-insurance or
guaranty.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the OPA, an owner or operator of a fleet of
vessels is required only to demonstrate evidence of financial responsibility in an amount sufficient to cover the vessel in the fleet
having the greatest limited liability under the OPA.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The U.S. Coast Guard&#8217;s regulations concerning
certificates of financial responsibility provide, in accordance with the OPA, that claimants may bring suit directly against an insurer
or guarantor that furnishes the guaranty that supports the certificates of financial responsibility. In the event that such insurer or
guarantor is sued directly, it is prohibited from asserting any contractual defense that it may have had against the responsible party
and is limited to asserting those defenses available to the responsible party and the defense that the incident was caused by the willful
misconduct of the responsible party.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The OPA specifically permits individual states to
impose their own liability regimes with regard to oil pollution incidents occurring within their boundaries, and some states have enacted
legislation providing for unlimited liability for oil spills. In some cases, states that have enacted such legislation have not yet issued
implementing regulations defining vessels owners&#8217; responsibilities under these laws. We intend to comply with all applicable state
regulations in the ports where our vessels call.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The United States Clean Water Act, or CWA, prohibits
the discharge of oil or hazardous substances in U.S. navigable waters and imposes strict liability in the form of penalties for unauthorized
discharges. The CWA also imposes substantial liability for the costs of removal, remediation and damages and complements the remedies
available under CERCLA. In 2015, the EPA expanded the definition of &#8220;waters of the United States,&#8221; or WOTUS, thereby expanding
federal authority under the CWA. On December 30, 2022, the EPA and U.S. Army Corps of Engineers announced the final revised WOTUS rule,
which was published on January 18, 2023, and will become effective on March 20, 2023. The revised WOTUS rule replaces the 2020 Navigable
Waters protection Rule and generally reflects an expansion of the CWA jurisdiction.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The EPA enacted rules governing the regulation of
ballast water discharges and other discharges incidental to the normal operation of vessels within U.S. waters. Under the rules, commercial
vessels 79 feet in length or longer (other than commercial fishing vessels), or Regulated Vessels, are required to obtain a CWA permit
regulating and authorizing such normal discharges. This permit, which the EPA had designated as the Vessel General Permit for Discharges
Incidental to the Normal Operation of Vessels, or VGP, incorporated the then current U.S. Coast Guard requirements for ballast water management
as well as supplemental ballast water requirements, including limits applicable to specific discharge streams, such as deck runoff, bilge
water and gray water. The Vessel Incidental Discharge Act (or VIDA) was signed into law on December 4, 2018, and establishes a new framework
for the regulation of vessel incidental discharges under the CWA. On October 26, 2020, the EPA published a Notice of Proposed Rulemaking
for Vessel Incidental Discharge National Standards of Performance under VIDA, and in November 2020, held virtual public meetings, but
a final rule has not been promulgated. The new regulations could require the installation of new equipment. Under VIDA, all provisions
of the 2013 Vessel General Permit remain in force and effect as currently written until the EPA publishes standards and the corresponding
U.S. Coast Guard regulations are published.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Vessels that are constructed after December 1, 2013,
are subject to the ballast water numeric effluent limitations. Several U.S. states, including California, 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: 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><i>Security Regulations</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Since the terrorist attacks of September 11, 2001,
there have been a variety of initiatives intended to enhance vessel security. In November 2002, the MTSA came into effect. To implement
certain portions of the MTSA, in July 2003, the U.S. Coast Guard issued regulations requiring the implementation of certain security requirements
aboard vessels operating in waters subject to the jurisdiction of the United States. Similarly, in December 2002, amendments to SOLAS
created a new chapter of the convention dealing specifically with maritime security. The chapter imposes various detailed security obligations
on vessels and port authorities, most of which are contained in the newly created ISPS Code. Among the various requirements are:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">on-board installation of automatic information systems to enhance vessel-to-vessel and vessel-to-shore communications;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">on-board installation of ship security alert systems;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">the development of vessel security plans; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">compliance with flag state security certification requirements.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The U.S. Coast Guard regulations, intended to be aligned
with international maritime security standards, exempt non-U.S. vessels from MTSA vessel security measures, provided such vessels have
on board a valid International Ship Security Certificate that attests to the vessel&#8217;s compliance with SOLAS security requirements
and the ISPS Code. The vessels in our fleet that we operate have on board valid International Ship Security Certificates and, therefore,
will comply with the requirements of the MTSA.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><i>International Laws Governing
Civil Liability to Pay Compensation or Damages</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Although the United States is not a party to the International
Convention on Civil Liability for Oil Pollution Damage of 1969, as amended by the 1992 Protocol and further amended in 2000, or the CLC
(which has been adopted by the IMO and sets out a liability regime in relation to oil pollution damage), many countries are parties and
have ratified either the original CLC or its 1992 Protocol. Under the CLC, a vessel&#8217;s registered owner is strictly liable for pollution
damage caused in the territorial waters or, under the 1992 Protocol, in the exclusive economic zone or equivalent area, of a contracting
state by discharge of persistent oil, subject to certain defenses and subject to the right to limit liability. The original CLC applies
to vessels carrying oil as cargo and not in ballast, whereas the CLC as amended by the 1992 Protocol applies to tanker vessels and combination
carriers (i.e., vessels which sometimes carry oil in bulk and sometimes other cargoes) but only when the latter carry oil in bulk as cargo
and during any voyage following such carriage (to the extent they have oil residues on board). Vessels trading with states that are parties
to these conventions must provide evidence of insurance covering the liability of the owner. In jurisdictions where the CLC has not been
adopted, various legislative schemes or common law govern, and liability is imposed either on the basis of fault or in a manner similar
to that of the convention. We believe that our protection and indemnity insurance will cover the liability under the regime adopted by
the IMO.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The CLC is supplemented by the International Convention
on the Establishment of an International Fund for Compensation for Oil Pollution Damage 1971, as amended (or the Fund Convention). The
purpose of the Fund Convention was the creation of a supplementary compensation fund (the International Oil Pollution Compensation Fund,
or IOPC Fund) which provides additional compensation to victims of a pollution incident who are unable to obtain adequate or any compensation
under the CLC.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2001, the IMO adopted the International Convention
on Civil Liability for Bunker Oil Pollution Damage, or the Bunker Convention, which covers liability and compensation for pollution damage
caused in the territorial waters or the exclusive economic zone or equivalent area of ratifying states by discharges of &#8220;bunker
oil.&#8221; The Bunker Convention defines &#8220;bunker oil&#8221; as &#8220;any hydrocarbon mineral oil, including lubricating oil, used
or intended to be used for the operation or propulsion of the ship, and any residues of such oil.&#8221; The Bunker Convention imposes
strict liability (subject to certain defenses) on the shipowner (which term includes the registered owner, bareboat charterer, manager
and operator of the vessel). It also requires registered owners of vessels over a certain size to maintain insurance for pollution damage
in an amount equal to the limits of liability under the applicable national or international limitation regime (but not exceeding the
amount calculated in accordance with the Convention on Limitation of Liability for Maritime Claims of 1976, as amended by the 1996 Protocol
to it, or the 1976 Convention). The Bunker Convention entered into force in November 2008. In other jurisdictions, liability for spills
or releases of oil from vessels&#8217; bunkers continues to be determined by the national or other domestic laws in the jurisdiction where
the events or damages occur.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The IMO&#8217;s 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, or the HNS Convention, sets out a liability regime for loss or damage caused by hazardous or noxious substances carried on board
a vessel. These substances are listed in the convention itself or defined by reference to lists of substances included in various IMO
conventions and codes. The HNS Convention covers loss or damage by contamination to the environment, costs of preventive measures and
further damage caused by such measures, loss or damage to property outside the ship and loss of life or personal injury caused by such
substances on board or outside the ship. It imposes strict liability (subject to certain defenses) on the registered owner of the vessel
and provides for limitation of liability and compulsory insurance. The owner&#8217;s right to limit liability is lost if it is proved
that the damage resulted from the owner&#8217;s personal act or omission, committed with the intent to cause such damage, or recklessly
and with knowledge that such damage would probably result. The HNS Convention has not entered into force yet.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Outside the United States, national laws generally
provide for the owner to bear strict liability for pollution, subject to a right to limit liability under applicable national or international
regimes for limitation of liability. The most widely applicable international regime limiting maritime pollution liability is the 1976
Convention. However, claims for oil pollution damage within the meaning of the CLC or any Protocol or amendment to it are expressly excepted
from the limitation regime set out in the 1976 Convention. Rights to limit liability under the 1976 Convention are forfeited where it
is proved that the loss resulted from the shipowner&#8217;s personal act or omissions, committed with the intent to cause such loss, or
recklessly and with knowledge that such loss would probably result. Some states have ratified the 1996 Protocol to the 1976 Convention,
which provides for liability limits substantially higher than those set forth in the original 1976 Convention to apply in such states.
Finally, some jurisdictions are not a party to either the 1976 Convention or the 1996 Protocol, and some are parties to other earlier
limitation of liability conventions and, therefore, shipowners&#8217; rights to limit liability for maritime pollution in such jurisdictions
may be different or uncertain.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><i>The Maritime Labour Convention
</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The International Labour Organization&#8217;s Maritime
Labour Convention was adopted in 2006 (&#8220;MLC 2006&#8221;). The basic aims of the MLC 2006 are to ensure comprehensive worldwide
protection of the rights of seafarers and to establish a level playing field for countries and ship owners committed to providing decent
working and living conditions for seafarers, protecting them from unfair competition on the part of substandard ships. The Convention
was ratified on August 20, 2012, and all our vessels have been certified, as required. The MLC 2006 requirements have not had a material
effect on our operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>C.&#160;&#160;Organizational
Structure</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Globus Maritime Limited is a holding company. As
of the date of this annual report, Globus wholly owns ten operational subsidiaries, nine of which are Marshall Islands corporations and
one of which is incorporated in Malta. Nine of our operational subsidiaries each own one vessel, and one of our operational subsidiaries
is our Manager and does not own any vessels. Our Manager provides the technical and day-to-day commercial management of our fleet and
our financial reporting. Our Manager provides consultancy services to an affiliated ship management company. Our Manager maintains ship
management agreements with each of our vessel-owning subsidiaries. In addition, three additional Marshall Islands subsidiaries have each
entered into a shipbuilding contract for the construction of a new vessel. See &#8220;Item 4.A. History
and Development of the Company.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>D.&#160;&#160;Property, Plants
and Equipment</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2016 our Manager entered into a rental agreement
for 350 square meters of office space for our operations within a building owned by Cyberonica S.A., a related party to us at a monthly
rate of &#8364;10,360 with a lease period ending January 2, 2025. However, in August 2021, our Manager entered into a new rental agreement
for 902 square metres of office space for its operations within a building owned by Cyberonica S.A. (a company controlled by our chairman
of the board) at a monthly rate of &#8364;26,000 with a lease period ending August 2024, and the 2016 rental agreement was terminated.
In June 2022, we entered into a new rental agreement with F.G. Europe (an affiliate of our chairman) for the same office space, at the
same rate of Euro 26,000 (absolute amount) and with the same lease period ending of August 4, 2024. The previous rental agreement with
Cyberonica was terminated. We do not presently own any real estate. As of December 31, 2022, we did not owe to F.G. Europe any amount
of back rent.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December&#160;31, 2022 and 2021 we owned and
operated a fleet of nine vessels with an aggregate carrying value of $129.5 and $130.7 million, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A vessel-by-vessel carrying value summary as of December&#160;31,
2022 and 2021 follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: Black 0.5pt solid; width: 40%"><span style="font-size: 10pt">Dry bulk Vessels</span></td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; text-align: center"><span style="font-size: 10pt">Dwt</span></td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; text-align: center"><span style="font-size: 10pt">Year Built</span></td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; text-align: center"><span style="font-size: 10pt">Month and Year of
    Acquisition</span></td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; text-align: center"><span style="font-size: 10pt">Purchase Price (in millions of U.S. Dollars)</span></td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; text-align: center"><span style="font-size: 10pt">Carrying&#160;Value<br />
as of December 31, 2022 (in millions of U.S. Dollars)</span></td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; text-align: center"><span style="font-size: 10pt">Carrying&#160;Value<br />
as of December 31, 2021 (in millions of U.S. Dollars)</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom"><span style="font-size: 10pt"><i>m/v River Globe</i></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">53,627</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">2007</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">December 2007</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">57.5</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">7.6</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">7.4</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: bottom"><span style="font-size: 10pt"><i>m/v Sky Globe</i></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">56,855</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">2009</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">May 2010</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">32.8</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">8.2</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">7.0</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom"><span style="font-size: 10pt"><i>m/v Star Globe</i></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">56,867</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">2010</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">May 2010</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">32.8</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">9.8</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">8.9</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: bottom"><span style="font-size: 10pt"><i>m/v Sun Globe</i></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">58,790</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">2007</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">September 2011</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">30.3</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">9.3</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">8.3</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom"><span style="font-size: 10pt"><i>m/v Moon Globe</i></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">74,432</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">2005</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">June 2011</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">31.4</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">10.2</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">9.9</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: bottom"><span style="font-size: 10pt"><i>m/v Galaxy Globe</i></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">81,167</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">2015</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">October 2020</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">18.4</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">16.7</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">17.4</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom"><span style="font-size: 10pt"><i>m/v Diamond Globe</i></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">82,027</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">2018</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">June 2021</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">27.0</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">25.0</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">26.3</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: bottom"><span style="font-size: 10pt"><i>m/v Power Globe</i></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">80,655</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">2011</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">July 2021</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">16.2</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">16.0</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">17.2</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom"><span style="font-size: 10pt"><i>m/v Orion Globe</i></span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">81,837</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">2015</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">November 2021</span></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">28.4</span></td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">26.7</span></td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">28.3</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other than our vessels and contracts to construct
vessels, we do not have any material property. Seven of our vessels are subject to priority mortgages, which secure our obligations under
the First Citizens Bank &amp; Trust Company (&#8220;CIT Loan Facility&#8221;) (formerly known as CIT Bank N.A.). For more information
on our vessels, please see &#8220;Item 4.B.&#160;&#160; Business Overview.&#8221; For more information on the shipbuilding contracts,
see &#8220;Item 4.A.&#8212;History and Development of the Company.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">On March 6, 2023, we,
through a wholly owned subsidiary, entered into an agreement to sell the 2007-built Sun Globe for a gross price of $14.1 million, before
commissions, to an unaffiliated third party, which sale is subject to standard closing conditions. We expect the sale to occur in the
second quarter of 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">For further details
regarding our credit facilities, please see &#8220;Item 5.B. Liquidity and Capital Resources &#8212; Indebtedness.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">We have no manufacturing
capacity, nor do we produce any products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">We believe that our
existing credit facility is adequate to meet our needs for the foreseeable future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="a_007"></span>Item 4A.&#160; Unresolved Staff Comments</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">None.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="a_008"></span>Item 5.&#160;&#160;Operating and Financial Review
and Prospects</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>The following discussion should be read in conjunction
with our consolidated financial statements and the accompanying notes thereto included elsewhere in this annual report on Form 20-F. We
believe that the following discussion contains forward-looking statements that involve risks and uncertainties. Actual results or plan
of operations could differ materially from those anticipated by forward-looking information due to factors discussed under &#8220;Item
3.D.&#160;&#160;Risk Factors&#8221; and elsewhere in this annual report on Form 20-F. Please see the section &#8220;Cautionary Note Regarding
Forward-Looking Statements&#8221; at the beginning of this annual report on Form 20-F.</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>The following Management&#8217;s Discussion and
Analysis of Financial Condition and Results of Operations (MD&amp;A) is intended to help the reader understand our results of operations
and financial condition. The MD&amp;A is provided as a supplement to, and should be read in conjunction with, our consolidated financial
statements and notes thereto included in &#8220;Item 18 &#8211; Financial Statements.&#8221;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>The MD&amp;A generally discusses 2022 and 2021
items and year-to-year comparisons between 2022 and 2021. Discussions of 2020 items and year-to-year comparisons between 2021 and 2020
that are not included in this Form 20-F can be found in &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results
of Operations&#8221; in the Company&#8217;s Annual Report on Form 20-F for the fiscal year ended December 31, 2021 filed with the SEC.
</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>A.&#160;&#160;Operating Results</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are an integrated dry bulk shipping company, which
began operations in September 2006, providing marine transportation services on a worldwide basis. We own, operate and manage a fleet
of dry bulk vessels that transport iron ore, coal, grain, steel products, cement, alumina and other dry bulk cargoes internationally.
Following the conclusion of our initial public offering on June 1, 2007, our common shares were listed on the AIM under the ticker &#8220;GLBS.L.&#8221;
On November 24, 2010, we redomiciled into the Marshall Islands pursuant to the BCA and a resale registration statement for our common
shares was declared effective by the SEC. Once the resale registration statement was declared effective by the SEC, our common shares
began trading on the Nasdaq Global Market under the ticker &#8220;GLBS.&#8221; We delisted our common shares from the AIM on November
26, 2010.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 11, 2016 our common shares began trading
on the Nasdaq Capital Market and ceased trading on the Nasdaq Global Market, without a change in our ticker.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0cm">On July 29, 2010, we effected
a 1-4 reverse stock split, with our issued share capital resulting in 7,240,852 common shares of $0.004 each. On October 20, 2016, we
effected a 1-4 reverse stock split which reduced the number of outstanding common shares from 10,510,741 to 2,627,674 shares (adjustments
were made based on fractional shares). (These figures do not reflect the 1-10 reverse stock split which occurred in October 2018 or the
1-100 reverse stock split occurred in October 2020.) On October 15, 2018, we effected a 1-10 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). (These figures do
not reflect the 1-100 reverse stock split occurred in October 2020.)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In November 2018, we entered into a credit facility
for up to $15 million with Firment Shipping Inc., a related party to us, for the purpose of financing our general working capital needs,
which facility was amended and restated on May 8, 2020. The Firment Shipping Credit Facility was unsecured and remained available until
its final maturity date at October 31, 2021, as amended. We have the right to drawdown any amount up to $15 million or prepay any amount
in multiples of $100,000.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Any prepaid amount cannot be re-borrowed. Interest on drawn and outstanding amounts is charged at 3.5% per annum
until December 31, 2020, and thereafter at 7% per annum. No commitment fee is charged on the amounts remaining available and undrawn.
Interest is payable the last day of a period of three months after the drawdown date, after this period in case of failure to pay any
sum due a default interest of 2% per annum above the regular interest is charged. We have also the right, in our sole option, to convert
in whole or in part the outstanding unpaid principal amount and accrued but unpaid interest under this Agreement into common shares. The
conversion price shall equal the higher of (i) the average of the daily dollar volume-weighted average sale price for the common stock
on the Principal Market on any trading day during the period beginning at 9.30 a.m. New York City time and ending at 4.00 p.m. over the
Pricing Period multiplied by 80%, where the &#8220;Pricing Period&#8221; equals the ten consecutive trading days immediately preceding
the date on which the conversion notice was executed or (ii) $280.00. The outstanding amount under the Firment Shipping Credit Facility
was fully repaid on July 27, 2020. This facility expired on its terms on October 31, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 23, 2019, the Company converted the outstanding
principal amount of $3.1 million plus the accrued interest of $0.1 million with a conversion price of $2.80 per share and
issued 1,132,191 new common shares on behalf of Firment Shipping Inc. in accordance with the provisions of the Firment Shipping Credit
Facility. This conversion resulted in a gain of  $0.1 million. As of December 31, 2020, $14.2 million was available to be
drawn under the Firment Shipping Credit Facility. (These figures do not reflect the 1-100 reverse stock split occurred in October 2020.)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 22, 2020, we completed a public offering of
342,857 units of the Company. Each unit consisted of one common share and one Class A Warrant to purchase one common share (a &#8220;Class
A Warrant&#8221;), for $35 per unit. At the time of the closing, the underwriters exercised and closed a part of their over-allotment
option, and purchased an additional 51,393 common shares and Class A Warrants to purchase 51,393 common shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The exercise price of the Class A Warrants is $35
per whole share at any time after their original issuance up to the date that is five years after their original issuance. If a registration
statement registering the issuance of the common shares underlying the warrants under the Securities Act is not effective or available,
the holder may, in its sole discretion, elect to exercise the warrant through a cashless exercise, in which case the holder would receive
upon such exercise the net number of common shares determined according to the formula set forth in the warrant. We may be required to
pay certain amounts as liquidated damages as specified in the warrants in the event it does not deliver common shares upon exercise of
the warrants within the time periods specified in the warrants.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 30, 2020, we issued 458,500 of our common
shares in a registered direct offering and 458,500 of our June PP Warrants in a concurrent private placement for a purchase price of $27
per common share and June PP Warrant. No June PP Warrants have been exercised as of the date hereof, and may be exercised at any time
prior to 5:00 PM New York time on December 30, 2025. The exercise price of each June PP Warrant was originally $30 per share, but in July
2020 was reduced to $18 per share.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 21, 2020, we issued 833,333 of our common
shares in a registered direct offering and 833,333 of our July PP Warrants to purchase common shares in a concurrent private placement
for a purchase price of $18 per common share and July PP Warrant. No July PP Warrants have been exercised as of the date hereof, and may
be exercised at any time prior to 5:00 PM New York time on January 21, 2026. The exercise price of each July PP Warrant is $18 per share.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 9, 2020, we issued (a) 1,256,765 common
shares, (b) pre-funded warrants to purchase 155,000 common shares, and (c) warrants (the &#8220;December 2020 Warrants&#8221;) to purchase
1,270,587 common shares. The pre-funded warrants have all been exercised. No December 2020 Warrants have been exercised as of the date
hereof, and may be exercised at any time prior to 5:00 PM New York time on June 9, 2026. The exercise price of the December 2020 Warrants
was reduced from $8.50 per share to $6.25 per share on January 29, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 29, 2021, we issued (a) 2,155,000 common
shares, (b) pre-funded warrants to purchase 445,000 common shares, and (c) warrants (the &#8220;January 2021 Warrants&#8221;) to purchase
1,950,000 common shares at an exercise price of $6.25 per share, which may be exercised at any time prior to 5:00 PM New York time on
July 29, 2026. The pre-funded warrants were all exercised. No January 2021 Warrants have been exercised as of the date hereof.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 17, 2021, we issued (a) 3,850,000 common
shares, (b) pre-funded warrants to purchase 950,000 common shares, and (c) warrants (the &#8220;February 2021 Warrants&#8221;) to purchase
4,800,000 common shares at an exercise price of $6.25 per share, which may be exercised at any time prior to 5:00 PM New York time on
August 17, 2026. The pre-funded warrants have all been exercised. No February 2021 Warrants have been exercised as of the date hereof.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 29, 2021, we issued (a) 8,900,000 common shares,
(b) pre-funded warrants to purchase 1,100,000 common shares, and (c) warrants (the &#8220;June 2021 Warrants&#8221;) to purchase 10,000,000
common shares at an exercise price of $5.00 per share, which may be exercised at any time prior to 5:00 PM New York time on December 29,
2026. The pre-funded warrants have all been exercised. No June 2021 Warrants have been exercised as the date hereof.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each of the June PP Warrants, July PP Warrants, December
2020 Warrants, January 2021 Warrants, February 2021 Warrants and June 2021 Warrants is exercisable for a period of five and one-half years
commencing on the date of issuance. The 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 private placement warrants under the
Securities Act is not effective or available at any time after the six month anniversary of the date of issuance of the private placement
warrants, the holder may, in its sole discretion, elect to exercise the private placement warrant through a cashless exercise, in which
case the holder would receive upon such exercise the net number of common shares determined according to the formula set forth in the
warrant. If a registration statement covering the issuance of the shares under the Securities Act is not effective or available at any
time after the issuance of the December 2020 Warrants, January 2021 Warrants, February 2021 Warrants and June 2021 Warrants, the holder
may, in its sole discretion, elect to exercise the such warrants through a cashless exercise, in which case the holder would receive upon
such exercise the net number of common shares determined according to the formula set forth in the warrant. If we do not issue the shares
in a timely fashion, each warrant contains certain liquidated damages provisions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From June 22, 2020 through the date hereof, we have
issued 5,550 common shares pursuant to exercises of outstanding Class A Warrants. As of the date of this annual report, no June PP Warrants,
July PP Warrants, December 2020 Warrants, January 2021 Warrants, February 2021 Warrants or June 2021 Warrants have been exercised.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 21, 2020, we effected a 1-100 reverse stock
split which reduced the number of shares outstanding from 175,675,651 to 1,756,720 (adjustments were made based on fractional shares).
Unless otherwise noted, all historical share numbers, per share amounts, including common share, preferred shares and warrants, have been
adjusted to give effect to this reverse split.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2022, our issued and outstanding
capital stock consisted of 20,582,301 common shares and 10,300 Series Preferred Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 12, 2020, we entered into
a stock purchase agreement and issued 50 of our newly-designated Series B preferred shares, par value $0.001 per share, to Goldenmare
Limited, a company controlled by our Chief Executive Officer, Athanasios Feidakis, in return for $150,000, which amount was settled by
reducing, on a dollar-for-dollar basis, the amount payable by the Company to Goldenmare Limited pursuant to the consultancy agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In July 2020, we issued an additional 250 of our Series
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 by the Company to Goldenmare Limited pursuant to a consultancy agreement. In addition, we increased the maximum voting
rights under the Series B preferred shares from 49.0% to 49.99%.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In March 2021, we issued an additional 10,000 of our
Series B preferred shares to Goldenmare Limited in return for $130,000, which was settled by reducing, on a dollar-for-dollar basis, the
amount payable by the Company to Goldenmare Limited pursuant to a consultancy agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each Series B preferred share entitles
the holder thereof 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 B preferred shares may exercise voting rights pursuant to Series B preferred shares that would result in the
aggregate voting power of any beneficial owner of such shares and its affiliates (whether pursuant to ownership of Series B preferred
shares, common shares or otherwise) to exceed 49.99% 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 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.
The Series B preferred shares are not convertible into common shares or any other security. They are not redeemable and have no dividend
rights. Upon any liquidation, dissolution or winding up of the Company, the Series B preferred shares are entitled to receive a payment
with priority over the common shareholders equal to the par value of $0.001 per share.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm">The Series B preferred shareholder has no other
rights to distributions upon any liquidation, dissolution or winding up of the Company. All issued and outstanding Series B preferred
shares must be held of record by one holder, and the Series B preferred shares shall not be transferred without the prior approval of
our Board of Directors. Finally, in the event the Company (i) declares any dividend on its common shares, payable in common shares, (ii)
subdivides the outstanding common shares or (iii) combines the outstanding common shares into a smaller number of shares, there shall
be a proportional adjustment to the number of outstanding Series B preferred shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each issuance of the Series B preferred shares to
Goldenmare Limited was approved by an independent committee of the Board of Directors of the Company, which (in each instance) 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2021, we entered into an agreement with First
Citizens Bank &amp; Trust Company (formerly known as CIT Bank N.A.) for a loan facility of $34.25 million bearing interest at LIBOR plus
a margin of 3.75% per annum. The proceeds of this financing were used to repay the outstanding balance of the EnTrust Loan Facility.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2022, we reached an agreement with First
Citizens Bank &amp; Trust Company (formerly known as CIT Bank N.A.) for a deed of accession, amendment and restatement of the CIT loan
facility by the accession of an additional borrower that increased the loan facility from $34.25 million to $52.25 million, for the purpose
of financing vessel Orion Globe and for general corporate and working capital purposes. The CIT Loan Facility (including the new top up
loan amount) is now further secured by a first preferred mortgage over the vessel Orion Globe. The CIT Loan Facility bears interest at
Term SOFR plus a margin of 3.35%.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 29, 2022, we entered into a contract, through
our subsidiary Calypso Shipholding S.A., for the construction and purchase of one fuel efficient bulk carrier with a carrying capacity
of about 64,000 dwt. The vessel will be built at Nihon Shipyard Co. in Japan and is scheduled to be delivered during the first half of
2024. The total consideration for the construction of the vessel is approximately $37.5 million, which we intend to finance with a combination
of debt and equity. In May 2022 we paid the first installment of $7.4 million and in March 2023 we paid the second installment of $3.7 million.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 13, 2022, we entered into two contracts, through
our subsidiaries Daxos Maritime Limited and Paralus Shipholding S.A., for the construction and purchase of two fuel efficient bulk carriers
with a carrying capacity of about 64,000 dwt each. The sister vessels will be built at Nantong COSCO KHI Ship Engineering Co. in China
with the first one scheduled to be delivered during the third quarter of 2024 and the second one scheduled during the fourth quarter of
2024. The total consideration for the construction of both vessels is approximately $70.3 million, which we intend to finance with a combination
of debt and equity. In May 2022 we paid the first installment of $13.8 million and in November 2022 we paid the second installment of
$6.9 million for both vessels under construction.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt; text-align: justify">On March 6, 2023, we, through a wholly owned subsidiary,
entered into an agreement to sell the 2007-built Sun Globe for a gross price of $14.1 million, before commissions, to an unaffiliated
third party, which sale is subject to standard closing conditions. We expect the sale to occur in the second quarter of 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We intend to grow our fleet through timely and
selective acquisitions of modern vessels or acquisition through construction of new 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. 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our strategy is to generally employ our vessels on
a mix of all types of charter contracts, including bareboat charters, time charters and spot charters. We may, from time to time, enter
into charters with longer durations depending on our assessment of market conditions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We seek to manage our fleet in a manner that allows
us to maintain profitability across the shipping cycle and thus maximize returns for our shareholders. To accomplish this objective we
have historically deployed our vessels primarily on a mix of bareboat and time charters (with terms of between one month and five years).
According to our assessment of market conditions, we have historically adjusted the mix of these charters to take advantage of the relatively
stable cash flow and high utilization rates associated with time charters or to profit from attractive spot charter rates during periods
of strong charter market conditions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The average number of vessels in our fleet for the
year ended December 31, 2022 was 9.0 for the year ended December&#160;31, 2021 was 7.1, and for the year ended December&#160;31, 2020 was
5.2.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our operations are managed by our Glyfada, Greece-based
wholly owned subsidiary, Globus Shipmanagement Corp., our Manager, who provides in-house commercial and technical management services
to our vessels and consultancy services to an affiliated ship-management company. Our Manager enters into a ship management agreement
with each of our wholly owned vessel-owning subsidiaries to provide such services and also entered into a consultancy agreement with an
affiliated ship-management company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white"><i>COVID-19</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In March
2020, the World Health Organization (the &#8220;WHO&#8221;) declared the outbreak of a novel coronavirus strain, or COVID-19, to be a
pandemic. The COVID-19 pandemic is having widespread, rapidly evolving, and unpredictable impacts on global society, economies, financial
markets, and business practices. Over the course of the pandemic, governments have implemented measures in an effort to contain the virus,
including social distancing, travel restrictions, border closures, limitations on public gatherings, working from home, supply chain logistical
changes, and closure of non-essential businesses. This led to a significant slowdown in overall economic activity levels globally and
a decline in demand for certain of the raw materials that our vessels transport.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dry bulk
shipping rates, and therefore our voyage revenues, depend to a significant degree on global economic activity levels and specifically,
economic activity in China. As the world&#8217;s second largest economy, China is the largest importer of dry bulk commodities globally,
which drives demand for iron ore, coal and other cargoes we carry. In particular, starting in the first quarter of 2020, the COVID-19
pandemic resulted in reduced industrial activity in China on which our business is substantially dependent, with temporary closures of
factories and other facilities. The pandemic resulted in a contraction in China&#8217;s GDP during the first quarter of 2020, with the
most significant impact occurring in January and February. Since March 2020, China&#8217;s economy has substantially improved, as various
economic indicators such as fixed asset investment and industrial production rose as compared to the previous months of the year, which
led to a return to GDP growth for the balance of 2020 and into 2021 and 2022. Demand for the commodities that we carry continued to increase
through 2021, which positively impacted the rate our vessels earned during that year. Economic activity levels in regions outside of China
declined significantly beginning in the first quarter of 2020 and continued into the second quarter of the year due to various forms of
nationwide shutdowns being imposed to prevent the spread of COVID-19. Over time, several economies around the world gradually eased measures
taken earlier in 2020 resulting in improved activity levels from earlier year lows and leading to a demand rebound for 2021 and 2022.
Although rebounding economies around the world have had a positive impact on our revenues in 2021, our vessel operating expenses continued
to be affected by higher than anticipated costs related to COVID-19 disruptions. The impact of COVID-19 on both our revenues and operating
expenses remains highly dependent on the trajectory of COVID-19, potential variants, as well as vaccine distribution and efficacy, which
remains uncertain.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">While
China-led global economic activity levels have improved, the outlook for China and the rest of the world remains uncertain and is highly
dependent on the path of COVID-19 and measures taken by governments around the world in response to it. Dry bulk commodities that are
closely tied to global GDP growth and energy demand, experienced reduced trade flows in 2020 due to lower end user demand resulting from
a decline in global economic activity. As countries worldwide gradually reopened their respective economies in mid-2020, trade flows and
demand for raw materials increased. Dry bulk spot freight rates rebounded from the 2020 lows towards the end of the second quarter and
remained firm in the second half of 2020. In 2021, spot rates for Kamsarmax, Panamax, and Supramax vessels reached levels not seen since
2010. In 2022 spot freight rates remained relatively high for the first half of the year and then started falling. While vaccinations
are rising in developed countries, developing countries vaccination rates have lagged. Global vaccination rates, vaccine effectiveness
together with the onset of variants, could impact the sustainability of this recovery in addition to dry bulk specific seasonality described
in further detail below.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As our
vessels trade commodities globally, we have taken measures to safeguard our crew and work toward preventing the spread of COVID-19. Crew
members have received gloves, face masks, hand sanitizer, goggles and handheld thermometers. Genco requires its vessel crews to wear masks
when in contact with other individuals who board the vessel. We continue to monitor the Centers for Disease Control and Prevention (the
&#8220;CDC&#8221;) and the WHO guidelines and are also limiting access of shore personnel boarding our vessels. Specifically, no shore
personnel with fever or respiratory symptoms are allowed on board, and those that are allowed on board are restricted to designated areas
that are thoroughly cleaned after their use. Face masks are also provided to shore personnel prior to boarding a vessel. Precautionary
materials are posted in common areas to supplement safety training while personal hygiene best practices are strongly encouraged on board.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have
implemented protocols with regard to crew rotations to keep our crew members safe and healthy which includes polymerase chain reaction
(PCR) antibody testing as well as a 10-day quarantine period prior to boarding a vessel.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white">Genco is enacting crew changes where permitted
by regulations of the ports and of the country of origin of the mariners, in addition to strict protocols that safeguard our crews against
COVID-19 exposure. Crew rotations have been challenging due to port and travel restrictions globally, as well as promoting the health
and safety of both on and off signing crew members.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The COVID-19
pandemic and measures to contain its spread thus have negatively impacted and could continue to impact regional and global economies and
trade patterns in markets in which we operate, the way we operate our business, and the businesses of our charterers and suppliers. These
impacts may continue or become more severe. Although we have successfully completed many crew changes over the course of the pandemic
to date, additional crew changes could remain challenging due to COVID-19 related factors. The extent to which the COVID-19 pandemic impacts
our business going forward will depend on numerous evolving factors we cannot reliably predict, including the duration and scope of the
pandemic; governmental, business, and individuals&#8217; actions in response to the pandemic; and the impact on economic activity, including
the possibility of recession or financial market instability.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt; background-color: white"><i>Conflicts</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The conflict between Russia and Ukraine, which commenced
in February 2022, has disrupted supply chains and caused instability and significant volatility in the global economy. Much uncertainty
remains regarding the global impact of the conflict in Ukraine, and it is possible that such instability, uncertainty and resulting volatility
could significantly increase our costs and adversely affect our business, including our ability to secure charters and financing on attractive
terms, and as a result, adversely affect our business, financial condition, results of operation and cash flows.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of the conflict between Russia and Ukraine,
Switzerland, the United States, the European Union, the United Kingdom and others have announced unprecedented levels of sanctions and
other measures against Russia and certain Russian entities and nationals. Such sanctions against Russia may adversely affect our business,
financial condition, results of operation and cash flows. For example, apart from the immediate commercial disruptions caused in the conflict
zone, escalating tensions and fears of potential shortages in the supply of Russian crude caused the price of oil to trade above $100
per barrel in March 2022. The ongoing conflict could result in the imposition of further economic sanctions against Russia, with uncertain
impacts on the dry bulk market and the world economy. While we do not have any Ukrainian or Russian crew and our vessels currently do
not sail in the Black Sea, it is possible that the conflict in Ukraine, including any increased shipping costs,
disruptions of global shipping routes, any impact on the global supply chain and any impact on current or potential customers caused by
the events in Russia and Ukraine, could adversely affect our operations or financial performance. Due to the recent nature of these activities,
the full impact on our business is not yet known.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt; background-color: white"><i>IMO 2020 Compliance</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On&#160;October
27, 2016, the Marine Environment Protection Committee (&#8220;MEPC&#8221;)&#160;of the International Maritime Organization (&#8220;IMO&#8221;)
announced the ratification of regulations mandating reduction in sulfur emissions from 3.5% currently to 0.5% as of the beginning of 2020
rather than pushing the deadline back to 2025. Accordingly, ships now have to reduce sulfur emissions, for which the principal solutions
are the use of exhaust gas cleaning systems (&#8220;scrubbers&#8221;) or buying fuel with low sulfur content. If a vessel is not retrofitted
with a scrubber, it will need to use low sulfur fuel, which is currently more expensive than standard marine fuel containing 3.5% sulfur
content.&#160; This increased demand for low sulfur fuel resulted in an increase in prices for such fuel during the beginning of 2020.
Until the middle of 2022 bunker prices increased until the middle of the year and then started decreasing again..</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">None of
our vessels currently have scrubbers. We will continue to evaluate all options to comply with IMO regulations.&#160;Our fuel costs and
fuel inventories may increase as a result of these sulfur emission regulations. Low sulfur fuel is more expensive than standard marine
fuel&#160;containing 3.5% sulfur content&#160;and may become more expensive or difficult to obtain as a result of increased demand.&#160;
If the cost differential between low sulfur fuel and high sulfur fuel is significantly higher than anticipated, or if low sulfur fuel
is not available at ports on certain trading routes, it may not be feasible or competitive to operate vessels on certain trading routes
without installing scrubbers or without incurring deviation time to obtain compliant fuel.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Lack of Historical Operating Data for Vessels Before
their Acquisition</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Consistent with shipping industry practice, we were
not and have not been able obtain the historical operating data for the secondhand vessels we purchase, in part because that information
is not material to our decision to acquire such vessels, nor do we believe such information would be helpful to potential investors in
our common shares in assessing our business or profitability. We generally purchase our vessels under a standardized agreement commonly
used in shipping practice, which, among other things, provides us with the right to inspect the vessel and the vessel&#8217;s classification
society records. The standard agreement does not provide us the right to inspect, or receive copies of, the historical operating data
of the vessel. Accordingly, such information was not available to us. Prior to the delivery of a purchased vessel, the seller typically
removes from the vessel all records, including past financial records and accounts related to the vessel. Typically, the technical management
agreement between a seller&#8217;s technical manager and the seller is automatically terminated and the vessel&#8217;s trading certificates
are revoked by its flag state following a change in ownership.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, and consistent with shipping industry
practice, we treat the acquisition of vessels from unaffiliated third parties as the acquisition of an asset rather than a business. We
believe that, under the applicable provisions of Rule 11-01(d) of Regulation S-X under the Securities Act, the acquisition of our vessels
does not constitute the acquisition of a &#8220;business&#8221; for which historical or pro forma financial information would be provided
pursuant to Rules 3-05 and 11-01 of Regulation S-X.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Although vessels are generally acquired free of charter,
we may in the future acquire some vessels with charters. Where a vessel has been under a voyage charter, the vessel is usually delivered
to the buyer free of charter. It is rare in the shipping industry for the last charterer of the vessel in the hands of the seller to continue
as the first charterer of the vessel in the hands of the buyer. In most cases, when a vessel is under time charter and the buyer wishes
to assume that charter, the vessel cannot be acquired without the charterer&#8217;s consent and the buyer entering into a separate direct
agreement, called a novation agreement, with the charterer to assume the charter. The purchase of a vessel itself does not transfer the
charter because it is a separate service agreement between the vessel owner and the charterer.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Company acquires a vessel subject to a time
charter, it amortizes the amount of the component that is attributable to favorable or unfavorable terms relative to market terms and
is included in the cost of that vessel, over the remaining term of the lease. The amortization is included in line &#8220;amortization
of fair value of time charter attached to vessels&#8221; in the income statement component of the consolidated statement of comprehensive
income/(loss).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If we purchase a vessel and assume or renegotiate
a related time charter, we must take the following steps before the vessel will be ready to commence operations:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">obtain the charterer&#8217;s consent to us as the new owner;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">obtain the charterer&#8217;s consent to a new technical manager;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; width: 94%"><span style="font-size: 10pt">in some cases, obtain the charterer&#8217;s consent to a new flag for the vessel;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">arrange for a new crew for the vessel, and where the vessel is on charter, in some cases, the crew must be approved by the charterer;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">replace all hired equipment on board, such as gas cylinders and communication equipment;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">negotiate and enter into new insurance contracts for the vessel through our own insurance brokers;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; width: 94%"><span style="font-size: 10pt">register the vessel under a flag state and perform the related inspections in order to obtain new trading certificates from the flag state;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">implement a new planned maintenance program for the vessel; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">ensure that the new technical manager obtains new certificates for compliance with the safety and vessel security regulations of the flag state.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following discussion is intended to help you understand
how acquisitions of vessels affect our business and results of operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our business is comprised of the following main elements:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">employment and operation of our dry bulk vessels and
    management of a vessel owned by a third party; and</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 3%">&#160;</td>
    <td style="text-align: justify; width: 3%"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="text-align: justify; width: 94%"><span style="font-size: 10pt">management of the financial, general and administrative elements involved in the conduct of our business and ownership of our dry bulk vessels.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The employment and operation of our vessels and the
vessel we manage require the following main components:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">vessel maintenance and repair;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">crew selection and training;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">vessel spares and stores supply;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">contingency response planning;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">onboard safety procedures auditing;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">accounting;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">vessel insurance arrangement;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">vessel chartering;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">vessel security training and security response plans (ISPS);</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">obtaining ISM certification and audit for each vessel within the six months of taking over a vessel;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">vessel hire management;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">vessel surveying; and</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">vessel performance monitoring.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The management of financial, general and administrative
elements involved in the conduct of our business and ownership of our vessels requires the following main components:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">management of our financial resources, including banking relationships, i.e., administration of bank loans and bank accounts;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">management of our accounting system and records and financial reporting;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">administration of the legal and regulatory requirements affecting our business and assets; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">management of the relationships with our service providers and customers.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The principal factors that affect our profitability,
cash flows and shareholders&#8217; return on investment include:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">rates and periods of hire;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">levels of vessel operating expenses, including repairs and drydocking;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">purchase and sale of vessels;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top">
<td style="width: 3%"></td><td style="width: 3%"><span style="font-family: Wingdings">&#216;</span></td><td style="text-align: justify; width: 94%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">management
                                            fees for any third party ships that we manage;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 3%">&#160;</td>
    <td style="text-align: justify; width: 3%"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="text-align: justify; width: 94%"><span style="font-size: 10pt">depreciation expenses;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">financing costs; and</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 3%">&#160;</td>
    <td style="text-align: justify; width: 3%"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><i>Overview</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We generate revenues by charging our customers for
the use of our vessels to transport their dry bulk commodities. Under a time charter, the charterer pays us a fixed daily charter hire
rate and bears all voyage expenses, including the cost of bunkers (fuel oil) and port and canal charges. We remain responsible for paying
the chartered vessel&#8217;s operating expenses, including the cost of crewing, insuring, repairing and maintaining the vessel, the costs
of spares and consumable stores, tonnage taxes and other miscellaneous expenses. Under a bareboat charter, the charterer pays us a fixed
daily charter hire rate and bears all voyage expenses, as well as the vessel&#8217;s operating expenses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Spot charters can be spot voyage charters or spot
time charters. Spot voyage charters involve the carriage of a specific amount and type of cargo on a load-port to discharge-port basis,
subject to various cargo handling terms, and the vessel owner is paid on a per-ton basis. Under a spot voyage charter, the vessel owner
is responsible for the payment of all expenses including capital costs, voyage expenses, such as port, canal and bunker costs. A spot
time charter is a contract to charter a vessel for an agreed period of time at a set daily rate. Under spot time charters, the charterer
pays the voyage expenses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><i>Voyage revenues and management
&amp; consulting fee income</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our voyage revenues are driven primarily by the number
of vessels in our fleet, the number of days during which our vessels operate and the amount of daily hire rates that our vessels earn
under charters or on the spot market, which, in turn, are affected by a number of factors, including:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">the duration of our charters;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">the number of days our vessels are hired to operate on the short-term or spot market;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">our decisions relating to vessel acquisitions and disposals;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">the amount of time that we spend positioning our vessels for employment;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">the amount of time that our vessels spend in drydocking undergoing repairs;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">maintenance and upgrade work;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">the age, condition and specifications of our vessels;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">levels of supply and demand in the dry bulk shipping industry; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; text-align: justify">&#160;</td>
    <td style="width: 3%; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; text-align: justify"><span style="font-size: 10pt">other factors affecting short-term or spot market charter rates for dry bulk vessels.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2022, our voyage revenues increased when compared
to 2021, mainly due to the increase of our fleet from an average of 7.1 vessels in 2021 to 9.0 vessels in 2022. In 2021, our voyage
revenues increased when compared to 2020, mainly due to higher daily time charter and spot rates earned on average from our vessels on
a year over year basis.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><i>Employment of our Vessels</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of the date of this annual report on Form 20-F,
we employed our vessels as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top">
<td style="width: 3%"></td><td style="width: 3%"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td><td style="text-align: justify; width: 94%"><span style="font-size: 10pt"><i>m/v
                                            River Globe</i> &#8211; on a time charter that began in January 2023 and is expected to expire
                                            in April 2023, at a gross rate of $10,500 per day.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top">
<td style="width: 3%"></td><td style="width: 3%"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td><td style="text-align: justify; width: 94%"><span style="font-size: 10pt"><i>m/v
                                            Sky Globe</i> &#8211; on a time charter that began in March 2023 and is expected to expire
                                            in the end of March 2023, at a gross rate of $24,000 per day.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top">
<td style="width: 3%"></td><td style="width: 3%"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td><td style="text-align: justify; width: 94%"><span style="font-size: 10pt"><i>m/v
                                            Star Globe</i> &#8211; on a time charter that began in March 2023 and is expected to expire
                                            in May  2023, at a gross rate of $18,000 per day.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top">
<td style="width: 3%"></td><td style="width: 3%"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td><td style="text-align: justify; width: 94%"><span style="font-size: 10pt"><i>m/v
                                            Moon Globe</i> &#8211; on a time charter that began in March  2023 and is expected to expire
                                            in May  2023, at a gross rate of $15,000 per day, and we were paid a bonus of $500,000
                                            upon commencement of the charter.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top">
<td style="width: 3%"></td><td style="width: 3%"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td><td style="text-align: justify; width: 94%"><span style="font-size: 10pt"><i>m/v
                                            Sun Globe &#8211; </i>on a time charter that began in February 2023 and is expected to expire
                                            in April 2023, at a gross rate of $6,650 per day for the first 65 days and at a gross rate of $10,000 per day after April 20, 2023 and until the end of the time charter.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top">
<td style="width: 3%"></td><td style="width: 3%"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td><td style="text-align: justify; width: 94%"><span style="font-size: 10pt"><i>m/v
                                            Galaxy Globe &#8211; </i>on a time charter that began in December 2022 and is expected to
                                            expire between September to December 2023, at a gross rate of $ 104.5% of the average BPI-82 5TC INDEX as quoted
                                            by the Baltic Exchange per day.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top">
<td style="width: 3%"></td><td style="width: 3%"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td><td style="text-align: justify; width: 94%"><span style="font-size: 10pt"><i>m/v
                                            Diamond Globe &#8211; </i>on a time charter that began in October 2022 and is expected to
                                            expire in June 2024, at a gross rate of 104% of the average BPI-82 5TC INDEX as quoted
                                            by the Baltic Exchange per day.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top">
<td style="width: 3%"></td><td style="width: 3%"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td><td style="text-align: justify; width: 94%"><span style="font-size: 10pt"><i>m/v
                                            Power Globe &#8211; </i>on a time charter that began in March 2023 and is expected to expire
                                            in  May 2023, at a gross rate of $12,600 per day.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top">
<td style="width: 3%"></td><td style="width: 3%"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td><td style="text-align: justify; width: 94%"><span style="font-size: 10pt"><i>m/v
                                            Orion Globe &#8211; </i>on a time charter that began in January 2023 and is expected to expire
                                            in April 2023, at a gross rate of $ 16,500 per day.</span><span style="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our charter agreements subject us to counterparty
risk. In depressed market conditions, charterers may seek to renegotiate the terms of their existing charter parties or avoid their obligations
under those contracts. Should counterparties to one or more of our charters fail to honor their obligations under their agreements with
us, we could sustain significant losses which could have a material adverse effect on our business, financial condition, results of operations,
cash flows and ability to pay dividends.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We charter our vessels primarily through time charters
under which the charterer is responsible for most voyage expenses, such as the cost of bunkers (fuel oil), port expenses, agents&#8217;
fees, canal dues, extra war risks insurance and any other expenses related to the cargo.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Whenever we employ our vessels on a voyage basis (such
as trips for the purpose of geographically repositioning a vessel or trip(s) after the end of one-time charter and up to the beginning
of the next charter), we incur voyage expenses that include port expenses and canal charges and bunker (fuel oil) expenses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If we charter our vessels on bareboat charters, the
charterer will pay for most of the voyage expenses and operating expenses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As is common in the shipping industry, we have historically
paid commissions ranging from 1.25% to 2.50% of the total daily charter hire rate of each charter to unaffiliated ship brokers and in-house
brokers associated with the charterers, depending on the number of brokers involved with arranging the charter.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the year ended December 31, 2022, commissions
amounted to $0.9 million. For the year ended December 31, 2021, commissions amounted to $0.6 million. For the year ended December 31,
2020, commissions amounted to $0.2 million.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We believe that the amounts and the structures of
our commissions are consistent with industry practices.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These commissions are directly related to our revenues.
We therefore expect that the amount of total commissions will increase if the size of our fleet grows as a result of additional vessel
acquisitions and employment of those vessels or if charter rates increase.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Vessel operating expenses include costs for crewing,
insurance, repairs and maintenance, lubricants, spare parts and consumable stores, statutory and classification tonnage taxes and other
miscellaneous expenses. We calculate daily vessel operating expenses by dividing vessel operating expenses by ownership days for the relevant
time period excluding bareboat charter days.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our vessel operating expenses have historically fluctuated
as a result of changes in the size of our fleet. In addition, a portion of our vessel operating expenses is in currencies other than the
U.S. dollar, such as costs related to repairs, spare parts and consumables. These expenses may increase or decrease as a result of fluctuation
of the U.S. dollar against these currencies.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We expect that crewing costs will increase in the future due to the shortage
in the supply of qualified sea-going personnel. In addition, we expect that maintenance costs will increase as our vessels age. Other
factors that may affect the shipping industry in general, such as the cost of insurance, may also cause our expenses to increase. To the
extent that we purchase additional vessels, we expect our vessel operating expenses to increase accordingly. <span style="background-color: white">Other
factors beyond our control, some of which may affect the shipping industry in general, including, for instance, developments relating
to market prices for crewing, lubes, and insurance, may also cause these expenses to increase. The impact of COVID-19 could result in
potential shortages or a lack of access to required spare parts for the operation of our vessels, potential delays in any unscheduled
repairs, deviations for crew changes or increased costs to successfully execute a crew change, which could lead to business disruptions
and delays. We expect that crew costs for the crew that we utilize on our vessels will increase going forward due to expected higher wages,
as well as the impact of COVID-19 restrictions. In 2022 operating expenses were higher due to industry-wide inflationary pressures and
if these pressures continue to exist during 2023 combined with higher regulatory-related costs we expect higher costs in relation to crew,
spares and parts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The cost of each of the Company&#8217;s vessels is
depreciated on a straight-line basis over each vessel&#8217;s remaining useful economic life, after considering the estimated residual
value of each vessel, beginning when the vessel is ready for its intended use. Management estimates that the useful life of new vessels
is 25 years, which is consistent with industry practice. The residual value of a vessel is the product of its lightweight tonnage and
estimated scrap value per lightweight ton. The residual values and useful lives are reviewed at each reporting date and adjusted prospectively,
if appropriate. For the year 2020 we maintained the scrap rate at the same level of $300/ton. During the fourth quarter of 2021, we adjusted
the scrap rate from $300/ton to $380/ton due to the increased scrap rates worldwide. This resulted to a decrease of approximately $145,000
of the depreciation charge included in the consolidated statement of comprehensive income/(loss) for 2021. During the fourth quarter of
2022, we adjusted the scrap rate from $380/ton to $440/ton due to the increased scrap rates worldwide. This resulted to a decrease of
approximately $118,000 to the depreciation charge included in the consolidated statement of comprehensive income/(loss) for 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We do not expect these assumptions to change significantly
in the near future. We expect that these depreciation charges will increase if we acquire additional vessels.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Approximately every 2.5 years, our vessels are required
to be taken out of service and removed from water (known as &#8220;drydocking&#8221;) for major repairs and maintenance that cannot be
performed while the vessels are operating. The costs associated with the drydockings are capitalized and depreciated on a straight-line
basis over the period between drydockings, to a maximum of 2.5 years. At the date of acquisition of a vessel, we estimate the component
of the cost that corresponds to the economic benefit to be derived until the first scheduled drydocking of the vessel under our ownership
and this component is depreciated on a straight-line basis over the remaining period through the estimated drydocking date. We expect
that drydocking costs will increase as our vessels age and if we acquire additional vessels.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our administrative expenses include payroll expenses,
traveling, promotional and other expenses associated with us being a public company, which include the preparation of disclosure documents,
legal and accounting costs, director and officer liability insurance costs and costs related to compliance. We expect that our administrative
expenses will increase as we enlarge our fleet.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Administrative Expenses Payable to Related Parties</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our administrative expenses payable to related parties
include cash remuneration of our executive officers and directors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We operated until 2021 an equity-settled, share
based compensation plan. The value of the service received in exchange of the grant of shares is recognized as an expense. The total
amount to be expensed over the vesting period, if any, was determined by reference to the fair value of the share awards at the grant
date. The relevant expense was recognized in the income statement component of the consolidated statement of comprehensive
income/(loss), with a corresponding impact in equity.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Impairment Loss and Reversal of Previously Recognized
Impairment Losses</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We assess at each reporting date whether there is
an indication that a vessel that we own may be impaired. Such indicators are:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">Observable indications that the vessel&#8217;s value has declined/ increased significantly</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">Significant adverse / favorable changes in the technological, economic or legal environment incurred or
are expected to be incurred and negatively / positively affect vessel&#8217;s value or decrease / increase its revenue generating ability</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">Market interest rates of return on investments have increased / decreased during the period, which will
result in increase /decrease of the discount rate.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The vessel&#8217;s recoverable amount is estimated when events or changes in
circumstances indicate the carrying value may not be recoverable. If such indication exists and where the carrying value exceeds the estimated
recoverable amounts, the vessel is written down to its recoverable amount. The recoverable amount is the greater of fair value less costs
to sell and value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a discount
rate that reflects current market assessments of the time value of money and the risks specific to the vessel. Impairment losses are recognized
in the consolidated statement of comprehensive income/(loss). A previously recognized impairment loss is reversed only if there has been
a change in the estimates used to determine the asset&#8217;s recoverable amount since the last impairment loss was recognized. If that
is the case, the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying
amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such
reversal is recognized in the consolidated statement of comprehensive income/(loss). After such a reversal, the depreciation charge is
adjusted in future periods to allocate the asset&#8217;s revised carrying amount, less any residual value, on a systematic basis over
its remaining useful life. As of December 31, 2022 and 2021, no impairment indicators were identified for the Company&#8217;s vessels
as the vessels&#8217; recoverable amounts exceeded their carrying amounts.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><br /> We also assess at each reporting date
whether there is any indication that an impairment loss recognized in prior periods for a vessel may no longer exist or may have
decreased. As of December 31, 2022 and 2021, no indicators for reversal of impairment were present and no reversal of previously
recognized impairment losses is required for the financial years ended December 31, 2022 and 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Gain/(Loss) on Sale of Vessels</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Gain or loss on the sale of vessels is the residual
value remaining after deducting from the vessels&#8217; sale proceeds, the carrying value of the vessels at the respective date of delivery
to their new owners and the total expenses associated with the sale.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Other (Expenses)/Income, Net</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We include other operating expenses or income that
is not classified otherwise. It mainly consists of provisions for insurance claims deductibles and refunds from insurance claims.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Interest Income from Bank Balances &amp; Bank Deposits</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We earn interest on the funds we have deposited with
certain banks as well as from short-term certificates of deposit.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Interest Expense and Finance Costs</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We incur interest expense and financing costs in
connection with the indebtedness under our credit arrangements. We also incurred financing costs in connection with establishing those
arrangements, which is included in our finance costs and amortization and write-off of deferred finance charges. As of December 31, 2022
and 2021, we had $44.4 million and $31.8 million of indebtedness outstanding under our then existing credit arrangements, respectively.
We incurred interest expense and financing costs relating to our outstanding debt. We will incur additional interest expense in the future on our outstanding borrowings and under future borrowings to finance
future acquisitions. Please see &#8220;Item 5.B. Liquidity and Capital Resources&#8212;Indebtedness&#8221; for further information.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Gain/ (Loss) on Derivative Financial Instruments</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Derivative financial instruments, including
embedded derivative financial instruments, are initially recognized at fair value on the date a derivative contract is entered into
and are subsequently remeasured at fair value. Changes in the fair value of these derivative instruments are recognized immediately
in the income statement component of the consolidated statement of comprehensive income/(loss). These instruments are not designated
for hedge accounting.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Foreign Exchange Gains/ (Losses), Net</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We generate substantially all of our revenues from
the trading of our vessels in U.S. dollars but incur a portion of our expenses in currencies other than the U.S. dollar. We convert U.S.
dollars into foreign currencies to pay for our non-U.S. dollar expenses, which we then hold on deposit until the date of each transaction.
Fluctuations in foreign exchange rates create foreign exchange gains or losses when we mark-to-market these non-U.S. dollar deposits.
Because a portion of our expenses is payable in currencies other than the U.S. dollar, our expenses may from time to time increase relative
to our revenues as a result of fluctuations in exchange rates, which could affect the amount of net income that we report in future periods.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Factors Affecting Our Results of Operations</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We believe that the important measures for analyzing
trends in our results of operations consist of the following:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt"><i>Ownership days</i>. We define ownership days as the aggregate number of days in a period during which each vessel in our fleet has been owned by us. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during a period.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt"><i>Available days</i>. We define available days as the number of our ownership days less the aggregate number of days that our vessels are off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys. The shipping industry uses available days to measure the number of days in a period during which vessels should be capable of generating revenues.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
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  </table>

<p style="margin-top: 0; margin-bottom: 0"></p>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt"><i>Fleet utilization</i>. We calculate fleet utilization by dividing the number of our operating days during a period by the number of our available days during the period. The shipping industry uses fleet utilization to measure a company&#8217;s efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades and special surveys.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt"><i>Average number of vessels</i>. We measure average number of vessels by the sum of the number of days each vessel was part of our fleet during a relevant period divided by the number of calendar days in such period.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table reflects our ownership days, available
days, operating days, average number of vessels and fleet utilization for the periods indicated.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="vertical-align: bottom; padding-right: 0.8pt">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: left; vertical-align: top; padding-right: 0.8pt">&#160;</td>
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  <tr style="background-color: rgb(204,238,255)">
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  <tr style="background-color: White">
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    <td style="vertical-align: top; padding-right: 0.8pt; text-align: left"><span style="font-size: 10pt">$</span></td>
    <td style="vertical-align: top; text-align: right"><span style="font-size: 10pt">18,227</span></td>
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    </tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We utilize TCE because we believe it is a meaningful
measure to compare period-to-period changes in our performance despite changes in the mix of charter types (i.e., voyage charters, spot
charters and time charters) under which our vessels may be employed between the periods. Our management also utilizes TCE to assist them
in making decisions regarding employment of our vessels. We believe that our method of calculating TCE is consistent with industry standards
and is determined by dividing revenue after deducting voyage expenses, and net revenue from our bareboat charters, by available days for
the relevant period excluding bareboat charter days. Voyage expenses primarily consist of brokerage commissions and port, canal and fuel
costs that are unique to a particular voyage, which would otherwise be paid by the charter under a time charter contract.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table reflects the Voyage Revenues to
Daily Time Charter Equivalent (&#8220;TCE&#8221;) Reconciliation for the periods presented.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td>&#160;</td>
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  <tr>
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except&#160;number&#160;of&#160;days&#160;and&#160;daily TCE&#160;rates)</span></td></tr>
  <tr>
    <td style="width: 46%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; text-align: right"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; text-align: right"><span style="font-size: 10pt"><b>2021</b></span></td>
    <td style="white-space: nowrap; width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; text-align: right"><span style="font-size: 10pt"><b>2020</b></span></td>
    <td style="white-space: nowrap; vertical-align: bottom; width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; text-align: right"><span style="font-size: 10pt"><b>2019</b></span></td>
    <td style="white-space: nowrap; vertical-align: bottom; width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; text-align: right"><span style="font-size: 10pt"><b>2018</b></span></td></tr>
  <tr>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2">&#160;</td>
    <td colspan="2">&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Voyage revenues</span></td>
    <td style="text-align: right"><span style="font-size: 10pt">61,390</span></td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">43,211</span></td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">11,753</span></td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">15,623</span></td>
    <td style="text-align: right">&#160;</td>
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  <tr style="background-color: White">
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    <td style="border-bottom: Black 0.5pt solid; text-align: right"><span style="font-size: 10pt">5,373</span></td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><span style="font-size: 10pt">1,128</span></td>
    <td style="text-align: right">&#160;</td>
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    <td style="text-align: right">&#160;</td>
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  <tr style="background-color: rgb(204,238,255)">
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    <td style="text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">42,083</span></td>
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    <td style="text-align: right"><span style="font-size: 10pt">9,263</span></td>
    <td style="text-align: right">&#160;</td>
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  <tr style="background-color: White">
    <td><span style="font-size: 10pt">Available days net of bareboat charter days</span></td>
    <td style="text-align: right"><span style="font-size: 10pt">3,073</span></td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">2,531</span></td>
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    <td style="text-align: right"><span style="font-size: 10pt">1,778</span></td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">1,788</span></td>
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    <td style="text-align: right"><span style="font-size: 10pt">1,755</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
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    <td style="text-align: right"><span style="font-size: 10pt">18,227</span></td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">16,627</span></td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">5,210</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following is a discussion of our operating results
for the year ended December 31, 2022 compared to the year ended December 31, 2021. Variances are calculated on the numbers presented in
the discussion over operating results.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>Year ended December 31, 2022
compared to the year ended December 31, 2021</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2022 and 2021, our fleet consisted
of nine (four Supramaxes, four Kamsarmaxes and one Panamax) with an aggregate carrying capacity of 626,257 dwt. During the years ended
December 31, 2022 and 2021 we had an average of 9 and 7.1 dry bulk vessels in our fleet, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the year ended December 31, 2022, we had an operating
income of $23.6 million, while for the year ended December 31, 2021, we had an operating income of $17.9 million.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Voyage revenues.</i> Voyage revenues increased
by $18.2 million, or 42%, to $61.4 million in 2022, compared to $43.2 million in 2021. The increase is attributable to the increase of
the average number of vessels from 7.1 in 2021 to 9 in 2022 and the increase of TCE from $16,627 in 2021 to $18,227 in 2022. In 2022,
we had total operating days of 3,029 and fleet utilization of 98.5%, compared to 2,477 operating days and a fleet utilization of 97.9%
in 2021. The foregoing fleet utilization percentage are based upon the available days of each vessel, being the number of our ownership
days less the aggregate number of days that our vessels are off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades
or special surveys. We also had 3,285 and 2,594 ownership days in 2022 and 2021, respectively, which increase is primarily due to our
acquisition of additional vessels.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Voyage expenses.</i> Voyage expenses increased
by $4.3 million, or 391%, to $5.4 million in 2022, compared to $1.1 million in 2021. This increase is attributed to the longer periods
travelling seeking employment of the vessels in 2022 compared to 2021 and the substantially more days of dry-docking repairs in 2022 compared
to 2021. These two factors led to a higher bunker expense in 2022 compared to 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FDFDFD"><i>Vessel operating expenses.</i>
Vessel operating expenses increased by $4.2 million, or 30%, to $18 million in 2022, compared to $13.8 million in 2021. The breakdown
of our operating expenses for the year 2022 was as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FDFDFD">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 40%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: White">
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    <td style="width: 20%; text-align: left"><span style="font-size: 10pt">50%</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">Repairs and spares</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">22%</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify"><span style="font-size: 10pt">Insurance</span></td>
    <td style="text-align: left"><span style="font-size: 10pt"> 7%</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">Stores</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">13%</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify"><span style="font-size: 10pt">Lubricants</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">5%</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">Other</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">3%</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The increase is mainly attributed to the increase
of the fleet from 7.1 vessels on average for 2021 to 9.0 vessels on average for 2022. The increase is also partly attributed to the increase
of the daily operating expenses of the vessels. Daily vessel operating expenses were $5,483 in 2022 compared to $5,325 in 2021, representing
an increase of 3%, <span style="background-color: white">mainly due to industry-wide inflationary
pressures</span>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Depreciation.</i> Depreciation charge during the
year ended December 31, 2022 reached $5.6 million compared to $3.9 million during 2021. This is mainly attributed to the increase of the
fleet from 7.1 vessels on average for 2021 to 9 vessels on average for 2022. During the fourth quarter of 2022, we adjusted the scrap
rate from $380/ton to $440/ton due to the increased scrap rates worldwide. This resulted to a decrease of $118,000 to the depreciation
charge included in the consolidated statement of comprehensive income/(loss) for 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Depreciation of dry-docking costs</i>. Depreciation
of dry-docking costs increased by $1.8 million, or 64%, to $4.6 million in 2022, compared to $2.8 million in 2021. This is due to the
increase of the fleet and because five of our vessels underwent in 2022 dry dockings.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Administrative expenses.</i> Administrative
expenses increased by $0.3 million or 11% to $2.9 million in 2022 from $2.6 million in 2021, this is mainly attributed to the
increased Greek taxes paid in 2022 amounting to $292 thousand compared to $45 thousand in 2021. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Administrative expenses payable to related parties.</i>
Administrative expenses payable to related parties amounted to $1.4 million in 2022 and 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Share-based payments.</i> Share-based payments
for 2021 amounted to $40,000. On February 14, 2022 we changed the compensation of the non-executive directors and in the aggregate, the
annual service fee for each of the directors (based on their current roles and committee seats) would be $80,000 based on the annual service
fees, committee fees, and other similar fees. Following this change there were no share-based payments for 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Interest expense and finance costs.</i> Interest
expense and finance costs decreased by $1 million, or 30%, to $2.3 million in 2022, compared to $3.3 million in 2021. This decrease is
because during the second quarter of 2021 other finance expenses include approximately $0.6 million that were the loan prepayment fee
and expenses relating to the prepayment of EnTrust Loan Facility. Our weighted average interest rate for 2022 was 5.58% compared to 5.69%
during 2021. Total borrowings outstanding as of December 31, 2022 amounted to $44.38 million compared to $31.75 million as of December
31, 2021. Our sole current credit facility is denominated in U.S. dollars.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Gain / (Loss) on derivative financial instruments.
</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Following the new loan facility with First Citizens
Bank &amp; Trust Company (formerly known as CIT Bank N.A.), we entered into an Interest Rate Swap agreement on May 10, 2021. </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Following the deed of accession, amendment and restatement
of the CIT loan facility by the accession of an additional borrower in order to increase the loan facility from a total of $34.25 million
to $52.25 million in August 2022, we also entered into a new swap agreement in order for the additional borrower to enter into hedging
transactions (separately from those entered by the other borrowers) with First Citizens Bank &amp; Trust Company (formerly known as CIT
Bank N.A.).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the year ended December 31, 2022, the Company
recognized a total gain of  $2.5 million. The $2 million gain was in relation with the initial swap agreement entered in
2021, approximately $1.6 million gain is according to the Interest Rate Swap valuation minus approximately $0.4 million was the interest
for the Interest Rate Swap during the year ended December 31, 2022, and is included in the consolidated statement of comprehensive income/(loss).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the year ended December 31, 2022, the Company
recognized a gain of approximately $514,000 in relation with the new swap agreement entered in 2022, approximately $493,000 of the gain
is according to the Interest Rate Swap valuation and approximately $21,000 was the interest for the Interest Rate Swap during the year
ended December 31, 2022, and is included in the consolidated statement of comprehensive income/(loss).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the year ended December 31, 2021, the Company
recognized a gain of approximately $181,000, approximately $325,000 gain is according to the Interest Rate Swap valuation minus approximately
$144,000 was the interest for the Interest Rate Swap during the year ended December 31, 2021, and is included in the consolidated statement
of comprehensive income/(loss).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Although inflation has had a moderate impact on our
vessel operating expenses and corporate overheads, management does not consider inflation to be a significant risk to direct costs in
the current and foreseeable economic environment. It is anticipated that insurance costs, which have risen over the last three years,
may well continue to rise over the next few years. Maritime transportation is a specialized area and the number of vessels is increasing.
There will therefore be an increased demand for qualified crew and this has and will continue to put inflationary pressure on crew costs.
However, in a shipping downturn, costs subject to inflation can usually be controlled because shipping companies typically monitor costs
to preserve liquidity and encourage suppliers and service providers to lower rates and prices in the event of a downturn.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;<b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>B.&#160;&#160;Liquidity and
Capital Resources</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our primary sources of liquidity are cash flow
from operations, cash on hand, equity offerings and credit facility borrowings. We currently use our funds primarily for the
acquisition of vessels generally, fleet renewal and repairs, drydocking for our vessels, payment of dividends (if any), debt
repayments and satisfying working capital requirements as may be needed to support our business. Our ability to continue to meet our
liquidity needs is subject to and will be affected by cash generated from operations, the economic or business environment in which
we operate, shipping industry conditions, the financial condition of our customers, vendors and service providers, our ability to
comply with the financial and other covenants of our indebtedness, and other factors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We believe, given our current cash holdings, if
dry bulk shipping rates do not decline significantly from current levels, our capital resources, including cash anticipated to be
generated within the year, are sufficient to fund our operations for at least the next twelve months. Such resources include
unrestricted cash and cash equivalents of $52.8 million as of December 31, 2022, which compares to a minimum liquidity requirement
under our CIT Loan Facility of  $6 million as of December 31, 2022. Given the anticipated capital expenditures related
to commitments under shipbuilding contracts and drydockings during 2023 and 2024, respectively, we anticipate continuing to have
significant cash expenditures. Refer to &#8220;&#8212;Capital Expenditures&#8221; below for further details. However, if market
conditions were to worsen significantly due to the current COVID-19 pandemic or other causes, then our cash resources may decline to
a level that may put at risk our ability to pay our lender and other creditors. In May 2021, we entered into an agreement with First
Citizens Bank &amp; Trust Company (formerly known as CIT Bank N.A.) for a loan facility of up to $34.25 million bearing interest at
LIBOR plus a margin of 3.75% per annum. The proceeds of this financing were used to repay the outstanding balance of the EnTrust
Loan Facility.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2022, we reached an agreement with First Citizens Bank &amp; Trust Company (formerly known
as CIT Bank N.A.) for a deed of accession, amendment and restatement of the CIT loan facility by the accession of an additional borrower
in order to increase the loan facility from a total of $34.25 million to $52.25 million, by a top up loan amount of $18 million for the
purpose of financing vessel Orion Globe and for general corporate and working capital purposes of all the borrowers and Globus. The CIT
loan facility (including the new top up loan amount) is now further secured by a first preferred mortgage over the vessel Orion Globe.
Furthermore, the loan facility bears interest at Term SOFR plus a margin 3.35% for the whole CIT loan facility.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The mandatory debt repayments in 2023 under the
CIT Loan Facility are $6.5 million, and we have already paid  $1.6 million of such amount.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2022, our CIT Loan Facility contained
covenants that require (1) a minimum loan to value ratio of 75% for the first 18 months of the CIT Loan Facility and thereafter 70% and
(2) a maximum leverage ratio of 0.75:1.00. If the values of our vessels were to decline as a result of COVID-19 or otherwise, we may not
satisfy these requirements. If we do not satisfy these requirement, we will need to post additional collateral or prepay outstanding loans
to bring us back into compliance, or we will need to seek waivers, which may not be available or may be subject to conditions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the future, we may require capital to fund acquisitions
or to improve or support our ongoing operations and debt structure, particularly in light of economic conditions resulting from the ongoing
COVID-19 pandemic, the Russian/Ukraine conflict, and general conditions in the dry bulk market. We may from time to time seek to raise
additional capital through equity or debt offerings, selling vessels or other assets, pursuing strategic opportunities, or otherwise.
We may also from time to time seek to incur additional debt financing from private or public sector sources, refinance our indebtedness
or obtain waivers or modifications to our credit agreements to obtain more favorable terms, enhance flexibility in conducting our business,
or otherwise. We may also seek to manage our interest rate exposure through hedging transactions. We may seek to accomplish any of these
independently or in conjunction with one or more of these actions. However, if market conditions are unfavorable, we may be unable to
accomplish any of the foregoing on acceptable terms or at all.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2022, we were in compliance with
all financial covenants under the CIT Loan Facility.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2022, we had approximately $6 million
in &#8220;restricted cash.&#8221; As of December 31, 2022, we had an aggregate debt outstanding of  $44.4 million, from the
CIT Loan Facility. Please see &#8220;&#8211;Cash Flows&#8221; below to see our cash position at December 31, 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Please see &#8220;Item 5.B. Liquidity and Capital
Resources&#8212;Indebtedness&#8221; for further information about our loan agreements and credit facilities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our primary uses of funds have been vessel operating
expenses, general and administrative expenses, expenditures incurred in connection with ensuring that our vessels comply with international
and regulatory standards, financing expenses, installments under construction contracts and repayments of bank loans.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Working capital, which is current assets, minus current
liabilities, amounted to approximately $45 million as of December 31, 2022 and to $37.8 million as of December 31, 2021. If we are unable
to satisfy our liquidity requirements, we may not be able to continue as a going concern. Seven of our vessels are pledged as collateral
to the banks, and therefore if we were to sell one or more of those vessels, the net proceeds of such sale would be used first to repay
the outstanding debt to which the vessel collateralized, and the remainder, if any, would be for our use, subject to the terms of our
remaining loan and credit arrangements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash and cash equivalents were $52.8 million in unrestricted
bank deposits as of December 31, 2022, and $45.2 million in unrestricted bank deposits as of December 31, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Restricted cash that consist of cash pledged as collateral
was $6 million at the end of 2022, and $5.2 million at the end of 2021. We consider highly liquid investments such as bank time deposits
with an original maturity of three months or less to be cash equivalents.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><i>Net Cash Generated From / (Used In) Operating
Activities</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net cash generated from operating activities in
2022 amounted to $26.9 million compared to $20.8 million in 2021. The increase is primarily attributable to an increase in the
average number of vessels of our fleet and the average TCE rates achieved by the vessels in our fleet in 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><i>Net Cash Used In Investing Activities</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net cash used in investing activities was $29 million
during the year ended December 31, 2022, which was mainly attributable to the advances paid for the three newbuildings during 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net cash used in investing activities was $72 million
during the year ended December 31, 2021, which was mainly attributable to the purchase of Power Globe, Diamond Globe and Orion Globe
in 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><i>Net Cash Generated From Financing Activities</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net cash generated from financing activities during
the year ended December 31, 2022 amounted to $9.7 million and consisted of $18 million proceeds from our new deed of accession, amendment
and restatement of the CIT loan facility reduced by $0.3 million payment of financing costs, $1.6 million of interest paid, $5.4 million
of indebtedness that we repaid, a $0.7 million increase of pledged bank deposits and a $0.3 million repayment of lease liability.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net cash generated from financing activities during
the year ended December 31, 2021 amounted to $77.4 million and consisted of $89.6 million proceeds drawn from the issuance of share capital
plus $34.3 million proceeds from our new loan agreement reduced by $0.6 million payment of financing costs for CIT Loan Facility, $0.4
million of transaction costs that we paid for the issuance of new common shares,, $2.6 million of interest paid, $39.5 million of indebtedness
that we prepaid under our former loan facility, a $3.1 million increase of pledged bank deposits and a $0.2 million repayment of lease
liability.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Please see Item 5.A. of
our Form 20-F filed with the SEC on April 11, 2022 for a discussion of the year-to-year comparison between 2021 and 2020. Please see
Item 5.B. of our Form 20-F filed with the SEC on April 11, 2022 for a discussion of the liquidity and capital resources that we had in
2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We operate in a capital-intensive industry which requires
significant amounts of investment, and we fund a portion of this investment through long-term bank debt.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2022 and 2021, we and our vessel-owning
subsidiaries had outstanding borrowings under the CIT Loan Facility
of an aggregate of $44.4 million and $31.75 million, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><i>Firment Shipping Credit Facility</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In November 2018, we entered into a credit facility
for up to $15 million with Firment Shipping Inc., a related party to us, for the purpose of financing our general working capital needs,
which facility was amended and restated on May 8, 2020. The Firment Shipping Credit Facility was unsecured and remained available until
its final maturity date at October 31, 2021, as amended. We had the right to drawdown any amount up to $15 million or prepay any amount
in multiples of $100,000. Any prepaid amount could have been re-borrowed. Interest on drawn and outstanding amounts was charged at 3.5%
per annum until December 31, 2020, and thereafter at 7% per annum. No commitment fee was charged on the amounts remaining available and
undrawn. Interest was 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 was charged. We had 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 would have equaled the higher of (i) the average of the daily dollar volume-weighted average sale price for
the common stock on the Principal Market on any trading day during the period beginning at 9.30 a.m. New York City time and ending at
4.00 p.m. over the Pricing Period multiplied by 80%, where the &#8220;Pricing Period&#8221; equals the ten consecutive trading days immediately
preceding the date on which the conversion notice was executed or (ii) $280.00.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Firment Shipping Credit Facility required that
Athanasios Feidakis remain our Chief Executive Officer and that Firment</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shipping Inc. maintain at least a 40% shareholding
in us, other than due to actions taken by Firment Shipping Inc., such as sales of shares. The Company obtained waivers from Firment Shipping
Inc. waiving this obligation in connection with the public offering on June 22, 2020, the registered direct offerings on June 30, 2020,
July 21, 2020, December 7, 2020, January 29, 2021, February 17, 2021 and June 29, 2021, and the issuances of the Series B preferred shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 27, 2020, the Company repaid the total outstanding
principal and interest of the Firment Shipping Credit Facility</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">amounting to approximately $863,000. On October 31,
2021, the Firment Shipping Credit Facility expired in accordance with its terms.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><i>EnTrust Loan Facility</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 24, 2019, the Company drew down $37 million
and fully prepaid the existing loan facilities with Hamburg Commercial Bank AG (formerly known as HSH Nordbank AG) and Macquarie Bank
International Limited. The loan facility was in the names of Devocean Maritime Ltd., Domina Maritime Ltd, Dulac Maritime S.A., Artful
Shipholding S.A. and Longevity Maritime Limited as the borrowers and is guaranteed by Globus. The loan facility bore interest at LIBOR
plus a margin of 8.50% (or 10.5% default interest) for interest periods of three months. This loan facility was referred to as EnTrust
Loan Facility.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In March 2021, the Company prepaid $6.0 million of
the Entrust loan facility, which represented all amounts that would otherwise come due during calendar year 2021 and on May 10, 2021,
the Company fully prepaid the balance of the EnTrust Loan facility.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><i>CIT Loan Facility</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2021, we entered into&#160;a term loan facility
with First Citizens Bank &amp; Trust Company (formerly known as CIT Bank N.A.), relating to the refinancing of our ships, the <i>River
Globe</i>, <i>Sky Globe</i>, <i>Star Globe</i>, <i>Moon Globe</i>, <i>Sun Globe</i>, and <i>Galaxy Globe</i>. The borrowers under the
CIT Loan Facility are Devocean Maritime Ltd., Domina Maritime Ltd, Dulac Maritime S.A., Artful Shipholding S.A., Longevity Maritime Limited
and Serena Maritime Limited and the CIT Loan Facility is guaranteed by Globus Maritime Limited.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The loan agreement was for the lesser of $34.25
million and 52.5% of the aggregate market value of our ships. We drew an aggregate of $34.25 million at closing and used a
significant portion of the proceeds to fully repay the amounts outstanding under our loan agreement with EnTrust. We also entered
into a swap agreement with respect to LIBOR. We paid First Citizens Bank &amp; Trust Company (formerly known as CIT Bank N.A.) an
upfront fee in the amount of 1.25% of the total commitment of the loan.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2022, we reached an agreement with
First Citizens Bank &amp; Trust Company (formerly known as CIT Bank N.A.) for a deed of accession, amendment and restatement of the
CIT loan facility by the accession of an additional borrower, Salaminia Maritime Limited, in order to increase the loan facility
from a total of $34.25 million to $52.25 million, by a top up loan amount of $18 million for the purpose of financing vessel Orion
Globe and for general corporate and working capital purposes. The CIT Loan Facility (including the new top up loan amount) became
further secured by a first preferred mortgage over the vessel Orion Globe. Furthermore, the CIT Loan Facility now bears interest at
Term SOFR plus a margin of 3.35% (or 5.35% default interest).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The CIT Loan Facility, as amended, consists of
seven tranches, which shall be repaid in consecutive quarterly installments with the final installment due in May 2026, with each
installment in an aggregate amount of $1,625,000 as well as a balloon payment in an aggregate amount of $21,625,000 due
together.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The CIT Loan Facility may be prepaid. If the prepayment
of any tranche other than the tranche financing Orion Globe occurs on or before May 10, 2023, the prepayment fee is 1% of the amount prepaid,
subject to certain exceptions. If the prepayment of the tranche financing Orion Globe occurs on or before August 10, 2023, the prepayment
fee is 2% of the amount prepaid and thereafter until August 10, 2024, the prepayment fee is 1% of the amount prepaid, subject to certain
exceptions. We cannot reborrow any amount of the CIT Loan that is prepaid or repaid.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The CIT Loan Facility is secured by:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#8226; First preferred mortgage over <i>m/v River
Globe</i>, <i>m/v Sky Globe</i>, <i>m/v Star Globe</i>, <i>m/v Moon Globe</i>, <i>m/v Sun Globe, m/v Galaxy Globe </i>and <i>m/v Orion
Globe</i>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#8226; Guarantee from Globus Maritime Limited and
joint liability of the seven vessel owning companies (each of which is a borrower under the CIT Loan Facility).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#8226; Shares pledges respecting each borrower.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#8226; Pledges of bank accounts, a pledge of each
borrower&#8217;s rights under any interest rate hedging agreement in respect of the CIT Loan Facility, a general assignment over each
ship's earnings, insurances and any requisition compensation in relation to that ship, and an assignment of the rights of Globus Maritime
with respect to any indebtedness owed to it by the borrowers.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are not permitted, without the written consent
of CIT, to enter into a charter the duration of which exceeds or is capable of exceeding, by virtue of any optional extensions, 12 months.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The CIT Loan Facility contains various covenants requiring
the vessels owning companies and/or Globus Maritime Limited to, among other things, ensure that:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">The borrowers, must maintain a minimum liquidity at all times of not less
than $500,000 for each mortgaged ship.</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">A minimum loan (including any exposure under a related hedging agreement)
to value ratio of 70%, except for the tranche financing Orion Globe, for which for the first 18 months of the utilization of that tranche
including any exposure under a related hedging agreement), a minimum loan to value ratio of 75% and thereafter 70%.</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Each borrower must maintain in its earnings account $150,000 in respect
of each ship then subject to a mortgage.</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Globus Maritime Limited must maintain cash in an amount of not less than
$150,000 for each ship that it owns that is not subject to a mortgage as part of the CIT Loan.</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Globus Maritime Limited must have a maximum leverage ratio of 0.75:1.00.</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">If Globus Maritime Limited pays a dividend, subject to certain exceptions,
then the debt service coverage ratio (i.e., aggregate EBITDA of Globus Maritime Limited for any period to the debt service for such period)
after such dividend and for the remain of the CIT Loan Facility shall be at least 1.15:1.00.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each borrower must create a reserve fund in the
reserve account to meet the anticipated dry docking and special survey fees and expenses for the relevant ship owned by it and (for
certain ships) the installation of ballast water treatment system on the ship owned by it by maintaining in the reserve account a
minimum credit balance that may not be withdrawn (other than for the purpose of covering the documented and incurred costs and
expenses for the next special survey of that ship). Amounts must be paid into this reserve account quarterly, such that $1,200,000
is set aside by each borrower for its ship&#8217;s special survey, except for Serena Maritime Limited and Salaminia Maritime
Limited, each of which is required to set aside quarterly payments that aggregate to $900,000.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No borrower shall incur or permit to be outstanding
any financial indebtedness except &#8220;Permitted Financial Indebtedness.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#8220;Permitted Financial Indebtedness&#8221; means:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;any financial
indebtedness incurred under the finance documents;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;the indebtedness
under the EnTrust loan, which has been repaid; and </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;any financial
indebtedness (including permitted inter-company loans) that is subordinated to all financial indebtedness incurred under the finance documents
pursuant to a subordination agreement or, in the case of any permitted inter-company loans pursuant to the CIT Loan Facility or otherwise
and which is, in the case of any such financial indebtedness of a borrower (other than financial indebtedness arising out of any permitted
inter-company loan), the subject of subordinated debt security;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Globus Maritime Limited is prohibited from making
dividends (other than up to $500,000 annually on or in respect of its preferred share) in cash or redeem or repurchase its shares unless
there is no event of default under the CIT Loan Facility, the net loan (including any exposure under a related hedging agreement) to value
ratio is less than 60% before the making of the dividend and Globus Maritime Limited is in compliance with the debt service coverage ratio,
and Globus Maritime Limited must prepay the CIT Loan Facility in an equal amount of the dividend.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The CIT Loan Facility also prohibits certain changes
of control, including, among other things, the delisting of Globus from the Nasdaq or another internationally recognized stock exchange,
or the acquisition by any person or group of persons (acting in concert) of a majority of the shareholder voting rights or the ability
to appoint a majority of board members or to give directions with respect to the operating and financial policies of Globus Maritime Limited
with which the directors are obliged to comply, other than those persons disclosed to First Citizens Bank &amp; Trust Company (formerly
known as CIT Bank N.A.) on or around the date of the CIT Loan Facility and their affiliates and immediate family members.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As at December 31, 2022, the Company was in compliance
with the covenants of the CIT Loan Facility. We believe that the CIT Loan Facility is adequate to meet our needs for the foreseeable
future based on our current vessel ownership.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The major trading currency of our business is the
U.S. dollar. Movements in the U.S. dollar relative to other currencies can potentially impact our operating and administrative expenses
and therefore our operating results.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We believe that we have a low-risk approach to treasury
management. Cash balances are invested in term deposit accounts, with their maturity dates projected to coincide with our liquidity requirements.
Credit risk is diluted by placing cash on deposit with a variety of institutions in Europe, including a small number of banks in Greece,
which are selected based on their credit ratings. We have policies to limit the amount of credit exposure to any particular financial
institution.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2022 and 2021, we did not use
any financial instruments designated in our consolidated financial statements as those with hedging purposes.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We make capital expenditures from time to time in
connection with our vessel acquisitions or vessel improvements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 9, 2021, we took delivery of the m/v &#8220;Diamond
Globe&#8221;, a 2018-built Kamsarmax dry bulk carrier, through its subsidiary, Argo Maritime Limited, for a purchase price of $27 million
financed with available cash. The m/v &#8220;Diamond Globe&#8221; was built at Jiangsu New Yangzi Shipbuilding Co., Ltd and has a carrying
capacity of 82,027 dwt.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 20, 2021, we took delivery of the m/v &#8220;Power
Globe&#8221;, a 2011-built Kamsarmax dry bulk carrier, through its subsidiary, Talisman Maritime Limited, for a purchase price of $16.2
million financed with available cash. The m/v &#8220;Power Globe&#8221; was built at Universal Shipbuilding Corporation in Japan and has
a carrying capacity of 80,655 dwt.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 29, 2021, we took delivery of the m/v
&#8220;Orion Globe&#8221;, a 2015-built Kamsarmax dry bulk carrier, through its subsidiary, Salaminia Maritime Limited, for a purchase
price of $28.4 million financed with available cash. The m/v &#8220;Orion Globe&#8221; was built at Tsuneishi Zosen in Japan and has a
carrying capacity of 81,837 dwt.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 29, 2022, we entered into a contract, through
our subsidiary Calypso Shipholding S.A., for the construction and purchase of one fuel efficient bulk carrier with a carrying capacity
of about 64,000 dwt. The vessel will be built at Nihon Shipyard Co. in Japan and is scheduled to be delivered during the first half of
2024. The total consideration for the construction of the vessel is approximately $37.5 million, which we intend to finance with a combination
of debt and equity. In May 2022 we paid the first installment of $7.4 million.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 13, 2022, we signed two contracts, through
our subsidiaries Daxos Maritime Limited and Paralus Shipholding S.A., for the construction and purchase of two fuel efficient bulk carriers
with a carrying capacity of about 64,000 dwt each. The sister vessels will be built at Nantong COSCO KHI Ship Engineering Co. in China
with the first one scheduled to be delivered during the third quarter of 2024 and the second one scheduled during the fourth quarter of
2024. The total consideration for the construction of both vessels is approximately $70.3 million, which we intend to finance with a combination
of debt and equity. In May 2022 we paid the first installment of $13.8 million and in November 2022 we paid the second installment of
$6.9 million for both vessels under construction.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have no other binding agreements to purchase any
additional vessels but may do so in the future. We expect that any purchases of vessels will be paid for with cash from operations, with
funds from new credit facilities from banks with whom we currently transact business, with loans from banks with whom we do not have a
banking relationship but will provide us funds at terms acceptable to us, with funds from equity or debt issuances or any combination
thereof.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We incur additional capital expenditures when our
vessels undergo surveys. This process of recertification may require us to reposition these vessels from a discharge port to shipyard
facilities, which will reduce our operating days during the period. The loss of earnings associated with the decrease in operating days,
together with the capital needs for repairs and upgrades, is expected to result in increased cash flow needs. We expect to fund these
expenditures with cash on hand.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>C.&#160;&#160;Research and
Development, Patents and Licenses, etc.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We incur, from time to time, expenditures relating
to inspections for acquiring new vessels that meet our standards. Such expenditures are insignificant and they are expensed as they incur.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>D.&#160;&#160;Trend Information</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our results of operations depend primarily
on the charter rates earned by our vessels. Over the course of 2022, the BDI registered a high of 3,369 on May 23, 2022 and a low of 965
on August 31, 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Since the start of the financial crisis in
2008 the performance of the BDI has been characterized by high volatility, as the growth in the size of the dry bulk fleet outpaced growth
in vessel demand for an extended period of time.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">Specifically,
in the period from 2010 to 2020, the size of the fleet in terms of deadweight tons grew by an annual average of about 6.0% while the
corresponding growth in demand for dry bulk carriers grew by 3.1%, resulting in a drop of about 61% in the value of the BDI over the
period. In 2021, the total size of the dry bulk fleet rose by about 3.6%, compared to demand growth of 4.1%, which resulted in a 176%
increase in the BDI. The global dry cargo fleet deadweight carrying capacity for 2022 increased by approximately 2.8% which remains significantly
lower from the substantial increases during the early 2000s and mid-2010s. The global dry cargo fleet deadweight carrying capacity is
forecasted to grow <span style="font-size: 10pt">2.7% in 2023, according to BIMCO, and BIMCO expects demand to grow by 1.5-2.5% in 2023
and by 1-2% in 2024.</span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><span style="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Charter (or hire) rates paid for dry bulk vessels
are generally a function of the underlying balance between vessel supply and demand. Over the past 25 years, dry bulk cargo charter rates
have passed through cyclical phases and changes in vessel supply and demand have created a pattern of rate &#8220;peaks&#8221; and &#8220;troughs.&#8221;
Generally, short-term or spot/voyage charter rates will be more volatile than time charter rates, as they reflect short-term movements
in demand and market sentiment. The BDI remained significantly depressed from 2008-2019. In 2021, the BDI rose to a high of 5,650 on October
7, 2021 and had a low of 1,303 on February 10, 2021. In 2022, the BDI ranged from a low of 965 on August 31, 2022 to a high of 3,369 on
May 23, 2022. During calendar year 2023 to date, the BDI has ranged from a high of 1,587 (on March 14, 2023) to a low of 601 (on February
7, 2023).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the beginning of 2023, the forecast for World GDP
was expected to increase by 2.9% for the year 2023 and 3.1% for the year 2024, yet many analysts now predict a negative effect on 0.2%-1%
due to the hostilities between Russia and Ukraine.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Black Sea region is an important area for dry
bulk shipping, as major grain cargoes are loaded and transported in the Black Sea for worldwide discharging. As hostilities continue,
we are aware that these grain volumes may be sourced elsewhere. This means increased ton miles for the dry bulk fleets as these commodities
will need to be sourced possibly from the USG or ECSA areas, and travel to the Far East. As a result, the coal trade flows may be significantly
affected especially in the event that countries and regions decide to move away from Russian sourced energy commodities; these then will
have to be sourced from elsewhere - potentially through faraway overseas routes. As hostilities enter their second year, there continues
to be significant volatility and increased uncertainty with a significant impact on the dry bulk market. If these conditions are sustained,
the longer-term net impact on the dry bulk shipping market and our business would be difficult to predict. However, such events may have
unpredictable consequences, and contribute to instability in global economy, a decrease in supply or cause a decrease in worldwide demand
for certain goods and, thus, shipping.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The dry bulk orderbook stands at 69 million dwt, or
7.1% as percentage of the world&#8217;s total dry bulk fleet. Specifically, it is 5.8% for the Capesize segment, 8.2 for the Panamax (Kamsarmax)
segment and 7.7% for the Handymax segment. The fleet orderbook comprises deliveries of 31.2 million dwt for 2023 and 26 million dwt for
2024.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Please read &#8220;Item 4. B. Business Overview,&#8221;
Item 5. A. Operating Results&#8221; and &#8220;Item 5. B. Liquidity and Capital Resources.&#8221;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>E.&#160;&#160;Critical Accounting
Estimates</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Because we apply in our primary financial statements
IFRS as issued by the IASB, we are not required to discuss information about our critical accounting estimates here.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="a_009"></span>Item 6.&#160;&#160;Directors, Senior Management
and Employees</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><b><i>A. Directors and Senior Management</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth information regarding
our executive officers, our directors and our secretary. Our articles of incorporation provide for a board of directors serving staggered,
three-year terms, other than any members of our board of directors that may serve at the option of the holders of preferred shares, if
any are issued with relevant appointment powers. The term of our Class I directors expires at our annual general meeting of shareholders
in 2023, the term of our Class II director expires at our annual general meeting of shareholders in 2024, and the term of our Class III
director expires at our annual general meeting of shareholders in 2025. Officers are appointed from time to time by our board of directors
and hold office until a successor is appointed or their employment is terminated. The business address of each of the directors and officers
is c/o Globus Shipmanagement Corp., 128 Vouliagmenis Avenue, 3rd Floor, 166 74 Glyfada, Attica, Greece.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: White">
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    <td>&#160;</td>
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    </tr>
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    <td style="text-align: left; vertical-align: top; width: 33%"><span style="font-size: 10pt">Georgios Feidakis</span></td>
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    <td style="text-align: left; vertical-align: top; width: 32%"><span style="font-size: 10pt">72</span></td>
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    <td style="text-align: left"><span style="font-size: 10pt">Ioannis Kazantzidis</span></td>
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    <td>&#160;</td>
    <td style="text-align: left"><span style="font-size: 10pt">72</span></td>
    </tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-size: 10pt">Jeffrey O. Parry</span></td>
    <td>&#160;</td>
    <td style="text-align: left"><span style="font-size: 10pt">Director</span></td>
    <td>&#160;</td>
    <td style="text-align: left"><span style="font-size: 10pt">63</span></td>
    </tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: left"><span style="font-size: 10pt">Athanasios Feidakis</span></td>
    <td>&#160;</td>
    <td style="text-align: left"><span style="font-size: 10pt">Director, President, Chief Executive Officer, Chief Financial Officer</span></td>
    <td>&#160;</td>
    <td style="text-align: left"><span style="font-size: 10pt">36</span></td>
    </tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-size: 10pt">Olga Lambrianidou</span></td>
    <td>&#160;</td>
    <td style="text-align: left"><span style="font-size: 10pt">Secretary</span></td>
    <td>&#160;</td>
    <td style="text-align: left"><span style="font-size: 10pt">67</span></td>
    </tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Biographical information with respect to each of our
directors and our officers is set forth below.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Georgios (&#8220;George&#8221;) Feidakis</b>, a
Class III director, is our founder and has served as our non-executive chairman of our board of directors since inception. Mr. George
Feidakis is also the major shareholder and Chairman of F.G. Europe S.A., or FG Europe, a company he has been involved with since 1994
and acts as a director and executive for several of its subsidiaries. FG Europe has been our landlord since August 2022. FG Europe is
active in four lines of business and distributes well-known brands of appliances and electronics in Greece, the Balkans, Turkey, Italy
and the U.K. FG Europe is also active in the air-conditioning, household appliances and electronics market in Greece and ten other countries
in Europe as well as in the production of renewal energy. Mr. George Feidakis is also the director and chief executive officer of R.F.
Energy S.A., a company that plans, develops and controls the operation of energy projects, and acts as a director and executive for several
of its subsidiaries. Since January 31, 2017, Mr. Feidakis has been the majority shareholder of Eolos Shipmanagement SA. Mr. Feidakis is
also a principal shareholder of Cyberonica S.A., a family-owned company, which was our landlord until August 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Athanasios (&#8220;Thanos&#8221;) Feidakis</b>,*
a Class I director was appointed to our board of directors in July 2013. In December 2015, Mr. Athanasios Feidakis was also appointed
our President, CEO and CFO, and is our sole executive officer. From October 2011 through June 2013, Mr. Athanasios Feidakis worked for
our operations and chartering department as an operator.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Jeffrey O. Parry</b>, a Class II director, has
served on our board of directors since July 2010. Mr. Parry is managing partner of Mystic Marine Advisors LLC, a Connecticut-based firm
providing strategic advice and execution to turnaround and emerging companies and their stakeholders, which he founded in 1998. Mr. Parry
is an independent board member of Elevai Labs, Inc. a California-based skin care company since September 2022 and an independent board
director of Digitrax Entertainment, Inc., a Tennessee-based music technology company, since October 2022. Mr. Parry was chairman of the
board of directors of TBS Shipping Limited from April 2012 until March 2018. From July 2008 to October 2009, he was president and chief
executive officer of Nasdaq-listed Aries Maritime Transport Limited. Mr. Parry holds a B.A. from Brown University and an MBA from Columbia
University.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Ioannis Kazantzidis</b>, a Class I director,
was appointed to our board in November 2016 to fill a vacancy in our board of directors. Mr. Kazantzidis has been the principal of
Porto Trans Shipping LLC, a shipping and logistics company based in the United Arab Emirates, since 2007. Between 1987 to 2007, Mr.
Kazantzidis was with HSBC Group, where he served in managerial positions participating in the development and implementation of
financial systems in multiple locations. Mr. Kazantzidis has since 2009 been a Director of Saeed Mohammed Heavy Equipment Trading
LLC, a general trading company, based in Jebel Ali, UAE. Mr. Kazantzidis has served as the Chairman of Nazaki Corporation, a private
investment company based in the British Virgin Islands, since 1988. Mr. Kazantzidis has served, from 2015 to 2018, as the Chairman
of W.M.Mendis Hotel Pvt Ltd in the Republic of Sri Lanka. From 1989 to 2015, he was the Chairman of Fishermans Wharf Pvt Ltd, and a
director of Dow Corning Lanka Pvt Ltd from 2000 to 2013 and Propasax Pvt Ltd from 2010 to 2015. As of December 31, 2020, Mr.
Kazantzidis is a Director of Longdom Place Developer LLC.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is not aware of any agreements or arrangements
between any director and any person or entity other than the Company relating to the Compensation or other payments in connection with
such director&#8217;s candidacy or service as a director of the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><b><i>B.&#160;&#160;Compensation</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">In August 2016, the
Company entered into a consultancy agreement with Goldenmare Limited, an affiliated company of our CEO, Mr. Athanasios Feidakis, for the
purpose of providing consulting services to the Company in connection with the Company&#8217;s international shipping and capital raising
activities, including but not limited to assisting and advising the Company&#8217;s CEO. The annual fees for the services provided previously
amounted to &#8364;200,000. Goldenmare Limited is eligible to receive bonus compensation (whether in the form of cash and/or equity and/or
quasi-equity awards) for the services provided and such bonus shall be determined by the Remuneration Committee or the Board of the Company.
If the Company terminates the agreement without cause, or either party terminates after a change of control of the Company, then we will
pay the consultant double the annual consulting fees plus the average annual bonus (including the value of equity awards) granted to the
consultant throughout the term of the consultancy agreement.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"></span></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">In December 2020, we
agreed to increase the consultancy fees of Goldenmare Limited from &#8364;200,000 to &#8364;400,000 per annum and additionally pay a
one-time cash bonus of $1.5 million pursuant to the consultancy agreement, all of which was paid in 2021. In addition, in December 2021,
we agreed to pay a one-time cash bonus of $1.5 million to Goldenmare Limited pursuant to the consultancy agreement, half of which was
to be paid immediately and the other half during 2022, if at the time of the payment Mr. Athanasios Feidakis remains our CEO and the
Goldenmare Limited has not terminated its consultancy agreement. At the time of the filing of the annual report on Form 20-F, no amounts
of the bonus granted in December 2021 has been paid.</span> <span style="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span><span style="font-size: 10pt">Each
of our other directors has an appointment letter relating to his appointment as a director.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2022, the aggregate remuneration that should have
been paid for our chief executive officer or a company affiliated with our chief executive officer amounted to approximately $2.0 million,
none of which was paid as of December 31, 2022. In 2023, we paid approximately $406,000 of the such amount. In 2021, the aggregate remuneration
that should have been paid for our executive officer or a consultant affiliated with our chief executive officer amounted to approximately
$1.2 million, but we paid approximately $231,000 and owed approximately $985,000 as of December 31, 2021. The aggregate remuneration that
should have been paid for our executive officer or a consultant affiliated with our executive officer in 2020 was approximately $1.8 million
(and we paid $200,000 in 2020 and $1.6 million in 2021).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The aggregate compensation, including bonuses, actually
paid to members of our senior management (namely, only our Chief Executive Officer) or a consulting company which is an affiliate of our
executive officer (including amounts that were owed from previous years) was approximately $57 thousand in 2022, $1.9 million in 2021
and $650,000 in 2020. Our senior management received no common shares in 2022, 2021 and 2020. In addition, we owed our senior management
or a consultant affiliated with our senior management, $2.1 million, $985,000 and $1.7 million on December 31, 2022, 2021 and 2020, respectively.
We currently owe our senior management or a consulting company affiliated with our senior management an aggregate of $1.7 million.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2022 we changed how we compensate our non-executive
directors. Our non-executive directors each receive $40,000 annually as members of our board. In addition, each non-executive and independent
directors who previously received shares receive an additional $20,000 per year. Non-executive and independent directors on our remuneration
committee and compensation committee each receive an additional $5,000 annually per committee. The chairperson of our audit committee
receives an additional $10,000 annually, our lead independent director (i.e., Jeffrey O. Parry) receives an additional $10,000 annually,
and the chairperson of our board receives an additional $40,000 annually. The aggregate compensation other than share based compensation
actually paid to our non-executive directors in 2022 was $285,000, in 2021 was $120,000 and in 2020 was approximately $311,250. In addition,
in 2021 and 2020, non-executive directors (excluding our non-executive Chairman, Mr. George Feidakis) received an aggregate of 12,178
common shares and 2,812 common shares, respectively. In 2022 they received no common shares. As of December 31, 2022, we had not yet paid
our non-executive directors the cash amounts that we agreed to pay them for their prior service; such amount in the aggregate was $60,000
for 2022, which amount was paid in 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are bound by Greek labor law with respect to our
Greek employees, which provides certain payments to these employees upon their dismissal or retirement. We accrued as of December 31,
2022 a non-current liability of approximately $148,000 for such payments.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>C.&#160;&#160;Board Practices</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each director holds office until his successor
is elected or appointed, unless his office is earlier vacated in accordance with the articles of incorporation or with the
provisions of the BCA. In addition to cash compensation, we historically paid each of Mr. Kazantzidis and Mr. Parry $20,000 in
common shares annually, however, in 2022 we changed our policies and each of those directors receives cash payments as further
detailed in &#8220;Item 6.B. Directors, Senior Management and Employees&#8212;Compensation.&#8221; The members of our senior
management are appointed to serve at the discretion of our board of directors. Our board of directors and committees of our board of
directors schedule regular meetings over the course of the year. Under the Nasdaq rules, we believe that Mr. Ioannis Kazantzidis and
Mr. Parry are independent directors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Audit Committee is comprised of Ioannis Kazantzidis
and Jeffrey O. Parry. It is responsible for ensuring that our financial performance is properly reported on and monitored, for reviewing
internal control systems and the auditors&#8217; reports relating to our accounts and for reviewing and approving all related party transactions.
Our board of directors has determined that Ioannis Kazantzidis is our audit committee financial expert, and he is the chair of the committee. Each Audit Committee member has
experience in reading and understanding financial statements, including statements of financial position, statements of comprehensive
income and statements of cash flows.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Remuneration Committee is comprised of Athanasios
Feidakis, Jeffrey O. Parry and Ioannis Kazantzidis. It is responsible for determining, subject to approval from our board of directors,
the remuneration guidelines to apply to our executive officer, secretary and other members of the executive management as our board of
directors designates the Remuneration Committee to consider. It is also responsible for suggesting the total individual remuneration packages
of each director including, where appropriate, bonuses, incentive payments and share options. The Remuneration Committee is responsible
for declaring dividends on our Series A Preferred Shares, if any. The Remuneration Committee will also liaise with the Nomination Committee
to ensure that the remuneration of newly appointed executives falls within our overall remuneration policies.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information about the term of each director,
see &#8220;Item 6.A. Directors and Senior Management.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>D.&#160;&#160;Employees</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2022, we had 22 full-time employees
and two consultants that we hired directly. All of our employees are located in Greece and are engaged in the service and management
of our fleet. None of our employees are covered by collective bargaining agreements, although certain crew members (which are not our
employees but hired through crewing agents) are parties to collective bargaining agreements. We do not employ a significant number of
temporary employees.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>E.&#160;&#160;Share Ownership</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">With respect to the total number of common shares
owned by our executive officer and our directors, individually and as a group, please read &#8220;Item 7.&#160;Major Shareholders and
Related Party Transactions.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Equity Incentive Plan </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our 2012 equity incentive plan expired in 2022.
We have no such plan in effect at this time. No awards were granted pursuant to the equity incentive plan during the years ended
December 31, 2022, 2021 and 2020, but we issued shares directly to our directors, which was not part of the equity incentive
program.<i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt; text-align: justify">&#9;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="a_010"></span>Item 7.&#160;&#160;Major Shareholders and Related
Party Transactions</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>A.&#160;&#160;Major Shareholders</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth information concerning
ownership of our common shares as of March 17, 2023 by persons who beneficially own more than 5.0% of our outstanding common shares,
each person who is a director of our company, the executive officer named in this annual report on Form 20-F and our directors and executive
officer as a group.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The numbers of shares and percentages of beneficial
ownership are based on 20,582,301 common shares outstanding on March 17, 2023. All common shares owned by the shareholders listed in
the table below have the same voting rights as the other of our outstanding common shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">With respect to the persons who beneficially own
more than 5.0% of our outstanding common shares, we have prepared the following table based on information filed with the SEC, and we
have not sought to verify such information, and have assumed that such information remains current. Ownership and percentage ownership
are determined in accordance with the rules and regulations of the SEC regarding beneficial ownership and include voting or investment
power with respect to common shares. This information does not necessarily indicate beneficial ownership for any other purpose. In computing
the number of common shares beneficially owned by a beneficial holder and the percentage ownership of that beneficial holder, common
shares underlying warrants held by that beneficial holder that are exercisable as of March 17, 2023, or exercisable within 60 days after
March 17, 2023, are deemed outstanding. Such common shares, however, are not deemed outstanding for the purposes of computing the percentage
ownership of any other person. The number of common shares owned and percentages in the table below do give effect to any beneficial
ownership blockers contained in any warrants that we have issued.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The beneficial ownership information set forth in
the table below is based on beneficial ownership reports furnished to the SEC or information regarding the beneficial ownership of our
common shares delivered to us:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="background-color: White">
    <td style="border-bottom: Black 0.5pt solid; text-align: left; vertical-align: bottom"><span style="font-size: 10pt">Name and address of beneficial owner</span></td>
    <td style="vertical-align: bottom; padding-right: 0.8pt">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">Number
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    <td style="vertical-align: bottom; padding-right: 0.8pt; text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">Percentage
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    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="text-align: left; vertical-align: bottom; width: 78%"><span style="font-size: 10pt"><b><i>5% Beneficial Owners</i></b></span></td>
    <td style="vertical-align: bottom; width: 1%; padding-right: 0.8pt">&#160;</td>
    <td style="vertical-align: bottom; width: 10%; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; width: 1%; padding-right: 0.8pt">&#160;</td>
    <td style="vertical-align: bottom; width: 10%; text-align: right">&#160;</td>
    </tr>
  <tr style="background-color: White">
    <td style="text-align: left; vertical-align: bottom"><span style="font-size: 10pt">Armistice Capital, LLC (1)</span></td>
    <td style="vertical-align: bottom; padding-right: 0.8pt">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">1,200,000</span></td>
    <td style="vertical-align: bottom; padding-right: 0.8pt">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">5.5%</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="text-align: left; vertical-align: bottom"><span style="font-size: 10pt">Intracoastal Capital LLC (2)</span></td>
    <td style="vertical-align: bottom; padding-right: 0.8pt">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">1,959,250</span></td>
    <td style="vertical-align: bottom; padding-right: 0.8pt">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">8.7%</span></td>
    </tr>
  <tr style="background-color: White">
    <td style="text-align: left; vertical-align: bottom"><span style="font-size: 10pt">Lind Global Macro Fund, LP (3)</span></td>
    <td style="vertical-align: bottom; padding-right: 0.8pt">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">2,093,808</span></td>
    <td style="vertical-align: bottom; padding-right: 0.8pt">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">9.2%</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="text-align: left; vertical-align: bottom"><span style="font-size: 10pt">Hudson Bay Master Fund Ltd. (4)</span></td>
    <td style="vertical-align: bottom; padding-right: 0.8pt">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">2,284,381</span></td>
    <td style="vertical-align: bottom; padding-right: 0.8pt">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">9.99%</span></td>
    </tr>
  <tr style="background-color: White">
    <td style="text-align: left; vertical-align: bottom"><span style="font-size: 10pt"><b><i>Executive Officer and Directors</i></b></span></td>
    <td style="vertical-align: bottom; padding-right: 0.8pt">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom; padding-right: 0.8pt">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="text-align: left; vertical-align: bottom"><span style="font-size: 10pt">George Feidakis (5)</span></td>
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    <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">761,530</span></td>
    <td style="vertical-align: bottom; padding-right: 0.8pt">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">3.7%</span></td>
    </tr>
  <tr style="background-color: White">
    <td style="text-align: left; vertical-align: bottom"><span style="font-size: 10pt">Ioannis Kazantzidis</span></td>
    <td style="vertical-align: bottom; padding-right: 0.8pt">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">7,639</span></td>
    <td style="vertical-align: bottom; padding-right: 0.8pt">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">*%</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="text-align: left; vertical-align: bottom"><span style="font-size: 10pt">Jeffrey O. Parry</span></td>
    <td style="vertical-align: bottom; padding-right: 0.8pt">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">7,619</span></td>
    <td style="vertical-align: bottom; padding-right: 0.8pt">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">*%</span></td>
    </tr>
  <tr style="background-color: White">
    <td style="text-align: left; vertical-align: bottom"><span style="font-size: 10pt">Athanasios Feidakis (6)</span></td>
    <td style="vertical-align: bottom; padding-right: 0.8pt">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">79,718</span></td>
    <td style="vertical-align: bottom; padding-right: 0.8pt">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">*%</span></td>
    </tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-size: 10pt"><b><i>Our executive officer and all directors as a group</i></b></span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><b>856,506</b></span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
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    </tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>&#160;</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>(1) Armistice Capital, LLC is the investment manager
of Armistice Capital Master Fund Ltd. (the &#8220;Armistice Master Fund&#8221;), the direct holder of the securities, and pursuant to
an Investment Management Agreement, Armistice Capital, LLC exercises voting and investment power over the securities of Globus held by
the Armistice Master Fund and thus may be deemed to beneficially own the securities of Globus held by the Armistice Master Fund. Mr. Steven
Boyd, as the managing member of Armistice Capital, LLC, may be deemed to beneficially own the securities of Globus held by the Master
Fund. The Master Fund specifically disclaims beneficial ownership of the securities of Globus directly held by it by virtue of its inability
to vote or dispose of such securities as a result of its Investment Management Agreement with Armistice Capital, LLC. The address of the
principal business office for Armistice Capital, LLC and Mr. Boyd is 510 Madison Avenue, 7th Floor, New York, New York 10022. Based on
information held by Globus, we believe that the common shares beneficially owned by Armistice Capital, LLC are in the form of warrants
that we have issued.</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>(2) Mitchell P. Kopin and Daniel B. Asher have
filed a Schedule 13G with the SEC as beneficial owners of the shares beneficially held Intracoastal Capital LLC. All of the 1,959,250
beneficially owned shares held by Intracoastal Capital LLC referenced in the relevant Schedule 13G are in the form of warrants that we
have issued. The principal business office of Mr. Kopin and Intracoastal Capital LLC is 245 Palm Trail, Delray Beach, Florida 33483. The
principal business office of Mr. Asher is 111 W. Jackson Boulevard, Suite 2000, Chicago, Illinois 60604.</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>(3) The reporting persons&#8217; ownership consists
of warrants to purchase 2,093,808 common shares. Lind Global Partners LLC, the general partner of Lind Global Macro Fund, LP, may be deemed
to have sole voting and dispositive power with respect to the shares held by Lind Global Macro Fund, LP. Jeff Easton, the managing member
of Lind Global Partners LLC, may be deemed to have sole voting and dispositive power with respect to the shares held by Lind Global Macro
Fund, LP. The address of the principal business office for Lind Global Partners LLC, Lind Global Macro Fund, LP and Mr. Easton is 444
Madison Ave, Floor 41, New York, NY 10022.</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>(4) Hudson Bay Capital Management LP, the investment
manager of Hudson Bay Master Fund Ltd., and has voting and investment power over these securities. Sander Gerber is the managing member
of Hudson Bay Capital GP LLC, which is the general partner of Hudson Bay Capital Management LP. Sander Gerber disclaims beneficial ownership
over these securities. All of the 2,284,381 beneficially owned shares held by Hudson Bay Master Fund Ltd referenced in the relevant Schedule
13G are issuable upon exercise of warrants. The warrants are subject to a 9.99% beneficial ownership blocker and the percentage indicates
the effect of such blocker. The address of the business office of each of the such persons is 777 Third Avenue, 30th Floor, New York,
NY 10017.</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>(5) Mr. George Feidakis beneficially owns 761,530
common shares through Firment Shipping Inc., a Marshall Islands corporation for which he exercises sole voting and investment power. Mr.
George Feidakis and Firment Shipping Inc. disclaim beneficial ownership over such common shares except to the extent of their pecuniary
interests in such shares. </i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>When we filed our annual report for the year ended
2021, 2020, and 2019, Mr. George Feidakis beneficially owned 3.7%, less than 1%, and 22.1% of our common shares, respectively. </i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>(6) Athanasios Feidakis controls Goldenmare Limited,
which owns 10,300 Series B preferred shares. Each Series B preferred share entitles the holder thereof 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 B preferred shares may exercise
voting rights pursuant to Series B preferred shares that would result in the aggregate voting power of any beneficial owner of such shares
and its affiliates (whether pursuant to ownership of Series B preferred shares, common shares or otherwise) to exceed 49.99%. For a further
description of the Series B preferred shares, see &#8220;Item 10.B. Memorandum and Articles of Association
&#8211; Preferred Shares.&#8221;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the best of our knowledge, except as disclosed
in the table above (including the Series B preferred shares referenced above), we are not owned or controlled, directly or indirectly,
by another corporation or by any foreign government. To the best of our knowledge, there are no agreements in place that could result
in a change of control of us.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>B.&#160;&#160;Related Party
Transactions</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 5, 2021, the Company entered into a rental
agreement for 902 square meters of office space for its operations within a building leased by Cyberonica S.A. (an affiliate of our chairman)
at a monthly rate of Euro 26,000 with a lease period ending August 4, 2024. The previous rental agreement with Cyberonica was terminated,
which agreement had been in place since 2016 and provided for a monthly rate of &#8364;10,360. In June 2022, we entered into a new rental
agreement with F.G. Europe (an affiliate of Globus&#8217;s chairman) for the same office space, at the same rate of Euro 26,000
 and with the same lease period ending of August 4, 2024. The previous rental agreement with Cyberonica was terminated. During
the years ended December 31, 2022, 2021 and 2020 fiscal years, the rent charged amounted to $341,000, $242,000 and $141,000, respectively,
to F.G. Europe and Cyberonica S.A for the rental of office space for our operations. As of December 31, 2022, we did not owe any amount
in back rent to F.G. Europe.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 18, 2016, the Company entered into a consultancy
agreement with Goldenmare Limited, an affiliated company of our CEO, for the purpose of providing consulting services to the Company in
connection with the Company&#8217;s international shipping and capital raising activities, including but not limited to assisting and
advising the Company&#8217;s CEO. <span style="background-color: white">The annual fees for the services provided amounted to &#8364;200,000.
The consulting company is eligible to receive bonus compensation (whether in the form of cash and/or equity and/or quasi-equity awards)
for the services provided and such bonus shall be determined by the Remuneration Committee or the Board of the Company.&#160; If the Company
terminates the agreement without cause, or either party terminates after a change of control of the Company, then we will pay the consulting
company double the annual consultancy fee plus the average annual bonus (including the value of equity awards) granted to the consulting
company throughout the term of the consultancy agreement. </span> In December 2020, we agreed to increase the consultancy fees of Goldenmare
Limited from &#8364;200,000 to &#8364;400,000 per annum and additionally pay a one-time cash bonus of $1.5 million pursuant to the consultancy
agreement, which was paid in full in 2021. In addition, in December 2021, we agreed to pay a one-time cash bonus of $1.5 million to Goldenmare
Limited pursuant to the consultancy agreement, half of which was to be paid immediately and the other half during 2022, if at the time
of the latter payment Mr. Athanasios Feidakis remains our CEO and Goldenmare Limited has not terminated its consultancy agreement. At
the time of the filing of the annual report on Form 20-F, no amounts of the bonus has been paid. Each of our other directors has a contract
relating to his appointment as a director.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 15, 2021 we entered into a consultancy agreement
with Eolos Shipmanagement S.A. for the purpose of providing consultancy services to Eolos Shipmanagement S.A. For these services our
Manager receives a daily fee of $1,000. Our chairman of the board is the majority shareholder of Eolos Shipmanagement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In June 2020, we entered into a stock purchase agreement
and issued 50 of our newly designated Series B preferred shares, par value $0.001 per share, to Goldenmare Limited, a company controlled
by our Chief Executive Officer, Athanasios Feidakis, in return for $150,000, which amount was settled by reducing, on a dollar-for-dollar
basis, the amount payable by the Company to Goldenmare Limited pursuant to a consultancy agreement. In July 2020, we entered into another
stock purchase agreement and issued an additional 250 of our Series 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 by the Company to Goldenmare Limited pursuant to a consultancy
agreement. In addition, we increased the maximum voting rights under the Series B preferred shares from 49.0% to 49.99%. In March 2021,
we entered into another stock purchase agreement and issued an additional 10,000 of our Series B preferred shares to Goldenmare Limited
in return for $130,000, which was settled by reducing, on a dollar-for-dollar basis, the amount payable by the Company to Goldenmare Limited
pursuant to a consultancy agreement. For a description of the Series B preferred shares, see &#8220;Item 10.B. Memorandum and Articles of Association &#8211; Preferred Shares.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We historically had entered into certain related party
transactions. See &#8220;Item 4.A. History and Development of the Company.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><b><i>C.&#160;&#160;Interests of Experts
and Counsel</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not Applicable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="a_011"></span>Item 8.&#160;&#160;Financial Information</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><b><i>A. Consolidated Statements and Other
Financial Information</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">See Item 18.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have not been involved in any legal proceedings
which may have, or have had, a significant effect on our business, financial position, results of operations or liquidity, nor are we
aware of any other proceedings that are pending or threatened which may have a significant effect on our business, financial position,
results of operations or liquidity. From time to time, we may be subject to legal proceedings and claims in the ordinary course of business,
principally personal injury and property casualty claims. We expect that these claims would be covered by insurance, subject to customary
deductibles. Those claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Our Dividend Policy and Restrictions on Dividends</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The declaration, timing and amount of any dividend
is subject to the discretion of our board of directors and will be dependent upon our earnings, financial condition, market prospects,
capital expenditure requirements, investment opportunities, restrictions in our loan agreements, the provisions of the Marshall Islands
law affecting the payment of dividends to shareholders, overall market conditions, reserves established by our board of directors, increased
or unanticipated expenses, additional borrowings and future issuances of securities, and other factors deemed relevant by our board of
directors from time-to-time.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have not paid any dividends on our common shares
since 2012. Our dividend policy was historically, but is no longer, to pay to holders of our shares a variable quarterly dividend in excess
of 50% of the net income of the previous quarter subject to any reserves our board of directors may from time to time determine are required.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our board of directors may review and amend our dividend
policy from time to time in light of our plans for future growth and other factors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our Remuneration Committee will also determine by
unanimous resolution, in its sole discretion, when and to the extent dividends are paid to the holders of our Series A Preferred Shares,
to the extent any are outstanding.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are a holding company, with no material assets
other than the shares of our subsidiaries. Therefore, our ability to pay dividends depends on the earnings and cash flow of those subsidiaries
and their ability to pay dividends to us.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Marshall Islands law generally prohibits the payment
of dividends other than from surplus (retained earnings and the excess of consideration received from the sale of shares above the par
value of the shares) or while a corporation is insolvent or would be rendered insolvent by the payment of such dividend.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Historical dividend payments should not provide any
promise or indication of future dividend payments.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If we pay a dividend, the terms of our outstanding
warrants provide that the exercise price shall be decreased by the amount of cash and/or the fair market value of any securities or other
assets paid on each common share in respect of such dividend in order that subsequent thereto upon exercise of the warrants the holder
of the warrants may obtain the equivalent benefit of such dividend.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No dividends were declared or paid on our common shares
during the years ended December 31, 2022, 2021, and 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No Series A Preferred Shares were outstanding as of
December 31, 2022, 2021, and 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our CIT Loan Facility imposes certain restrictions
to us with respect to dividend payments. Please see &#8220;Item 5.B. Liquidity and Capital Resources&#8212;Indebtedness.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><b><i>B.&#160;&#160;Significant Changes</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not Applicable.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

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

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="a_012"></span>Item 9.&#160;&#160;The Offer and Listing</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our common shares trade on the Nasdaq Capital Market
under the ticker &#8220;GLBS.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All of our shares are in registered form. Our articles
of incorporation do not permit the issuance of bearer shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="a_013"></span>Item 10.&#160;&#160;Additional Information</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><b><i>A. Share Capital</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not Applicable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><b><i>B. Memorandum and Articles of Association</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Two series of preferred shares have been
designated. No Series A preferred shares and 10,300 Series B preferred shares are presently outstanding. 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 do not hold any of our shares in treasury.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Generally, Marshall Islands law provides that the
holders of a class of stock of a Marshall Islands corporation are entitled to a separate class vote on any proposed amendment to the relevant
articles of incorporation that would change the aggregate number of authorized shares or the par value of that class of shares or alter
or change the powers, preferences or special rights of that class so as to affect the class adversely. Except as described below, holders
of our common shares and Class B shares have equivalent economic rights. Holders of our common shares are entitled to one vote per share,
holders of our Class B shares are entitled to 20 votes per share, and the holder of our Series B preferred shares is entitled to 25,000
votes per share (subject to the limitation described in &#8220;Preferred Shares&#8221; below). Each holder of Class B shares (not including
the Company and the Company&#8217;s subsidiaries) may convert, at its option, any or all of the Class B shares held by such holder into
an equal number of common shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of the date hereof, no Series A Preferred Shares
are outstanding. The holders of our Series A Preferred Shares are 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 determines whether funds are legally available under the BCA for such dividend. Any accrued
but unpaid dividends do not bear interest. Except as may be provided in the BCA, holders of our Series A Preferred Shares do not have
any voting rights. Upon our liquidation, dissolution or winding up, the holders of our Series A Preferred Shares are entitled to a preference
in the amount of the declared and unpaid dividends, if any, as of the date of liquidation, dissolution or winding up. Our Series A Preferred
Shares are not convertible into any of our other capital stock. The Series A Preferred Shares are redeemable at the written request of
the Remuneration Committee, at par value plus all declared and unpaid dividends as of the date of redemption plus any additional consideration
determined by a unanimous resolution of the Remuneration Committee.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">In June 2020, we issued 50
newly designated Series B preferred shares,&#160;par value $0.001 per share, to Goldenmare Limited, a company controlled by our Chief
Executive Officer, Athanasios Feidakis, in return for $150,000. In July 2020, we issued an additional 250 Series B preferred shares to
Goldenmare Limited in return for another $150,000. In March 2021, we issued an additional 10,000 Series B preferred shares to Goldenmare
Limited in return for $130,000. The purchase price was paid, in each instance, by reducing, on a dollar-for-dollar basis, the amount payable
by the Company to Goldenmare Limited pursuant to a consultancy agreement. In addition, in July 2020 we increased the maximum voting rights
under the Series B preferred shares from 49.0% to 49.99%.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The issuances of the Series 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: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>Voting</i></b>. To the fullest
extent permitted by law, each Series B preferred share entitles the holder hereof to 25,000 votes per share on all matters submitted to
a vote of the shareholders of the Company,&#160;<i>provided however,&#160;</i>that no holder of Series B preferred shares may exercise
voting rights pursuant to Series B preferred shares that would result in the aggregate voting power of any beneficial owner of such shares
and its affiliates (whether pursuant to ownership of Series B preferred shares, common shares or otherwise) to exceed 49.99% 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 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>Conversion</i>.&#160;</b>The
Series B preferred shares are not convertible into common shares or any other security.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>Redemption</i>.&#160;</b>The
Series B preferred shares are not redeemable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>Dividends</i></b><i>.&#160;</i>The
Series B preferred shares have no dividend rights.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>Liquidation Preference</i>.&#160;</b>Upon
any liquidation, dissolution or winding up of the Company, the Series B preferred shares are entitled to receive a payment with priority
over the common shareholders equal to the par value of $0.001 per share. The Series B preferred shareholder has no other rights to distributions
upon any liquidation, dissolution or winding up of the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>Transferability.&#160;</i></b>All
issued and outstanding Series B preferred shares must be held of record by one holder, and the Series B preferred shares shall not be
transferred without the prior approval of our Board of Directors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>Proportional Adjustment.</i></b>&#160;In
the event the Company (i) declares any dividend on its common shares, payable in common shares, (ii) subdivides the outstanding common
shares or (iii) combines the outstanding common shares into a smaller number of shares, there shall be a proportional adjustment to the
number of outstanding Series B preferred shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Declaration and payment of any dividend is subject
to the discretion of our board of directors. The timing and amount of dividend payments to holders of our shares will depend on a series
of factors and risks described under &#8220;Risk Factors&#8221; in our annual report on Form 20-F and in prospectuses we may file from
time to time, 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: 0; text-align: justify">&#160;&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our common shares are not convertible into any other
shares of our capital stock. Each of our Class B shares is convertible at any time at the election of the holder thereof into one of our
common shares. We may reissue or resell any Class B shares that shall have been converted into common shares. Neither the Common Shares
nor the Class B Shares may be reclassified, subdivided or combined unless such reclassification, subdivision or combination occurs simultaneously
and in the same proportion for each such class of Common Stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our directors are elected by the vote of the plurality
of the votes cast by shareholders entitled to vote in the election. 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No contract or transaction between us and one or more
of our directors or officers will be void or voidable solely for the following reason, or solely because the director or officer is present
at or participates in the meeting of our board of directors or committee thereof which authorizes the contract or transaction, or solely
because his or her or their votes are counted for such purpose, if (1) the material facts as to such director&#8217;s interest in such
contract or transaction and as to any such common directorship, officership or financial interest are disclosed in good faith or known
to the board of directors or committee, and the board of directors or committee approves such contract or transaction by a vote sufficient
for such purpose without counting the vote of such interested director, or, if the votes of the disinterested directors are insufficient
to constitute an act of the board, by unanimous vote of the disinterested directors; or (2) the material facts as to such director&#8217;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: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our articles of incorporation provide that directors
may be removed with or without cause upon the affirmative vote of holders of a majority of the total voting power of our outstanding capital
stock cast at a meeting of the shareholders. 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>No Cumulative Voting</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our articles of incorporation prohibit cumulative
voting.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under our bylaws, annual shareholder meetings will
be held at a time and place selected by our board of directors. The meetings may be held in or outside of the Marshall Islands. Special
meetings may be called by the chairman of our board of directors, by resolution of our board of directors or by holders of 30% or more
of the voting power of the aggregate number of our shares issued and outstanding and entitled to vote at such meeting. Our board of directors
may set a record date between 15 and 60 days before the date of any meeting to determine the shareholders that will be eligible to receive
notice and vote at the meeting.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Dissenters&#8217; Right of Appraisal and Payment</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the BCA, our shareholders may 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. The right of a dissenting shareholder to receive payment of the fair value of his
shares is not available for the shares of any class or series of stock, which shares at the record date fixed to determine the shareholders
entitled to receive notice of and vote at the meeting of shareholders to act upon the agreement of merger or consolidation or any sale
or exchange of all or substantially all of the property and assets of the corporation not made in the usual course of its business, were
either (1) listed on a securities exchange or admitted for trading on an interdealer quotation system or (2) held of record by more than
2,000 holders. In the event of any further amendment of our articles of incorporation, a shareholder also has the right to dissent and
receive payment for his or her shares if the amendment alters certain rights in respect of those shares. The dissenting shareholder must
follow the procedures set forth in the BCA to receive payment. In the event that we and any dissenting shareholder fail to agree on a
price for the shares, the BCA procedures involve, among other things, the institution of proceedings in the high court of the Republic
of the Marshall Islands or in any appropriate court in any jurisdiction in which our shares are primarily traded on a local or national
securities exchange to fix the value of the shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Shareholders&#8217; Derivative Actions</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the BCA, any of our shareholders may bring an
action in our name to procure a judgment in our favor, also known as a derivative action, provided that the shareholder bringing the action
is a holder of common shares or a beneficial interest therein both at the time the derivative action is commenced and at the time of the
transaction to which the action relates or that the shares devolved upon the shareholder by operation of law, among other requirements
set forth in the BCA.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Amendment to our Articles of Incorporation</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Except as otherwise provided by law, any provision
in our articles of incorporation requiring a vote of shareholders may only be amended by such a vote. Further, certain sections may only
be amended by affirmative vote of the holders of at least a majority of the voting power of the voting shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><b>&#160;</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For instance, while our common
shares have one vote on matters before the shareholders, each of our 10,300 outstanding Series B preferred shares has 25,000 votes on
matters before the shareholders;&#160;<i>provided however,&#160;</i>that no holder of Series B preferred shares may exercise voting rights
pursuant to any Series B preferred shares that would result in the total number of votes a holder is entitled to vote on any matter submitted
to a vote of shareholders of the Company to exceed 49.99% of the total number of votes eligible to be cast on such matter. No Class B
common shares are presently outstanding, but if and when we issue any, each Class B common share will have 20 votes on matters before
the shareholders.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At present, and until a substantial
number of additional securities are issued, our holder of Series B preferred shares exerts substantial control of the Company&#8217;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&#8217;s interest could differ from yours.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Blank Check Preferred Shares</i>.
Under the terms of our articles of incorporation, our board of directors has authority, without any further vote or action by our shareholders,
to issue up to 100 million &#8220;blank check&#8221; 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Classified Board of Directors</i>.
Our articles of incorporation provide for the division of our board of directors into three classes of directors, with each class as nearly
equal in number as possible, serving staggered, three-year terms beginning upon the expiration of the initial term for each class. Approximately
one-third of our board of directors is elected each year. This classified board provision could discourage a third party from making a
tender offer for our shares or attempting to obtain control of us. It could also delay shareholders who do not agree with the policies
of our board of directors from removing a majority of our board of directors for up to two years.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Election of Directors</i>. Our
articles of incorporation do not provide for cumulative voting in the election of directors. Our bylaws require parties, other than the
chairman of the board of directors, board of directors and shareholders holding 30% or more of the voting power of the aggregate number
of our shares issued and outstanding and entitled to vote, to provide advance written notice of nominations for the election of directors.
These provisions may discourage, delay or prevent the removal of incumbent officers and directors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Advance Notice Requirements
for Shareholder Proposals and Director Nominations</i>. Our bylaws provide that shareholders, other than shareholders holding 30% or more
of the voting power of the aggregate number of our shares issued and outstanding and entitled to vote, seeking to nominate candidates
for election as directors or to bring business before an annual meeting of shareholders must provide timely notice of their proposal in
writing to the corporate secretary. Generally, to be timely, a shareholder&#8217;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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our bylaws also specify requirements as to the form and content of a shareholder&#8217;s notice. These provisions may impede
a shareholder&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Calling
of Special Meetings of Shareholders</i>. 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Action by Written Consent in
Lieu of a Meeting</i>. Our articles permit any action which may or is required by the BCA to be taken at a meeting of the shareholders
to be authorized by consents in writing signed 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.
Presently and until and unless we issue a significant number of securities, Goldenmare Limited, a company affiliated with our Chief Executive
Officer, holds Series B preferred shares controlling 49.99% of the voting power of our outstanding capital stock. Goldenmare could, together
with shareholders possessing a relatively small number of shares, act by written consent in lieu of a meeting and authorize major transactions
on behalf of the Company, all without calling a meeting of shareholders.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><i>Business Combinations</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Although the BCA does not contain
specific provisions regarding &#8220;business combinations&#8221; between corporations incorporated under or redomiciled pursuant to the
laws of the Marshall Islands and &#8220;interested shareholders,&#8221; 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: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 7%">&#160;</td>
    <td style="width: 3%"><span style="font-family: Wingdings; font-size: 10pt">&#168;</span></td>
    <td style="width: 90%; text-align: justify"><span style="font-size: 10pt">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;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 7%">&#160;</td>
    <td style="width: 3%"><span style="font-family: Wingdings; font-size: 10pt">&#168;</span></td>
    <td style="width: 90%; text-align: justify"><span style="font-size: 10pt">upon consummation of the transaction that resulted in the shareholder becoming an interested shareholder, the interested shareholder owned at least 85.0% of our voting shares outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares outstanding those shares owned by (1) persons who are directors and officers and (2) employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 7%">&#160;</td>
    <td style="width: 3%"><span style="font-family: Wingdings; font-size: 10pt">&#168;</span></td>
    <td style="width: 90%; text-align: justify"><span style="font-size: 10pt">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.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Among other transactions, a &#8220;business
combination&#8221; includes any merger or consolidation of us or any directly or indirectly majority-owned subsidiary of ours with (1)
the interested shareholder or any of its affiliates or (2) with any corporation, partnership, unincorporated association or other entity
if the merger or consolidation is caused by the interested shareholder. Generally, an &#8220;interested shareholder&#8221; 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: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 7%">&#160;</td>
    <td style="width: 3%"><span style="font-family: Wingdings; font-size: 10pt">&#168;</span></td>
    <td style="text-align: justify; width: 90%"><span style="font-size: 10pt">owns 15.0% or more of our outstanding voting shares;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 7%">&#160;</td>
    <td style="width: 3%"><span style="font-family: Wingdings; font-size: 10pt">&#168;</span></td>
    <td style="width: 90%; text-align: justify"><span style="font-size: 10pt">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</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 7%">&#160;</td>
    <td style="width: 3%"><span style="font-family: Wingdings; font-size: 10pt">&#168;</span></td>
    <td style="width: 90%; text-align: justify"><span style="font-size: 10pt">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.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Additionally, the restrictions
regarding business combinations do not apply to persons that became interested shareholders prior to the effectiveness of our articles
of incorporation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The BCA authorizes corporations to limit or eliminate
the personal liability of directors to corporations and their shareholders for monetary damages for breaches of certain directors&#8217;
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&#8217; and officers&#8217;
insurance providing indemnification for our directors and officers for some liabilities. We believe that these indemnification provisions
and the directors&#8217; and officers&#8217; insurance are useful to attract and retain qualified directors and executive officers.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The limitation of liability and indemnification provisions
in our articles of incorporation may discourage shareholders from bringing a lawsuit against our directors for breach of their fiduciary
duty. These provisions may also have the effect of reducing the likelihood of derivative litigation against directors and officers, even
though such an action, if successful, may otherwise benefit us and our shareholders. In addition, an investor in our common shares may
be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these
indemnification provisions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There is no pending material litigation or proceeding
involving any of our directors, officers or employees for which indemnification is sought.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following summary of certain terms and provisions
of the Class&#160;A Warrants is not complete and is subject to, and qualified in its entirety by the provisions of the form of Class&#160;A
Warrant, which is incorporated by reference as an exhibit to this annual report.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Exercisability.</i>&#160;The Class&#160;A Warrants are exercisable at any time after their original
issuance up to the date that is five years after their original issuance on June 22, 2020. Each of the Class&#160;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&#160;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&#160;A Warrants under the Securities Act is not effective
or available, the holder may, in its sole discretion, elect to exercise the Class&#160;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&#160;A Warrant. We may be required to pay certain amounts as liquidated damages as specified in the Class&#160;A Warrants in the
event we do not deliver common shares upon exercise of the Class&#160;A Warrants within the time periods specified in the Class&#160;A
Warrants. No fractional common shares will be issued in connection with the exercise of a Class&#160;A Warrant.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Exercise Limitation.</i>&#160;A holder does not have the right to exercise any portion of a Class&#160;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&#160;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&#160;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&#8217; prior notice from
the holder to us with respect to any increase in such percentage.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Exercise Price.</i>&#160;The exercise price per whole common share purchasable upon exercise of the
Class&#160;A Warrants is $35.00 per share. The exercise price of the Class&#160;A Warrants and number of common shares issuable on exercise
of the Class&#160;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. <span style="background-color: white">The holders of Class
A Warrants have the right to participate on an&#160;as-exercised basis in certain rights offerings to our common shareholders.</span>
The exercise price of the Class&#160;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&#160;A Warrants is subject to adjustment in the event of dividends and certain
distributions as specified in the Class&#160;A Warrant.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Transferability.</i>&#160;Subject to applicable laws, the Class&#160;A Warrants may be offered for
sale, sold, transferred or assigned without our consent.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Exchange Listing.</i>&#160;We do not intend to apply for the listing of the Class&#160;A Warrants on
any stock exchange. Without an active trading market, the liquidity of the Class&#160;A Warrants will be limited.</td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Warrant Agent.</i>&#160;The Class&#160;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&#160;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&#160;&amp; Co., a nominee of DTC, or as otherwise directed by DTC.</td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Rights as a Shareholder.</i>&#160;Except as otherwise provided in the Class&#160;A Warrants or by virtue
of such holder&#8217;s ownership of our common shares, the holder of a Class&#160;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&#160;A Warrant.</td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Fundamental Transactions.</i>&#160;In the event of a fundamental transaction, as described in the Class&#160;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&#160;A Warrants will be entitled to
receive upon exercise of the Class&#160;A Warrants the kind and amount of securities, cash or other property that the holders would have
received had they exercised the Class&#160;A Warrants immediately prior to such fundamental transaction. In addition, we or the successor
entity, at the request of Class&#160;A Warrant holders, will be obligated to purchase any unexercised portion of the Class&#160;A Warrants
in accordance with the terms of such Class&#160;A Warrants.</td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Governing Law.</i>&#160;The Class&#160;A Warrants and the warrant agreement are governed by New York
law.</td></tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following summary of certain terms and provisions
of the PP Warrants issued on June&#160;30, 2020 and July&#160;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 this annual report.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Exercisability.</i>&#160;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.</td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Exercise Limitation.</i>&#160;A holder does 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.</td></tr></table>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Exercise Price.</i>&#160;The exercise price per whole common share purchasable upon exercise of the
PP Warrants is $18.00 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. <span style="background-color: white">The
holders of PP Warrants have the right to participate on an&#160;as-exercised basis in certain rights offerings to our common shareholders.</span>
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.</td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Exchange Listing.</i>&#160;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.</td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Fundamental Transactions.</i>&#160;If a fundamental transaction occurs, then the successor entity will
succeed to, and be substituted for us, and may exercise every right and power that we may exercise and will assume all of our obligations
under the 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.</td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Rights as a Shareholder.</i>&#160;Except as otherwise provided in the PP Warrants or by virtue of such
holder&#8217;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.</td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Transferability.</i>&#160;Subject to applicable laws, the PP Warrants may be offered for sale, sold,
transferred or assigned without our consent.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Governing Law.</i>&#160;The PP Warrants are governed by New York law.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following summary of certain terms and provisions
of the December 2020 Warrants, and is not complete and is subject to, and qualified in its entirety by the provisions of the form of December
2020 Warrant, which is incorporated by reference as an exhibit to this annual report.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Exercisability.</i>&#160;The December 2020 Warrant have a term of 5.5
years from December 9, 2020. The December 2020 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 issuance of the common shares underlying the December 2020 Warrants under the
Securities Act of 1933 is not effective or available, the holder may, in its sole discretion, elect to exercise the December 2020 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 December 2020 Warrant. If we do not issue the shares in a timely fashion, the December 2020 Warrant contains
certain damages provisions. No fractional common shares will be issued in connection with the exercise of a December 2020 Warrant.</span></td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Exercise Limitation</i>. A holder does not have the right to exercise
any portion of the December 2020 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 December 2020 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.</span></td></tr></table>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Exercise Price.</i>&#160;The exercise price per whole common share purchasable
upon exercise of the December 2020 Warrants is $6.25 per share (having been reduced from the original exercise price of $8.50 per share).
The exercise price of the December 2020 Warrants and number of common shares issuable upon exercise of the December 2020 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. The exercise price of the December 2020 Warrants is also subject to adjustment upon any
distributions of assets, including cash, stock or other property to our shareholders.&#160;<span style="background-color: white">The holders
of December 2020 Warrants have the right to participate on an&#160;as-exercised basis in certain rights offerings to our common shareholders.</span>&#160;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.</span></td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Exchange Listing.</i>&#160;There is no established trading market for
the December 2020 Warrants and we do not expect a market to develop. In addition, we do not intend to apply for the listing of the December
2020 Warrants on any national securities exchange or other trading market.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Fundamental Transactions.</i>&#160;If a fundamental transaction occurs,
then the successor entity will succeed to, and be substituted for us, and may exercise every right and power that we may exercise and
will assume all of our obligations under the December 2020 Warrants with the same effect as if such successor entity had been named in
the December 2020 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 December 2020 Warrant following such fundamental transaction. In addition, we or the successor entity, at the request of December
2020 Warrant holders, will be obligated to purchase any unexercised portion of the December 2020 Warrants in accordance with the terms
of such December 2020 Warrants.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Rights as a Shareholder.</i>&#160;Except as otherwise provided in the
December 2020 Warrants or by virtue of such holder&#8217;s ownership of our common shares, the holder of December 2020 Warrants will not
have the rights or privileges of a holder of our common shares, including any voting rights, until the holder exercises the December 2020
Warrants.</span></td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Transferability.</i>&#160;Subject to applicable laws, the December 2020
Warrants may be offered for sale, sold, transferred or assigned without our consent.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Governing Law</i>. The December 2020 Warrants are governed by New York
law.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following summary of certain terms and provisions
of the January 2021 Warrants, and is not complete and is subject to, and qualified in its entirety by the provisions of the form of January
2021 Warrant, which is incorporated by reference as an exhibit to this annual report.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Exercisability.</i>&#160;The January 2021 Warrants have a term of 5.5 years from January 29, 2021.
The January 2021 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 issuance of the common shares underlying the January 2021 Warrants under the Securities Act of 1933 is not effective
or available, the holder may, in its sole discretion, elect to exercise the January 2021 Warrants 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
January 2021 Warrants. If we do not issue the shares in a timely fashion, the January 2021 Warrants contain certain damages provisions.
No fractional common shares will be issued in connection with the exercise of a January 2021 Warrant.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Exercise Limitation</i>. A holder does not have the right to exercise any portion of the January 2021
Warrants 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 January 2021 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.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Exercise Price.</i>&#160;The exercise price per whole common share purchasable upon exercise of the
January 2021 Warrants is $6.25 per share. The exercise price of the January 2021 Warrants and number of common shares issuable upon exercise
of the January 2021 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. The exercise price of the January 2021 Warrants is
also subject to adjustment upon any distributions of assets, including cash, stock or other property to our shareholders.&#160;The holders
of&#160;January 2021 Warrants&#160; have the right to participate on an&#160;as-exercised basis in certain rights offerings to our common
shareholders.&#160;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.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Exchange Listing.</i>&#160;There is no established trading market for the January 2021 Warrants and
we do not expect a market to develop. In addition, we do not intend to apply for the listing of the January 2021 Warrants on any national
securities exchange or other trading market.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Fundamental Transactions.</i>&#160;If a fundamental transaction occurs, then the successor entity will
succeed to, and be substituted for us, and may exercise every right and power that we may exercise and will assume all of our obligations
under the January 2021 Warrants with the same effect as if such successor entity had been named in the January 2021 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 January 2021 Warrants following
such fundamental transaction. In addition, we or the successor entity, at the request of January 2021 Warrant holders, will be obligated
to purchase any unexercised portion of the January 2021 Warrants in accordance with the terms of such January 2021 Warrants.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Rights as a Shareholder.</i>&#160;Except as otherwise provided in the January 2021 Warrants or by virtue
of such holder&#8217;s ownership of our common shares, the holder of January 2021 Warrants will not have the rights or privileges of a
holder of our common shares, including any voting rights, until the holder exercises the January 2021 Warrants.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Transferability.</i>&#160;Subject to applicable laws, the January 2021 Warrants may be offered for
sale, sold, transferred or assigned without our consent.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Governing Law</i>. The January 2021 Warrants are governed by New York law.</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following summary of certain terms and provisions
of the February 2021 Warrants, and is not complete and is subject to, and qualified in its entirety by the provisions of the form of warrant,
which is incorporated by reference as an exhibit to this annual report:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Exercisability.</i>&#160;The February 2021 Warrants have a term of 5.5 years from February 17, 2021.
The February 2021 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 issuance of the common shares underlying the February 2021 Warrants under the Securities Act of 1933 is not
effective or available, the holder may, in its sole discretion, elect to exercise the February 2021 Warrants 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 February 2021 Warrants. If we do not issue the shares in a timely fashion, the February 2021 Warrants contain certain damages provisions.
No fractional common shares will be issued in connection with the exercise of a February 2021 Warrant.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Exercise Limitation</i>. A holder does not have the right to exercise any portion of the February 2021
Warrants 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 February 2021 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.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Exercise Price.</i>&#160;The exercise price per whole common share purchasable upon exercise of the
February 2021 Warrants is $6.25 per share. The exercise price of the February 2021 Warrants and number of common shares issuable upon
exercise of the February 2021 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. The exercise price of the February
2021 Warrants is also subject to adjustment upon any distributions of assets, including cash, stock or other property to our shareholders.&#160;The
holders of&#160;February 2021 Warrants have the right to participate on an&#160;as-exercised basis in certain rights offerings to our
common shareholders.&#160;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.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Exchange Listing.</i>&#160;There is no established trading market for the February 2021 Warrants and
we do not expect a market to develop. In addition, we do not intend to apply for the listing of the February 2021 Warrants on any national
securities exchange or other trading market.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Fundamental Transactions.</i>&#160;If a fundamental transaction occurs, then the successor entity will
succeed to, and be substituted for us, and may exercise every right and power that we may exercise and will assume all of our obligations
under the February 2021 Warrants with the same effect as if such successor entity had been named in the February 2021 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 February 2021 Warrants following
such fundamental transaction. In addition, we or the successor entity, at the request of February 2021 Warrant holders, will be obligated
to purchase any unexercised portion of the February 2021 Warrants in accordance with the terms of such February 2021 Warrants.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Rights as a Shareholder.</i>&#160;Except as otherwise provided in the February 2021 Warrants or by
virtue of such holder&#8217;s ownership of our common shares, the holder of February 2021 Warrants will not have the rights or privileges
of a holder of our common shares, including any voting rights, until the holder exercises the February 2021 Warrants.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Transferability.</i>&#160;Subject to applicable laws, the February 2021 Warrants may be offered for
sale, sold, transferred or assigned without our consent.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Governing Law</i>. The February 2021 Warrants are governed by New York law.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following summary of certain terms and provisions
of the June 2021 Warrants, and is not complete and is subject to, and qualified in its entirety by the provisions of the form of warrant,
which is incorporated by reference as an exhibit to this annual report:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Exercisability.</i>&#160;The June 2021 Warrants have a term of 5.5 years from June 29, 2021. The June
2021 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 issuance of the common shares underlying the June 2021 Warrants under the Securities Act of 1933 is not effective or available,
the holder may, in its sole discretion, elect to exercise the June 2021 Warrants 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 June 2021 Warrants.
If we do not issue the shares in a timely fashion, the June 2021 Warrants contain certain damages provisions. No fractional common shares
will be issued in connection with the exercise of a June 2021 Warrant.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Exercise Limitation</i>. A holder does not have the right to exercise any portion of the June 2021
Warrants 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 June 2021 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.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Exercise Price.</i>&#160;The exercise price per whole common share purchasable upon exercise of the
June 2021 Warrants is $6.25 per share. The exercise price of the June 2021 Warrants and number of common shares issuable upon exercise
of the June 2021 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. The exercise price of the June 2021 Warrants is also
subject to adjustment upon any distributions of assets, including cash, stock or other property to our shareholders.&#160;The holders
of&#160;June 2021 Warrants have the right to participate on an&#160;as-exercised basis in certain rights offerings to our common shareholders.&#160;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.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Exchange Listing.</i>&#160;There is no established trading market for the June 2021 Warrants and we
do not expect a market to develop. In addition, we do not intend to apply for the listing of the June 2021 Warrants on any national securities
exchange or other trading market.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Fundamental Transactions.</i>&#160;If a fundamental transaction occurs, then the successor entity will
succeed to, and be substituted for us, and may exercise every right and power that we may exercise and will assume all of our obligations
under the June 2021 Warrants with the same effect as if such successor entity had been named in the June 2021 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 June 2021 Warrants following such fundamental
transaction. In addition, we or the successor entity, at the request of June 2021 Warrant holders, will be obligated to purchase any unexercised
portion of the June 2021 Warrants in accordance with the terms of such June 2021 Warrants.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Rights as a Shareholder.</i>&#160;Except as otherwise provided in the June 2021 Warrants or by virtue
of such holder&#8217;s ownership of our common shares, the holder of June 2021 Warrants will not have the rights or privileges of a holder
of our common shares, including any voting rights, until the holder exercises the June 2021 Warrants.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Transferability.</i>&#160;Subject to applicable laws, the June 2021 Warrants may be offered for sale,
sold, transferred or assigned without our consent.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Courier New, Courier, Monospace">o</span></td><td style="text-align: justify"><i>Governing Law</i>. The June 2021 Warrants are governed by New York law.</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>C.&#160;&#160;Material Contracts</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Attached as exhibits to this annual report are the
contracts we consider to be both material and outside the ordinary course of business and are to be performed in whole or in part after
the filing of this annual report. We refer you to &#8220;Item 7.B. Related Party Transactions&#8221; for a discussion of our agreements
with companies related to us. We also refer you to &#8220;Item 4.&#160;&#160;Information on the Company,&#8221; &#8220;Item 5.B. Liquidity
and Capital Resources&#8212;Indebtedness,&#8221; and &#8220;Item
10.B&#8212;Memorandum and Articles of Association&#8221; for a description of other material contracts.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other than as discussed in this annual report, we
have no material contracts, other than contracts entered into in the ordinary course of business, to which the Company or any member
of the group is a party.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>D.&#160;&#160;Exchange Controls</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are not aware, under Marshall Islands law, of
any restrictions on the export or import of capital, including foreign exchange controls or restrictions that affect the remittance of
dividends, interest or other payments to holders of our common shares that are neither residents nor citizens of the Marshall Islands.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>E.&#160;&#160;Taxation</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following is applicable only to persons who are
not citizens of and do not reside in, maintain offices in or carry on business or conduct transactions or operations in the Marshall Islands.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Because we (including our subsidiaries) do not, and
assuming that we continue not to, and assuming our future subsidiaries will not, carry on business or conduct transactions or operations
in the Marshall Islands, and because we anticipate that all documentation related to any offerings of our securities will be executed
outside of the Marshall Islands, under current Marshall Islands law our shareholders will not be subject to Marshall Islands taxation
or withholding tax on our distributions. In addition, our shareholders will not be subject to Marshall Islands stamp, capital gains or
other taxes on the purchase, ownership or disposition of our common shares, and our shareholders will not be required by the Marshall
Islands to file a tax return related to our common shares.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">One of our subsidiaries is incorporated in Malta,
which imposes taxes on us that are immaterial to our operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In January 2013, a 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The tax residents of Greece who receive dividends
from such shipowning or their holding companies, (pursuant to a very recent agreement between the Union of Greek Shipowners and the Greek
State, which is expected to come in force shortly) are taxed at 5% 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: 0 0 0 36pt; text-align: justify">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>United States Tax
Considerations</b></span><span style="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This discussion of United States federal income taxes
is based upon provisions of 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 annual report on Form 20-F 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 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Further, 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 &#8220;functional currency&#8221; is not the United States dollar
or investors that own, directly or indirectly, 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 &#8220;capital assets&#8221; within the meaning of Section 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-U.S., as well as U.S. federal, tax returns that may be required of it.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>United States Federal Income Taxation of the
Company </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Unless exempt from United States federal income taxation
under the rules described below in &#8220;&#8212;The Section 883 Exemption,&#8221; a foreign corporation that earns only transportation
income is generally subject to United States federal income taxation under one of two alternative tax regimes: (1) the 4% gross basis
tax or (2) the net basis tax and branch profits tax. The Company is a Marshall Islands corporation and its subsidiaries are incorporated
in the Marshall Islands or Malta. There is no comprehensive income tax treaty between the Marshall Islands and the United States, so the
Company and its Marshall Islands subsidiaries cannot claim an exemption from this tax under a treaty.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>The 4% Gross Basis Tax</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The United States imposes a 4% United States federal
income tax (without allowance of any deductions) on a foreign corporation&#8217;s United States source gross transportation income to
the extent such income is not treated as effectively connected with the conduct of a United States trade or business. For this purpose,
transportation income includes income from the use, hiring or leasing of a vessel, or the performance of services directly related to
the use of a vessel (and thus includes time charter, spot charter and bareboat charter income). The United States source portion of transportation
income is 50% of the income attributable to voyages that begin or end, but not both begin and end, in the United States. As a result of
this sourcing rule the effective tax rate is 2% of the gross income attributable to U.S. voyages. Generally, no amount of the income from
voyages that begin and end outside the United States is treated as United States source, and consequently none of the transportation income
attributable to such voyages is subject to this 4% tax. (Although the entire amount of transportation income from voyages that begin and
end in the United States would be United States source, neither the Company nor any of its subsidiaries expects to have any transportation
income from voyages that both begin and end in the United States.)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>The Net Basis Tax and Branch Profits Tax</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company and each of its subsidiaries do not expect
to engage in any activities in the United States (other than port calls of its vessels) or otherwise have a fixed place of business in
the United States. Consequently, the Company and its subsidiaries are not expected to be subject to the net basis or branch profits taxes.
Nonetheless, if this situation were to change or if the Company or a subsidiary of the Company were to be treated as engaged in a United
States trade or business, all or a portion of the Company&#8217;s or such subsidiary&#8217;s taxable income, including gain from the sale
of vessels, could be treated as effectively connected with the conduct of this United States trade or business, or effectively connected
income. Any effectively connected income, net of allowable deductions, would be subject to United States federal corporate income tax.
In addition, an additional 30% branch profits tax would be imposed on the Company or such subsidiary at such time as the Company&#8217;s
or such subsidiary&#8217;s after-tax effectively connected income is deemed to have been repatriated to the Company&#8217;s or subsidiary&#8217;s
offshore office.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 4% gross basis tax described above is inapplicable
to income that is treated as effectively connected income. A non-United States corporation&#8217;s United States source transportation
income would be considered to be effectively connected income only if the non-United States corporation has or is treated as having a
fixed place of business in the United States involved in the earning of the transportation income and substantially all of its United
States source transportation income is attributable to regularly scheduled transportation (such as a published schedule with repeated
sailings at regular intervals between the same points for voyages that begin or end in the United States), or in the case of leasing
income (such as bareboat charter income) is attributable to such fixed place of business. The Company and its vessel-owning subsidiaries
believe that their vessels will not operate to and from the United States on a regularly scheduled basis. Based on the intended mode
of shipping operations and other activities, the Company and its vessel-owning subsidiaries do not expect to have any effectively connected
income.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>The Section 883 Exemption</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Both the 4% gross basis tax and the net basis and
branch profits taxes described above are inapplicable to transportation income that qualifies for the Section 883 Exemption. To qualify
for the Section 883 Exemption a foreign corporation must, among other things:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">be organized in a jurisdiction outside the United States that grants an equivalent exemption from tax to corporations organized in the United States (an &#8220;Equivalent Exemption&#8221;);</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">satisfy one of the following three ownership tests (discussed in more detail below): (1) the more than 50% ownership test, or 50% Ownership Test, (2) the controlled foreign corporation test, or CFC Test, or (3) the &#8220;Publicly Traded Test&#8221;; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">meet certain substantiation, reporting and other requirements (which include the filing of United States income tax returns).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is a Marshall Islands corporation, and
each of the vessels in its fleet is owned by a separate wholly owned subsidiary organized in the Marshall Islands or Malta. The U.S. Department
of the Treasury recognizes the Marshall Islands and Malta as jurisdictions which grant an Equivalent Exemption; therefore, the Company
and each of its vessel-owning subsidiaries meet the first requirement for the Section 883 Exemption.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>The 50</i>% <i>Ownership Test</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In order to satisfy the 50% Ownership Test, a non-United
States corporation must be able to substantiate that more than 50% of the value of its shares is owned, for at least half of the number
of days in the non-United States corporation&#8217;s taxable year, directly or indirectly, by &#8220;qualified shareholders.&#8221; For
this purpose, qualified shareholders are: (1) individuals who are residents (as defined in the Treasury regulations promulgated under
Section 883 of the Code, or Section 883 Regulations) of countries, other than the United States, that grant an Equivalent Exemption, (2)
non-United States corporations that meet the Publicly Traded Test of the Section 883 Regulations and are organized in countries that grant
an Equivalent Exemption, or (3) certain foreign governments, non-profit organizations, and certain beneficiaries of foreign pension funds.
In order for a shareholder to be a qualified shareholder, there generally cannot be any bearer shares in the chain of ownership between
the shareholder and the taxpayer claiming the exemption (unless such bearer shares are maintained in a dematerialized or immobilized book-entry
system as permitted under the Section 883 Regulations). A corporation claiming the Section 883 Exemption based on the 50% Ownership Test
must obtain all the facts necessary to satisfy the IRS that the 50% Ownership Test has been satisfied (as detailed in the Section 883
Regulations). The Company does not believe that it satisfied the 50% Ownership Test for the taxable year ended December 31, 2022 and has
no basis to expect that it will satisfy the 50% Ownership Test in the near future.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The CFC Test requires that a non-United States corporation
be treated as a controlled foreign corporation, or a CFC, for United States federal income tax purposes for more than half of the days
in the taxable year. A CFC is a foreign corporation, more than 50% of the vote or value of which is owned by significant U.S. shareholders
(meaning U.S. persons who own at least 10% of the vote or value of the foreign corporation). In addition, more than 50% of the value of
the shares of the CFC must be owned by qualifying U.S. persons for more than half of the days during the taxable year concurrent with
the period of time that the company qualifies as a CFC. For this purpose, a qualifying U.S. person is defined as a U.S. citizen or resident
alien, a domestic corporation or domestic tax-exempt trust, in each case, if such U.S. person provides the company claiming the exemption
with an ownership statement. The Company does not believe that the requirements of the CFC Test will be met in the near future with respect
to the Company or any of its subsidiaries.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Publicly Traded Test requires that one or more
classes of equity representing more than 50% of the voting power and value in a non-United States corporation be &#8220;primarily and
regularly traded&#8221; on an established securities market either in the United States or in a foreign country that grants an Equivalent
Exemption. The Section 883 Regulations provide, in relevant part, that the shares of a non-United States corporation will be considered
to be &#8220;primarily traded&#8221; on an established securities market in a country if the number of shares of each class of shares
that are traded during any taxable year on all established securities markets in that country exceeds the number of shares in each such
class that are traded during that year on established securities markets in any other single country. The Section 883 Regulations also
generally provide that shares will be considered to be &#8220;regularly traded&#8221; on an established securities market if one or more
classes of shares in the corporation representing in the aggregate more than 50% of the total combined voting power and value of all classes
of shares of the corporation are listed on an established securities market. Also, with respect to each class relied upon to meet this
requirement (1) such class of shares must be traded on the market, other than in minimal quantities, on at least 60 days during the taxable
year or one-sixth of the days in a short taxable year, and (2) the aggregate number of shares of such class of shares traded on such market
during the taxable year is at least 10% of the average number of shares of such class of shares outstanding during such year or as adjusted
for a short taxable year. These two tests are deemed to be satisfied if such class of shares is traded on an established market in the
United States and such shares are regularly quoted by dealers making a market in such shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Notwithstanding the foregoing, the Section 883 Regulations
provide, in relevant part, that a class of shares will not be considered to be &#8220;regularly traded&#8221; on an established securities
market for any taxable year in which 50% or more of the vote and value of the outstanding shares of such class are owned, actually or
constructively under specified share attribution rules, on more than half the days during the taxable year by persons who each own 5%
or more of the vote and value of such class of outstanding shares, to which we refer as the 5 Percent Override Rule.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For purposes of being able to determine the persons
who actually or constructively own 5% or more of the vote and value of the Company&#8217;s common shares, or 5% Shareholders, the Section
883 Regulations permit a company whose stock is traded on an established securities market in the United States to rely on those persons
that are identified on Schedule 13G and Schedule 13D filings with the SEC, as owning 5% or more of the company&#8217;s common shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event the 5 Percent Override Rule is triggered,
the Section 883 Regulations provide that such rule will not apply if the Company can establish that within the group of 5% Shareholders,
there are sufficient qualified shareholders within the meaning of Section 883 and the Section 883 Regulations to preclude non-qualified
shareholders in such group from owning 50% or more of the total value of the Company&#8217;s common shares for more than half the number
of days during the taxable year.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company believes that it satisfied the Publicly
Traded Test for the taxable year ended December 31, 2022, based on information reported in Schedule 13G and Schedule 13D filings with
the SEC. The Company cannot currently predict whether it will satisfy the Publicly Traded Test for the current taxable year. The stock
in the Company&#8217;s vessel-owning subsidiaries is not publicly traded, but if the Company were to meet the Publicly Traded Test described
above, the Company also generally would be a qualified shareholder for purposes of applying the 50% Ownership Test as to any subsidiary
claiming the Section 883 Exemption.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A corporation&#8217;s qualification for the Section
883 Exemption is determined for each taxable year. If the Company and/or its subsidiaries were not to qualify for the Section 883 Exemption
in any year in which the Company&#8217;s vessels traded to or from the United States, the United States income taxes that become payable
would have a negative effect on the business of the Company and its subsidiaries, and would result in decreased earnings available for
distribution to the Company&#8217;s shareholders.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>United States Taxation of Gain
on Sale of Vessels</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Company&#8217;s subsidiaries qualify for the
Section 883 Exemption, then gain from the sale of any vessel would be exempt from tax under Section 883. If, however, the gain is not
exempt from tax under Section 883, the Company will not be subject to United States federal income taxation with respect to such gain
provided that the income from the vessel has never constituted effectively connected income and that the sale is considered to occur
outside of the United States under United States federal income tax principles. In general, a sale of a vessel will be considered to
occur outside of the United States for this purpose if title to the vessel, and risk of loss with respect to the vessel, pass to the
buyer outside of the United States. To the extent possible, the Company will attempt to structure any sale of a vessel so that it is
considered to occur outside of the United States.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>United States Federal Income Taxation of United
States Holders</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As used herein, &#8220;United States Holder&#8221;
means a beneficial owner of the Company&#8217;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 U.S. Department of the Treasury regulations to be
treated as a domestic trust). A &#8220;Non-United States Holder&#8221; 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: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Subject to the discussion of 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&#8217;s current or accumulated
earnings and profits as determined under United States federal income tax principles. Distributions in excess of the Company&#8217;s earnings
and profits will be treated as a nontaxable return of capital to the extent of the United States Holder&#8217;s tax basis in its common
shares and, thereafter, as capital gain.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dividends paid in respect of the Company&#8217;s common
shares may qualify for the preferential rate attributable to qualified dividend income if: (1) the common shares are readily tradable
on an established securities market in the United States; (2) the Company is not a PFIC for the taxable year during which the dividend
is paid or in the immediately preceding taxable year; (3) the United States Holder has owned the common shares for more than 60 days in
the 121-day period beginning 60 days before the date on which the common shares become ex-dividend and (4) the 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. The Nasdaq Capital Market is a tier of the
Nasdaq Stock Market, which is an established securities market. Further, there is no minimal trading requirement for shares to be &#8220;readily
tradable,&#8221; 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 (as described in &#8220;Item 3.D. Risk Factors&#8212;Company Specific Risk Factors&#8212;Our common
shares may be delisted from Nasdaq, which could affect their market price and liquidity&#8221;), 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 &#8220;&#8212;Consequences of Possible PFIC Classification.&#8221;
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&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Amounts taxable as dividends generally will be treated
as income from sources outside the United States and will, depending on your circumstances, be &#8220;passive&#8221; or &#8220;general&#8221;
income which, in either case, is treated separately from other types of income for purposes of computing the foreign tax credit allowable
to you. However, if (1) the Company is 50% or more owned, by vote or value, by United States persons and (2) at least 10% of the Company&#8217;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&#8217;s dividends for foreign tax credit purposes would be equal to the portion
of the Company&#8217;s earnings and profits from sources within the United States for such taxable year, divided by the total amount of
the Company&#8217;s earnings and profits for such taxable year.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Consequences of Possible PFIC Classification </i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 &#8220;look through&#8221; rule, either: (1) 75% or more of its gross income
is &#8220;passive&#8221; income or (2) 50% or more of the average value of its assets is attributable to assets that produce passive income
or are held for the production of passive income. If a corporation is a PFIC in any taxable year that a person holds shares in the corporation
(and was not a qualified electing fund with respect to such year, as discussed below), the shares held by such person will be treated
as shares in a PFIC for all future years (absent an election which, if made, may require the electing person to pay taxes in the year
of the election). A United States Holder of shares in a PFIC would be required to file an annual information return on IRS Form 8621 containing
information regarding the PFIC as required by U.S. Department of the Treasury regulations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">While there are legal uncertainties involved in this
determination, including as a result of adverse case law described herein, based upon the Company&#8217;s and its subsidiaries&#8217;
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 &#8220;passive income&#8221; 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: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the reasoning of the <i>Tidewater</i> case is applied
to the Company&#8217;s situation and the Company&#8217;s or its subsidiaries&#8217; time charters are treated as leases, the Company&#8217;s
or its subsidiaries&#8217; 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&#8217;s fleet and
the charter income in respect of the vessels, Globus Maritime Limited should not be treated as a PFIC during the taxable year ended December
31, 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based on the Company&#8217;s intention and expectation
that the Company&#8217;s subsidiaries&#8217; income from spot, time and voyage chartering activities plus other active operating income
will be greater than 25% of the Company&#8217;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 the near future.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#8217;s assets, income and operations will remain the same in the future (notwithstanding the Company&#8217;s current expectations).
Additionally, no assurance can be given that the IRS or a court of law will accept the Company&#8217;s position that the time charters
that the Company&#8217;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&#8217;s shareholders.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If Globus Maritime Limited were to be classified as
a PFIC in any year, each United States Holder of the Company&#8217;s shares will be subject (in that year and all subsequent years) to
special rules with respect to: (1) any &#8220;excess distribution&#8221; (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&#8217;s holding period for the shares), and (2) 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: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">the excess distribution or gain will be allocated ratably over the United States Holder&#8217;s holding period;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="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</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">the amount allocated to each of the other taxable years in the United States Holder&#8217;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.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In order to avoid the application of the PFIC rules,
United States Holders may make a qualified electing fund, or a QEF, election provided in Section 1295 of the Code in respect of their
common shares. 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 described above. Additionally, to the extent any of the Company&#8217;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&#8217;s deemed ownership of the stock of such subsidiary and a separate QEF election with respect to such subsidiary is
required. In lieu of the PFIC rules discussed above, a United States Holder that makes a timely, valid QEF election will, in very general
terms, be required to include its pro rata share of the Company&#8217;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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A United States Holder&#8217;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&#8217;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 8621 with the United States Holder&#8217;s federal income tax return on or before the due date for filing such United States Holder&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to the QEF election, Section 1296 of the
Code permits United States Holders to make a &#8220;mark-to-market&#8221; 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 U.S. 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 are regularly traded on the Nasdaq Capital Market, which is an established securities market. However,
if our common shares were to be delisted, (as described in &#8220;Item 3.D. Risk Factors&#8212;Company Specific Risk Factors&#8212;Our
common shares may be delisted from Nasdaq, which could affect their market price and liquidity&#8221;), 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) 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&#8217;s adjusted tax basis in the common
shares, and (2) be permitted an ordinary loss in respect of the excess, if any, of such United States Holder&#8217;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&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 &#8220;qualified dividend income&#8221; 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Sale, Exchange or Other Disposition of Common Shares</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#8217;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&#8217;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&#8217;s ability to deduct capital losses is subject to limitations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A United States Holder that is an individual or estate,
or a trust that does not fall into a special class of trusts that is exempt from such tax, is subject to a 3.8% tax on the lesser of (1)
such United States Holder&#8217;s &#8220;net investment income&#8221; (or undistributed &#8220;net investment income&#8221; in the case
of estates and trusts) for the relevant taxable year and (2) the excess of such United States Holder&#8217;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&#8217;s circumstances). A United States Holder&#8217;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&#8217;s pro rata share of the Company&#8217;s income and gain if we are a PFIC
and that United States Holder makes a QEF election, as described above in &#8220;&#8212;United States Federal Income Taxation of United
States Holders&#8212;Consequences of Possible PFIC Classification.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#8217;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 stock, 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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>Backup Withholding and Information
Reporting</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 &#8220;backup&#8221; withholding
tax may also apply to those payments if:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">a holder of the common shares fails to provide certain identifying information (such as the holder&#8217;s taxpayer identification number or an attestation to the status of the holder as a Non-United States Holder);</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="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</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">in certain circumstances, such holder has failed to comply with applicable certification requirements.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Backup withholding is not an additional tax and may
be refunded (or credited against the holder&#8217;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: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Non-United States Holders may be required to establish
their exemption from information reporting and backup withholding by certifying their status on IRS Form W-8BEN, W-8BEN-E, W-8ECI or W-8IMY,
as applicable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Individual United States Holders who hold certain
specified foreign assets with values in excess of certain dollar thresholds are required to report such assets on IRS Form 8938 with their
U.S. 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 8938. You should consult your tax advisor regarding the filing of this form. United
States Holders of common shares may be required to file additional forms with the IRS under the applicable reporting provisions of the
Code. You should consult your tax advisor regarding the filing of any such forms.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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&#8217;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: 0; text-align: justify"><b><i>&#160;</i></b></p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>F.&#160;&#160;Dividends and
Paying Agents</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not Applicable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><b><i>G.&#160;&#160;Statement by Experts</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not Applicable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>H.&#160;&#160;Documents on
Display</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We file reports and other information with the SEC.
These materials, including this annual report on Form 20-F and the accompanying exhibits, may be inspected and copied at the public reference
facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549, or from the SEC&#8217;s website, http://www.sec.gov. You
may obtain information on the operation of the public reference room by calling 1 (800) SEC-0330 and you may obtain copies at prescribed
rates.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>I.&#160;&#160;Subsidiary
Information</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not Applicable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><b><i>J. Annual Report to Security
Holders. </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are currently not required to provide an annual
report to security holders in response to the requirements of Form 6-K.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="a_014"></span>Item 11.&#160;&#160;Quantitative and Qualitative
Disclosures About Market Risk</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are exposed to market risks associated with changes
in interest rates relating to our loan arrangements. As of December 31, 2022 we had a $44.4 million principal balance outstanding under
the CIT Loan Facility with First Citizens Bank &amp; Trust Company (formerly known as CIT Bank N.A.) and as of December 31, 2021 we had
a $31.75 million principal balance outstanding under the CIT Loan Facility with First Citizens Bank &amp; Trust Company (formerly known
as CIT Bank N.A.).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Interest costs incurred under our loan arrangements
are included in our consolidated statement of comprehensive income /(loss).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2022, the weighted average interest rate for our
then-outstanding facilities in total was 5.58% and the respective interest rates on our loan agreements ranged from 3.89% to 7.67%, including
margins.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We will continue to have debt outstanding, which could
impact our results of operations and financial condition. Although we may in the future prefer to generate funds through equity offerings
on terms acceptable to us rather than through the use of debt arrangements, we may not be able to do so. We expect to manage any exposure
in interest rates through our regular operating and financing activities and, when deemed appropriate, through the use of derivative financial
instruments.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth the sensitivity
of our existing loan as of December 31, 2022 as to a 1.0% (100 basis points) increase in SOFR, during the next four years, and
reflects the additional interest expense that will be incurred.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: White">
    <td style="border-bottom: Black 0.5pt solid; text-align: left"><span style="font-size: 10pt">Year</span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 0.5pt solid; text-align: right"><span style="font-size: 10pt">Amount</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; width: 88%"><span style="font-size: 10pt">2023</span></td>
    <td style="width: 1%; padding-right: 0.8pt">&#160;</td>
    <td style="text-align: left; width: 1%"><span style="font-size: 10pt">$&#160;</span></td>
    <td style="width: 10%; text-align: right"><span style="font-size: 10pt">0.4 million</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: left"><span style="font-size: 10pt">2024</span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="text-align: left"><span style="font-size: 10pt">$&#160;</span></td>
    <td style="text-align: right"><span style="font-size: 10pt">0.4 million</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-size: 10pt">2025</span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="text-align: left"><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right"><span style="font-size: 10pt">0.3 million</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: left"><span style="font-size: 10pt">2026</span></td>
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="text-align: left"><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right"><span style="font-size: 10pt">0.1 million</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We generate revenues from the trading of our vessels
in U.S. dollars but historically incur certain amounts of our operating expenses in currencies other than the U.S. dollar. For cash management,
or treasury, purposes, we convert U.S. dollars into foreign currencies which we then hold on deposit until the date of each transaction.
Fluctuations in foreign exchange rates create foreign exchange gains or losses when we mark-to-market these non-U.S. dollar deposits.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For accounting purposes, expenses incurred in Euro
and other foreign currencies are converted into U.S. dollars at the exchange rate prevailing on the date of each transaction. Because
a portion of our expenses are incurred in currencies other than the U.S. dollar, our expenses may from time to time increase relative
to our revenues as a result of fluctuations in exchange rates, which could affect the amount of net income that we report in future periods.
We do not consider the risk from exchange rate fluctuations to be material for our results of operations. However, the portion of our
business conducted in other currencies could increase in the future, which could expand our exposure to losses arising from exchange
rate fluctuations. While we historically have not mitigated the risk associated
with exchange rate fluctuations through the use of financial derivatives, we may determine to employ such instruments from time to time
in the future in order to minimize this risk. Our use of financial derivatives would involve certain risks, including the risk that losses
on a hedged position could exceed the nominal amount invested in the instrument and the risk that the counterparty to the derivative
transaction may be unable or unwilling to satisfy its contractual obligations, which could have an adverse effect on our results.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The price and supply of fuel is unpredictable and
fluctuates as a result of events outside our control, including geo-political developments, supply and demand for oil and gas, actions
by members of the Organization of Petroleum Exporting Countries and other oil and gas producers, war and unrest in oil producing countries
and regions, regional production patterns and environmental concerns and regulations. Because we do not intend to hedge our fuel costs,
an increase in the price of fuel beyond our expectations may adversely affect our profitability, cash flows and ability to pay dividends.
When our customers pay fuel costs, which they generally do when our vessels are on bareboat or time charters, we expect that our customers
factor the fuel efficiency of our vessels into the rates they are willing to pay to charter our ships.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We do not expect inflation to be a significant risk
to us in the current and foreseeable economic environment. In the event that inflation becomes a significant factor in the global economy,
inflationary pressures would result in increased operating, voyage and finance costs.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="a_015"></span>Item 12.&#160;&#160;Description of Securities
Other than Equity Securities</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not Applicable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span id="a_018"></span>PART II</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="a_016"></span>Item 13.&#160;&#160;Defaults, Dividend Arrearages
and Delinquencies</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm">Not Applicable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="a_017"></span>Item 14.&#160;&#160;Material Modifications to
the Rights of Security Holders and Use of Proceeds</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0cm"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0cm">While our common shares have
one vote per share, each of our 10,300 Series B preferred shares presently outstanding has 25,000 votes per share; however, the voting
power of the Series B preferred shares is limited such that no holder of Series B preferred shares may exercise voting rights pursuant
to any Series B preferred shares that would result in the total number of votes a holder is entitled to vote on any matter submitted to
a vote of shareholders of the Company to exceed 49.99% of the total number of votes eligible to be cast on such matter. The Series B preferred
shares, however, have no dividend rights or distribution rights, other than the right upon dissolution to receive a priority payment equal
to the par value per of $0.001 per share.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0cm">As of the date of this annual
report and until such time that 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. Until such time that we issue a significant
number of securities, Goldenmare Limited 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: 0; text-align: justify; text-indent: 0cm">The superior voting rights of our
Series B preferred shares limit our common shareholders&#8217; ability to influence corporate matters. The interests of the holder of
the Series B preferred shares may conflict with the interests of our common shareholders, and as a result, we may take actions that our
common shareholders do not view as beneficial. Any such conflicts of interest could adversely affect our business, financial condition
and results of operations, and the trading price of our common shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm">More specifically, the following
is a summary of the characteristics of the Series B preferred shares:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i>Voting</i></b>.&#160;
To the fullest extent permitted by law, each Series B preferred share entitles the holder hereof to 25,000 votes per share on all matters
submitted to a vote of the shareholders of the Company,&#160;<i>provided however,&#160;</i>that no holder of Series B preferred shares
may exercise voting rights pursuant to Series B preferred shares that would result in the aggregate voting power of any beneficial owner
of such shares and its affiliates (whether pursuant to ownership of Series B preferred shares, common shares or otherwise) to exceed 49.99%
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 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: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i>Conversion</i>.&#160;</b>The
Series B preferred shares are not convertible into common shares or any other security.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i>Redemption</i>.</b>&#160;&#160;The
Series B preferred shares are not redeemable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i>Dividends</i></b><i>.&#160;</i>The
Series B preferred shares have no dividend rights.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i>Liquidation Preference</i>.&#160;</b>Upon
any liquidation, dissolution or winding up of the Company, the Series B preferred shares are entitled to receive a payment with priority
over the common shareholders equal to the par value of $0.001 per share. The Series B preferred shareholder has no other rights to distributions
upon any liquidation, dissolution or winding up of the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i>Transferability.</i></b>&#160;All
issued and outstanding Series B preferred shares must be held of record by one holder, and the Series B preferred shares shall not be
transferred without the prior approval of our Board of Directors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i>Proportional Adjustment.</i></b>&#160;In
the event the Company (i) declares any dividend on its common shares, payable in common shares, (ii) subdivides the outstanding common
shares or (iii) combines the outstanding common shares into a smaller number of shares, there shall be a proportional adjustment to the
number of outstanding Series B preferred shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="a_019"></span>Item 15.&#160;&#160;Controls and Procedures</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(a) Disclosure Controls and Procedures</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management, including our chief executive officer
and chief financial officer, has conducted an evaluation of the effectiveness of our disclosure controls and procedures (as defined in
Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, which we refer to as the Exchange Act) as of the
end of the period covered by this annual report on Form 20-F.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Disclosure controls and procedures are defined under SEC rules as controls
and other procedures that are designed to ensure that information required to be disclosed by a company in the reports that it files or
submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within required time periods. Disclosure
controls and procedures include controls and procedures designed to ensure that information is accumulated and communicated to the issuer&#8217;s
management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate
to allow timely decisions regarding required disclosures.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There are inherent limitations to the effectiveness
of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the
controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving
their control objectives.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based upon that evaluation, our chief executive officer
and chief financial officer has concluded that our disclosure controls and procedures are effective as of the evaluation date.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(b) Management&#8217;s Annual Report on Internal
Control over Financial Reporting</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management is responsible for establishing and maintaining
adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) of the Exchange Act. The Company&#8217;s
internal control over financial reporting is a process designed under the supervision of the Company&#8217;s chief executive officer and
chief financial officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company&#8217;s
consolidated financial statements for external reporting purposes in accordance with IFRS as issued by the IASB. A company&#8217;s internal
control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance
that transactions are recorded as necessary to permit the preparation of financial statements in accordance with IFRS, and that receipts
and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and
(iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#8217;s
assets that could have a material effect on the financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management has conducted an assessment of the effectiveness
of the Company&#8217;s internal control over financial reporting based on the framework established in Internal Control &#8211; Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission of 2013. Based on this assessment, management
has determined that the Company&#8217;s internal control over financial reporting as of December 31, 2022 was effective.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(c)&#160;&#160;Attestation Report of the Registered
Public Accounting Firm</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This annual report does not include an attestation
report of the Company&#8217;s registered public accounting firm regarding internal control over financial reporting. Management&#8217;s
report was not subject to attestation by the Company&#8217;s registered public accounting firm pursuant to the rules of the SEC that
permit the Company to provide only management&#8217;s report in this annual report on Form 20-F.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(d) Changes in Internal Control over Financial
Reporting</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">None.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Inherent Limitations on Effectiveness of Controls</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our management, including our chief executive officer
and our chief financial officer, do not expect that our disclosure controls or our internal control over financial reporting will prevent
or detect all error and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute,
assurance that the control system&#8217;s objectives will be met. Further, because of the inherent limitations in all control systems,
no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues
and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments
in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Controls can also be circumvented by
the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any
system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any
design will succeed in achieving its stated goals under all potential future conditions. Projections of any evaluation of controls effectiveness
to future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in
the degree of compliance with policies or procedures.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="a_020"></span>Item 16A.&#160;&#160;Audit Committee Financial
Expert</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our board of directors has determined that Ioannis
Kazantzidis is our audit committee financial expert and he is considered to be &#8220;independent&#8221; according to the SEC and Nasdaq
rules.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="a_021"></span>Item 16B.&#160;&#160;Code of Ethics</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have adopted a code of ethics that applies to
our directors, officers, employees and agents. Our code of ethics is posted on our website, http://www.globusmaritime.gr/files/ethics_Mar2022.pdf,
and certain of our policies can be found here: http://www.globusmaritime.gr/bod.html?submenu=corpgov, and is available upon written request
by our shareholders at no cost to Globus Shipmanagement Corp., 128 Vouliagmenis Avenue, 3rd Floor, 166 74 Glyfada, Attica, Greece. We
intend to satisfy any disclosure requirements regarding any amendment to, or waiver from, a provision of this code of ethics by posting
such information on our website.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="a_022"></span>Item 16C.&#160;&#160;Principal Accountant Fees
and Services</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ernst &amp; Young (Hellas) Certified Auditors Accountants
S.A., an independent registered public accounting firm, has audited our annual financial statements acting as our independent auditor
for the fiscal years ended December 31, 2022 and 2021. This table below sets forth the total (actual) amounts billed and accrued for Ernst
&amp; Young (Hellas) Certified Auditors Accountants S.A. services and breaks down the amounts by category of services:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 0.5pt solid; text-align: right"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td style="text-align: right">&#160;</td>
    <td colspan="2" style="border-bottom: Black 0.5pt solid; text-align: right"><span style="font-size: 10pt"><b>2021</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 77%"><span style="font-size: 10pt">Audit Fees</span></td>
    <td style="text-align: left; width: 1%"><span style="font-size: 10pt">$</span></td>
    <td style="width: 10%; text-align: right"><span style="font-size: 10pt">203,500</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right"><span style="font-size: 10pt">327,100</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 10pt">Audit-Related Fees</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#8212;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Tax Fees</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">$&#160;</span></td>
    <td style="text-align: right"><span style="font-size: 10pt">6,850</span></td>
    <td>&#160;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right"><span style="font-size: 10pt">6,850</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 10pt">All Other Fees</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Total</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right"><span style="font-size: 10pt">210,350</span></td>
    <td>&#160;</td>
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    <td style="text-align: right"><span style="font-size: 10pt">333,950</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Audit fees for the years ended December 31, 2022 and
2021 were paid in Euros, and we assume an exchange rate of 0.95&#8364;/$ and 0.85&#8364;/$ for 2022 and 2021, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Audit fees represent compensation for professional
services rendered for the audit of the consolidated financial statements and for the review of the quarterly financial information as
well as services in connection with the registration statements and related consents and comfort letters and any other audit services
required for SEC or other regulatory filings.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Furthermore, we have engaged Ernst &amp; Young LLP
to provide us with professional services pertaining to U.S. tax compliance preparation for the respective years.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Audit Committee is responsible for the appointment,
replacement, compensation, evaluation and oversight of the work of the independent auditors. As part of this responsibility, the Audit
Committee pre-approves the audit and non-audit services performed by the independent auditors in order to assure that they do not impair
the auditor&#8217;s independence from the Company. The Audit Committee has adopted a policy which sets forth the procedures and the conditions
pursuant to which services proposed to be performed by the independent auditors may be pre-approved.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="a_023"></span>Item 16D.&#160;&#160;Exemptions from the Listing
Standards for Audit Committees</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our audit committee is comprised of two independent
members of our board of directors. Otherwise, our Audit Committee conforms to each other requirement applicable to audit committees as
required by the applicable corporate governance standards of Nasdaq.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="a_024"></span>Item 16E.&#160;&#160;Purchases of Equity Securities
by the Issuer and Affiliated Purchasers</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not applicable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="a_025"></span>Item 16F.&#160;&#160;Change in Registrant&#8217;s
Certifying Accountant</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">None.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="a_026"></span>Item 16G.&#160;&#160;Corporate Governance</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In lieu of obtaining an independent review of related
party transactions for conflicts of interests, consistent with Marshall Islands law requirements, a related party transaction will be
permitted if: (i) the material facts as to such director&#8217;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 or committee, and the board 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
(ii) if the material facts as to such director&#8217;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. Article VI of our articles of incorporation further limit our ability to enter
into business transactions with interested shareholders.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a foreign private issuer, we are not required to
solicit proxies or provide proxy statements to Nasdaq pursuant to Nasdaq corporate governance rules or Marshall Islands law. Consistent
with Marshall Islands law, we will notify our shareholders of meetings between 15 and 60 days before the meeting. This notification will
contain, among other things, information regarding business to be transacted at the meeting. In addition, our bylaws provide that certain
shareholders must give us advance notice to properly introduce any business at a meeting of the shareholders. Our bylaws also provide
that shareholders may designate in writing a proxy to act on their behalf.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">While a number of the Nasdaq&#8217;s corporate governance
standards do not apply to us as a foreign private issuer, we intend to comply with a number of those rules. The practices that we will
follow in lieu of Nasdaq&#8217;s corporate governance rules are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">in
lieu of a nomination committee and remuneration committee comprised entirely of independent directors, our nomination and remuneration
committees may be comprised of a majority of independent directors. Each of these committees will be comprised of a minimum of two individuals;</span>&#160;</p></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">in lieu of obtaining shareholder approval prior to the issuance of securities (including adoption of or any amendment to any equity incentive plan), we will comply with provisions of the BCA, which allows the board of directors to approve all share issuances.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="a_027"></span>Item 16H.&#160;&#160;Mining Safety Disclosure</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not Applicable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="a_028"></span>Item 16I.&#160;&#160;Disclosure Regarding Foreign
Jurisdictions that Prevent Inspections</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 10pt; text-align: justify; text-indent: 0cm">Not Applicable.</p>

<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span id="a_029"></span>PART III</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="a_030"></span>Item 17.&#160;&#160;Financial Statements</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">See Item 18.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="a_031"></span>Item 18.&#160;&#160;Financial Statements</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following consolidated financial statements beginning
on page F-1 are filed as a part of this annual report on Form 20-F.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="a_032"></span>Item 19.&#160;&#160;Exhibits</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920117144/tm2033986d1_ex99-1.htm">1.1</a></span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920117144/tm2033986d1_ex99-1.htm">Amended
    and Restated Articles of Incorporation of Globus Maritime Limited dated October 20, 2020 (incorporated by reference to Exhibit 99.1
    to Globus Maritime Limited&#8217;s Annual Report on Form 6-K (Reg. No. 001-34985) furnished on October 22, 2020)</a></span></td></tr>
<tr>
    <td style="text-align: left; width: 4%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify; width: 96%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000114420419037451/tv526472_ex99-1.htm">1.2</a></span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000114420419037451/tv526472_ex99-1.htm">Amended
    and Restated Bylaws of Globus Maritime Limited (incorporated by reference to Exhibit 99.1 to Globus Maritime Limited&#8217;s Current
    Report on Form 6-K (Reg. No. 001-34985) filed on August 2, 2019)</a></span></td></tr>
  <tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000114420412024331/v310668_ex1-3.htm">1.3</a></span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000114420412024331/v310668_ex1-3.htm">Certificate
    of Designation for Series A Preferred Stock of Globus Maritime Limited dated April 24, 2012 (incorporated by reference to Exhibit
    1.3 to Globus Maritime Limited&#8217;s Annual Report on Form 20-F (Reg. No. 001-34985) filed on April 27, 2012)</a></span></td></tr>
<tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920086816/tm2025760d1_ex99-2.htm">1.4</a></span></td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920086816/tm2025760d1_ex99-2.htm">Amended
    and Restated Statement of Designation of Rights, Preferences, and Privileges of Series B Preferred Stock of Globus Maritime Limited
    dated July 27, 2020 (incorporated by reference to Exhibit 99.2 to Globus Maritime Limited&#8217;s Report on Form 6-K (Reg. No. 001-34985)
    furnished on July 27, 2020)</a></span></td></tr>
<tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left"><a href="exhibit21.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1*</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="exhibit21.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
of Rights of Each Class of Securities Registered under Section 12 of the Exchange Act</span></a></td></tr>
  <tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920089067/tm2026093d1_ex4-1.htm">2.2</a></span></td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920089067/tm2026093d1_ex4-1.htm">Specimen
    Common Share Certificate (incorporated herein by reference to Exhibit 4.1 to Globus Maritime Limited&#8217;s Report on Form 6-K (Reg.
    No. 001-34985) furnished on July 31, 2020)</a></span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<table border="0" cellpadding="0" cellspacing="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000114420416136578/v453943_ex99-1.htm">4.1</a></span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000114420416136578/v453943_ex99-1.htm">Registration
    Rights Agreement between Globus Maritime Limited and Firment Trading Limited dated November 23, 2016 (incorporated by reference to
    Exhibit 99.1 to Globus Maritime Limited&#8217;s Current Report on Form 6-K (Reg. No. 001-34985) filed on November 27, 2016)</a></span></td></tr>
<tr>
    <td style="text-align: left; width: 4%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify; width: 96%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left"><a href="exhibit42.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2*</span></a></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="exhibit42.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Private
Sublease Agreement dated June 22, 2022 between Globus Shipmanagement Corp.and F.G. Europe A.E</span></a></td></tr>
  <tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920075729/tm2023071d1_ex4-1.htm">4.3</a></span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920075729/tm2023071d1_ex4-1.htm">Warrant
    Agency Agreement dated June 22, 2020 among the Company, Computershare Inc., and Computershare Trust Company, N.A. as warrant agent
    (incorporated by reference to Exhibit 4.1 to Globus Maritime Limited&#8217;s Current Report on Form 6-K (Reg. No. 001-34985) furnished
    on June 22, 2020)</a></span></td></tr>
<tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920075729/tm2023071d1_ex4-2.htm">4.4</a></span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920075729/tm2023071d1_ex4-2.htm">Form
    of Class A Warrant dated June 22, 2020 (incorporated by reference to Exhibit 4.2 to Globus Maritime Limited&#8217;s Current Report
    on Form 6-K (Reg. No. 001-34985) furnished on June 22, 2020)</a></span></td></tr>
<tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920077767/tm2023591d1_ex4-2.htm">4.5</a></span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920077767/tm2023591d1_ex4-2.htm">Form
    of Securities Purchase Agreement dated June 26, 2020 between the Company and the purchasers identified on the signature pages thereto
    (incorporated by reference to Exhibit 4.2 to Globus Maritime Limited&#8217;s Current Report on Form 6-K (Reg. No. 001-34985) furnished
    on June 29, 2020)</a></span></td></tr>
<tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920077767/tm2023591d1_ex4-3.htm">4.6</a></span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920077767/tm2023591d1_ex4-3.htm">Form
    of Common Share Purchase Warrant to be issued to the purchasers under the Securities Purchase Agreement&#160;(incorporated by reference
    to Exhibit 4.3 to Globus Maritime Limited&#8217;s Current Report on Form 6-K (Reg. No. 001-34985) furnished on June 29, 2020)</a></span></td></tr>
<tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920084567/tm2025075d1_ex4-2.htm">4.7</a></span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920084567/tm2025075d1_ex4-2.htm">Form
    of Securities Purchase Agreement dated July 17, 2020 between the Company and the purchasers identified on the signature pages thereto
    (incorporated by reference to Exhibit 4.2 to Globus Maritime Limited&#8217;s Current Report on Form 6-K (Reg. No. 001-34985) furnished
    on July 17, 2020)</a></span></td></tr>
<tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920084567/tm2025075d1_ex4-3.htm">4.8</a></span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920084567/tm2025075d1_ex4-3.htm">Form
    of Common Share Purchase Warrant to be issued to the purchasers under the Securities Purchase Agreement&#160;(incorporated by reference
    to Exhibit 4.3 to Globus Maritime Limited&#8217;s Current Report on Form 6-K (Reg. No. 001-34985) furnished on July 17, 2020)</a></span></td></tr>
<tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920133402/tm2037912d1_ex4-2.htm">4.9</a></span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920133402/tm2037912d1_ex4-2.htm">Form
    of Securities Purchase Agreement dated December 7, 2020 between the Company and the purchasers identified on the signature pages
    thereto (incorporated by reference to Exhibit 4.2 to Globus Maritime Limited&#8217;s Current Report on Form 6-K (Reg. No. 001-34985)
    furnished on December 9, 2020)</a></span></td></tr>
<tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920133402/tm2037912d1_ex4-3.htm">4.10</a></span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465920133402/tm2037912d1_ex4-3.htm">Form
    of Common Share Purchase Warrant to be issued to the purchasers under the Securities Purchase Agreement&#160;(incorporated by reference
    to Exhibit 4.3 to Globus Maritime Limited&#8217;s Current Report on Form 6-K (Reg. No. 001-34985) furnished on December 9, 2020)</a></span></td></tr>
<tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465921008789/tm214377d1_ex4-2.htm">4.11</a></span></td>
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    of Securities Purchase Agreement dated January 27, 2021 between the Company and the purchasers identified on the signature pages
    thereto (incorporated by reference to Exhibit 4.2 to Globus Maritime Limited&#8217;s Current Report on Form 6-K (Reg. No. 001-34985)
    furnished on January 28, 2021)</a></span></td></tr>
</table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465921008789/tm214377d1_ex4-3.htm">4.12</a></span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465921008789/tm214377d1_ex4-3.htm">Form
    of Common Share Purchase Warrant to be issued to the purchasers under the Securities Purchase Agreement&#160;(incorporated by reference
    to Exhibit 4.3 to Globus Maritime Limited&#8217;s Current Report on Form 6-K (Reg. No. 001-34985) furnished on January 28, 2021)</a></span></td></tr>
<tr>
    <td style="text-align: left; width: 4%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify; width: 96%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465921023984/tm216516d1_ex4-2.htm">4.13</a></span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465921023984/tm216516d1_ex4-2.htm">Form
    of Securities Purchase Agreement dated February&#160;12, 2021 between the Company and the purchasers identified on the signature
    pages thereto (incorporated by reference to Exhibit 4.2 to Globus Maritime Limited&#8217;s Current Report on Form 6-K (Reg. No. 001-34985)
    furnished on February 16, 2021)</a></span></td></tr>
<tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465921023984/tm216516d1_ex4-3.htm">4.14</a></span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465921023984/tm216516d1_ex4-3.htm">Form
    of Common Share Purchase Warrant to be issued to the purchasers under the Securities Purchase Agreement&#160;(incorporated by reference
    to Exhibit 4.3 to Globus Maritime Limited&#8217;s Current Report on Form 6-K (Reg. No. 001-34985) furnished on February 16, 2021)</a></span></td></tr>
<tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465921086327/tm2120765d1_ex4-2.htm">4.15</a></span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465921086327/tm2120765d1_ex4-2.htm">Form
    of Securities Purchase Agreement dated June&#160;25, 2021 between the Company and the purchasers identified on the signature pages
    thereto (incorporated by reference to Exhibit 4.2 to Globus Maritime Limited&#8217;s Current Report on Form 6-K (Reg. No. 001-34985)
    furnished on June 28, 2021)</a></span></td></tr>
<tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465921086327/tm2120765d1_ex4-3.htm">4.16</a></span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1499780/000110465921086327/tm2120765d1_ex4-3.htm">Form
    of Common Share Purchase Warrant to be issued to the purchasers under the Securities Purchase Agreement&#160;(incorporated by reference
    to Exhibit 4.3 to Globus Maritime Limited&#8217;s Current Report on Form 6-K (Reg. No. 001-34985) furnished on June 28, 2021)</a></span></td></tr>
<tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left"><a href="exhibit417.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;4.17</span></a></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="exhibit417.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;Deed
    of Accession, Amendment and Restatement of Facility Agreement among First Citizens Bank &amp; Trust Company (formerly known as CIT
    Bank N.A.) and Globus Maritime Limited, among others, dated August 5, 2022</span></a></td></tr>
  <tr>
    <td style="text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: justify">&#160;</td></tr>
  <tr>
    <td style="text-align: left"><a href="exhibit418.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.18*</span></a></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="exhibit418.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shipsale Contract for Construction and Sale of One (1) 64,000 DWT Type Bulk Carrier (Hull No. S-1885) dated April 29, 2022 among Calypso
Shipholding S.A., Giant Line Inc., S.A., and Nihon Shipyard Co., Ltd.</span></a></td></tr>
  <tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left"><a href="exhibit419.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.19*</span></a></td>
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Contract for One (1) 64,000-DWT Type Motor Bulk Carrier under Nacks Hull No. NE442 dated May 13, 2022 between Nantong Cosco Khi Ship
Engineeering Co., Ltd. and Daxos Maritime Limited</span></a></td></tr>
<tr>
    <td style="text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: justify">&#160;</td></tr>
<tr>
    <td style="text-align: left"><a href="exhibit420.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.20*</span></a></td>
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Khi Ship Engineeering Co., Ltd. and Paralus Shipholding S.A.</span></a></td></tr>
<tr>
    <td style="text-align: left">&#160;</td>
    <td style="vertical-align: bottom; text-align: justify">&#160;</td></tr>
<tr>
    <td style="text-align: left"><a href="exhibit81.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1*</span></a></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="exhibit81.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiaries
of Globus Maritime Limited</span></a></td></tr>
  <tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left"><a href="exhibit121.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1*</span></a></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="exhibit121.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification
pursuant to section 302 of the Sarbanes-Oxley Act of 2002 of the President and Chief Executive Officer</span></a></td></tr>
  <tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left"><a href="exhibit122.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2*</span></a></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="exhibit122.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification
pursuant to section 302 of the Sarbanes-Oxley Act of 2002 of the Chief Financial Officer</span></a></td></tr>
  <tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left"><a href="exhibit131.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1*</span></a></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="exhibit131.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of the President and Chief
Executive Officer</span></a></td></tr>
  <tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left"><a href="exhibit132.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2*</span></a></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="exhibit132.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification
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  <tr>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left"><a href="exhibit151.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.1*</span></a></td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <tr>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following materials from the Company's Annual
Report on Form 20-F for the fiscal year ended December 31, 2022, formatted in eXtensible Business Reporting Language (XBRL): (i) Consolidated
Balance Sheets as of December 31, 2022 and 2021; (ii) Consolidated Statements of Operations for the years ended December 31, 2020, 2021
and 2022; (iii) Consolidated Statements of Comprehensive Income/(Loss) for the years ended December 31, 2020, 2021 and 2022; (iv) Consolidated
Statements of Stockholders' Equity for the years ended December 31, 2020, 2021 and 2022; (v) Consolidated Statements of Cash Flows for
the years ended December 31, 2020, 2021 and 2022; and (vi) the Notes to Consolidated Financial Statements.</p></td></tr>
  </table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

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



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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">The registrant hereby
certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned
to sign this annual report on its behalf.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="padding-right: 0.8pt">&#160;</td>
    <td colspan="2" style="padding-right: 1.8pt"><span style="font-size: 10pt"><b>GLOBUS MARITIME LIMITED</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 1.8pt">&#160;</td>
    <td style="padding-right: 1.8pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="width: 80%; padding-right: 0.8pt">&#160;</td>
    <td style="width: 1%; padding-right: 1.8pt">By:</td>
    <td style="border-bottom: Black 0.5pt solid; width: 19%; padding-right: 1.8pt">/s/ Athanasios Feidakis</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 1.8pt">&#160;</td>
    <td style="padding-right: 1.8pt"><span style="font-size: 10pt">Name: Athanasios Feidakis</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 0.8pt">&#160;</td>
    <td style="padding-right: 1.8pt">&#160;</td>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 1.8pt 0 35.85pt; text-indent: -35.85pt">Title: President, Chief Executive
    Officer and</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 1.8pt 0 35.85pt; text-indent: -13.5pt">Chief Financial Officer</p></td></tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Date: March 20, 2023</p>









































































































































































<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 144pt; text-align: justify; text-indent: 36pt"><b></b></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
    <!-- Field: /Page -->

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 144pt; text-align: justify; text-indent: 36pt"><b></b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 144pt; text-align: justify; text-indent: 36pt"><b>&#160;</b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-size: 10pt"><b>GLOBUS MARITIME LIMITED</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-size: 10pt"><b>CONSOLIDATED FINANCIAL
STATEMENTS</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-size: 10pt"><b>FOR THE YEAR ENDED
DECEMBER 31, 2022</b></span><b> </b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b></b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p><p style="margin: 0pt; font-size: 10pt"><a href="#a_033">Table of Contents</a></p></div>
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b></b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b></b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-size: 10pt"><b>INDEX TO THE CONSOLIDATED
FINANCIAL STATEMENTS</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; text-align: left">
  <td><span style="font-size: 10pt"><b>&#160;</b></span></td>
  <td style="border-bottom: Black 0.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Page</b></span></td></tr>
<tr style="vertical-align: top; text-align: left">
  <td><span style="font-size: 10pt">&#160;</span></td>
  <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top; text-align: left">
  <td style="width: 95%"><a href="#a_035"><span style="font-size: 10pt">Report of Independent Registered Public Accounting Firm (PCAOB Firm ID #<span id="xdx_90A_edei--AuditorFirmId_c20220101__20221231_zeK4mQMlZvwh"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:AuditorFirmId">1457</ix:nonNumeric></span>)</span></a></td>
  <td style="text-align: center; width: 5%"><a href="#a_035"><span style="font-size: 10pt">F-2</span></a></td></tr>
<tr style="vertical-align: top; text-align: left">
  <td><a href="#a_036"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statement of Comprehensive Income/(Loss)&#9;
  </span></a></td>
  <td style="text-align: center"><a href="#a_036"><span style="font-size: 10pt">F-4</span></a></td></tr>
<tr style="vertical-align: top; text-align: left">
  <td><a href="#a_037"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statement of Financial Position</span></a></td>
  <td style="text-align: center"><a href="#a_037"><span style="font-size: 10pt">F-5</span></a></td></tr>
<tr style="vertical-align: top; text-align: left">
  <td><a href="#a_038"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statement of Changes in Equity</span></a></td>
  <td style="text-align: center"><a href="#a_038"><span style="font-size: 10pt">F-6</span></a></td></tr>
<tr style="vertical-align: top; text-align: left">
  <td><a href="#a_039"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statement of Cash Flows</span></a></td>
  <td style="text-align: center"><a href="#a_039"><span style="font-size: 10pt">F-7</span></a></td></tr>
<tr style="vertical-align: top; text-align: left">
  <td><a href="#a_040"><span style="font-size: 10pt">Notes to the Consolidated Financial Statements</span></a></td>
  <td style="text-align: center"><a href="#a_040"><span style="font-size: 10pt">F-8 to F-39</span></a></td></tr>
</table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>


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    <!-- Field: /Page -->

<p style="font: 10pt EYInterstate Light; margin: 0 0 12pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt EYInterstate Light; margin: 0 0 12pt; text-align: justify"><span id="a_035"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Report
of Independent Registered Public Accounting Firm</b></span></p>

<p style="font: 10pt EYInterstate Light; margin: 0 0 12pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Shareholders and the Board of Directors of Globus Maritime Limited. </span></p>

<p style="font: 10pt EYInterstate Light; margin: 0 0 12pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opinion
on the Financial Statements</b></span></p>

<p style="font: 10pt EYInterstate Light; margin: 0 0 12pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated statement of financial position of Globus Maritime Limited (the &#8220;Company&#8221;) as
of December 31, 2022 and 2021, the related consolidated statements of comprehensive income / (loss), changes in equity and cash flows
for each of the three years in the period ended December 31, 2022, and the related notes (collectively referred to as the &#8220;consolidated
financial statements&#8221;). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial
position of the Company at December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the three years
in the period ended December 31, 2022, in conformity with International Financial Reporting Standards (&#8220;IFRS&#8221;) as issued
by the International Accounting Standards Board (&#8220;IASB&#8221;).</span></p>

<p style="font: 10pt EYInterstate Light; margin: 0 0 12pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
for Opinion</b></span></p>

<p style="font: 10pt EYInterstate Light; margin: 0 0 12pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company&#8217;s
financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent
with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities
and Exchange Commission and the PCAOB.</span></p>

<p style="font: 10pt EYInterstate Light; margin: 0 0 12pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits
included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud,
and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates
made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a
reasonable basis for our opinion.</span></p>

<p style="font: 10pt EYInterstate Light; margin: 0 0 12pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical
Audit Matter</b></span></p>

<p style="font: 10pt EYInterstate Light; margin: 0 0 12pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that
was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material
to the consolidated financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication
of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we
are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts
or disclosures to which it relates.</span></p>




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    <div style="break-before: page; margin-top: 6pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0"></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt EYInterstate Light; margin-right: 0pt; margin-bottom: 12pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; text-align: left">
  <td style="width: 17%">&#160;</td>
  <td style="font: 10pt EYInterstate Light; margin: 0; padding-left: 6pt; text-align: justify; width: 83%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Indicators
for    impairment  related to vessels</b></span></td></tr>
</table>

<p style="font: 10pt EYInterstate Light; margin-right: 0pt; margin-bottom: 12pt; margin-left: 0pt; text-align: justify"></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 17%"><span style="font-family: EYInterstate Light; font-size: 10pt"><i>Description of the matter</i></span></td>
    <td style="font: 10pt EYInterstate Light; margin: 0; text-align: justify; width: 83%">
    <p style="font: 10pt EYInterstate Light; margin: 0; padding-left: 6pt; text-align: justify">At December 31, 2022, the carrying value of the Company&#8217;s
    vessels was $129,461 thousand. As discussed in Notes 2.3, 2.12 and 5 to the consolidated financial statements, at each reporting date
    the Company assesses whether there are any indicators that a vessel may be impaired in its evaluation of impairment indicators the Company
    considers external and internal information, in accordance with IAS 36 Impairment of Assets (&#8220;IAS 36&#8221;) and applies judgment
    when assessing market conditions.</p>
    <p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify">&#160;</p>
    <p style="font: 10pt EYInterstate Light; margin: 0; padding-left: 6pt; text-align: justify">Auditing management&#8217;s assessment of vessel impairment indicators
    was complex given the judgement and estimation uncertainty in assessing certain potential indicators of impairment, mainly due to significant
    volatility in vessel market conditions.</p>
    <p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify">&#160;</p></td></tr>
  <tr style="vertical-align: top">
    <td style="font: 12pt Times New Roman, Times, Serif; padding-right: 15.9pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: EYInterstate Light; font-size: 10pt"><i>How we addressed the matter in our audit</i></span></td>
    <td style="font: 10pt EYInterstate Light; margin: 0; text-align: justify">
    <p style="font: 10pt EYInterstate Light; margin: 0; padding-left: 6pt; text-align: justify">We analyzed management&#8217;s assessment of vessel impairment
    indicators against the accounting guidance in IAS 36. To test management assessment of the developments in market conditions, our
    procedures included, among others, performing an independent analysis over the vessel market charter rates and market prices, recent
    sale and purchase activity for second-hand dry-bulk vessels and changes in independent brokers&#8217; valuations using
    market information derived from external information sources for the industry and  third-party information including industry
    analysts&#8217; reports and other industry data.</p>
    <p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify">&#160;</p>
    <p style="font: 10pt EYInterstate Light; margin: 0; padding-left: 6pt; text-align: justify">We considered whether the information used by management
was consistent with evidence obtained in other areas of the audit. Further, we assessed    the Company&#8217;s disclosures
in Notes 2.3, 2.12 and 5.&#160;</p>
    <p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify">&#160;</p></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;&#160;</p>

<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
<span id="xdx_903_edei--AuditorName_c20220101__20221231_zRP2DpfqJX47"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:AuditorName">Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A.</ix:nonNumeric></span></span></p>

<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Company&#8217;s auditor since 2007.</span></p>

<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_edei--AuditorLocation_c20220101__20221231_zHramcNe72fd"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:AuditorLocation">Athens,
Greece</ix:nonNumeric></span></span></p>

<p style="font: 10pt EYInterstate Light; margin: 0; text-align: justify">March<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
20, 2023</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0">&#160;</p>


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<p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b><span id="a_036"></span>CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME/(LOSS)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>For the years ended December 31, 2022, 2021 and 2020</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>(Expressed in thousands of U.S. Dollars, except share and per share)</b></p></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p><table cellpadding="0" cellspacing="0" summary="xdx: Statement - Consolidated Statements of Comprehensive Income/(Loss)" id="xdx_304_113_pn3n3_zsCJK7YaxjEh" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: middle; background-color: white">
    <td style="font-size: 12pt">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td id="xdx_49D_20220101__20221231_zXVwHvw2erLe" style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td id="xdx_49B_20210101__20211231_zD97JOVlTxc1" style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: right">&#160;</td>
    <td id="xdx_498_20200101__20201231_zKsPbhxuWyG7" style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: middle; background-color: white">
    <td style="font-size: 12pt; width: 65%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes</span></td>
    <td style="font-weight: bold; text-align: center; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font-weight: bold; text-align: right; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td>
    <td style="font-weight: bold; text-align: right; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_40B_eifrs-full--RevenueAbstract_iB_zDY0bUflGe2c" style="vertical-align: middle; background-color: white">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">REVENUE:</span></td>
    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eifrs-full--RevenueFromRenderingOfServices_uUSD_maRzish_z4gjLa90D4o2" style="vertical-align: middle; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voyage revenues</span></td>
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.22&#160;</span></td>
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eifrs-full--MaterialIncomeAndExpenseAbstract_iB_zQ8q7W5UUGP1" style="background-color: rgb(204,238,255)">
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    <td style="font-size: 12pt; vertical-align: middle; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; vertical-align: middle; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; vertical-align: middle; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; vertical-align: middle; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; vertical-align: middle; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; vertical-align: middle; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eifrs-full--ServicesExpense_iN_di_msPLFOAzwru_zi7iZExtBcPf" style="vertical-align: middle; background-color: White">
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_400_eifrs-full--DepreciationExpense_iN_di_msPLFOAzwru_zyGkWF2KDCrc" style="vertical-align: middle; background-color: White">
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_404_ecustom--DepreciationOfDryDockingCosts_iN_di_msPLFOAzwru_zOJYL1oKpRb7" style="vertical-align: middle; background-color: rgb(204,238,255)">
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="glbs:DepreciationOfDryDockingCosts" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,646</ix:nonFraction>)</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="glbs:DepreciationOfDryDockingCosts" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,751</ix:nonFraction>)</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_40A_eifrs-full--AdministrativeExpense_iN_di_msPLFOAzwru_zBH9DdQONd1g" style="vertical-align: middle; background-color: White">
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:AdministrativeExpense" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,876</ix:nonFraction>)</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:AdministrativeExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,610</ix:nonFraction>)</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:AdministrativeExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,891</ix:nonFraction>)</span></td></tr>
  <tr id="xdx_40F_ecustom--AdministrativeExpenseRelatedPartyTransactions_iN_di_msPLFOAzwru_zN1H1yjRHmdh" style="vertical-align: middle; background-color: rgb(204,238,255)">
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="glbs:AdministrativeExpenseRelatedPartyTransactions" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,412</ix:nonFraction>)</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="glbs:AdministrativeExpenseRelatedPartyTransactions" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,361</ix:nonFraction>)</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_407_ecustom--DirectorsCompensationSharebasedPayment_iN_di0_msPLFOAzwru_zSpx1bwbyxUl" style="vertical-align: middle; background-color: White">
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="glbs:DirectorsCompensationSharebasedPayment" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">40</ix:nonFraction>)</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="glbs:DirectorsCompensationSharebasedPayment" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">40</ix:nonFraction>)</span></td></tr>
  <tr id="xdx_402_eifrs-full--ImpairmentLoss_iN_di0_msPLFOAzwru_zBKBHiI36k5e" style="vertical-align: middle; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment loss</span></td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ImpairmentLoss" contextRef="From2021-01-012021-12-31" format="ixt:zerodash" decimals="-3" scale="3" sign="-" unitRef="USD">&#8212;</ix:nonFraction></span></td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:ImpairmentLoss" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,615</ix:nonFraction>)</span></td></tr>
  <tr id="xdx_40A_eifrs-full--OtherOperatingIncomeExpense_maPLFOAzwru_znEP21n0mzKf" style="vertical-align: middle; background-color: White">
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    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:OtherOperatingIncomeExpense" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">204</ix:nonFraction>)</span></td>
    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherOperatingIncomeExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">171</ix:nonFraction></span></td>
    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherOperatingIncomeExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">89</ix:nonFraction></span></td></tr>
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    <td style="font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_eifrs-full--RevenueFromInterest_maPLzPup_zt3TMU2RSyIa" style="vertical-align: middle; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest income&#160;</span></td>
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  <tr id="xdx_40C_eifrs-full--FinanceCosts_iN_di_msPLzPup_z5UttFKBmjsf" style="vertical-align: middle; background-color: White">
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  <tr id="xdx_402_eifrs-full--GainsLossesOnChangeInFairValueOfDerivatives_maPLzPup_zCiPTzhZ2XQf" style="vertical-align: middle; background-color: rgb(204,238,255)">
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_401_eifrs-full--GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss_maPLzPup_zDmjqDUupEj2" style="vertical-align: middle; background-color: White">
    <td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign exchange gains/(losses),
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    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">73</ix:nonFraction></span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: middle; background-color: rgb(204,238,255)">
    <td style="font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 0.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,994)&#160;</span></td>
    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: middle; background-color: White">
    <td style="font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_eifrs-full--ProfitLoss_iT_mtPLzPup_maCIzAM0_zFob5QeemVo8" style="vertical-align: middle; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL INCOME/(LOSS) FOR THE
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    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">24,280</ix:nonFraction></span></td>
    <td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">14,950</ix:nonFraction></span></td>
    <td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">17,372</ix:nonFraction>)</span></td></tr>
  <tr id="xdx_407_eifrs-full--OtherComprehensiveIncome_d0_maCIzAM0_zQUolMIInauh" style="vertical-align: middle; background-color: White">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Comprehensive Income</span></td>
    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherComprehensiveIncome" contextRef="From2022-01-01to2022-12-31" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherComprehensiveIncome" contextRef="From2021-01-012021-12-31" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherComprehensiveIncome" contextRef="From2020-01-012020-12-31" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td></tr>
  <tr id="xdx_408_eifrs-full--ComprehensiveIncome_iT_mtCIzAM0_zRSDZWsRXgQ5" style="vertical-align: middle; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL COMPREHENSIVE
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    <td style="font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">24,280</ix:nonFraction></span></td>
    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">17,372</ix:nonFraction>)</span></td></tr>
  <tr style="vertical-align: middle; background-color: White">
    <td style="font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40A_ecustom--LossEarningsPerShareAbstract_iB_zsgVEG2diO47" style="background-color: rgb(204,238,255)">
    <td style="font-weight: bold; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;Earnings/(Loss)
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    <td style="font-size: 12pt; vertical-align: middle; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; vertical-align: middle; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; vertical-align: middle; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; vertical-align: middle; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; vertical-align: middle; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; vertical-align: middle; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; vertical-align: middle; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eifrs-full--DilutedEarningsLossPerShare_pip0_zBk12a9CK3mb" style="background-color: White">
    <td style="font-size: 9pt; text-align: left; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;-
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    <td style="vertical-align: middle; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.25in">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.25in">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.25in">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.25in">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.25in"><span style="font-size: 10pt">The accompanying notes
form an integral part of these consolidated financial statements.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.25in">&#160;</p>

<!-- Field: Page; Sequence: 130 -->
    <div style="border-bottom: Black 0.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b><span id="a_037"></span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>CONSOLIDATED STATEMENT OF FINANCIAL POSITION</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>As at December 31, 2022 and 2021</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Expressed
                                            in thousands of U.S. Dollars)</b></p></div>
    <!-- Field: /Page -->

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" summary="xdx: Statement - Consolidated Statements of Financial Position" id="xdx_308_111_pn3n3_zsHtB9VZ8UUg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
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    <td style="font-size: 9pt; font-weight: bold; text-align: center">&#160;</td><td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&#160;</td>
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    <td id="xdx_49F_20211231_z8b8uNF7HzRc" style="font-size: 9pt; font-weight: bold; text-align: right">&#160;</td></tr>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: right; border-top-color: black; border-top-width: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-decoration: underline; font-weight: bold"></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center">&#160;</td>
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    <td>&#160;</td>
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  <tr id="xdx_40D_eifrs-full--NoncurrentLiabilitiesAbstract_i02B_zzJHHWna6D18" style="vertical-align: middle; background-color: White">
    <td style="text-decoration: underline; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EQUITY
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: right; border-top-color: black; border-top-width: 2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
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  <tr style="vertical-align: middle; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eifrs-full--EquityAbstract_i01B_ziUPhTtYmkG5" style="vertical-align: middle; background-color: White">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EQUITY&#160;</span></td>
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    <td style="text-align: center">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eifrs-full--IssuedCapital_iI_maEzpnR_z4gToCYB571f" style="vertical-align: middle; background-color: rgb(204,238,255)">
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  <tr id="xdx_40C_eifrs-full--SharePremium_iI_maEzpnR_zmStyU4t5FN3" style="vertical-align: middle; background-color: White">
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  <tr id="xdx_408_eifrs-full--RetainedEarnings_iI_maEzpnR_zIB6FeeSmlHe" style="vertical-align: middle; background-color: rgb(204,238,255)">
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  <tr id="xdx_40D_eifrs-full--Equity_iTI_mtEzpnR_maEALzrTK_zLI2eIp9G7f9" style="vertical-align: middle; background-color: White">
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_406_ecustom--NoncurrentLiabilitiesIAbstract_i01B_zy2HjGnIty97" style="vertical-align: middle; background-color: rgb(204,238,255)">
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: right; border-top-color: black; border-top-width: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right; border-top-color: black; border-top-width: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eifrs-full--LongtermBorrowings_i02I_maNLzuQV_zRMPlGcMSodf" style="vertical-align: middle; background-color: White">
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    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</span></td>
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    <td>&#160;</td>
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  <tr id="xdx_408_eifrs-full--NoncurrentProvisionsForEmployeeBenefits_i02I_maNLzuQV_zdFr2Liyo2Og" style="vertical-align: middle; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provision for staff retirement
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncurrentProvisionsForEmployeeBenefits" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">148</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncurrentProvisionsForEmployeeBenefits" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">114</ix:nonFraction></span></td></tr>
  <tr id="xdx_40B_eifrs-full--NoncurrentLeaseLiabilities_i02I_maNLzuQV_zGbHGUH2LcBi" style="vertical-align: middle; background-color: White">
    <td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease liabilities</span></td>
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2, 18</span></td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncurrentLeaseLiabilities" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">188</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncurrentLeaseLiabilities" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">556</ix:nonFraction></span></td></tr>
  <tr id="xdx_40F_eifrs-full--NoncurrentLiabilities_i02TI_maLzila_maLzGPO_mtNLzuQV_zEK1YFTzEP2" style="vertical-align: middle; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center">&#160;</td>
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    <td>&#160;</td>
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  <tr id="xdx_40F_eifrs-full--CurrentLiabilitiesAbstract_i01B_zUziCgVYarEi" style="vertical-align: middle; background-color: White">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CURRENT LIABILITIES</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eifrs-full--CurrentPortionOfLongtermBorrowings_iI_maCLzdue_maCLzAb8_zbN1ryU0PFi9" style="vertical-align: middle; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current portion of long-term
    borrowings</span></td>
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</span></td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentPortionOfLongtermBorrowings" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,803</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentPortionOfLongtermBorrowings" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,044</ix:nonFraction></span></td></tr>
  <tr id="xdx_401_eifrs-full--TradeAndOtherCurrentPayables_iI_maCLzdue_maCLzAb8_zq9NslZI4CAf" style="vertical-align: middle; background-color: White">
    <td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade accounts payable and
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    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4, 7</span></td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayables" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,548</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayables" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,100</ix:nonFraction></span></td></tr>
  <tr id="xdx_408_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_maCLzdue_maCLzAb8_zsuX30S7VCLf" style="vertical-align: middle; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued liabilities and
    other payables</span></td>
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</span></td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,814</ix:nonFraction></span></td>
    <td>&#160;</td>
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  <tr id="xdx_400_eifrs-full--CurrentLeaseLiabilities_iI_maCLzdue_maCLzAb8_z2PwGapn7Gwc" style="vertical-align: middle; background-color: White">
    <td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current portion of lease
    liabilities</span></td>
    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2, 18</span></td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentLeaseLiabilities" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">321</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentLeaseLiabilities" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">349</ix:nonFraction></span></td></tr>
  <tr id="xdx_406_eifrs-full--CurrentDerivativeFinancialLiabilities_iI_d0_maCLzdue_maCLzAb8_z2FqMJHYcYGc" style="vertical-align: middle; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair value of derivative
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    <td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</span></td>
    <td style="font-weight: bold; text-align: center">&#160;</td>
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    <td>&#160;</td>
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0">&#160;</p><p style="font: 9pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0">&#160;</p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-size: 10pt">The accompanying notes
form an integral part of these consolidated financial statements.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0">&#160;&#160;&#160;</p>


<!-- Field: Page; Sequence: 131 -->
    <div style="border-bottom: Black 0.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div>
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<p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b><span id="a_038"></span>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>CONSOLIDATED STATEMENT OF CHANGES IN EQUITY</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>For the years ended December 31, 2022, 2021 and 2020</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>(Expressed in thousands of U.S. Dollars)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<table cellspacing="0" cellpadding="0" id="xdx_300_114_pn3n3_zLqCLEfaikKd" summary="xdx: Statement - Consolidated Statements of Changes in Equity" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom; background-color: white">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&#160;</td>
    <td id="xdx_4B9_ifrs-full--ComponentsOfEquityAxis_ifrs-full--IssuedCapitalMember_zkKJ0zhGHYdg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_4B6_ifrs-full--ComponentsOfEquityAxis_ifrs-full--SharePremiumMember_zvglEyA4Wacd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_4BB_ifrs-full--ComponentsOfEquityAxis_custom--AccumulatedDeficitMember_zIC1YBv3zed4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: white">
    <td style="white-space: nowrap; width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issued
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    <td style="width: 1%">&#160;</td>
    <td style="white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share
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    <td style="width: 1%">&#160;</td>
    <td style="white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Accumulated
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    <td style="width: 1%">&#160;</td>
    <td style="white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total
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  <tr id="xdx_43E_c20200101__20201231_eifrs-full--Equity_iS_d0_zCNi5pWhUAji" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2020-01-012020-12-31_ifrs-full_IssuedCapitalMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments" contextRef="From2020-01-012020-12-31_custom_AccumulatedDeficitMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments" contextRef="From2020-01-012020-12-31_custom_TotalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">815</ix:nonFraction></span></td></tr>
  <tr id="xdx_404_eifrs-full--IssueOfEquity_d0_zK3LVXkQ6nub" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
    of new common shares (Note 9) </span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2020-01-012020-12-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">12</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2020-01-012020-12-31_ifrs-full_SharePremiumMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">49,305</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2020-01-012020-12-31_custom_AccumulatedDeficitMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2020-01-012020-12-31_custom_TotalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">49,317</ix:nonFraction></span></td></tr>
  <tr id="xdx_404_eifrs-full--IncreaseDecreaseThroughExerciseOfWarrantsEquity_d0_zjOouStYB2g2" style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
    of new common shares due to exercise of Warrants (Note 9)</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity" contextRef="From2020-01-012020-12-31_ifrs-full_IssuedCapitalMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity" contextRef="From2020-01-012020-12-31_ifrs-full_SharePremiumMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">194</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity" contextRef="From2020-01-012020-12-31_custom_AccumulatedDeficitMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity" contextRef="From2020-01-012020-12-31_custom_TotalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">194</ix:nonFraction></span></td></tr>
  <tr id="xdx_40C_ecustom--IssueOfPreferredShares_d0_zhkIn0U9QJ12" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
    of Class B preferred shares (Note 4)</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:IssueOfPreferredShares" contextRef="From2020-01-012020-12-31_ifrs-full_IssuedCapitalMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:IssueOfPreferredShares" contextRef="From2020-01-012020-12-31_ifrs-full_SharePremiumMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">300</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:IssueOfPreferredShares" contextRef="From2020-01-012020-12-31_custom_AccumulatedDeficitMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:IssueOfPreferredShares" contextRef="From2020-01-012020-12-31_custom_TotalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">300</ix:nonFraction></span></td></tr>
  <tr id="xdx_408_eifrs-full--ShareIssueRelatedCost_d0_z49fSrXzfi4i" style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transaction
    costs on issue of new common shares (Note 9)</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ShareIssueRelatedCost" contextRef="From2020-01-012020-12-31_ifrs-full_IssuedCapitalMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:ShareIssueRelatedCost" contextRef="From2020-01-012020-12-31_ifrs-full_SharePremiumMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,079</ix:nonFraction>)</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ShareIssueRelatedCost" contextRef="From2020-01-012020-12-31_custom_AccumulatedDeficitMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:ShareIssueRelatedCost" contextRef="From2020-01-012020-12-31_custom_TotalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,079</ix:nonFraction>)</span></td></tr>
  <tr id="xdx_43D_c20210101__20211231_eifrs-full--Equity_iS_d0_zYbGqwRzymv9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
    at December 31, 2020</b></span></td>
    <td id="xdx_98D_eifrs-full--Equity_iS_pn3n3_c20210101__20211231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_z7aihO98PIl2" title="Balance" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2020-12-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2020-12-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">12</ix:nonFraction></ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2020-12-31_ifrs-full_SharePremiumMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">195,102</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(<ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2020-12-31_custom_AccumulatedDeficitMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">153,020</ix:nonFraction>)</b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2020-12-31_custom_TotalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">42,094</ix:nonFraction></b></span></td></tr>
  <tr id="xdx_406_eifrs-full--ProfitLoss_d0_zKkztZtTmOni" style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
    for the year </span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2021-01-012021-12-31_ifrs-full_IssuedCapitalMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2021-01-012021-12-31_ifrs-full_SharePremiumMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2021-01-012021-12-31_custom_AccumulatedDeficitMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">14,950</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2021-01-012021-12-31_custom_TotalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">14,950</ix:nonFraction></span></td></tr>
  <tr id="xdx_40C_eifrs-full--OtherComprehensiveIncome_d0_zNGSAV2uGhQ3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    comprehensive income</span></td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:OtherComprehensiveIncome" contextRef="From2021-01-012021-12-31_ifrs-full_IssuedCapitalMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:OtherComprehensiveIncome" contextRef="From2021-01-012021-12-31_ifrs-full_SharePremiumMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:OtherComprehensiveIncome" contextRef="From2021-01-012021-12-31_custom_AccumulatedDeficitMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:OtherComprehensiveIncome" contextRef="From2021-01-012021-12-31_custom_TotalMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></b></span></td></tr>
  <tr id="xdx_40A_eifrs-full--ComprehensiveIncome_iT_d0_zxs6kaHOw76k" style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total
    comprehensive income </b></span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2021-01-012021-12-31_ifrs-full_IssuedCapitalMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2021-01-012021-12-31_ifrs-full_SharePremiumMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2021-01-012021-12-31_custom_AccumulatedDeficitMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">14,950</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2021-01-012021-12-31_custom_TotalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">14,950</ix:nonFraction></b></span></td></tr>
  <tr id="xdx_407_eifrs-full--IncreaseDecreaseThroughSharebasedPaymentTransactions_d0_zdKxdEQu8UT" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based
    payments (note 12)</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions" contextRef="From2021-01-012021-12-31_ifrs-full_IssuedCapitalMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions" contextRef="From2021-01-012021-12-31_ifrs-full_SharePremiumMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">40</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions" contextRef="From2021-01-012021-12-31_custom_AccumulatedDeficitMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions" contextRef="From2021-01-012021-12-31_custom_TotalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">40</ix:nonFraction></span></td></tr>
  <tr id="xdx_40E_eifrs-full--IssueOfEquity_d0_zWlslcdsiQX2" style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
    of new common shares (Note 9) </span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2021-01-012021-12-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">60</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2021-01-012021-12-31_ifrs-full_SharePremiumMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">89,520</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2021-01-012021-12-31_custom_AccumulatedDeficitMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2022-01-012022-12-31_ifrs-full_SharePremiumMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></b></span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:OtherComprehensiveIncome" contextRef="From2022-01-012022-12-31_ifrs-full_SharePremiumMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:OtherComprehensiveIncome" contextRef="From2022-01-012022-12-31_custom_AccumulatedDeficitMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></b></span></td>
    <td>&#160;</td>
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  <tr id="xdx_400_eifrs-full--ComprehensiveIncome_iT_d0_zxHxgE8ygzkb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total
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    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2022-01-012022-12-31_ifrs-full_SharePremiumMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></b></span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
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  <tr id="xdx_438_c20220101__20221231_eifrs-full--Equity_iE_d0_zRgNrtvG9IG7" style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
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    <td id="xdx_98F_eifrs-full--Equity_iE_pn3n3_c20220101__20221231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--IssuedCapitalMember_zj9YPR42X3fh" title="Balance" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2022-12-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2022-12-31_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">82</ix:nonFraction></ix:nonFraction></b></span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-size: 10pt">The
accompanying notes form an integral part of these consolidated financial statements.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 132 -->
    <div style="border-bottom: Black 0.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><b><span id="a_039"></span>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>CONSOLIDATED STATEMENT OF CASH FLOWS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>For the years ended December 31, 2022, 2021 and 2020</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>(Expressed in thousands of U.S. Dollars)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
    <!-- Field: /Page -->

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" summary="xdx: Statement - Consolidated Statements of Cash Flows" id="xdx_30A_112_pn3n3_zd5NmMsSDhUk" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; width: 64%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_493_20220101__20221231_z1crp4eDCmF8" style="white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_491_20210101__20211231_z1FbNaMdstV9" style="white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_491_20200101__20201231_zDvTinezZMOg" style="white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="background-color: white">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_40A_eifrs-full--CashFlowsFromUsedInOperatingActivitiesAbstract_iB_zKVhLS8ASusk" style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eifrs-full--ProfitLoss_maAFIDIz1Pl_zGjfL3UIA59h" style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_406_eifrs-full--AdjustmentsForReconcileProfitLossAbstract_iB_zfCWfULd3UL3" style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustments
    for:</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eifrs-full--AdjustmentsForDepreciationExpense_maAFIDIz1Pl_zYwxSXa8hsvl" style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
    </span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AdjustmentsForDepreciationExpense" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,600</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AdjustmentsForDepreciationExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,910</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AdjustmentsForDepreciationExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,398</ix:nonFraction></span></td></tr>
  <tr id="xdx_40F_ecustom--AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts_maAFIDIz1Pl_zKbLRr0Qjp96" style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
    of deferred dry-docking costs </span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,646</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,751</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="glbs:AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,335</ix:nonFraction></span></td></tr>
  <tr id="xdx_400_ecustom--PaymentsOfDeferredDryDockingCosts_iN_di_msAFIDIz1Pl_zZ3GBWkboMbd" style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    of deferred dry-docking costs </span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="glbs:PaymentsOfDeferredDryDockingCosts" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,995</ix:nonFraction>)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="glbs:PaymentsOfDeferredDryDockingCosts" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,664</ix:nonFraction>)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="glbs:PaymentsOfDeferredDryDockingCosts" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,663</ix:nonFraction>)</span></td></tr>
  <tr id="xdx_40E_eifrs-full--AdjustmentsForProvisions_maAFIDIz1Pl_z5yOJkOuVbL1" style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provision
    for staff retirement indemnities</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AdjustmentsForProvisions" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">35</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AdjustmentsForProvisions" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">83</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AdjustmentsForProvisions" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5</ix:nonFraction></span></td></tr>
  <tr id="xdx_407_eifrs-full--AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_d0_maAFIDIz1Pl_zUudThalXh7d" style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment
    loss</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" contextRef="From2022-01-01to2022-12-31" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" contextRef="From2021-01-012021-12-31" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,615</ix:nonFraction></span></td></tr>
  <tr id="xdx_406_eifrs-full--AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives_iN_di_msAFIDIz1Pl_zILA0Z3eSu9c" style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Gain)/Loss
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,520</ix:nonFraction>)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">181</ix:nonFraction>)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,647</ix:nonFraction></span></td></tr>
  <tr id="xdx_404_eifrs-full--AdjustmentsForFinanceCosts_maAFIDIz1Pl_zqKdDGNaDF7k" style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>15</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AdjustmentsForFinanceCosts" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,320</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AdjustmentsForFinanceCosts" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,262</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AdjustmentsForFinanceCosts" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,155</ix:nonFraction></span></td></tr>
  <tr id="xdx_40D_eifrs-full--AdjustmentsForInterestIncome_iN_di_msAFIDIz1Pl_z7XZgTuuiRv4" style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:AdjustmentsForInterestIncome" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">375</ix:nonFraction>)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:AdjustmentsForInterestIncome" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8</ix:nonFraction>)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_402_eifrs-full--AdjustmentsForUnrealisedForeignExchangeLossesGains_maAFIDIz1Pl_zpMRuCkxsju4" style="background-color: White">
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepayments
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Increase/(decrease)
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_40F_eifrs-full--AdjustmentsForIncreaseDecreaseInTradeAccountPayable_maAFIDIz1Pl_z9xrGux4oOek" style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_408_ecustom--AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables_maAFIDIz1Pl_zCkW7zUwEkP1" style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="glbs:AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">2,207</ix:nonFraction>)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_404_eifrs-full--AdjustmentsForIncreaseDecreaseInDeferredIncomeIncludingContractLiabilities_maAFIDIz1Pl_zLnMZmRuLxYh" style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:AdjustmentsForIncreaseDecreaseInDeferredIncomeIncludingContractLiabilities" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,628</ix:nonFraction>)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_400_eifrs-full--CashFlowsFromUsedInOperatingActivities_iT_mtAFIDIz1Pl_maIDICAzhkU_zHMFL82Mt016" style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:InterestReceivedClassifiedAsInvestingActivities" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">375</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_401_eifrs-full--CashFlowsFromUsedInInvestingActivities_iT_mtCFFUIztCq_maIDICAzhkU_zQ7VskJdIOUb" style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_407_eifrs-full--CashFlowsFromUsedInFinancingActivitiesAbstract_iB_zEO2UzHHIRKb" style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_d0_maCFFUIzvQP_zCCSrRwoiJb6" style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">34,250</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_403_eifrs-full--RepaymentsOfBorrowingsClassifiedAsFinancingActivities_iN_di0_msCFFUIzvQP_zfs5NTVSJ936" style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayment
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;11</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,375</ix:nonFraction>)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepayment
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_40B_eifrs-full--ProceedsFromIssuingShares_d0_maCFFUIzvQP_zTFYX74PeZAf" style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_408_eifrs-full--IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges_iT_mtIDICAzhkU_zH5hqvW2Ieo8" style="background-color: White">
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,620</ix:nonFraction></b></span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 2in">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-size: 10pt">The
accompanying notes form an integral part of these consolidated financial statements.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="a_040"></span>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory"><p id="xdx_80B_eifrs-full--DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_zMwfhcVkkB41" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>1.
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<span id="xdx_823_zHhQLeMHYyCg">Basis of presentation and general information</span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
accompanying consolidated financial statements include the financial statements of <b><i><span id="xdx_90A_eifrs-full--NameOfReportingEntityOrOtherMeansOfIdentification_c20220101__20221231_z6gl2OY5Bqw1" title="Name of reporting entity"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification">Globus Maritime Limited</ix:nonNumeric></span></i></b> (&#8220;Globus&#8221;)
and its wholly owned subsidiaries (collectively the &#8220;Company&#8221;). Globus was formed on July 26, 2006, under the laws of Jersey.
On June 1, 2007, Globus concluded its initial public offering in the United Kingdom and its shares were admitted for trading on the Alternative
Investment Market (&#8220;AIM&#8221;). On November 24, 2010, Globus was redomiciled to the <span id="xdx_90D_eifrs-full--DomicileOfEntity_c20220101__20221231_zgKqhEr0z2H9"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="ifrs-full:DomicileOfEntity">Marshall Islands</ix:nonNumeric></span> and its shares were admitted
for trading in the United States (NASDAQ Global Market) under the Securities Act of 1933, as amended. On November 26, 2010, Globus&#8217;
shares were  delisted from AIM.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
address of the registered office of Globus is: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><span id="xdx_903_eifrs-full--DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_c20220101__20221231_zkrmjJHcH1v8"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities">The
principal business of the Company is the ownership and operation of a fleet of dry bulk motor vessels (&#8220;m/v&#8221;), providing
maritime services for the transportation of dry cargo products on a worldwide basis.</ix:nonNumeric></span> The Company conducts its operations through its
vessel owning subsidiaries.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
operations of the vessels are managed by Globus Shipmanagement Corp. (the &#8220;Manager&#8221;), a wholly owned Marshall Islands corporation.
The Manager has an office in Greece, located at 128 Vouliagmenis Avenue, 166 74 Glyfada, Greece and provides the commercial, technical,
cash management and accounting services necessary for the operation of the fleet in exchange for a management fee. The management fee
is eliminated on consolidation. The consolidated financial statements include the financial statements of Globus and its subsidiaries
listed below, all wholly owned by Globus as at December 31, 2022:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory"><p id="xdx_894_eifrs-full--DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_z6OaK6wDH3x5" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="display: none; font-size: 10pt">Basis
of presentation and general information&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: Black 0.5pt solid; padding-right: 0pt; text-align: left; padding-bottom: 1pt; padding-left: 0pt"><span style="font-size: 10pt"><b>&#160;Company</b></span></td><td style="padding-bottom: 1pt"><span style="font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: Black 0.5pt solid; text-align: center; padding-bottom: 1pt"><span id="xdx_914_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_zx35VXoB7eD7" style="font-size: 10pt"><b>Country
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    <td><span style="font-size: 10pt">&#160;</span></td>
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">* New building
vessels</span></p>

</ix:nonNumeric><p id="xdx_8AD_zUjR0ERvv4zj" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The consolidated
financial statements as at December 31, 2022 and 2021 and for the three years in the period ended December 31, 2022, were approved for
issuance by the Board of Directors on March 17, 2023.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; color: blue"><b>&#160;</b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; color: blue"></p>


<ix:exclude><!-- Field: Page; Sequence: 134 -->
    <div style="border-bottom: Black 0.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory"><p id="xdx_809_eifrs-full--DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_zI7BFHhztmti" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#8239;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;<span id="xdx_824_zpInt8IF6gQl">Basis
of Preparation and Significant Accounting Policies</span></b></span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -18pt"><span style="font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfGoingConcernExplanatory"><p id="xdx_843_eifrs-full--DisclosureOfGoingConcernExplanatory_zsQWnmQIcuf1" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.1
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160; <span id="xdx_861_zrxnIFNn6cXe">Basis of Preparation:</span> </b>The consolidated financial statements have been
prepared on a historical cost basis, except for derivative financial instruments which are measured at fair value. The consolidated
financial statements are presented in U.S. dollars and all values are rounded to the nearest thousand ($ 000s) except when otherwise
indicated.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>Going
concern basis of accounting: </b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The Company
performs on a regular basis an assessment to evaluate its ability to continue as a going concern.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">In assessing
whether the going concern assumption is appropriate, management takes into account all available information about the future, which
is at least, but is not limited to, twelve months from the end of the reporting period. The degree of consideration depends on the facts
in each case and depends on the Company&#8217;s profitability and ready access to financial resources, In certain cases, management may
need to consider a wide range of factors relating to current and expected profitability, debt repayment schedules, compliance with the
financial and security collateral cover ratio covenants under its existing debt agreements and potential sources of replacement financing
before it can satisfy itself that the going concern basis is appropriate. The Company may need to develop detailed cash flow projections
as part of its assessment in such cases. In developing estimates of future cash flows, the Company makes assumptions about the vessels&#8217;
future performance, with the significant assumptions relating to time charter equivalent rates, vessels&#8217; operating expenses, vessels&#8217;
capital expenditures, fleet utilization, Company&#8217;s general and administrative expenses and cash flow requirements for debt servicing.
The assumptions used to develop estimates of future cash flows are based on historical trends as well as future expectations.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">As at
December 31, 2022, the Company reported a total comprehensive income for the year of $<span id="xdx_90C_eifrs-full--ComprehensiveIncome_pn3n3_c20220101__20221231_zYvkZckxy258"><ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">24,280</ix:nonFraction></span>, net cash generated from
operating activities of $<span id="xdx_909_eifrs-full--CashFlowsFromUsedInOperatingActivities_pn3n3_c20220101__20221231_zUKA5IIBYrIa"><ix:nonFraction name="ifrs-full:CashFlowsFromUsedInOperatingActivities" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">26,906</ix:nonFraction></span>, Cash and cash equivalents of $<span id="xdx_90A_eifrs-full--CashAndCashEquivalents_iI_pn3n3_c20221231_zLrE8dyaQ7ac"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">52,833</ix:nonFraction></span>, a working capital surplus of $<span id="xdx_906_eifrs-full--CurrentAssetsLiabilities_iI_pn3n3_c20221231_zvoGJxemvsn8" title="Working capital surplus"><ix:nonFraction name="ifrs-full:CurrentAssetsLiabilities" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">45,000</ix:nonFraction></span>
 and was in compliance with its debt covenants.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The above
conditions indicate that the Company is expected to be able to operate as a going concern and these consolidated financial statements
were prepared under this assumption.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt"><b>Impact of
COVID-19 on the Company&#8217;s Business</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">The spread
of the COVID-19 virus, which has been declared a pandemic by the World Health Organization in 2020 has caused substantial disruptions
in the global economy and the shipping industry, as well as significant volatility in the financial markets, the severity and duration
of which remains uncertain.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">The impact
of the COVID-19 pandemic continues to unfold and may continue to have a negative effect on the Company&#8217;s business, financial performance
and the results of its operations. As a result, many of the Company&#8217;s estimates and assumptions required increased judgment and
carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company&#8217;s
estimates may change in future periods. Besides reducing demand for cargo, coronavirus may functionally limit 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.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-left: 36pt; text-align: justify"><span style="font-size: 10pt">The Company
has evaluated the impact of the current economic situation on the recoverability of the carrying amount of its vessels. During the first
quarter of 2020, the Company concluded that events and circumstances triggered the existence of potential impairment of its vessels.
These indicators included volatility in the charter market as well as the potential impact the current marketplace may have on the future
operations. As a result, the Company performed an impairment assessment of the Company&#8217;s vessels by comparing the discounted projected
net operating cash flows for each vessel to its carrying values. For the first quarter of 2020, the Company concluded that the recoverable
amounts of the vessels were lower than their carrying amounts and an impairment loss of $<span id="xdx_901_eifrs-full--AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_pn3n3_c20200101__20201231_zxVSpxBZO3P9" title="Impairment loss"><ix:nonFraction name="ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,615</ix:nonFraction></span> was recorded (Note 5). The Company has
re-assessed impairment indicators as at December 31, 2022 and concluded that <span id="xdx_90F_eifrs-full--AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_pn3n3_do_c20220101__20221231_zv9UJCjP0BOf" title="Impairment loss"><ix:nonFraction name="ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" contextRef="From2022-01-01to2022-12-31" format="ixt-sec:numwordsen" decimals="-3" scale="3" unitRef="USD">no</ix:nonFraction></span> further impairment of its vessels should be recorded
or previously recognized impairment should be reversed.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-left: 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Conflicts</b></span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-left: 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
conflict between Russia and Ukraine, which commenced in February 2022, has disrupted supply chains and caused instability and significant
volatility in the global economy. Much uncertainty remains regarding the global impact of the conflict in Ukraine, and it is possible
that such instability, uncertainty and resulting volatility could significantly increase the costs of the Company and adversely affect
its business, including the ability to secure charters and financing on attractive terms, and as a result, adversely affect the Company&#8217;s
business, financial condition, results of operation, estimates and cash flows. Currently there is no direct effect on the
Company&#8217;s operations.</span></p>

<ix:exclude><!-- Field: Page; Sequence: 135 -->
    <div style="border-bottom: Black 0.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-left: 36pt; text-align: justify"><span style="font-size: 10pt"></span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Significant Accounting Policies (continued)</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>Statement
of Compliance: </b>These consolidated financial statements of the Company have been prepared in accordance with <span id="xdx_90C_edei--EntityAccountingStandard_c20220101__20221231_zHN95CfeGFii"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityAccountingStandard">International Financial
Reporting Standards</ix:nonNumeric></span> (&#8220;IFRS&#8221;) as issued by the International Accounting Standards Board (&#8220;IASB&#8221;).</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>Basis
of Consolidation:</b> The consolidated financial statements comprise the financial statements of Globus and its subsidiaries listed in
Note 1. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting
policies.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">All
inter-company balances and transactions have been eliminated upon consolidation. Subsidiaries are fully consolidated from the date on
which control is transferred to the Company and cease to be consolidated from the date on which control is transferred out of the Company.</span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations"><p id="xdx_848_eifrs-full--DescriptionOfInitialApplicationOfStandardsOrInterpretations_z11MjDrO0fJ8" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;&#8239;&#160;&#160;<span id="xdx_86B_zpgyBprR2dVk">
Standards amendments and interpretations:</span></b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The accounting
policies adopted are consistent with those of previous financial year except for the following amended IFRS which have been adopted by
the Company as at January 1, 2022:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Symbol; font-size: 10pt">&#183;
</span><span style="font-size: 10pt"><b>IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent
Liabilities and Contingent Assets as well as Annual Improvements 2018-2020 (Amendments)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 35.45pt; text-align: justify"><span style="font-size: 10pt">The
amendments are effective for annual periods beginning on or after January 1, 2022 with earlier application permitted. The IASB has
issued narrow-scope amendments to the IFRS Standards as follows:</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;
</span><span style="font-size: 10pt"><b>IFRS 3 Business Combinations (Amendments)</b> update a reference in IFRS 3 to the previous version
of the IASB&#8217;s Conceptual Framework for Financial Reporting to the current version issued in 2018 without significantly changing
the accounting requirements for business combinations.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;
</span><span style="font-size: 10pt"><b>IAS 16 Property, Plant and Equipment (Amendments)</b> prohibit a company from deducting from
the cost of property, plant and equipment any proceeds from the sale of items produced while bringing the asset to the location and condition
necessary for it be capable of operating in the manner intended by management. Instead, a company recognizes such sales proceeds and
related cost in profit or loss.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;
</span><span style="font-size: 10pt"><b>IAS 37 Provisions, Contingent Liabilities and Contingent Assets (Amendments)</b> specify which
costs a company includes in determining the cost of fulfilling a contract for the purpose of assessing whether a contract is onerous.
The amendments clarify, the costs that relate directly to a contract to provide goods or services include both incremental costs and
an allocation of costs directly related to the contract activities. </span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;
</span><span style="font-size: 10pt"><b>Annual Improvements 2018-2020</b> make minor amendments to <b>IFRS 1 First-time Adoption of International
Financial Reporting Standards</b>, <b>IFRS 9 Financial Instruments</b>, <b>IAS 41 Agriculture</b> and the Illustrative Examples accompanying
<b>IFRS 16 Leases</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The amendments
had no impact on the financial statements of the Company.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Symbol; font-size: 10pt">&#183; </span><span style="font-size: 10pt"><b>IFRS
16 Leases-Covid 19 Related Rent Concessions beyond  June 30, 2021 (Amendment)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The
Amendment applies to annual reporting periods beginning on or after April 1, 2021, with earlier application permitted, including in
financial statements not yet authorized for issue at the date the amendment is issued. In March 2021, the Board amended the
conditions of the practical expedient in IFRS 16 that provides relief to lessees from applying the IFRS 16 guidance on lease
modifications to rent concessions arising as a direct consequence of the covid-19 pandemic. Following the amendment, the practical
expedient now applies to rent concessions for which any reduction in lease payments affects only payments originally due on or
before  June 30, 2022, provided the other conditions for applying the practical expedient are met.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The amendments
had no impact on the financial statements of the Company.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;<b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><span style="font-size: 10pt"><b>Standards
issued but not yet effective and not early adopted:</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Symbol; font-size: 10pt">&#183;
</span><span style="font-size: 10pt"><b>IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting
policies (Amendments)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The Amendments
are effective for annual periods beginning on or after January 1, 2023 with earlier application permitted. The amendments provide guidance
on the application of materiality judgements to accounting policy disclosures. In particular, the amendments to IAS 1 replace the requirement
to disclose &#8216;significant&#8217; accounting policies with a requirement to disclose &#8216;material&#8217; accounting policies.
Also, guidance and illustrative examples are added in the Practice Statement to assist in the application of the materiality concept
when making judgements about accounting policy disclosures. Management is in process of assessing the effect of these amendments on
the Company&#8217;s financial statements and disclosures.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><b>&#160;</b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><b></b></p>


<ix:exclude><!-- Field: Page; Sequence: 136 -->
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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
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<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Significant Accounting Policies (continued)</b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Symbol; font-size: 10pt">&#183;
</span><span style="font-size: 10pt"><b>IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting
Estimates (Amendments)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The amendments
become effective for annual reporting periods beginning on or after January 1, 2023 with earlier application permitted and apply to changes
in accounting policies and changes in accounting estimates that occur on or after the start of that period. The amendments introduce
a new definition of accounting estimates, defined as monetary amounts in financial statements that are subject to measurement uncertainty,
if they do not result from a correction of prior period error. Also, the amendments clarify what changes in accounting estimates are
and how these differ from changes in accounting policies and corrections of errors. Management is in process of assessing the effect of these amendments on the Company&#8217;s financial statements
and disclosures.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Symbol; font-size: 10pt">&#183;
</span><span style="font-size: 10pt"><b>IAS 12 Income taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction
(Amendments)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The amendments
are effective for annual periods beginning on or after January 1, 2023 with earlier application permitted. The amendments narrow the
scope of and provide further clarity on the initial recognition exception under IAS 12 and specify how companies should account for deferred
tax related to assets and liabilities arising from a single transaction, such as leases and decommissioning obligations. The amendments
clarify that where payments that settle a liability are deductible for tax purposes, it is a matter of judgement, having considered the
applicable tax law, whether such deductions are attributable for tax purposes to the liability or to the related asset component. Under
the amendments, the initial recognition exception does not apply to transactions that, on initial recognition, give rise to equal taxable
and deductible temporary differences. It only applies if the recognition of a lease asset and lease liability (or decommissioning liability
and decommissioning asset component) give rise to taxable and deductible temporary differences that are not equal. Management has assessed
that these amendments will have no impact on the Company&#8217;s financial position or performance.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Symbol; font-size: 10pt">&#183; </span><span style="font-size: 10pt"><b>IAS
1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (Amendments)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The
amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted, and
will need to be applied retrospectively in accordance with IAS 8. The objective of the amendments is to clarify the principles in
IAS 1 for the classification of liabilities as either current or non-current. The amendments clarify the meaning of a right to defer
settlement, the requirement for this right to exist at the end of the reporting period, that management intent does not affect
current or non-current classification, that options by the counterparty that could result in settlement by the transfer of the
entity&#8217;s own equity instruments do not affect current or non-current classification. Also, the amendments specify that only
covenants with which an entity must comply on or before the reporting date will affect a liability&#8217;s classification.
Additional disclosures are also required for non-current liabilities arising from loan arrangements that are subject to covenants to
be complied with within twelve months after the reporting period. Management is in process of assessing the effect of these
amendments on the Company&#8217;s financial statements and disclosures.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Symbol; font-size: 10pt">&#183;
</span><span style="font-size: 10pt"><b>IFRS 16 Leases: Lease Liability in a Sale and Leaseback (amendments)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The amendments
are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. The amendments
are intended to improve the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction
in IFRS 16, while it does not change the accounting for leases unrelated to sale and leaseback transactions. In particular, the seller-lessee
determines &#8216;lease payments&#8217; or &#8216;revised lease payments&#8217; in such a way that the seller-lessee would not recognize
any amount of the gain or loss that relates to the right of use it retains. Applying these requirements does not prevent the seller-lessee
from recognizing, in profit or loss, any gain or loss relating to the partial or full termination of a lease. A seller-lessee applies
the amendment retrospectively in accordance with IAS 8 to sale and leaseback transactions entered into after the date of initial application,
being the beginning of the annual reporting period in which an entity first applied IFRS 16. Management has assessed that these amendments
will have no impact on the Company&#8217;s financial position or performance.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Symbol; font-size: 10pt">&#183;
</span><span style="font-size: 10pt"><b>Amendment in IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and
Joint Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The amendments
address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS 28, in dealing with the sale or contribution
of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss
is recognized when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognized
when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary. In December 2015
the IASB postponed the effective date of this amendment indefinitely pending the outcome of its research project on the equity method
of accounting. Management has assessed that these amendments will have no impact on the Company&#8217;s financial position or performance.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
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<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Significant Accounting Policies (continued)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory"><p id="xdx_84B_eifrs-full--DisclosureOfAccountingJudgementsAndEstimatesExplanatory_zerouqvHKR1f" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.3
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;<span id="xdx_867_zqFxYAR3DrAe">Significant accounting policies, judgments, estimates and assumptions:</span></b></span>
<span style="font-size: 10pt">The preparation of consolidated financial statements in conformity with IFRS requires management to make
judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the consolidated financial statements and the amounts of revenues and expenses recognized during the reporting
period. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment
to the carrying amount of the asset or liability affected in the future.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -21.25pt"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>Judgments:
</b>In the process of applying the Company&#8217;s accounting policies, management has made the following judgments that had a significant
effect on the amounts recognized in the consolidated financial statements.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b></b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>Impairment
and Reversal of previously recognized impairment:</b> The Company applies judgment in assessing at each reporting date whether indicators
of impairment or reversal of previously recognized impairment loss exist for any vessels. If indicators of possible impairment or
reversal of impairment are identified, the Company estimates the recoverable amount such vessel</span>.</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 35.45pt; text-align: justify"><span style="font-size: 10pt">The
Company considers the following indicators of impairment/reversal of impairment:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 35.45pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;
</span><span style="font-size: 10pt">Observable significant decrease / increase in vessel&#8217;s market value </span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;
</span><span style="font-size: 10pt">Significant adverse / favorable changes in the technological, economic or legal environment incurred
or are expected to be incurred and negatively / positively affect vessel&#8217;s value or decrease / increase its revenue generating
ability</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;
</span><span style="font-size: 10pt">Market interest rates of return on investments have increased / decreased during the period, which
will result in increase /decrease of the discount rate.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">To evaluate
the presence of impairment/reversal of impairment indicators the Company assessed current market conditions as derived from historical
information including analysis over vessel market charter rates and market prices, recent vessels sales and purchase activity, independent
brokers valuations reports and also assesses forward looking industry information regarding vessels market values.as well as various
qualitative factors. Based on such assessment performed as of December 31, 2022 and 2021 the Company concluded that no indicators for
impairment and reversal of impairment were present as of December 31, 2022 and 2021 and no impairment or reversal of previously recognized
impairment losses was recorded for the years ended December 31, 2022 and 2021 (Note 5).</span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"></span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimates
and assumptions</b>: The key assumptions concerning the future and other key sources of estimation uncertainty at the financial position
date, that have a significant risk of causing a significant adjustment to the carrying amount of assets and liabilities within the next
financial year, are discussed below. The Company based its assumptions and estimates on parameters available when the consolidated financial
statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes
or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"> <span style="font-family: Wingdings; font-size: 10pt">&#216;</span> <span style="font-size: 10pt"><i>Carrying amount of vessels, net</i>: Vessels are stated at cost, less accumulated depreciation (including depreciation of dry-docking costs) and accumulated impairment losses. The estimates and assumptions that have the most significant effect on the vessels carrying amount are estimations in relation to useful lives of vessels, their residual value and estimated dry docking dates. The key assumptions used are further explained in notes 2.9 to 2.12.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;
</span><span style="font-size: 10pt"><i>Impairment of  Vessels and Reversal of previously recognized impairment losses</i>:
The Company&#8217;s impairment test for non-financial assets is based on the assets&#8217; recoverable amount, where the recoverable
amount is the greater of fair value less costs to sell and value in use. The Company engaged independent valuation specialists to determine
the fair value of non-financial assets as at December 31, 2022 and 2021. The value in use calculation is based on a discounted cash flow
model. The value in use calculation is most sensitive to the discount rate used for the discounted cash flow model as well as the expected
net cash flows. See notes 2.12 and 5. The Company assesses also at each reporting date whether there is any indication that an impairment
loss recognized in prior periods for a vessel may no longer exist or may have decreased.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue"><p id="xdx_847_eifrs-full--DescriptionOfAccountingPolicyForRecognitionOfRevenue_zwSiwpG7YWr7" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.4
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160; <span id="xdx_86B_zbIqFGnCFXk1">Accounting for revenue and related
expenses:</span></b> The Company generates its revenues from charterers for the charter hire of its vessels. Vessels are chartered using time charters and
bareboat, where a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate.
If a time charter agreement exists and collection of the related revenue is reasonably assured, revenue is recognized on a straight-line
basis over the period of the time charter. Such Voyage Revenues are treated in accordance with IFRS 16 as lease income, while the portion
of time charter revenues related to technical management services are recognized in accordance with IFRS 15. Associated broker commissions
are recognized on a pro-rata basis over the duration of the period of the time charter. Deferred revenue relates to cash received prior
to the financial position date and is related to revenue earned after such date.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"><b>Interest
income</b>: interest income is recognized as interest on an accrual basis.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>Voyage expenses</b>:
Voyage expenses primarily consisting of port, canal and bunker expenses that are unique to a particular charter under time charter arrangements
are paid by the charterer. Furthermore, voyage expenses include brokerage commission on revenue which is paid by the Company. Voyage
expenses are accounted for on an accrual basis.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -1cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>Vessel operating
expenses</b>: Vessel operating costs include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance
and repairs. Vessel operating expenses are accounted for on an accrual basis.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory"><p id="xdx_840_eifrs-full--DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_zNgFD7HXMl9i" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.5
&#8239;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <span id="xdx_863_zJk6Xb1KMhCi">Foreign currency translation:</span></b></span>
<span style="font-size: 10pt">The functional currency of Globus and its subsidiaries is the U.S. dollar, which is also the presentation
currency of the Company, since the Company&#8217;s vessels operate in international shipping markets, whereby the U.S. dollar is the
currency used for transactions. Transactions involving other currencies during the period are converted into U.S. dollars using the exchange
rates in effect at the time of the transactions. At the financial position dates, monetary assets and liabilities, which are denominated
in currencies other than the U.S. dollar, are translated into the functional currency using the period-end exchange rate. Gains or losses
resulting from foreign currency transactions are included in foreign exchange gains/(losses), net in the consolidated statement of comprehensive
income/(loss).&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory"><p id="xdx_848_eifrs-full--DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory_zsOdnpqe6In9" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.6
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <span id="xdx_862_zWEkmKHbZKYb">Cash
and cash equivalents:</span></b> The Company considers highly liquid investments such as time deposits and certificates of deposit with original
maturity of three months or less to be cash and cash equivalents.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory"><p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory_zSL1ST0072gf" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.7
&#8239;&#8239;&#8239;
&#8239;&#8239;&#160; <span id="xdx_860_z71pTQilN4Za">Trade accounts receivable, net:</span> </b>The amount shown as trade accounts receivable at each financial position date includes estimated
recoveries from charterers for hire, net of an allowance for doubtful accounts. Trade accounts receivable without a significant financing
component are initially measured at their transaction price and subsequently measured at amortized cost less impairment losses, which
are recognized in the consolidated statement of comprehensive income/(loss). At each financial position date, all potentially uncollectible
accounts are assessed individually for the purpose of determining the appropriate provision for expected credit losses. The provision
for expected credit losses at December 31, 2022 was nil (2021: $<span id="xdx_908_ecustom--AllowanceForDoubtfulTradeReceivables_pn3n3_c20210101__20211231_zEQ7nB9uMep8" title="Provision for doubtful trade receivables"><ix:nonFraction name="glbs:AllowanceForDoubtfulTradeReceivables" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8</ix:nonFraction></span>). <span id="xdx_904_ecustom--AllowanceForDoubtfulTradeReceivables_pn3n3_c20220101__20221231_zbIHSQczhqp1" title="Provision for doubtful trade receivables" style="display: none"><ix:nonFraction name="glbs:AllowanceForDoubtfulTradeReceivables" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">0</ix:nonFraction></span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><span title="Provision for doubtful trade receivables" style="display: none"></span></span></p>

<ix:exclude><!-- Field: Page; Sequence: 138 -->
    <div style="border-bottom: Black 0.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Significant Accounting Policies (continued)</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories"><p id="xdx_840_eifrs-full--DescriptionOfAccountingPolicyForMeasuringInventories_z8k90gXVfLB1" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.8&#8239;
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; &#8239;<span id="xdx_861_zZICYD4RCCBd">Inventories:</span>
</b>Inventories consist of lubricants, bunkers and gas cylinders and are stated at the lower of cost and net realizable value. The cost
is determined by the first-in, first-out method.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory"><p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_zyaMj9pfZOAg" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.9
&#8239;&#160; &#8239;&#8239;&#8239;&#8239;&#8239;<span id="xdx_86E_zXFiM99Uiav6">Vessels,
net:</span></b> Vessels are stated at cost, less accumulated depreciation (including depreciation of dry-docking cost) and accumulated impairment losses. Vessel cost consists
of the contract price for the vessel and any material expenses incurred upon acquisition (initial repairs, improvements and delivery
expenses, interest, commissions paid and on-site supervision costs incurred during the construction periods). Subsequent expenditures
for conversions and major improvements are also capitalized when the recognition criteria are met. Otherwise, these amounts are charged
to expenses as incurred.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory"><p id="xdx_84C_eifrs-full--DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory_zvghVckNyMyk" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.10&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
<span id="xdx_86A_z2cTskMjSzO7">Dry-docking costs:</span></b> <span style="font-weight: normal">Vessels are required to be dry-docked for major repairs and maintenance that
cannot be performed while the vessels are operating. Dry-dockings occur approximately every <span id="xdx_90C_ecustom--IntervalBetweenVesselDrydockingSpecialSurvey_dtY_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DeferredDryDockingCostsMember_z8Jdrp6rIy3a" title="Interval Between Vessel Drydocking Special Survey"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_DeferredDryDockingCostsMember" format="ixt-sec:duryear" name="glbs:IntervalBetweenVesselDrydockingSpecialSurvey">2.5</ix:nonNumeric></span> years. The costs associated with the
dry-dockings are capitalized and depreciated on a straight-line basis over the period between dry-dockings, to a maximum of 2.5 years.
At the date of acquisition of a vessel, management estimates the component of the cost that corresponds to the economic benefit to be
derived until the first scheduled dry-docking of the vessel under the ownership of the Company and this component is depreciated on a
<span id="xdx_909_eifrs-full--DepreciationMethodPropertyPlantAndEquipment_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DeferredDryDockingCostsMember_zIbiSo7fwQ8l" title="Depreciation method"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_DeferredDryDockingCostsMember" name="ifrs-full:DepreciationMethodPropertyPlantAndEquipment">straight-line basis</ix:nonNumeric></span> over the remaining period through the estimated dry-docking date.</span></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory"><p id="xdx_845_eifrs-full--DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory_zFrAvOMOqOY1" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.11
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<span id="xdx_86C_zhHGTOKp8jv5">Depreciation:</span></b> The cost of each of the Company&#8217;s vessels is depreciated on a <span id="xdx_901_eifrs-full--DepreciationMethodPropertyPlantAndEquipment_pid_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_z1JpAaNoInDk" title="Depreciation method"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_VesselsMember" name="ifrs-full:DepreciationMethodPropertyPlantAndEquipment">straight-line basis</ix:nonNumeric></span> over each vessel&#8217;s remaining
useful economic life, after considering the estimated residual value of each vessel, beginning when the vessel is ready for its intended
use. Management estimates that the useful life of new vessels is <span id="xdx_904_eifrs-full--DescriptionOfUsefulLifePropertyPlantAndEquipment_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zhyTsPtghRW3" title="Useful life"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_VesselsMember" name="ifrs-full:DescriptionOfUsefulLifePropertyPlantAndEquipment">25 years</ix:nonNumeric></span>, which is consistent with industry practice. The residual value
of a vessel is the product of its lightweight tonnage and estimated scrap value per lightweight ton. The residual values and useful lives
are reviewed at each reporting date and adjusted prospectively. During 2020 the Company maintained the same scrap rate at $<span id="xdx_906_ecustom--VesselsScrapRatePerTon_c20200101__20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zMXZBqbLd2Vc" title="Vessels scrap rate per ton"><ix:nonFraction name="glbs:VesselsScrapRatePerTon" contextRef="From2020-01-012020-12-31_custom_VesselsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">300</ix:nonFraction></span>/ton(absolute amount). During
the fourth quarter of 2021, the Company adjusted the scrap rate from $300/ton(absolute amount) to $<span id="xdx_90F_ecustom--VesselsScrapRatePerTon_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zkjMidyN9Eb1" title="Vessels scrap rate per ton"><ix:nonFraction name="glbs:VesselsScrapRatePerTon" contextRef="From2021-01-012021-12-31_custom_VesselsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">380</ix:nonFraction></span>/ton(absolute amount) due to the increased scrap rates worldwide.
This resulted to a decrease of $<span id="xdx_903_ecustom--ExtraDepreciationPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zd4Con8zPfre" title="Decrease in depreciation expense due to changes in scrap rate"><ix:nonFraction name="glbs:ExtraDepreciationPropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31_custom_VesselsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">145</ix:nonFraction></span> to the depreciation charge included in the consolidated statement of comprehensive income/(loss)
for 2021. During the fourth quarter of 2022, the Company adjusted the scrap rate from $380/ton(absolute amount) to $<span id="xdx_900_ecustom--VesselsScrapRatePerTon_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zf8SIC92rVZj" title="Vessels scrap rate per ton"><ix:nonFraction name="glbs:VesselsScrapRatePerTon" contextRef="From2022-01-012022-12-31_custom_VesselsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">440</ix:nonFraction></span>/ton(absolute amount) due to the increased scrap
rates worldwide. This resulted to a lower of $<span id="xdx_909_ecustom--ExtraDepreciationPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zzs4hekZts23" title="Decrease in depreciation expense due to changes in scrap rate"><ix:nonFraction name="glbs:ExtraDepreciationPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_custom_VesselsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">118</ix:nonFraction></span> to the depreciation charge included in the consolidated statement of comprehensive
income/(loss) for 2022. The scrap rates throughout these financial statements are in absolute amounts.</span></p>



<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 30.05pt; text-align: justify; text-indent: -30.05pt"><span style="font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory"><p id="xdx_847_eifrs-full--DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_z1H1c4EQAoN9" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.12&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;<span id="xdx_866_znyHr5focOF9">Impairment of Long-Lived Assets and Reversal of previously recognized impairment losses:</span></b></span>
<span style="font-size: 10pt">The Company assesses at each reporting date whether there is an indication that a vessel may be impaired.
The vessel&#8217;s recoverable amount is estimated when events or changes in circumstances indicate the carrying value may not be recoverable.
If such indication exists and where the carrying value exceeds the estimated recoverable amounts, the vessel is written down to its recoverable
amount. The recoverable amount is the greater of fair value less costs to sell and value-in-use. In assessing value-in-use, the estimated
future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value
of money and the risks specific to the vessel. Impairment losses are recognized in the consolidated statement of comprehensive income/(loss).
The Company assesses also at each reporting date whether there is any indication that an impairment loss recognized in prior periods
for a vessel may no longer exist or may have decreased. A previously recognized impairment loss is reversed only if there has been a
change in the estimates used to determine the asset&#8217;s recoverable amount since the last impairment loss was recognized. If that
is the case, the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying
amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such
reversal is recognized in the consolidated statement of comprehensive income/(loss). After such a reversal, the depreciation charge is
adjusted in future periods to allocate the asset&#8217;s revised carrying amount, less any residual value, on a systematic basis over
its remaining useful life (refer to note 5).</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify; text-indent: -1cm"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify; text-indent: -1cm"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify; text-indent: -1cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory"><p id="xdx_846_eifrs-full--DescriptionOfAccountingPolicyForBorrowingsExplanatory_zCiTXZLGkLA3" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.13&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <span id="xdx_86E_zPyTkR0jdMEk">Long-term
debt:</span></b> Long-term debt is initially recognized at the fair value of the consideration received net of financing costs
directly attributable to the borrowing. After initial recognition, long-term debt is subsequently measured at amortized cost using
the effective interest rate method. Amortized cost is calculated by taking into account any financing costs and any discount or
premium on settlement. Gains and losses are recognized in the income statement component of the consolidated statement of
comprehensive income/(loss) when the liabilities are derecognized or impaired, as well as through the amortization process. Accrued
interest at the end of the reporting period is added at the current portion of long-term debt. As at December 31, 2021 amount of
$<span id="xdx_903_eifrs-full--CurrentPortionOfLongtermBorrowings_iI_pn3n3_c20211231__ifrs-full--ConsolidatedAndSeparateFinancialStatementsAxis__custom--CurrentAccruedInterestMember_zwcgPknLM4O2"><ix:nonFraction name="ifrs-full:CurrentPortionOfLongtermBorrowings" contextRef="AsOf2021-12-31_custom_CurrentAccruedInterestMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">179</ix:nonFraction></span> that was previously presented under
Accrued Liabilities was reclassified under Current portion of long-term borrowings.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify">&#160;<span style="font-size: 10pt">&#160;</span></p>

<ix:exclude><!-- Field: Page; Sequence: 139 -->
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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
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<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Significant Accounting Policies (continued)</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory"><p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForFinanceCostsExplanatory_zvfQJzaj81n9" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.14&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
<span id="xdx_868_zkjHvp2YOGO3">Financing costs:</span></b> Fees incurred for obtaining new loans or refinancing existing loans are deferred and amortized over the life of
the related debt, using the effective interest rate method. Any unamortized balance of costs relating to loans repaid or refinanced is
expensed in the period the repayment or refinancing is made. For the year ended December 31, 2022, the Company deferred financing costs
of $<span id="xdx_906_eifrs-full--BorrowingCostsCapitalised_pn3n3_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zhvgviLdEB3g" title="Borrowing costs capitalised"><ix:nonFraction name="ifrs-full:BorrowingCostsCapitalised" contextRef="From2022-01-012022-12-31_custom_CiTMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">259</ix:nonFraction></span>, which relate to the costs incurred for the top up loan amount of $<span id="xdx_907_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pn3n3_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zgfHywhJYbIe"><ix:nonFraction name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" contextRef="From2022-01-012022-12-31_custom_CiTMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">18,000</ix:nonFraction></span>  with CIT Bank N.A. (see Note 11 for more details).
For the year ended December 31, 2021, the Company deferred financing costs of $<span id="xdx_905_eifrs-full--BorrowingCostsCapitalised_pn3n3_c20210101__20211231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zUuqETNikrk4" title="Borrowing costs capitalised"><ix:nonFraction name="ifrs-full:BorrowingCostsCapitalised" contextRef="From2021-01-012021-12-31_custom_CiTMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">545</ix:nonFraction></span>, which relate to the costs incurred for the loan agreement
with CIT Bank N.A. (This loan facility is referred to as the CIT Loan Facility, see Note 11 for more details). For the year ended December
31, 2020, the Company did not incur any financing costs. <span id="xdx_90B_eifrs-full--BorrowingCostsCapitalised_pn3n3_c20200101__20201231_z2NB0DrD2Tnf" title="Borrowing costs capitalised" style="display: none"><ix:nonFraction name="ifrs-full:BorrowingCostsCapitalised" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">0</ix:nonFraction></span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify"><span style="font-size: 10pt"><i>&#160;</i></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory"><p id="xdx_843_eifrs-full--DescriptionOfAccountingPolicyForBorrowingCostsExplanatory_zR7LfkRqbEVl" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.15&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
<span id="xdx_860_zMN5CcEocfBi">Borrowing costs:</span></b> Borrowing costs consist of interest and other costs that the Company incurs in connection with the borrowing
of funds. Borrowing costs are expensed to the income statement component of the consolidated statement of comprehensive income/(loss)
as incurred under &#8220;interest expense and finance costs&#8221; except borrowing costs that relate to a qualifying asset. A qualifying
asset is an asset that necessarily takes a substantial period of time to get ready for its intended use. Borrowing costs that relate
to qualifying assets are capitalized.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory"><p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForSegmentReportingExplanatory_ziW8NUgCOXPf" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;
<span id="xdx_860_zYBz8fJmOUff">Operating segment:</span></b> The Company reports financial information and evaluates its operations by charter revenues and not by other factors
such as length of ship employment for its customers i.e., spot or time charters or type of vessel. The Company does not use discrete
financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types
of charters, management cannot and does not identify expenses, profitability or other financial information for these charters. As a
result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results
of the fleet and thus the Company has determined that it operates as <span id="xdx_908_ecustom--NumberOfOperatingSegments_dc_uPure_c20220101__20221231_zrqVHIGKsyzf" title="Number Of Operating Segments"><ix:nonFraction name="glbs:NumberOfOperatingSegments" contextRef="From2022-01-01to2022-12-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="Pure">one</ix:nonFraction></span> operating segment. Furthermore, when the Company charters a
vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographical information
is impracticable.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory"><p id="xdx_84A_eifrs-full--DescriptionOfAccountingPolicyForProvisionsExplanatory_zkBVDSNTj264" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.17
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<span id="xdx_86E_zsFUXUFtNU5f">Provisions and contingencies:</span></b></span> <span style="font-size: 10pt">Provisions
are recognized when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow
of resources embodying economic benefits will be required to settle the obligation and, a reliable estimate of the amount of the obligation
can be made. Provisions are reviewed at each financial position date and adjusted to reflect the present value of the expenditure expected
to be required to settle the obligation. Contingent liabilities are not recognized in the consolidated financial statements but are disclosed
unless the possibility of an outflow of resources embodying economic benefits is remote, in which case there is no disclosure. Contingent
assets are not recognized in the consolidated financial statements but are disclosed when an inflow of economic benefits is probable.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits"><p id="xdx_848_eifrs-full--DescriptionOfAccountingPolicyForTerminationBenefits_zDpO9kgEvXm2" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.18&#8239;
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<span id="xdx_864_z2C2Aw0suEye">Pension and retirement benefit obligations:</span> </b>The crew on board the vessels owned by the ship-owning companies, wholly owned subsidiaries
of Globus, is employed under short-term contracts (usually up to nine months) and, accordingly, the Company is not liable for any pension
or post-retirement benefits payable to the crew.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>Provision
for employees&#8217; severance compensation: </b>The Greek employees of the Company are bound by the Greek Labor law. Accordingly, compensation
is payable to such employees upon dismissal or retirement. The amount of compensation is based on the number of years of service and
the amount of remuneration at the date of dismissal or retirement. <span id="xdx_90D_eifrs-full--DescriptionOfNatureOfBenefitsProvidedByPlan_pip0_c20220101__20221231_zIoL9r1VSyi2" title="Description of nature of benefits provided by plan"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="ifrs-full:DescriptionOfNatureOfBenefitsProvidedByPlan">If the employee remains in the employment of the Company until normal
retirement age, they are entitled to retirement compensation which is equal to 40% of the compensation amount that would be payable if
they were dismissed at that time.</ix:nonNumeric></span> The number of employees that will remain with the Company until retirement age is not known. The Company
has provided for the employees&#8217; retirement compensation liability which amounted to $<span id="xdx_90B_eifrs-full--LiabilityAssetOfDefinedBenefitPlans_iI_pn3n3_c20221231_zW7vhgfPYSd6" title="Net defined benefit liability"><ix:nonFraction name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">148</ix:nonFraction></span> as at December 31, 2022 (2021: $<span id="xdx_902_eifrs-full--LiabilityAssetOfDefinedBenefitPlans_iI_pn3n3_c20211231_z2B2WODeovDj" title="Net defined benefit liability"><ix:nonFraction name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">114</ix:nonFraction></span>),
calculated by using the Projected Unit Credit Method and disclosed under non-current liabilities in the consolidated statement of financial
position.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory"><p id="xdx_847_eifrs-full--DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory_zlEXp6a5Kev8" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.19&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
<span id="xdx_866_z7wltvw4rNV9">Offsetting of financial assets and liabilities:</span> </b>Financial assets and liabilities are offset and the net amount is presented in the
consolidated financial position only when the Company has a legally enforceable right to set off the recognized amounts and intend either
to settle such asset and liability on a net basis or to realize the asset and settle the liability simultaneously.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"><b></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory"><p id="xdx_842_eifrs-full--DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory_zXCNtYm1cOTl" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.20&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;
<span id="xdx_863_zu1AiChKe1gk">Financial assets and liabilities:</span></b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt"><b>i. Classification
and measurement of financial assets and financial liabilities</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">Under IFRS
9, on initial recognition, a financial asset is classified as measured at: amortized cost; fair value through other comprehensive income
(FVOCI) - debt investment; FVOCI - equity investment; or fair value through profit or loss (FVTPL). The classification of financial assets
under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<ix:exclude><!-- Field: Page; Sequence: 140 -->
    <div style="border-bottom: Black 0.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt"></span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Significant Accounting Policies (continued)</span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">A financial
asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:&#9;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">it
                                            is held within a business model whose objective is to hold assets to collect contractual
                                            cash flows; and</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">its
                                            contractual terms give rise on specified dates to cash flows that are solely payments of
                                            principal and interest on the principal amount outstanding.</span></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">A debt investment
is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">it
                                            is held within a business model whose objective is achieved by both collecting contractual
                                            cash flows and selling financial assets; and</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">its
                                            contractual terms give rise on specified dates to cash flows that are solely payments of
                                            principal and interest on the principal amount outstanding.</span></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">All financial
assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. On initial recognition, the Company
may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at
FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">A financial
asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price)
is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt"><b>ii. Impairment
of financial assets</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">The financial
assets at amortized cost consist of trade accounts receivable and cash and cash equivalents.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">Under IFRS
9, loss allowances are measured on either of the following bases:</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">12-month
                                            ECLs: these are ECLs that result from possible default events within the 12 months after
                                            the reporting date; and</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">lifetime
                                            ECLs: these are ECLs that result from all possible default events over the expected life
                                            of a financial instrument.</span></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">When determining
whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company
considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative
and qualitative information and analyses, based on the Company's historical experience and informed credit assessment and including forward-looking
information.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">The Company
assumes that the credit risk on a financial asset has increased significantly if it is more than 180 days past due.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">The Company
considers a financial asset to be in default when:</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">the
                                            counterparty is unlikely to pay its contractual obligations to the Company in full, without
                                            recourse by the Company to actions such as realizing security (if any is held); or</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">the
                                            financial asset is more than 1 year past due.</span></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">The maximum
period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">ECLs are a
probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference
between cash flows due to the entity in accordance with the contract and cash flows that the Company expects to receive). ECLs are discounted
at the effective interest rate of the financial asset.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 36pt; text-align: justify"><span style="font-size: 10pt">Loss
allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt"><b>iii. Derecognition
of financial assets </b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"><span style="font-size: 10pt">A financial
asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognized where:</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">the
                                            rights to receive cash flows from the asset have expired;</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">the
                                            Company retains the right to receive cash flows from the asset, but has assumed an obligation
                                            to pay them in full without material delay to a third party under a &#8220;pass-through&#8221;
                                            arrangement; or </span></td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

<ix:exclude><!-- Field: Page; Sequence: 141 -->
    <div style="border-bottom: Black 0.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b></b></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Significant Accounting Policies (continued)</b></span></p>


<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">the
                                            Company has transferred its rights to receive cash flows from the asset and either (a) has
                                            transferred substantially all the risks and rewards of the assets, or (b) has neither transferred
                                            nor retained substantially all the risks and rewards of the asset but has transferred control
                                            of the asset.</span></td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">Where the Company
has transferred its rights to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and
rewards of the asset nor transferred control of the asset, the asset is recognized to the extent of the Company&#8217;s continuing involvement
in the asset.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">Continuing
involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of
the asset and the maximum amount of consideration that the Company could be required to repay.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt"><b>iv. Derecognition
of Financial liabilities: </b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><span style="font-size: 10pt">A
financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">Where an existing
financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability
are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition
of a new liability and, the difference in the respective carrying amounts is recognized in profit or loss.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="glbs:DescriptionOfAccountingPolicyForLesseeExplanatory"><p id="xdx_841_ecustom--DescriptionOfAccountingPolicyForLesseeExplanatory_zxqLUFC2q5Ee" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.21&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;
<span id="xdx_866_zKjm0fx2BiLa">Leases:</span> </b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -0.55pt"><span style="font-size: 10pt"><b>Leases
&#8211; where the Company is the lessee: </b>The Company applies a single recognition and measurement approach for all leases,
except for short term leases and leases of low value assets. The Company recognizes lease liabilities to make payments and right of
use assets representing the right of use of the underlying asset. The Company recognizes right-of-use assets at the commencement
date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any
accumulated depreciation and impairment losses and adjusted for any remeasurement of lease liabilities. The cost of right-of-use
assets includes the amount of lease liabilities recognized, initial direct costs incurred and lease payments made at or before the
commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter
of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Company at the end
of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life
of the asset.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -0.55pt"><span style="font-size: 10pt">At
the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease payments to be made
over the lease term. The lease payments include fixed payments (including any in-substance fixed payments) less any lease incentives
receivable, variable lease payments that depend on an index or a rate, and any amounts expected to be paid under residual value guarantees.
The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments
of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments
that do not depend on an index or a rate are recognized as expenses (unless they are incurred to produce inventories) in the period in
which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company uses its
incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable.
After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease
payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease
term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine
such lease payments) or a change in the assessment of an option to purchase the underlying asset.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0pt"><span style="font-size: 10pt"><b>Leases
&#8211; where an entity is the lessor: </b>Leases of vessels where the entity does not transfer substantially all the risks and benefits
of ownership of the vessel are classified as operating leases. Lease income on operating leases is recognized on a straight-line basis
over the lease term. Contingent rents are recognized as revenue in the period in which they are earned.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"><span style="font-size: 10pt">For time
charters that qualify as leases, the Company is required to disclose lease and non-lease components of lease revenue. The revenue earned
under time charters is not negotiated its two separate components, but as a whole. For purposes of determining the standalone selling
price of the vessel lease and technical management service components of the Company&#8217;s time charters, the Company concluded that
the residual approach would be the most appropriate method to use given that vessel lease rates are highly variable depending on shipping
market conditions, the duration of such charters and the age of the vessel.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<ix:exclude><!-- Field: Page; Sequence: 142 -->
    <div style="border-bottom: Black 0.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"><span style="font-size: 10pt"></span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Significant Accounting Policies (continued)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 35.45pt; text-align: justify"><span style="font-size: 10pt">The Company believes that the standalone transaction price
attributable to the technical management service component, including crewing services, is more readily determinable than the price of
the lease component and, accordingly, the price of the service component is estimated using data provided by its technical department,
which includes crew expenses, maintenance and consumable costs and was approximately $<span id="xdx_90A_eifrs-full--DirectOperatingExpenseFromInvestmentProperty_pn3n3_c20220101__20221231_zPKTKrzRhQf1" title="Direct operating expense from investment property"><ix:nonFraction name="ifrs-full:DirectOperatingExpenseFromInvestmentProperty" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">18,451</ix:nonFraction></span> for the year ended December 31, 2022. The
lease component that is disclosed then is calculated as the difference between total revenue and the non-lease component revenue and
was approximately $<span id="xdx_90A_ecustom--LeaseAndNonleaseComponents_pn3n3_c20220101__20221231_zOHxBS2NRGWl" title="Lease components"><ix:nonFraction name="glbs:LeaseAndNonleaseComponents" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">42,939</ix:nonFraction></span> for the year ended December 31, 2022.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory"><p id="xdx_849_eifrs-full--DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_z5ClyUYEhei7" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.22
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <span id="xdx_861_zbkQZYgovDf2">Share based compensation:</span> </b>Globus operated
equity-settled, share-based compensation plans. The value of the service received in exchange of the grant of shares was recognized
as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the share
awards at the grant date. The relevant expense was recognized in the income statement component of the consolidated statement of
comprehensive income/(loss), with a corresponding impact in equity.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><span style="font-size: 10pt; letter-spacing: -0.1pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory"><p id="xdx_84A_eifrs-full--DescriptionOfAccountingPolicyForIssuedCapitalExplanatory_zj7g7blNiHZh" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt; letter-spacing: -0.1pt"><b>2.23
&#160;&#8239;&#8239;&#8239;&#8239;&#8239;
</b></span><b><span style="font-size: 10pt"><span id="xdx_863_zLV2RZi4ThRa">Share capital and Warrants:</span><span style="letter-spacing: -0.1pt"> </span></span></b><span style="font-size: 10pt">Common
shares and preferred shares are classified as equity. Incremental costs directly attributable to the issue of new shares are recognized
in equity as a deduction from the proceeds. The Company&#8217;s warrants meet the classification criteria as per IAS 32 and, accordingly,
are classified in equity.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt; letter-spacing: -0.1pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory"><p id="xdx_84C_eifrs-full--DescriptionOfAccountingPolicyForDividendsExplanatory_zzzieWaVoxr9" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.24
&#160;&#8239;&#8239;&#8239; &#8239;&#8239;<span id="xdx_861_zJw9IpMqSfTj">Dividends:</span><span style="letter-spacing: -0.1pt"> </span></b>Dividends to shareholders
are recognized in the period in which the dividends are declared and appropriately authorized and are accounted for as dividends
payable until paid.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory"><p id="xdx_841_eifrs-full--DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory_zEkR4IZ70q8a" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.25
&#8239;&#8239;&#8239;&#8239;&#160; <span id="xdx_869_zKbzfL6dWO0k">Fair value measurement:</span></b> The Company measures financial instruments, such as
derivatives  at fair value at each reporting date. In addition, fair values of financial instruments
measured at amortized cost are disclosed in note 21. Fair value is the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is
based on the presumption that the transaction to sell the asset or transfer the liability takes place either, a) in the principal
market for the asset or the liability or b) in the absence of a principal market, in the most advantageous market for the asset or
liability both being accessible by the Company. The fair value of an asset or a liability is measured using the assumptions that the
market participants would use when pricing the asset or liability, assuming that the market participants act in their best economic
interest. A fair value measurement of a non-financial asset takes into account the market participant&#8217;s ability to generate
economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the
asset in its highest and best use. The Company uses valuation techniques that are appropriate in the circumstances and for which
sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of
unobservable inputs</span>.</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
Company uses the following hierarchy for determining and disclosing the fair value of assets and liabilities by valuation technique:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">Level
1: quoted (unadjusted) prices in active markets for identical assets or liabilities.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 81pt; text-align: justify; text-indent: -45pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: -27.8pt"><span style="font-size: 10pt">Level
2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or
indirectly.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: -27.8pt"><span style="font-size: 10pt">Level
3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">For assets
and liabilities that are recognized in the consolidated financial statements on a recurring basis, the Company determines whether transfers
have occurred between levels in the hierarchy by reassessing categorization at the end of each reporting period.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><span style="font-size: 10pt">The
Company engaged independent valuation specialists to determine the fair value of non-financial assets.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="glbs:DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements"><p id="xdx_84A_ecustom--DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements_z7XxmXT3vmSe" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.26
&#8239;&#8239;&#8239;&#160;&#8239; <span id="xdx_86C_zd0BgKFxv568">Current versus non-current classification:</span></b> The Company presents assets and
liabilities in the consolidated statement of financial position based on current/non-current classification.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">An
asset as current when it is:</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 28.35pt"></td><td style="text-align: center; width: 21.3pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Expected
                                            to be realized or intended to be sold or consumed in a normal operating cycle </span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 28.35pt"></td><td style="text-align: center; width: 21.3pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Held
                                            primarily for the purpose of trading </span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 28.35pt"></td><td style="text-align: center; width: 21.3pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Expected
                                            to be realized within twelve months after the reporting period</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 28.35pt"></td><td style="text-align: center; width: 21.3pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Cash
                                            or cash equivalent</span></td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

<ix:exclude><!-- Field: Page; Sequence: 143 -->
    <div style="border-bottom: Black 0.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Significant Accounting Policies (continued)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">All
other assets are classified as non-current.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">A
liability is current:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 28.35pt"></td><td style="text-align: center; width: 21.3pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">It
                                            is expected to be settled in a normal operating cycle</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 28.35pt"></td><td style="text-align: center; width: 21.3pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">It
                                            is held primarily for the purpose of trading </span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 28.35pt"></td><td style="text-align: center; width: 21.3pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">It
                                            is due to be settled within twelve months after the reporting period</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 28.35pt"></td><td style="text-align: center; width: 21.3pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">There
                                            is no unconditional right to defer the settlement of the liability for at least twelve months
                                            after the reporting period.</span></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">All
other liabilities are classified as non-current.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="glbs:DescriptionOfAccountingPolicyForRestrictedCashExplanatory"><p id="xdx_840_ecustom--DescriptionOfAccountingPolicyForRestrictedCashExplanatory_zCvjRyq92cXd" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.27&#8239;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;
<span id="xdx_86E_zejx9ogkBNL8">Restricted Cash:</span></b> Restricted cash represents pledged cash deposits or minimum liquidity required to be maintained under the Company's
borrowing arrangements. In the event that the obligation to maintain such deposits is expected to be terminated within the next twelve
months, these deposits are classified as current assets. Otherwise, they are classified as non-current assets.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -35.45pt"><span style="font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="glbs:DescriptionOfAccountingPolicyForInterestRateSwapExplanatory"><p id="xdx_84C_ecustom--DescriptionOfAccountingPolicyForInterestRateSwapExplanatory_znHV7CIG9LDd" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.28
&#160;&#8239;&#8239;&#8239;&#8239;&#8239;
<span id="xdx_867_zFb57RFfm3r1">Interest Rate Swap:</span></b> The Company enters into interest rate swap agreements to manage its exposure to fluctuations of interest rate
risk associated with its borrowings. Interest Rate Swaps are measured at fair value. The Company uses valuation techniques that are appropriate
in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs
and minimizing the use of unobservable inputs. The valuation technique used for the Interest Rate Swaps is the discounted cash flow (see
also note 21). The Company has not designated these interest rate swaps for hedge accounting.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -35.45pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 35.45pt; text-align: justify"><span style="font-size: 10pt">The fair
value of the Interest Rate Swaps is classified under &#8220;Fair value of derivative financial instruments&#8221; either under assets
or liabilities in the consolidated statement of financial position. In the event that the respective asset or liability is expected to
be materialized within the next twelve months, it is classified as current asset or liability. Otherwise, the respective asset or liability
is classified as non-current asset or liability.</span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The change
in fair value deriving from the valuation of the Interest Rate Swap at the end of each reporting period is classified under &#8220;Gain/
(Loss) on derivative financial instruments&#8221; in the consolidated statement of comprehensive income/(loss). Realized gains or losses
resulting from interest rate swaps are recognized in profit or loss under &#8220;Gain / (Loss) on derivative financial instruments&#8221;
in the consolidated statement of comprehensive income/(loss).</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="glbs:DescriptionOfAccountingPolicyForManagementAndConsultingFeeIncomeExplanatory"><p id="xdx_841_ecustom--DescriptionOfAccountingPolicyForManagementAndConsultingFeeIncomeExplanatory_zWItTNd8fZs" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.29&#8239;&#8239;&#8239;&#8239;
&#160; <span id="xdx_863_zLtIFzTQ6Moh">Management &amp; consulting fee income:</span> </b>The Company enters into consultancy
agreements with other companies for the purpose of providing consultancy services. For these services the Company receives a fee.
The total income from these fees is classified in the income statement component of the consolidated statement of comprehensive
income/(loss) under management &amp; consulting fee income.</span></p>

</ix:nonNumeric><p id="xdx_851_zHk7DEVMg7Z7" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory"><p id="xdx_809_eifrs-full--DisclosureOfCashAndCashEquivalentsExplanatory_zwJaVRxD6Yq6" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">3.&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#160;&#160;&#8239;&#8239;&#8239;<span id="xdx_823_zmkfdgzCCQr3">Cash
and cash equivalents and Restricted cash</span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"><span style="font-size: 10pt">For the purpose
of the consolidated statement of financial position, cash and cash equivalents comprise the following:</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="glbs:DisclosureOfCashAndBankBalancesExplanatory"><p id="xdx_89B_ecustom--DisclosureOfCashAndBankBalancesExplanatory_zUEQnf2HcLzc" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><span style="display: none; font-size: 10pt">Cash
and cash equivalents and Restricted cash</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&#160;</td>
    <td id="xdx_493_20221231_zuoI35rNNKRg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 21.9pt">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_49A_20211231_z3DtmulDSy6l" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 21.9pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="3" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 21.9pt"><span style="font-size: 10pt"><b>December
    31,</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; width: 79%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2021</b></span></td></tr>
  <tr id="xdx_407_eifrs-full--CashOnHand_iI_pn3n3_maCACEzwtA_ze99PmmCYgIb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Cash
    on hand</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:CashOnHand" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">36</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:CashOnHand" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">25</ix:nonFraction></span></td></tr>
  <tr id="xdx_40E_eifrs-full--BalancesWithBanks_iI_pn3n3_maCACEzwtA_zAVFlJxRTvX9" style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Cash
    at banks</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:BalancesWithBanks" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">52,797</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:BalancesWithBanks" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">45,188</ix:nonFraction></span></td></tr>
  <tr id="xdx_406_eifrs-full--CashAndCashEquivalents_iTI_pn3n3_mtCACEzwtA_zzjC2fw9Qf3a" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">52,833</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">45,213</ix:nonFraction></b></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A7_zv4pqkksAjRg" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -0.55pt"><span style="font-size: 10pt">Cash
held in banks earns interest at floating rates based on daily bank deposit rates.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -0.55pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -0.55pt"><span style="font-size: 10pt">The
fair value of cash and cash equivalents as at December 31, 2022 and 2021, was $<span id="xdx_90C_ecustom--CashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20221231_ztVdMhPk3nni" title="Cash And Cash Equivalents Fair Value Disclosure"><ix:nonFraction name="glbs:CashAndCashEquivalentsFairValueDisclosure" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">52,833</ix:nonFraction></span> and $<span id="xdx_90E_ecustom--CashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20211231_zjath0lHPOU" title="Cash And Cash Equivalents Fair Value Disclosure"><ix:nonFraction name="glbs:CashAndCashEquivalentsFairValueDisclosure" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">45,213</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -0.55pt"><span style="font-size: 10pt">As
at December 31, 2022 and 2021, the Company had pledged an amount of $<span id="xdx_902_eifrs-full--RestrictedCashAndCashEquivalents_iI_pn3n3_c20221231_zSxZ7rwu3Af7" title="Restricted cash and cash equivalents"><ix:nonFraction name="ifrs-full:RestrictedCashAndCashEquivalents" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,968</ix:nonFraction></span> and $<span id="xdx_905_eifrs-full--RestrictedCashAndCashEquivalents_iI_pn3n3_c20211231_zGdzW0fyIfX9" title="Restricted cash and cash equivalents"><ix:nonFraction name="ifrs-full:RestrictedCashAndCashEquivalents" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,224</ix:nonFraction></span>, respectively, in order to fulfill collateral requirements.
The fair value of the restricted cash as at December 31, 2022 was $<span id="xdx_908_ecustom--RestrictedCashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20221231_zUSmQBDzXKR7" title="Restricted cash and cash equivalents fair value disclosure"><ix:nonFraction name="glbs:RestrictedCashAndCashEquivalentsFairValueDisclosure" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,968</ix:nonFraction></span>, $<span id="xdx_903_eifrs-full--NoncurrentRestrictedCashAndCashEquivalents_iI_pn3n3_c20221231_z5SH0p2G9esd" title="Non-current restricted cash and cash equivalents"><ix:nonFraction name="ifrs-full:NoncurrentRestrictedCashAndCashEquivalents" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,590</ix:nonFraction></span> included in non-current assets and $<span id="xdx_90E_eifrs-full--CurrentRestrictedCashAndCashEquivalents_iI_pn3n3_c20221231_zOUrToqsrnnh" title="Current restricted cash and cash equivalents"><ix:nonFraction name="ifrs-full:CurrentRestrictedCashAndCashEquivalents" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,378</ix:nonFraction></span> included in
current assets. The fair value of the restricted cash as at December 31, 2021 was $<span id="xdx_90D_ecustom--RestrictedCashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20211231_z00Syz7p8FWg" title="Restricted cash and cash equivalents fair value disclosure"><ix:nonFraction name="glbs:RestrictedCashAndCashEquivalentsFairValueDisclosure" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,224</ix:nonFraction></span>, $<span id="xdx_90D_eifrs-full--NoncurrentRestrictedCashAndCashEquivalents_iI_pn3n3_c20211231_ziKxeEeDw3tj" title="Non-current restricted cash and cash equivalents"><ix:nonFraction name="ifrs-full:NoncurrentRestrictedCashAndCashEquivalents" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,576</ix:nonFraction></span> included in non-current assets and $<span id="xdx_908_eifrs-full--CurrentRestrictedCashAndCashEquivalents_iI_pn3n3_c20211231_zZ4D8tdltfg3" title="Current restricted cash and cash equivalents"><ix:nonFraction name="ifrs-full:CurrentRestrictedCashAndCashEquivalents" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,648</ix:nonFraction></span>
included in current assets as at December 31, 2021. The cash and cash equivalents are held with reputable bank and financial institution
counterparties with high ratings.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory"><p id="xdx_808_eifrs-full--DisclosureOfTransactionsBetweenRelatedPartiesExplanatory_zRoPICy1Ic8k" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">4.
&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_824_zvzOMjT9K436">Transactions with Related Parties</span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">The following
are the major transactions which the Company has entered into with related parties during the years ended December 31, 2022, 2021 and
2020:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<ix:exclude><!-- Field: Page; Sequence: 144 -->
    <div style="border-bottom: Black 0.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>4. &#160;&#160;&#160;&#160;&#160;&#160;&#160;Transactions
with Related Parties (continued)&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 1cm; text-align: justify"><span style="font-size: 10pt">In August 2006,
Globus entered into a rental agreement for 350 square meters of office space for its operations within a building owned by Cyberonica
S.A. (an affiliate of Globus&#8217;s chairman). In 2016 the Company renewed the rental agreement at a monthly rate of Euro <span id="xdx_908_ecustom--MonthlyRentalExpense_pp0p0_uEUR_c20160101__20161231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_z9SneOshkzf4"><ix:nonFraction name="glbs:MonthlyRentalExpense" contextRef="From2016-01-012016-12-31_custom_CyberonicaSAMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="EUR">10,360</ix:nonFraction></span> (absolute
amount) ($<span id="xdx_900_ecustom--MonthlyRentalExpense_pdn3_uUSD_c20160101__20161231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_z5HLo4oZnYq"><ix:nonFraction name="glbs:MonthlyRentalExpense" contextRef="From2016-01-012016-12-31_custom_CyberonicaSAMember" format="ixt:numdotdecimal" decimals="0" scale="3" unitRef="USD">11.9</ix:nonFraction></span>) with a lease period ending January 2, 2025. On August 5, 2021, the Company entered into a new rental agreement for 902
square meters of office space for its operations within a building leased by Cyberonica S.A. (an affiliate of Globus&#8217;s chairman)
at a monthly rate of Euro <span id="xdx_908_ecustom--MonthlyRentalExpense_pp0p0_uEUR_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zwmfGZsonflj"><ix:nonFraction name="glbs:MonthlyRentalExpense" contextRef="From2022-01-012022-12-31_custom_CyberonicaSAMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="EUR">26,000</ix:nonFraction></span> (absolute amount) with a lease period ending <span id="xdx_905_ecustom--LeaseExpirationDate_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zerrYV6p8w0d"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_CyberonicaSAMember" format="ixt:datemonthdayyearen" name="glbs:LeaseExpirationDate">August 4, 2024</ix:nonNumeric></span>. The previous rental agreement was terminated.
Under IFRS 16 the new contract comprised of two parts, a modification of the old lease and a new lease for the extra space of 552 square
meters, compared to the 350 square meters included in the previous rental agreement. The modification of the previous rental agreement
resulted  in $<span id="xdx_909_ecustom--CreditAdjustmentOfFinanceCost_pn3n3_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zVxDrtuql49e" title="Credit adjustment of finance cost"><ix:nonFraction name="glbs:CreditAdjustmentOfFinanceCost" contextRef="From2021-01-012021-12-31_custom_CyberonicaSAMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">39</ix:nonFraction></span> credit adjustment classified in the income statement component of the consolidated statement of comprehensive income/(loss)
under interest and finance costs. In June 2022, the Company entered into a new rental agreement with F.G. Europe (an affiliate of Globus&#8217;s
chairman) for the same office space, at the same rate of Euro <span id="xdx_908_ecustom--MonthlyRentalExpense_pp0p0_uEUR_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--FGEuropeMember_zv33TjlWASPa" title="Monthly Rental Expense"><ix:nonFraction name="glbs:MonthlyRentalExpense" contextRef="From2022-01-012022-12-31_custom_FGEuropeMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="EUR">26,000</ix:nonFraction></span> (absolute amount) and with the same lease period ending of <span id="xdx_905_ecustom--LeaseExpirationDate_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--FGEuropeMember_zjZHUtilGdT"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_FGEuropeMember" format="ixt:datemonthdayyearen" name="glbs:LeaseExpirationDate">August
4, 2024</ix:nonNumeric></span>. The previous rental agreement with Cyberonica was terminated resulting in a gain of $<span id="xdx_90F_ecustom--CreditAdjustmentOfFinanceCost_pn3n3_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zCcdtSbHlH7g" title="Credit adjustment of finance cost"><ix:nonFraction name="glbs:CreditAdjustmentOfFinanceCost" contextRef="From2022-01-012022-12-31_custom_CyberonicaSAMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">40</ix:nonFraction></span> classified in the income statement component
of the consolidated statement of comprehensive income/(loss) under interest and finance costs. The Company does not presently own any
real estate. During the years ended December 31, 2022, 2021 and 2020, the rent charged amounted to $<span id="xdx_908_eifrs-full--LeasesAsLesseeRelatedPartyTransactions_pn3n3_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zgj6DB42gCN9" title="Leases as lessee, related party transactions"><ix:nonFraction name="ifrs-full:LeasesAsLesseeRelatedPartyTransactions" contextRef="From2022-01-012022-12-31_custom_CyberonicaSAMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">341</ix:nonFraction></span>, $<span id="xdx_90F_eifrs-full--LeasesAsLesseeRelatedPartyTransactions_pn3n3_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zkGgE60rP86e" title="Leases as lessee, related party transactions"><ix:nonFraction name="ifrs-full:LeasesAsLesseeRelatedPartyTransactions" contextRef="From2021-01-012021-12-31_custom_CyberonicaSAMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">242</ix:nonFraction></span> and $<span id="xdx_900_eifrs-full--LeasesAsLesseeRelatedPartyTransactions_pn3n3_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zJ6uaYz6Wu5" title="Leases as lessee, related party transactions"><ix:nonFraction name="ifrs-full:LeasesAsLesseeRelatedPartyTransactions" contextRef="From2020-01-012020-12-31_custom_CyberonicaSAMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">141</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 1cm; text-align: justify"><span style="font-size: 10pt">The depreciation
charge for right-of-use asset for the years ended December 31, 2022, 2021 and 2020, was $<span id="xdx_909_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20220101__20221231_z8nZh672EJC3"><ix:nonFraction name="ifrs-full:DepreciationRightofuseAssets" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">327</ix:nonFraction></span></span><span style="font-size: 10pt">,
$<span id="xdx_904_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20210101__20211231_zfFQj59ytnQ2"><ix:nonFraction name="ifrs-full:DepreciationRightofuseAssets" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">206</ix:nonFraction></span></span> <span style="font-size: 10pt">and
$<span id="xdx_905_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20200101__20201231_zYhRpefm1amc"><ix:nonFraction name="ifrs-full:DepreciationRightofuseAssets" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">112</ix:nonFraction></span></span><span style="font-size: 10pt">,
respectively, and was recognized in the income statement component of the consolidated statement of comprehensive income/(loss) under
depreciation. The interest expense on lease liabilities for the years ended December 31, 2022, 2021 and 2020, was $<span id="xdx_90C_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20220101__20221231_zuvfCD4pwdMg"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">54</ix:nonFraction></span></span><span style="font-size: 10pt">,
$<span id="xdx_902_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20210101__20211231_z0qr9GGQqRQf"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">52</ix:nonFraction></span></span> <span style="font-size: 10pt">and
$<span id="xdx_90C_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20200101__20201231_zriK3oZUFyce"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">44</ix:nonFraction></span></span><span style="font-size: 10pt">,
respectively, and recognized under interest expense and finance costs, respectively in the income statement component of the consolidated
statement of comprehensive income/(loss). The total cash outflows for leases for the years ended December 31, 2022, 2021 and 2020, were
approximately $<span id="xdx_901_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20220101__20221231_zxkVAri4Rz42"><ix:nonFraction name="glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">341</ix:nonFraction></span></span><span style="font-size: 10pt">,
$<span id="xdx_90A_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20210101__20211231_zgszQTjmT9n2"><ix:nonFraction name="glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">314</ix:nonFraction>
</span></span><span style="font-size: 10pt">and $<span id="xdx_906_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20200101__20201231_zoYWhCZUBJm7"><ix:nonFraction name="glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">229</ix:nonFraction></span></span><span style="font-size: 10pt">,
respectively, and were recognized in the consolidated statement of cash flows under the Payment of lease liability &#8211; principal
and Interest Paid.&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">As at December
28, 2015, Athanasios Feidakis assumed the position of Chief Executive Officer (&#8220;CEO&#8221;) and Chief Financial Officer. On August
18, 2016, the Company entered into a consultancy agreement with an affiliated company (Goldenmare Limited) of its CEO, Mr. Athanasios
Feidakis, for the purpose of providing consulting services to the Company in connection with the Company&#8217;s international shipping
and capital raising activities, including but not limited to assisting and advising the Company&#8217;s CEO at an annual fee of Euro
<span id="xdx_905_ecustom--ConsultingFeesExpense_pip0_uEUR_c20160101__20160818__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zwqO3V55Wgie" title="Consulting Fees Expense"><ix:nonFraction name="glbs:ConsultingFeesExpense" contextRef="From2016-01-012016-08-18_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="EUR">200,000</ix:nonFraction></span> (absolute amount). On December 3, 2020, the Company agreed to increase the consultancy fees of Goldenmare Limited,
from Euro 200,000 to Euro <span id="xdx_909_ecustom--ConsultingFeesExpense_pip0_uEUR_c20200101__20201203__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_z2p1HGA8uGDl" title="Consulting Fees Expense"><ix:nonFraction name="glbs:ConsultingFeesExpense" contextRef="From2020-01-012020-12-03_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="EUR">400,000</ix:nonFraction></span> (absolute amount) per annum and additionally pay a one-time cash bonus of $<span id="xdx_906_ecustom--AgreedAmountOfOneTimeCashBonus_iI_pn3n3_c20201203__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zDVQkb9iQZt8" title="Amount of one-time cash bonus"><ix:nonFraction name="glbs:AgreedAmountOfOneTimeCashBonus" contextRef="AsOf2020-12-03_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,500</ix:nonFraction></span>  to the CEO pursuant
to his consultancy agreement, which has been paid. Specifically, in February 2021, the Company paid to the CEO of Goldenmare Limited
(Mr. Athanasios Feidakis) the amount of $<span id="xdx_902_ecustom--OneTimeCashBonusPayment_pn3n3_c20210101__20210228__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zieEsmzwmb7c" title="One time cash bonus payment"><ix:nonFraction name="glbs:OneTimeCashBonusPayment" contextRef="From2021-01-012021-02-28_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,000</ix:nonFraction></span> and in September 2021 the remaining amount of $<span id="xdx_907_ecustom--RemainingOfOneTimeCashBonusPayment_pn3n3_c20210101__20210930__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zp4RDVNKpgsd" title="Remaining of one time cash bonus payment"><ix:nonFraction name="glbs:RemainingOfOneTimeCashBonusPayment" contextRef="From2021-01-012021-09-30_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">500</ix:nonFraction></span>. In addition, in December 2021, the
Company agreed to pay a one-time cash bonus of $<span id="xdx_90F_ecustom--AgreedAmountOfOneTimeCashBonus_iI_pn3n3_c20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zf8OnoZ0gUB2"><ix:nonFraction name="glbs:AgreedAmountOfOneTimeCashBonus" contextRef="AsOf2021-12-31_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,500</ix:nonFraction></span>  to Goldenmare Limited pursuant to the consultancy agreement, half of which
was to be paid immediately and the other half during 2022, if at the time of the payment Mr. Athanasios Feidakis remains CEO and the consultant
has not terminated its consultancy agreement. At the time of the filing of these Consolidated Financial Statements, the bonus approved
in 2021 has not been paid. The related expense for the years ended December 31, 2022, 2021 and 2020, amounted to  $<span id="xdx_901_ecustom--ConsultingFeesExpense_pn3n3_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zjrv2AvP2BTa" title="Consulting Fees Expense"><ix:nonFraction name="glbs:ConsultingFeesExpense" contextRef="From2022-01-012022-12-31_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,172</ix:nonFraction></span>, $<span id="xdx_909_ecustom--ConsultingFeesExpense_pn3n3_c20210101__20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zBpIqTMbyFU8" title="Consulting Fees Expense"><ix:nonFraction name="glbs:ConsultingFeesExpense" contextRef="From2021-01-012021-12-31_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,216</ix:nonFraction></span>
and $<span id="xdx_90C_ecustom--ConsultingFeesExpense_pn3n3_c20200101__20201231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_z75lZTCU2adi" title="Consulting Fees Expense"><ix:nonFraction name="glbs:ConsultingFeesExpense" contextRef="From2020-01-012020-12-31_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,772</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">On June 12,
2020, the Company entered into a stock purchase agreement and issued <span id="xdx_906_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20200101__20200612__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_z06Zgvuyg3Y7" title="Increase in number of shares outstanding"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding" contextRef="From2020-01-012020-06-12_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">50</ix:nonFraction></span> newly designated Series B Preferred Shares, par value $<span id="xdx_90C_eifrs-full--ParValuePerShare_iI_pip0_c20200612__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zJq9VzZuzyPl"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2020-06-12_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">0.001</ix:nonFraction></span>
per share, to Goldenmare Limited, an affiliated company of its CEO, Athanasios Feidakis, in return for $<span id="xdx_902_ecustom--IssueOfPreferredShares_pn3n3_c20200101__20200612__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zTkYZgec9k56" title="Issue of preferred shares"><ix:nonFraction name="glbs:IssueOfPreferredShares" contextRef="From2020-01-012020-06-12_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">150</ix:nonFraction></span>, which amount was settled
by reducing, on a dollar-for-dollar basis, the amount payable by the Company to Goldenmare Limited pursuant to a consultancy agreement.
On July 27, 2020, the Company issued an additional <span id="xdx_908_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20200101__20200727__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_z2lA15xJI0Ph" title="Increase in number of shares outstanding"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding" contextRef="From2020-01-012020-07-27_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">250</ix:nonFraction></span> of its Series B preferred shares to Goldenmare Limited in return for $<span id="xdx_905_ecustom--IssueOfPreferredShares_pn3n3_c20200101__20200727__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zpipXlycrZb2" title="Issue of preferred shares"><ix:nonFraction name="glbs:IssueOfPreferredShares" contextRef="From2020-01-012020-07-27_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">150</ix:nonFraction></span>. The
$<span id="xdx_904_ecustom--IssueOfPreferredShares_pn3n3_c20200101__20200727__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_z8LMdhBS7bY"><ix:nonFraction name="glbs:IssueOfPreferredShares" contextRef="From2020-01-012020-07-27_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">150</ix:nonFraction></span> was settled by reducing, on a dollar-for-dollar basis, the amount payable by the Company to Goldenmare Limited pursuant to a consultancy
agreement. The issuance of the Series B preferred shares to Goldenmare Limited was approved by an independent committee of the Company&#8217;s
Board of Directors, which received fairness opinions from an independent financial advisor.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">On March 2,
2021, the Company entered into a stock purchase agreement and issued <span id="xdx_906_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20210101__20210302__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zPjQZs1rvsuf" title="Increase  in number of shares outstanding"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding" contextRef="From2021-01-012021-03-02_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">10,000</ix:nonFraction></span> Series B Preferred Shares, par value $<span id="xdx_90C_eifrs-full--ParValuePerShare_iI_pip0_c20210302__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zO3uAH14Dbn5"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-03-02_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">0.001</ix:nonFraction></span> per share, to
Goldenmare Limited in return for $<span id="xdx_902_ecustom--IssueOfPreferredShares_pn3n3_c20210101__20210302__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zWGyRxQCNEAk" title="Issue of preferred shares"><ix:nonFraction name="glbs:IssueOfPreferredShares" contextRef="From2021-01-012021-03-02_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">130</ix:nonFraction></span>, which amount was settled by reducing, on a dollar-for-dollar basis, the amount payable as executive
compensation by the Company to Goldenmare Limited pursuant to a consultancy agreement. The issuance of the Series B preferred shares
to Goldenmare Limited was approved by an independent committee of the Company&#8217;s Board of Directors.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">As at
December 31, 2022, and 2021, Goldenmare Limited owned <span id="xdx_904_eifrs-full--SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zYyCrc6EITqb"><span id="xdx_90D_eifrs-full--SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zeoncK7Prje3"><ix:nonFraction name="ifrs-full:SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates" contextRef="AsOf2022-12-31_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares"><ix:nonFraction name="ifrs-full:SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates" contextRef="AsOf2021-12-31_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">10,300</ix:nonFraction></ix:nonFraction></span></span> of the Company&#8217;s Series B preferred shares. <span id="xdx_903_ecustom--VotingRights_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zpyHMH4Jhnvh"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember" name="glbs:VotingRights">Each Series B
preferred share has 25,000 votes, provided that no holder of Series B preferred shares may exercise voting rights pursuant to Series
B preferred shares that would result in the aggregate voting power of the beneficial owner of any such holder of Series B preferred
shares, together with its affiliates, exceeding 49.99% of the total number of votes eligible to be cast on any matter submitted to a
vote of shareholders. Except as otherwise provided by applicable law, holders of the Company&#8217;s Series B preferred shares and
the Company&#8217;s common shares vote together as a single class on all matters submitted to a vote of shareholders, including the
election of directors. Athanasios Feidakis has substantial control and influence over the Company&#8217;s management and affairs and
over matters requiring shareholder approval, including the election of directors and significant corporate transactions, through his
ability to direct the vote of such Series B preferred shares</ix:nonNumeric></span>.&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"></p>

<ix:exclude><!-- Field: Page; Sequence: 145 -->
    <div style="border-bottom: Black 0.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>4. &#160;&#160;&#160;&#160;&#160;&#160;&#160;Transactions
with Related Parties (continued)&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">As at December
31, 2022 and 2021, Mr. George Feidakis beneficially owned <span id="xdx_909_ecustom--ProportionOfOwnershipInterestsHeldByControllingParty_dp_uPure_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ChairmanOfTheBoardOfDirectorsMember_zmhpge78R9Ok" title="Proportion Of Ownership Interests Held By Controlling Party"><span id="xdx_90C_ecustom--ProportionOfOwnershipInterestsHeldByControllingParty_dp_uPure_c20210101__20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ChairmanOfTheBoardOfDirectorsMember_z3oeBHtqr1B4" title="Proportion Of Ownership Interests Held By Controlling Party"><ix:nonFraction name="glbs:ProportionOfOwnershipInterestsHeldByControllingParty" contextRef="From2022-01-012022-12-31_custom_ChairmanOfTheBoardOfDirectorsMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="glbs:ProportionOfOwnershipInterestsHeldByControllingParty" contextRef="From2021-01-012021-12-31_custom_ChairmanOfTheBoardOfDirectorsMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.7</ix:nonFraction></ix:nonFraction></span></span>% of Globus&#8217; shares. Mr. George Feidakis (father
of Mr. Athanasios Feidakis) is also the chairman of the Board of Directors of Globus.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">In November
2018, Globus entered into a credit facility for up to $<span id="xdx_90B_ecustom--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn3n3_c20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zRKHVS6tziId" title="Line Of Credit Facility Maximum Borrowing Capacity"><ix:nonFraction name="glbs:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2018-11-30_custom_FirmentShippingIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15,000</ix:nonFraction></span> with Firment Shipping Inc., an affiliate of the Company&#8217;s chairman,
for the purpose <span id="xdx_905_ecustom--DescriptionOfBorrowingsScope_c20180101__20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zP18K5WCxdGl" title="Description of borrowings"><ix:nonNumeric contextRef="From2018-01-012018-11-30_custom_FirmentShippingIncMember" name="glbs:DescriptionOfBorrowingsScope">of financing its general working capital needs</ix:nonNumeric></span> (&#8220;Firment Shipping Credit Facility&#8221;). <span id="xdx_90A_ecustom--CreditFacilityCollateraDescription_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zf3nzEBtwPO3" title="Credit facility collateral description"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_FirmentShippingIncMember" name="glbs:CreditFacilityCollateraDescription">The Firment Shipping
Credit Facility was unsecured and remained available until its final maturity date</ix:nonNumeric></span> at <span id="xdx_90C_eifrs-full--BorrowingsMaturity_c20180101__20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zJD3q8eUXVX5" title="Borrowings, maturity"><ix:nonNumeric contextRef="From2018-01-012018-11-30_custom_FirmentShippingIncMember" name="ifrs-full:BorrowingsMaturity">October 31, 2021</ix:nonNumeric></span>, as amended. The Company had the
right to draw-down any amount up to $15,000 or prepay any amount in multiples of $<span id="xdx_90B_ecustom--LineOfCreditFacilityDrawndownAmountsMultiples_pn3n3_c20180101__20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zun9l2SdlI97" title="Line Of Credit Facility Drawndown Amounts Multiples"><ix:nonFraction name="glbs:LineOfCreditFacilityDrawndownAmountsMultiples" contextRef="From2018-01-012018-11-30_custom_FirmentShippingIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">100</ix:nonFraction></span>. Any prepaid amount could be re-borrowed in accordance
with the terms of the facility. Interest on drawn and outstanding amounts was charged at <span id="xdx_90D_eifrs-full--BorrowingsInterestRateBasis_c20180101__20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zngsPzjNBPz"><ix:nonNumeric contextRef="From2018-01-012018-11-30_custom_FirmentShippingIncMember" name="ifrs-full:BorrowingsInterestRateBasis">7% per annum</ix:nonNumeric></span> and no commitment fee was charged
on the amounts remaining available and undrawn. Interest was payable the last day of a period of three months after the Draw-down Date,
after this period in case of failure to pay any sum due, a default interest of <span id="xdx_90B_eifrs-full--BorrowingsAdjustmentToInterestRateBasis_iI_dp_c20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_z7Ni8wHWEEDh" title="Borrowings Default Interest Rate"><ix:nonFraction name="ifrs-full:BorrowingsAdjustmentToInterestRateBasis" contextRef="AsOf2018-11-30_custom_FirmentShippingIncMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2</ix:nonFraction></span>% per annum above the regular interest was charged. Globus
also had the right, in its sole option, to convert in whole or in part the outstanding unpaid principal amount and accrued but unpaid
interest under the Firment Shipping Credit Facility into common stock. <span id="xdx_90C_ecustom--DebtInstrumentConversionPriceDescription_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zeIFChycDFZb" title="Debt instrument conversion price description"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_FirmentShippingIncMember" name="glbs:DebtInstrumentConversionPriceDescription">The conversion price should equal the higher of (i) the average
of the daily dollar volume-weighted average sale price for the common stock on the principal market on any trading day during the period
beginning at 9.30 a.m. New York City time and ending at 4.00 p.m. (&#8220;VWAP&#8221;) over the pricing period multiplied by 80%, where
the &#8220;Pricing Period&#8221; equals the ten consecutive trading days immediately preceding the date on which the conversion notice
was executed or, (ii) Two Hundred Eighty US Dollars ($280.00) (absolute amount)</ix:nonNumeric></span>.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">For the year
ended December 31, 2020, the Company recognized Firment Shipping Credit Facility as hybrid financial instrument,
which included an embedded derivative related to the conversion option (see Note 11) and recognized a loss on this derivative financial instrument amounting to $<span id="xdx_906_eifrs-full--GainsLossesOnChangeInFairValueOfDerivatives_pn3n3_c20200101__20201231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zVzyH9PdMdDl" title="Loss on change in fair value of derivatives"><ix:nonFraction name="ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives" contextRef="From2020-01-012020-12-31_custom_FirmentShippingIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">189</ix:nonFraction></span>, which was classified
under &#8220;gain/(loss) on derivative financial instruments&#8221; in the income statements component of the consolidated statement
of comprehensive income/(loss).</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">On May 8,
2020 the Company entered into an Amended and Restated Agreement with Firment Shipping Inc. and converted the existing Revolving
Credit Facility to a Term Credit Facility, increased the available undrawn amount to $<span id="xdx_90C_ecustom--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pdn6_c20200508__ifrs-full--BorrowingsByNameAxis__custom--AmendedAndRestatedAgreementMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_z6J1E0s0tYEb"><ix:nonFraction name="glbs:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2020-05-08_custom_AmendedAndRestatedAgreementMember_custom_FirmentShippingIncMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD">14.2</ix:nonFraction> </span></span><span style="font-size: 10pt">million
(absolute amount) and extended the maturity date to <span id="xdx_906_eifrs-full--BorrowingsMaturity_c20200101__20200508__ifrs-full--BorrowingsByNameAxis__custom--AmendedAndRestatedAgreementMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zgQkytE92bHh"><ix:nonNumeric contextRef="From2020-01-012020-05-08_custom_AmendedAndRestatedAgreementMember_custom_FirmentShippingIncMember" name="ifrs-full:BorrowingsMaturity">October
31, 2021</ix:nonNumeric></span></span><span style="font-size: 10pt; background-color: White">.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">On July 27,
2020, the Company repaid the total outstanding principal and interest of the Firment Shipping Credit Facility amounting to $<span id="xdx_907_eifrs-full--RepaymentsOfCurrentBorrowings_pn3n3_c20200101__20200727__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember__ifrs-full--BorrowingsByNameAxis__custom--AmendedAndRestatedAgreementMember_zh0q5hgHP8sl" title="Repayments of current borrowings"><ix:nonFraction name="ifrs-full:RepaymentsOfCurrentBorrowings" contextRef="From2020-01-012020-07-27_custom_FirmentShippingIncMember_custom_AmendedAndRestatedAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">863</ix:nonFraction></span>. Furthermore,
the Company recognized a gain on this derivative financial instrument amounting to $<span id="xdx_90F_eifrs-full--GainsLossesOnChangeInFairValueOfDerivatives_pn3n3_c20200101__20200727__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember__ifrs-full--BorrowingsByNameAxis__custom--AmendedAndRestatedAgreementMember_zB0MkxiAzG28" title="Gains on change in fair value of derivatives"><ix:nonFraction name="ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives" contextRef="From2020-01-012020-07-27_custom_FirmentShippingIncMember_custom_AmendedAndRestatedAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">220</ix:nonFraction></span>, which was classified under &#8220;gain/(loss)
on derivative financial instruments&#8221; in the income statement component of the consolidated statement of comprehensive income/(loss).
The facility with Firment Shipping Inc. expired on <span id="xdx_90F_eifrs-full--BorrowingsMaturity_c20180101__20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_z9BKZ7KvNFSd" title="Borrowings, maturity"><ix:nonNumeric contextRef="From2018-01-012018-11-30_custom_FirmentShippingIncMember" name="ifrs-full:BorrowingsMaturity">October 31, 2021</ix:nonNumeric></span>.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">For the year
ended December 31, 2020, Globus recognized interest expense of $<span id="xdx_902_eifrs-full--InterestExpense_pn3n3_c20200101__20201231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember__ifrs-full--BorrowingsByNameAxis__custom--AmendedAndRestatedAgreementMember_zeaTFWJkMwak" title="Interest expense"><ix:nonFraction name="ifrs-full:InterestExpense" contextRef="From2020-01-012020-12-31_custom_FirmentShippingIncMember_custom_AmendedAndRestatedAgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">26</ix:nonFraction></span>, which was classified in the income statement component of the consolidated
statements of comprehensive income/(loss) under interest expense and finance costs.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">On July 15,
2021 Globus entered into a consultancy agreement with Eolos Shipmanagement S.A. for the purpose of providing consultancy services to
Eolos Shipmanagement S.A. For these services the Company receives a daily fee of $<span id="xdx_908_ecustom--ConsultingFeesExpense_pp0p0_c20210101__20210715__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--EolosShipmanagementMember__ifrs-full--CapitalRequirementsAxis__custom--DailyRateMember_z4P0hNirL9Wb"><ix:nonFraction name="glbs:ConsultingFeesExpense" contextRef="From2021-01-012021-07-15_custom_EolosShipmanagementMember_custom_DailyRateMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,000</ix:nonFraction>
</span></span><span style="font-size: 10pt">(absolute amount). The chairman of the board of Globus is the majority shareholder of Eolos
Shipmanagement.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">On February
14, 2022 the Company changed the compensation of the non-executive directors. In the aggregate, the annual service fee for each of
the directors (based on their current roles and committee seats) has been set at $<span id="xdx_908_ecustom--NoninterestExpenseDirectorsFees1_pn3n3_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_ziZE1QOtf6H2" title="Annual Service Fee"><ix:nonFraction name="glbs:NoninterestExpenseDirectorsFees1" contextRef="From2022-01-012022-12-31_custom_NonExecutiveDirectorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">80</ix:nonFraction></span>,
payable in cash based on the annual service fees, committee fees, and other similar fees.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm"><span style="font-size: 10pt">Compensation of Key Management
Personnel of the Company:</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-size: 10pt">Compensation
to Globus non-executive directors is analyzed as follows:</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="glbs:DisclosureOfCompensationOfNonExecutiveDirectors"><p id="xdx_89D_ecustom--DisclosureOfCompensationOfNonExecutiveDirectors_zd59rqqVZfGf" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="display: none; font-size: 10pt">Transactions
with Related Parties - Compensation to the Company's Non-Executive Directors</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td id="xdx_490_20220101__20221231_zzbbddEOQbE2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_491_20210101__20211231_zNGaxwvK64o8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_49A_20200101__20201231_zVhwLMiZuP9d" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td></tr>
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="5" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;For
    the year ended December 31,</b></span></td></tr>
  <tr>
    <td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2021</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2020</b></span></td></tr>
  <tr id="xdx_401_eifrs-full--DirectorsRemunerationExpense_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_maKMPCzHgk_zIy1tMrqt6h8" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Directors&#8217;
    remuneration </span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:DirectorsRemunerationExpense" contextRef="From2022-01-012022-12-31_custom_NonExecutiveDirectorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">240</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:DirectorsRemunerationExpense" contextRef="From2021-01-012021-12-31_custom_NonExecutiveDirectorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">145</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:DirectorsRemunerationExpense" contextRef="From2020-01-012020-12-31_custom_NonExecutiveDirectorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">143</ix:nonFraction></span></td></tr>
  <tr id="xdx_40B_ecustom--DirectorsCompensationSharebasedPayment_pn3n3_d0_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_maKMPCzHgk_zkcYChffrSOe" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Share-based
    payments (Note 12) </span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:DirectorsCompensationSharebasedPayment" contextRef="From2022-01-012022-12-31_custom_NonExecutiveDirectorsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:DirectorsCompensationSharebasedPayment" contextRef="From2021-01-012021-12-31_custom_NonExecutiveDirectorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">40</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:DirectorsCompensationSharebasedPayment" contextRef="From2020-01-012020-12-31_custom_NonExecutiveDirectorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">40</ix:nonFraction></span></td></tr>
  <tr id="xdx_403_eifrs-full--KeyManagementPersonnelCompensation_iT_pn3n3_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_mtKMPCzHgk_zitG8augCtd1" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:KeyManagementPersonnelCompensation" contextRef="From2022-01-012022-12-31_custom_NonExecutiveDirectorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">240</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:KeyManagementPersonnelCompensation" contextRef="From2021-01-012021-12-31_custom_NonExecutiveDirectorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">185</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:KeyManagementPersonnelCompensation" contextRef="From2020-01-012020-12-31_custom_NonExecutiveDirectorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">183</ix:nonFraction></b></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A8_zbhulxkraH46" style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">As at
December 31, 2022, and 2021, $<span id="xdx_905_ecustom--AccruedDirectorsCompensation_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_zNK6LFw4uP18" title="Accrued Directors Compensation"><ix:nonFraction name="glbs:AccruedDirectorsCompensation" contextRef="AsOf2022-12-31_custom_NonExecutiveDirectorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">60</ix:nonFraction></span>
and $<span id="xdx_908_ecustom--AccruedDirectorsCompensation_iI_pn3n3_c20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_zLgw5VWIPhhk" title="Accrued Directors Compensation"><ix:nonFraction name="glbs:AccruedDirectorsCompensation" contextRef="AsOf2021-12-31_custom_NonExecutiveDirectorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">105</ix:nonFraction></span>
of the compensation to non-executive directors was remaining due and unpaid, respectively. Amounts payable to non-executive
directors are classified as trade accounts payable and other in the consolidated statements of financial position.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 146 -->
    <div style="border-bottom: Black 0.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>4. &#160;&#160;&#160;&#160;&#160;&#160;&#160;Transactions
with Related Parties (continued)&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">Compensation
to the Company&#8217;s executive director is analyzed as follows:</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="glbs:DisclosureOfCompensationOfExecutiveDirector"><p id="xdx_892_ecustom--DisclosureOfCompensationOfExecutiveDirector_zqpu5XUB7LNg" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="display: none; font-size: 10pt">Transactions
with Related Parties - Compensation to the Company's Executive Director</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td id="xdx_49A_20220101__20221231_zjq09M4hV9e7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_49F_20210101__20211231_zk3ETR84ONT1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_496_20200101__20201231_zHlKwKgMccx" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td></tr>
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="5" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>For
    the year ended December 31,</b></span></td></tr>
  <tr>
    <td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2021</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2020</b></span></td></tr>
  <tr id="xdx_40C_eifrs-full--KeyManagementPersonnelCompensationShorttermEmployeeBenefits_pn3n3_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--ExecutiveDirectorMember_maKMPCzSqc_zKRbLxH1Aua9" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Short-term
    employee benefits </span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" contextRef="From2022-01-012022-12-31_custom_ExecutiveDirectorMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,172</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" contextRef="From2021-01-012021-12-31_custom_ExecutiveDirectorMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,216</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" contextRef="From2020-01-012020-12-31_custom_ExecutiveDirectorMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,772</ix:nonFraction></span></td></tr>
  <tr id="xdx_409_eifrs-full--KeyManagementPersonnelCompensation_iT_pn3n3_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--ExecutiveDirectorMember_mtKMPCzSqc_za04b6n7hbXj" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:KeyManagementPersonnelCompensation" contextRef="From2022-01-012022-12-31_custom_ExecutiveDirectorMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,172</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:KeyManagementPersonnelCompensation" contextRef="From2021-01-012021-12-31_custom_ExecutiveDirectorMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,216</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:KeyManagementPersonnelCompensation" contextRef="From2020-01-012020-12-31_custom_ExecutiveDirectorMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,772</ix:nonFraction></b></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A6_z42qQBMxebsh" style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">As at December
31, 2022, and 2021, $<span id="xdx_904_ecustom--AccruedDirectorsCompensation_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ExecutiveDirectorMember_zkcBvgo7z0qh" title="Accrued Directors Compensation"><ix:nonFraction name="glbs:AccruedDirectorsCompensation" contextRef="AsOf2022-12-31_custom_ExecutiveDirectorMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,088</ix:nonFraction></span> and $<span id="xdx_901_ecustom--AccruedDirectorsCompensation_iI_pn3n3_c20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ExecutiveDirectorMember_zYSRwaQnWMbh" title="Accrued Directors Compensation"><ix:nonFraction name="glbs:AccruedDirectorsCompensation" contextRef="AsOf2021-12-31_custom_ExecutiveDirectorMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">985</ix:nonFraction></span> of the compensation to the executive director was remaining due and unpaid, respectively.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory"><p id="xdx_807_eifrs-full--DisclosureOfPropertyPlantAndEquipmentExplanatory_z2WFDIkppHo3" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">5.&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#160;&#160;<span id="xdx_820_zLcM73vp0KSk">Vessels,
net</span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">The amounts
in the consolidated statement of financial position are analyzed as follows:</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="glbs:DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfFinancialPositionExplanatory"><p id="xdx_891_ecustom--DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfFinancialPositionExplanatory_zVY3yQEUsLpc" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="display: none; font-size: 10pt">Vessels,
net - Consolidated Statement of Financial Position</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="white-space: nowrap; width: 46%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Vessels
    cost</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Vessels
    accumulated depreciation</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Dry
    docking costs</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Accumulated
    depreciation of dry-docking costs</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Net
    Book Value</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Balance at January 1,
    2020</b></span></td>
    <td id="xdx_98C_eifrs-full--Ships_iS_pn3n3_c20191231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_ztXkjazm3uUc" title="Balance beginning of period" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:Ships" contextRef="AsOf2019-12-31_custom_VesselsMember_ifrs-full_GrossCarryingAmountMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">149,579</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td id="xdx_984_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20191231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_z0nscAXdEOgj" title="Balance beginning of period" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>(<ix:nonFraction name="glbs:AccumulatedDepreciationPropertyPlantAndEquipment" contextRef="AsOf2019-12-31_custom_VesselsMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">101,858</ix:nonFraction>)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98C_eifrs-full--Ships_iS_pn3n3_c20191231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zUmBKy0AlySc" title="Balance beginning of period" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:Ships" contextRef="AsOf2019-12-31_custom_DryDockingMember_ifrs-full_GrossCarryingAmountMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,600</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td id="xdx_982_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20191231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zhrUSPBG3pi4" title="Balance" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>(<ix:nonFraction name="glbs:AccumulatedDepreciationPropertyPlantAndEquipment" contextRef="AsOf2019-12-31_custom_DryDockingMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,079</ix:nonFraction>)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_988_eifrs-full--Ships_iS_pn3n3_c20191231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zZeFc1G20Gv5" title="Balance beginning of period" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:Ships" contextRef="AsOf2019-12-31_custom_CarryingAmountIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">48,242</ix:nonFraction></b></span></td></tr>
  <tr style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Additions/ Dry Docking Component</span></td>
    <td id="xdx_981_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20200101__20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zQH2FYegF8fl" title="Additions/ (Dry Docking Component)" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2020-01-012020-12-31_custom_VesselsMember_ifrs-full_GrossCarryingAmountMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">18,028</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20200101__20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zLhcxo8ocRX6" title="Additions/ (Dry Docking Component)" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2020-01-012020-12-31_custom_DryDockingMember_ifrs-full_GrossCarryingAmountMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,283</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_981_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20200101__20201231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z4F3pFgv8qKb" title="Additions/ (Dry Docking Component)" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2020-01-012020-12-31_custom_CarryingAmountIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">22,311</ix:nonFraction></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Impairment loss</span></td>
    <td id="xdx_98E_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_c20200101__20201231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zKbia8GRLEJ2" title="Impairment loss" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" contextRef="From2020-01-012020-12-31_custom_VesselsMember_ifrs-full_GrossCarryingAmountMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,615</ix:nonFraction>)</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_988_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_c20200101__20201231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z4oGoMGXzW87" title="Impairment loss" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" contextRef="From2020-01-012020-12-31_custom_CarryingAmountIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,615</ix:nonFraction>)</span></td></tr>
  <tr style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Depreciation expense</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20200101__20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zUcnaZFBboob" title="Depreciation expense" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="ifrs-full:DepreciationAndAmortisationExpense" contextRef="From2020-01-012020-12-31_custom_VesselsMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,253</ix:nonFraction>)</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20200101__20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zHFoMOheUXk3" title="Depreciation expense" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="ifrs-full:DepreciationAndAmortisationExpense" contextRef="From2020-01-012020-12-31_custom_DryDockingMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,335</ix:nonFraction>)</span></td>
    <td>&#160;</td>
    <td id="xdx_987_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20200101__20201231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zrPlhGdodask" title="Depreciation expense" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="ifrs-full:DepreciationAndAmortisationExpense" contextRef="From2020-01-012020-12-31_custom_CarryingAmountIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,588</ix:nonFraction>)</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Balance at December 31,
    2020</b></span></td>
    <td id="xdx_988_eifrs-full--Ships_iS_pn3n3_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_z0vY4KUDz1Cb" title="Balance beginning of period" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:Ships" contextRef="AsOf2020-12-31_custom_VesselsMember_ifrs-full_GrossCarryingAmountMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">162,992</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td id="xdx_98A_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zNu0Jq9b5pHa" title="Balance beginning of period" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>(<ix:nonFraction name="glbs:AccumulatedDepreciationPropertyPlantAndEquipment" contextRef="AsOf2020-12-31_custom_VesselsMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">104,111</ix:nonFraction>)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98C_eifrs-full--Ships_iS_pn3n3_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zuyWU6ag4vIb" title="Balance beginning of period" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:Ships" contextRef="AsOf2020-12-31_custom_DryDockingMember_ifrs-full_GrossCarryingAmountMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">11,883</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td id="xdx_987_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zclWxNPA7Gwa" title="Balance beginning of period" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>(<ix:nonFraction name="glbs:AccumulatedDepreciationPropertyPlantAndEquipment" contextRef="AsOf2020-12-31_custom_DryDockingMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,414</ix:nonFraction>)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--Ships_iS_pn3n3_c20201231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zkM9Vwga4N37" title="Balance beginning of period" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:Ships" contextRef="AsOf2020-12-31_custom_CarryingAmountIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">62,350</ix:nonFraction></b></span></td></tr>
  <tr style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Additions/ Dry Docking Component</span></td>
    <td id="xdx_985_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zZnOtcEO4ur" title="Additions/ (Dry Docking Component)" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31_custom_VesselsMember_ifrs-full_GrossCarryingAmountMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">70,746</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_988_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zKdTEGFrncf6" title="Additions/ (Dry Docking Component)" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31_custom_DryDockingMember_ifrs-full_GrossCarryingAmountMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,044</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_984_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z8Gvelhbf122" title="Additions/ (Dry Docking Component)" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31_custom_CarryingAmountIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">74,790</ix:nonFraction></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Depreciation expense</span></td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_z9x8RjfXdWU2" title="Depreciation expense" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="ifrs-full:DepreciationAndAmortisationExpense" contextRef="From2021-01-012021-12-31_custom_VesselsMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,665</ix:nonFraction>)</span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_980_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zYAfZhETJTua" title="Depreciation expense" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="ifrs-full:DepreciationAndAmortisationExpense" contextRef="From2021-01-012021-12-31_custom_DryDockingMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,751</ix:nonFraction>)</span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20210101__20211231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zVmL0Y4tYLga" title="Depreciation expense" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="ifrs-full:DepreciationAndAmortisationExpense" contextRef="From2021-01-012021-12-31_custom_CarryingAmountIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,416</ix:nonFraction>)</span></td></tr>
  <tr style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Balance at December 31,
    2021</b></span></td>
    <td id="xdx_981_eifrs-full--Ships_iS_pn3n3_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zY6nBi2MtdN" title="Balance beginning of period" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:Ships" contextRef="AsOf2021-12-31_custom_VesselsMember_ifrs-full_GrossCarryingAmountMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">233,738</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td id="xdx_987_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zHp3w5FBfDNc" title="Balance beginning of period" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>(<ix:nonFraction name="glbs:AccumulatedDepreciationPropertyPlantAndEquipment" contextRef="AsOf2021-12-31_custom_VesselsMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">107,776</ix:nonFraction>)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98E_eifrs-full--Ships_iS_pn3n3_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zJxz6O6m8Hkl" title="Balance beginning of period" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:Ships" contextRef="AsOf2021-12-31_custom_DryDockingMember_ifrs-full_GrossCarryingAmountMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15,927</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td id="xdx_98F_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zYVPU2Vcy1La" title="Balance beginning of period" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>(<ix:nonFraction name="glbs:AccumulatedDepreciationPropertyPlantAndEquipment" contextRef="AsOf2021-12-31_custom_DryDockingMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">11,165</ix:nonFraction>)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98B_eifrs-full--Ships_iS_pn3n3_c20211231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zsmK2gsnJdl7" title="Balance beginning of period" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:Ships" contextRef="AsOf2021-12-31_custom_CarryingAmountIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">130,724</ix:nonFraction></b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Additions/ Dry Docking Component</span></td>
    <td id="xdx_98F_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zGOJPe0HdbCd" title="Additions/ (Dry Docking Component)" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_custom_VesselsMember_ifrs-full_GrossCarryingAmountMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,178</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_982_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zVHMt6a8Nbwc" title="Additions/ (Dry Docking Component)" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_custom_DryDockingMember_ifrs-full_GrossCarryingAmountMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,438</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zq5HxDP640Z8" title="Additions/ (Dry Docking Component)" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_custom_CarryingAmountIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,616</ix:nonFraction></span></td></tr>
  <tr style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Depreciation expense</span></td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zkrZVlofQH31" title="Depreciation expense" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="ifrs-full:DepreciationAndAmortisationExpense" contextRef="From2022-01-012022-12-31_custom_VesselsMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,233</ix:nonFraction>)</span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zcEN9YHvmwA8" title="Depreciation expense" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="ifrs-full:DepreciationAndAmortisationExpense" contextRef="From2022-01-012022-12-31_custom_DryDockingMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,646</ix:nonFraction>)</span></td>
    <td>&#160;</td>
    <td id="xdx_984_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z2B9XwLgere1" title="Depreciation expense" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="ifrs-full:DepreciationAndAmortisationExpense" contextRef="From2022-01-012022-12-31_custom_CarryingAmountIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">9,879</ix:nonFraction>)</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Balance at December 31,
    2022</b></span></td>
    <td id="xdx_981_eifrs-full--Ships_iE_pn3n3_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zqfyT7FnSGa6" title="Balance ending of period" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:Ships" contextRef="AsOf2022-12-31_custom_VesselsMember_ifrs-full_GrossCarryingAmountMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">234,916</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td id="xdx_984_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNE_pn3n3_di_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zHXtA3qTx5c8" title="Balance ending of period" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>(<ix:nonFraction name="glbs:AccumulatedDepreciationPropertyPlantAndEquipment" contextRef="AsOf2022-12-31_custom_VesselsMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">113,009</ix:nonFraction>)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_981_eifrs-full--Ships_iE_pn3n3_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zDxOUFcz3A4h" title="Balance ending of period" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:Ships" contextRef="AsOf2022-12-31_custom_DryDockingMember_ifrs-full_GrossCarryingAmountMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">23,365</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td id="xdx_98E_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNE_pn3n3_di_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zNmtc4QFUjsl" title="Balance ending of period" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>(<ix:nonFraction name="glbs:AccumulatedDepreciationPropertyPlantAndEquipment" contextRef="AsOf2022-12-31_custom_DryDockingMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15,811</ix:nonFraction>)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--Ships_iE_pn3n3_c20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z2Fvl5zRWoni" title="Balance ending of period" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:Ships" contextRef="AsOf2022-12-31_custom_CarryingAmountIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">129,461</ix:nonFraction></b></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AD_zgBhPxWNphse" style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">On
October 29, 2020, the Company took delivery of the m/v &#8220;Galaxy Globe&#8221;, a <span id="xdx_907_ecustom--VesselYearBuilt_c20200101__20201029__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--GalaxyGlobeMember_zVCQzX50RdYb"><ix:nonNumeric contextRef="From2020-01-012020-10-29_custom_GalaxyGlobeMember" name="glbs:VesselYearBuilt">2015</ix:nonNumeric></span>-built <span id="xdx_90F_ecustom--VesselType_c20200101__20201029__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--GalaxyGlobeMember_zo79xZqNium7"><ix:nonNumeric contextRef="From2020-01-012020-10-29_custom_GalaxyGlobeMember" name="glbs:VesselType">Kamsarmax</ix:nonNumeric></span>
dry bulk carrier, through its subsidiary, Serena Maritime Limited, for a purchase price of $<span id="xdx_907_eifrs-full--CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_pdn6_c20200101__20201029__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--GalaxyGlobeMember_zpN0tszjQPTb" title="Purchase price"><ix:nonFraction name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" contextRef="From2020-01-012020-10-29_custom_GalaxyGlobeMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD">18.4</ix:nonFraction></span>
million (absolute amount), free of charter party, financed with available cash. The m/v &#8220;Galaxy Globe&#8221; was built at the Hudong-Zhonghua
Shipyard in China and has a carrying capacity of <span id="xdx_90B_ecustom--VesselCapacity_uPure_c20200101__20201029__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--GalaxyGlobeMember_znrdjtUQ1gEh" title="Vessel Capacity"><ix:nonFraction name="glbs:VesselCapacity" contextRef="From2020-01-012020-10-29_custom_GalaxyGlobeMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">81,167</ix:nonFraction></span>
dwt. Upon the acquisition of the vessel, a total amount of $<span id="xdx_90F_ecustom--DryDockingCostCapitalised_pn3n3_c20200101__20201029__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--GalaxyGlobeMember_z0HaTiXQN834" title="Dry-docking cost capitalised"><ix:nonFraction name="glbs:DryDockingCostCapitalised" contextRef="From2020-01-012020-10-29_custom_GalaxyGlobeMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">500</ix:nonFraction></span>
was recorded as dry-docking component and is being amortized until the vessel&#8217;s next scheduled survey to be performed in July
2023.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 7.05pt 0pt 1cm; text-align: justify"><span style="font-size: 10pt">On
February 18, 2021, the Company entered into a memorandum of agreement with an unrelated third party, for the acquisition of the m/v
&#8220;Nord Venus&#8221;, a <span id="xdx_903_ecustom--VesselYearBuilt_c20210101__20210218__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--NordVenusMember_zekfhlV5Vb1"><ix:nonNumeric contextRef="From2021-01-012021-02-18_custom_NordVenusMember" name="glbs:VesselYearBuilt">2011</ix:nonNumeric></span>-built <span id="xdx_900_ecustom--VesselType_c20210101__20210218__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--NordVenusMember_zc90BfmQavOe"><ix:nonNumeric contextRef="From2021-01-012021-02-18_custom_NordVenusMember" name="glbs:VesselType">Kamsarmax</ix:nonNumeric></span>
dry bulk carrier, for a purchase price of $<span id="xdx_90D_eifrs-full--CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_pdn6_c20210101__20210218__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--NordVenusMember_zF70mbwlnhY3" title="Purchase price"><ix:nonFraction name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" contextRef="From2021-01-012021-02-18_custom_NordVenusMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD">16.2</ix:nonFraction></span>
million (absolute amount). No initial dry-docking component has been recognized as the vessel underwent dry-docking subsequent to
her delivery. The m/v &#8220;Nord Venus&#8221; was built at the Universal Shipbuilding Corporation in Japan and has a carrying
capacity of <span id="xdx_901_ecustom--VesselCapacity_uPure_c20210101__20210218__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--NordVenusMember_zFvau9SBAbPl" title="Vessel Capacity"><ix:nonFraction name="glbs:VesselCapacity" contextRef="From2021-01-012021-02-18_custom_NordVenusMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">80,655</ix:nonFraction></span>
dwt. On <span id="xdx_90F_ecustom--VesselDeliveryDate_dd_c20210101__20210218__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--NordVenusMember_zNS4QSCMzpgg"><ix:nonNumeric contextRef="From2021-01-012021-02-18_custom_NordVenusMember" format="ixt:datemonthdayyearen" name="glbs:VesselDeliveryDate">July
20, 2021</ix:nonNumeric></span>, the Company took delivery of the m/v &#8220;Nord Venus&#8221; that was renamed to &#8220;Power
Globe&#8221;.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify"><span style="font-size: 10pt">On
March 19, 2021, the Company entered into a memorandum of agreement with an unrelated third party, for the acquisition of the m/v
&#8220;Yangze 11&#8221;, a <span id="xdx_90B_ecustom--VesselYearBuilt_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_zgLsZERexcw3"><ix:nonNumeric contextRef="From2021-01-012021-03-19_custom_Yangze11Member" name="glbs:VesselYearBuilt">2018</ix:nonNumeric></span>-built <span id="xdx_905_ecustom--VesselType_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_zpUx2hEH0VU2"><ix:nonNumeric contextRef="From2021-01-012021-03-19_custom_Yangze11Member" name="glbs:VesselType">Kamsarmax</ix:nonNumeric></span>
dry bulk carrier, for a purchase price of $<span id="xdx_904_eifrs-full--CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_pdn6_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_zaXZ2AiLz3Wf" title="Purchase price"><ix:nonFraction name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" contextRef="From2021-01-012021-03-19_custom_Yangze11Member" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD">27.0</ix:nonFraction></span>
million (absolute amount), the vessel cost amounted to $<span id="xdx_904_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pdn6_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_z24yJeFQY5o6" title="Additions other than through business combinations, property, plant and equipment"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2021-01-012021-03-19_custom_Yangze11Member" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD">26.4</ix:nonFraction></span>
million (absolute amount), and the initial dry-docking component amounted to $<span id="xdx_90D_ecustom--DryDockingCostCapitalised_pdn6_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_zjgvT5Mx0CLc"><ix:nonFraction name="glbs:DryDockingCostCapitalised" contextRef="From2021-01-012021-03-19_custom_Yangze11Member" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD">0.6</ix:nonFraction></span>
million(absolute amount). The m/v &#8220;Yangze 11&#8221; was built at Jiangsu New Yangzi Shipbuilding Co., Ltd and has a carrying capacity
of <span id="xdx_906_ecustom--VesselCapacity_uPure_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_zfNfTDJVbYT9"><ix:nonFraction name="glbs:VesselCapacity" contextRef="From2021-01-012021-03-19_custom_Yangze11Member" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">82,027</ix:nonFraction></span>
dwt. On <span id="xdx_901_ecustom--VesselDeliveryDate_dd_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_z4EngNuBtV1h"><ix:nonNumeric contextRef="From2021-01-012021-03-19_custom_Yangze11Member" format="ixt:datemonthdayyearen" name="glbs:VesselDeliveryDate">June
9, 2021</ix:nonNumeric></span>, the Company took delivery of the m/v &#8220;Yangze 11&#8221; that was renamed to &#8220;Diamond
Globe&#8221;.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">On
September 22, 2021, the Company entered into a memorandum of agreement with an unrelated third party, for the acquisition of the m/v
&#8220;Peak Liberty&#8221;, a <span id="xdx_90D_ecustom--VesselYearBuilt_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_zYQ3a7UIqBr5"><ix:nonNumeric contextRef="From2021-01-012021-09-22_custom_PeakLibertyMember" name="glbs:VesselYearBuilt">2015</ix:nonNumeric></span>-built <span id="xdx_90D_ecustom--VesselType_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_zMDn80ssGnw"><ix:nonNumeric contextRef="From2021-01-012021-09-22_custom_PeakLibertyMember" name="glbs:VesselType">Kamsarmax</ix:nonNumeric></span>
dry bulk carrier, for a purchase price of $<span id="xdx_909_eifrs-full--CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_pdn6_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_zA6cNn5bd1C3" title="Purchase price"><ix:nonFraction name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" contextRef="From2021-01-012021-09-22_custom_PeakLibertyMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD">28.4</ix:nonFraction></span>
million (absolute amount), the vessel cost amounted to $<span id="xdx_908_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pdn6_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_zsWJXMaNydGe"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2021-01-012021-09-22_custom_PeakLibertyMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD">27.9</ix:nonFraction></span>
million (absolute amount), and the initial dry-docking component amounted to $<span id="xdx_90F_ecustom--DryDockingCostCapitalised_pdn6_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_z3TC48uqW6Y"><ix:nonFraction name="glbs:DryDockingCostCapitalised" contextRef="From2021-01-012021-09-22_custom_PeakLibertyMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD">0.5</ix:nonFraction></span>
million (absolute amount). The m/v &#8220;Peak Liberty&#8221; was built at Tsuneishi Zosen in Japan and has a carrying capacity of <span id="xdx_90D_ecustom--VesselCapacity_uPure_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_zPpXzvwJXLfj"><ix:nonFraction name="glbs:VesselCapacity" contextRef="From2021-01-012021-09-22_custom_PeakLibertyMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">81,837</ix:nonFraction></span>
dwt. On <span id="xdx_907_ecustom--VesselDeliveryDate_dd_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_zdot1oofHAOc"><ix:nonNumeric contextRef="From2021-01-012021-09-22_custom_PeakLibertyMember" format="ixt:datemonthdayyearen" name="glbs:VesselDeliveryDate">November
29, 2021</ix:nonNumeric></span>, the Company took delivery of the m/v &#8220;Peak Liberty&#8221; that was renamed to &#8220;Orion
Globe&#8221;.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<ix:exclude><!-- Field: Page; Sequence: 147 -->
    <div style="border-bottom: Black 0.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"></p><p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">5.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#160;Vessels,
net (continued)</span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">For
the purpose of the consolidated statement of comprehensive income/(loss), depreciation, as stated in the income statement component,
comprises the following:</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="glbs:DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory"><p id="xdx_891_ecustom--DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory_zetytVWPYMkc" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"><span style="display: none; font-size: 10pt">Vessels,
net - Consolidated Statement of Comprehensive Income/ (loss)</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td id="xdx_498_20220101__20221231_z9W01QTRvT6l" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_498_20210101__20211231_zEceAi0NagPk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_49C_20200101__20201231_z8az3lhu3Pr8" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr>
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="5" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>For the year
    ended December 31,</b></span></td></tr>
  <tr>
    <td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2021</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2020</b></span></td></tr>
  <tr id="xdx_404_eifrs-full--DepreciationPropertyPlantAndEquipment_pn3n3_zIYBCK1N0b85" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Vessels
    depreciation</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:DepreciationPropertyPlantAndEquipment" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,233</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:DepreciationPropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,665</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:DepreciationPropertyPlantAndEquipment" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,253</ix:nonFraction></span></td></tr>
  <tr id="xdx_400_ecustom--DepreciationOfficeFurnitureAndEquipment_pn3n3_z6WyEsJY2sL7" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Depreciation
    on office furniture and equipment</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:DepreciationOfficeFurnitureAndEquipment" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">40</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:DepreciationOfficeFurnitureAndEquipment" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">39</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:DepreciationOfficeFurnitureAndEquipment" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">33</ix:nonFraction></span></td></tr>
  <tr id="xdx_403_eifrs-full--DepreciationRightofuseAssets_pn3n3_zrepiIBlieVe" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Depreciation
    of right of use asset (Note 18)</span></td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:DepreciationRightofuseAssets" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">327</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:DepreciationRightofuseAssets" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">206</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:DepreciationRightofuseAssets" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">112</ix:nonFraction></span></td></tr>
  <tr id="xdx_402_eifrs-full--DepreciationExpense_iT_pn3n3_zao3prfq1iTk" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:DepreciationExpense" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,600</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:DepreciationExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,910</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:DepreciationExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,398</ix:nonFraction></b></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A5_zFVWE6BQ3un5" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">As at December 31, 2022 the Company&#8217;s vessels, except the m/v Power and Diamond Globe, have been pledged as collateral to secure
the bank loans discussed in note 11.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">During
the year ended December 31, 2022 the Company installed ballast water treatment system (&#8220;BWTS&#8221;)on five of its vessels
amounting to an addition of approximately $<span id="xdx_90D_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n6_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--FiveVesselsMember_zIeks5znU3V2" title="Ballast water treatment system additions"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_custom_FiveVesselsMember" format="ixt:numdotdecimal" decimals="-3" scale="6" unitRef="USD">1.1</ix:nonFraction></span>
million (absolute amount).</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>Impairment
of non-financial assets:</b> The Company performed an impairment assessment as at March 31, 2020 on whether there were indicators
that a vessel(s) may be impaired and concluded that impairment indicators existed for all vessels. As at December 31, 2020, the
Company performed an assessment on whether there were indicators that a vessel(s) may be impaired and impairment indicators were
identified for two of the Company&#8217;s vessels. As impairment indicators were identified during 2020, discounted future cash
flows for each vessel with impairment indicators were determined and compared to the vessel&#8217;s carrying value. For the discount
factor, the Company applied the Weighted Average Cost of Capital rate that was calculated to be <span id="xdx_903_ecustom--WeightedAverageCostOfCapital_iI_dp_c20201231_zoFvBeF0CNdk"><ix:nonFraction name="glbs:WeightedAverageCostOfCapital" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.06</ix:nonFraction></span>%
as at December 31, 2020. The projected net discounted future cash flows for the first year were determined by considering an
estimated daily time charter equivalent based on the most recent blended (for modern and older vessels) FFA (i.e. Forward Freight
Agreements) time charter rate for the fiscal year 2021 for each type of vessel. For the remaining useful life of the vessels, <span id="xdx_90B_ecustom--TimePeriodConsidered_c20220101__20221231_zTlIPaIf59Sa"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="glbs:TimePeriodConsidered">the
Company used the historical ten-year blended average one-year time charter rates</ix:nonNumeric></span> substituting for the year 2016 that was
considered as extreme values, with the year 2010. Expected outflows for scheduled vessels maintenance were taken into consideration
as well as vessel operating expenses assuming an average annual increase rate of <span id="xdx_907_ecustom--AssumptionOfExpectedRatesOfInflation_iI_pdp0_dp_c20221231_zNXLN17xELbg" title="Assumption Of Expected Rates Of Inflation"><ix:nonFraction name="glbs:AssumptionOfExpectedRatesOfInflation" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1</ix:nonFraction></span>%
based on the historical trend derived from actual results for the Company&#8217;s vessels since their delivery under the
Company&#8217;s technical management. The average time charter rates used were in line with the overall chartering strategy,
especially in periods/years of depressed charter rates; reflecting the full operating history of vessels of the same type and
particulars with the Company&#8217;s operating fleet (Supramax and Panamax vessels with a deadweight (&#8220;dwt&#8221;) of over <span id="xdx_909_ecustom--VesselCapacity_uPure_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SupramaxMember_zbXJNyP2kuih"><ix:nonFraction name="glbs:VesselCapacity" contextRef="From2022-01-012022-12-31_custom_SupramaxMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">50,000</ix:nonFraction></span>
and <span id="xdx_902_ecustom--VesselCapacity_uPure_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PanamaxMember_zsifBILhD9o4"><ix:nonFraction name="glbs:VesselCapacity" contextRef="From2022-01-012022-12-31_custom_PanamaxMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">70,000</ix:nonFraction></span>,
respectively) and they covered at least one full business cycle. Effective fleet utilization was assumed at <span id="xdx_90C_ecustom--AssumptionOfFleetUtilisationRate_iI_pdp0_dp_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SupramaxMember_zHKtJd2Cotj" title="Assumption Of Fleet Utilisation Rate"><ix:nonFraction name="glbs:AssumptionOfFleetUtilisationRate" contextRef="AsOf2022-12-31_custom_SupramaxMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">87</ix:nonFraction></span>%
and <span id="xdx_902_ecustom--AssumptionOfFleetUtilisationRate_iI_pdp0_dp_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PanamaxMember_zl6fczSUq2fi" title="Assumption Of Fleet Utilisation Rate"><ix:nonFraction name="glbs:AssumptionOfFleetUtilisationRate" contextRef="AsOf2022-12-31_custom_PanamaxMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">90</ix:nonFraction></span>%
(including ballast days) for the Supramaxes and the Panamaxes, respectively taking into account the period(s) each vessel is
expected to undergo her scheduled maintenance (dry-docking and special surveys), as well as an estimate of the period(s) needed for
finding suitable employment and off-hire for reasons other than scheduled maintenance, assumptions in line with the Company&#8217;s
expectations for future fleet utilization under the current fleet deployment strategy.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">As
at March 31, 2020, the Company concluded that the recoverable amounts of the vessels were lower than their carrying amounts and recognized
an impairment loss of $<span id="xdx_908_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_c20200101__20201231_zMH0wM3BjNaf" title="Impairment loss recognised in profit or loss, property, plant and equipment"><ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,615</ix:nonFraction></span>. As at December 31, 2020, the Company concluded that no additional impairment loss should be recognized.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
impairment loss for the year ended December 31, 2020, analyzed by vessel is as follows:</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory"><p id="xdx_89B_eifrs-full--DisclosureOfImpairmentOfAssetsExplanatory_zTYS2QuUEAc8" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><span style="display: none; font-size: 10pt">Vessels,
net - Impairment loss</span></span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&#160;</td>
    <td id="xdx_49B_20200101__20201231_z9H2eySqDvMc" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr>
  <tr>
    <td style="white-space: nowrap; width: 90%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b><span style="text-decoration: underline">Vessel</span></b></span></td>
    <td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>For
    the year ended December 31, 2020</b></span></td>
    </tr>
  <tr id="xdx_406_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_hifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MVRiverGlobeMember_zZ6Eo3tyHwqh" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">m/v
    River Globe</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" contextRef="From2020-01-012020-12-31_custom_MVRiverGlobeMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">332</ix:nonFraction>)</span></td>
    </tr>
  <tr id="xdx_40C_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_hifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MVSkyGlobeMember_zE3CV0nWPyid" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">m/v
    Sky Globe</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" contextRef="From2020-01-012020-12-31_custom_MVSkyGlobeMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,231</ix:nonFraction>)</span></td>
    </tr>
  <tr id="xdx_40B_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_hifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MVStarGlobeMember_zq358a3Izlz9" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">m/v
    Star Globe</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" contextRef="From2020-01-012020-12-31_custom_MVStarGlobeMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">460</ix:nonFraction>)</span></td>
    </tr>
  <tr id="xdx_401_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_hifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MVSunGlobeMember_ziegyOo9c3s4" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">m/v
    Sun Globe</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" contextRef="From2020-01-012020-12-31_custom_MVSunGlobeMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,013</ix:nonFraction>)</span></td>
    </tr>
  <tr id="xdx_404_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_hifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MVMoonGlobeMember_zVKCt3rNQwfh" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">m/v
    Moon Globe</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" contextRef="From2020-01-012020-12-31_custom_MVMoonGlobeMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">579</ix:nonFraction>)</span></td>
    </tr>
  <tr id="xdx_403_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_zWV8Pk1XsVi5" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Impairment
    loss</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>(<ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,615</ix:nonFraction>)</b></span></td>
    </tr>
  </table>
</ix:nonNumeric><p id="xdx_8AF_zfTjBsq1pCb9" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 148 -->
    <div style="border-bottom: Black 0.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">5.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#160;Vessels,
net (continued)</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt"><span style="font-size: 10pt">As
at December 31, 2022 and 2021, the Company performed an assessment on whether there were indicators that a vessel(s) may be impaired
and no impairment indicators were identified for the Company&#8217;s vessels. <span id="xdx_90C_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_c20220101__20221231_zKOCXW0GOnbf" title="Impairment loss recognised in profit or loss, property, plant and equipment"><span id="xdx_90B_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_c20210101__20211231_zk2gCyUfEK96" title="Impairment loss recognised in profit or loss, property, plant and equipment" style="display: none"><ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD"><ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">0</ix:nonFraction></ix:nonFraction></span></span></span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfInventoriesExplanatory"><p id="xdx_80E_eifrs-full--DisclosureOfInventoriesExplanatory_zTMy9MYGPVUl" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<span id="xdx_82D_zR6b1kCJyGV9">Inventories</span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">Inventories
in the consolidated statement of financial position are analyzed as follows:</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="glbs:DisclosureOfInventoriesConsolidatedStatementOfFinancialPositionExplanatory"><p id="xdx_890_ecustom--DisclosureOfInventoriesConsolidatedStatementOfFinancialPositionExplanatory_z9LUtPrReyI2" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="display: none; font-size: 10pt">Inventories&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td id="xdx_495_20221231_zigFSqyVyEg9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_494_20211231_zRUoQtA7h9d9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td></tr>
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="3" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;December
    31,</b></span></td></tr>
  <tr>
    <td style="white-space: nowrap; width: 79%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2021</b></span></td></tr>
  <tr id="xdx_403_ecustom--LubricantsInventoryCurrent_iI_pn3n3_zMtswD3IGxfg" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Lubricants
    </span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:LubricantsInventoryCurrent" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,062</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:LubricantsInventoryCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">765</ix:nonFraction></span></td></tr>
  <tr id="xdx_404_ecustom--GasCylindersInventoryCurrent_iI_pn3n3_zdZrnUY3z7gc" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Gas
    cylinders </span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:GasCylindersInventoryCurrent" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">133</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:GasCylindersInventoryCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">87</ix:nonFraction></span></td></tr>
  <tr id="xdx_402_ecustom--BunkerInventoryCurrent_iI_pn3n3_d0_zcNCPzetj0B1" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Bunkers</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:BunkerInventoryCurrent" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,833</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:BunkerInventoryCurrent" contextRef="AsOf2021-12-31" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td></tr>
  <tr id="xdx_403_eifrs-full--Inventories_iTI_pn3n3_zOC9d3ONV6k6" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:Inventories" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,028</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:Inventories" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">852</ix:nonFraction></b></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AD_z1EZMBTo0rK5" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory"><p id="xdx_800_eifrs-full--DisclosureOfTradeAndOtherPayablesExplanatory_zaJtCXP3jljf" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt"><b>7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<span id="xdx_82B_zyRLrCksr9Ol">Trade accounts payable</span></b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">Trade
accounts payable in the consolidated statement of financial position as at December 31, 2022 and 2021, amounted to $<span id="xdx_901_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20221231_zXX2AoYa0BXi" title="Trade and other current payables"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayables" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,548</ix:nonFraction></span> and $<span id="xdx_904_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20211231_zO4BlhUD5D0h" title="Trade and other current payables"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayables" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,100</ix:nonFraction></span>,
respectively. Trade accounts payable are non-interest bearing.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory"><p id="xdx_80A_eifrs-full--DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory_zd1F2WyXpc7c" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<span id="xdx_823_zXhpVxIZL5k6">Accrued liabilities and other payables</span> </b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 48pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">Accrued
liabilities and other payables in the consolidated statement of financial position are analyzed as follows:</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="glbs:DisclosureOfAccruedExpensesAndOtherLiabilitiesConsolidatedStatementOfFinancialPositionExplanatory"><p id="xdx_89A_ecustom--DisclosureOfAccruedExpensesAndOtherLiabilitiesConsolidatedStatementOfFinancialPositionExplanatory_zOUONpktSvse" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"><span style="display: none; font-size: 10pt">Accrued
liabilities and other payables</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td id="xdx_496_20221231_zatYmdwlrE7c" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_498_20211231_zhAcmwxx5poi" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td></tr>
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="3" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;December
    31,</b></span></td></tr>
  <tr>
    <td style="white-space: nowrap; width: 79%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2021</b></span></td></tr>
  <tr id="xdx_40C_eifrs-full--CurrentDebtInstrumentsIssued_iI_pn3n3_d0_zGlwshMpOUB8" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Accrued
    Interest Swap Loss</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentDebtInstrumentsIssued" contextRef="AsOf2022-12-31" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentDebtInstrumentsIssued" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">30</ix:nonFraction></span></td></tr>
  <tr id="xdx_402_ecustom--AccruedAuditFeesCurrent_iI_pn3n3_zqC5gc2Dqq2e" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Accrued
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:AccruedAuditFeesCurrent" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">77</ix:nonFraction></span></td>
    <td>&#160;</td>
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  <tr id="xdx_409_ecustom--OtherAccruals_iI_pn3n3_zFpoH3WH7Fge" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Other
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:OtherAccruals" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,552</ix:nonFraction></span></td>
    <td>&#160;</td>
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  <tr id="xdx_40B_ecustom--CurrentInsuranceDeductibles_iI_pn3n3_zKuVJNK1n68g" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Insurance
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    <td>&#160;</td>
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  <tr id="xdx_405_eifrs-full--OtherCurrentPayables_iI_pn3n3_z6gNxOa8wIF8" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Other
    payables</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherCurrentPayables" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">81</ix:nonFraction></span></td>
    <td>&#160;</td>
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  <tr id="xdx_408_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iTI_pn3n3_zpTVM2dg8Wja" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td style="border-top: Black 0.5pt double; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,814</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt double; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,497</ix:nonFraction></b></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AF_zvcFcVmzrhPi" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">Other payables are non-interest bearing.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm">&#160;&#160;</p>


<ix:exclude><!-- Field: Page; Sequence: 149 -->
    <div style="border-bottom: Black 0.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory"><p id="xdx_80F_eifrs-full--DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_zX1NTYk8vMj2" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">9.&#160;&#160;&#160;&#8239;&#160;&#160;&#160;&#160;
<span id="xdx_828_zlhfR6yQN26h">Share Capital and Share Premium</span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
authorized share capital of Globus consisted of the following:</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory"><p id="xdx_893_eifrs-full--DisclosureOfClassesOfShareCapitalExplanatory_zhgiOrpxCPHj" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><span style="display: none; font-size: 10pt">Share
Capital and Share Premium - Authorized share capital</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="5" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;December
    31,</b></span></td></tr>
  <tr>
    <td style="width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2021</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2020</b></span></td></tr>
  <tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Authorized share capital:</b></span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><span id="xdx_905_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zPEi0VuTcXQa" title="Number of shares authorised"><span id="xdx_905_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zPMykCjjxz1"><span id="xdx_90D_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zbNbREXW58z1"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2022-12-31_custom_CommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2021-12-31_custom_CommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2020-12-31_custom_CommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">500,000,000</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span> Common shares
    of par value $<span id="xdx_902_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zHKm90HR3AQ3" title="Par value per share"><span id="xdx_90C_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zgmFJGb2MNP" title="Par value per share"><span id="xdx_905_eifrs-full--ParValuePerShare_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zUgxrflnv987" title="Par value per share"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2022-12-31_custom_CommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-12-31_custom_CommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2020-12-31_custom_CommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">0.004</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span> each</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><span id="xdx_909_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zwuQ1RJohWBa"><ix:nonFraction name="glbs:ValueOfSharesAuthorised" contextRef="AsOf2022-12-31_custom_CommonSharesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,000</ix:nonFraction></span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><span id="xdx_909_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zDDKdGZ7Mlw7"><ix:nonFraction name="glbs:ValueOfSharesAuthorised" contextRef="AsOf2021-12-31_custom_CommonSharesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,000</ix:nonFraction></span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><span id="xdx_901_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zGax0ZWMBRaa"><ix:nonFraction name="glbs:ValueOfSharesAuthorised" contextRef="AsOf2020-12-31_custom_CommonSharesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,000</ix:nonFraction></span></span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><span id="xdx_902_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zxbCAk1G6UCl" title="Number of shares authorised"><span id="xdx_909_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zpPurs14kncl" title="Number of shares authorised"><span id="xdx_907_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zGfGNgJ5LAkd" title="Number of shares authorised"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2022-12-31_custom_ClassBCommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2021-12-31_custom_ClassBCommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2020-12-31_custom_ClassBCommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">100,000,000</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span> Class B Common
    shares of par value $<span id="xdx_90D_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_z4TngE8o7Gc" title="Par value per share"><span id="xdx_909_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zDKNOX014Zxf" title="Par value per share"><span id="xdx_90C_eifrs-full--ParValuePerShare_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zHEMOWPJBhx" title="Par value per share"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2022-12-31_custom_ClassBCommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-12-31_custom_ClassBCommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2020-12-31_custom_ClassBCommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">0.001</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span> each</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><span id="xdx_901_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zFYRJjEjPvC7"><ix:nonFraction name="glbs:ValueOfSharesAuthorised" contextRef="AsOf2022-12-31_custom_ClassBCommonSharesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">100</ix:nonFraction></span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><span id="xdx_90B_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zGrTPseGH7t1"><ix:nonFraction name="glbs:ValueOfSharesAuthorised" contextRef="AsOf2021-12-31_custom_ClassBCommonSharesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">100</ix:nonFraction></span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><span id="xdx_902_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zquskyYjMY1a"><ix:nonFraction name="glbs:ValueOfSharesAuthorised" contextRef="AsOf2020-12-31_custom_ClassBCommonSharesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">100</ix:nonFraction></span></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><span id="xdx_90F_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zkFHBQhcQvGj" title="Number of shares authorised"><span id="xdx_90B_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zrNMHXMpMpe5" title="Number of shares authorised"><span id="xdx_90B_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_z744a1ArT6Qk" title="Number of shares authorised"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2022-12-31_custom_PreferredSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2021-12-31_custom_PreferredSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2020-12-31_custom_PreferredSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">100,000,000</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span> Preferred shares
    of par value $<span id="xdx_902_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zOTVOTEwxn3a" title="Par value per share"><span id="xdx_909_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zFlBATecxyV2" title="Par value per share"><span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zAM1RrPaTp1e" title="Par value per share"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2022-12-31_custom_PreferredSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-12-31_custom_PreferredSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2020-12-31_custom_PreferredSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">0.001</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span> each </span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><span id="xdx_901_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_z1a3qSdzbzo1"><ix:nonFraction name="glbs:ValueOfSharesAuthorised" contextRef="AsOf2022-12-31_custom_PreferredSharesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">100</ix:nonFraction></span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><span id="xdx_903_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zJjMitsLM1c5"><ix:nonFraction name="glbs:ValueOfSharesAuthorised" contextRef="AsOf2021-12-31_custom_PreferredSharesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">100</ix:nonFraction></span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><span id="xdx_907_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_z5gi9J6UeVv1"><ix:nonFraction name="glbs:ValueOfSharesAuthorised" contextRef="AsOf2020-12-31_custom_PreferredSharesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">100</ix:nonFraction></span></span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total authorized share
    capital</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><span id="xdx_902_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231_zptSHJR2VOV9" title="Total value of shares authorised"><ix:nonFraction name="glbs:ValueOfSharesAuthorised" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,200</ix:nonFraction></span></b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><span id="xdx_906_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231_zgQ1UcpwPCEk" title="Total value of shares authorised"><ix:nonFraction name="glbs:ValueOfSharesAuthorised" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,200</ix:nonFraction></span></b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><span id="xdx_90A_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20201231_zpuYEfih0Fzj" title="Total value of shares authorised"><ix:nonFraction name="glbs:ValueOfSharesAuthorised" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,200</ix:nonFraction></span></b></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A9_zWuSXyQEvMh4" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><span id="xdx_900_ecustom--VotingRights_pid_c20220101__20221231_zvnfD9otQb0b"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="glbs:VotingRights">Holders
of the Company&#8217;s common shares and Class B common shares have equivalent economic rights, but holders of Company&#8217;s
common shares are entitled to one vote per share and holders of the Company&#8217;s Class B common shares are entitled to twenty
votes per share.</ix:nonNumeric></span> Each holder of Class B common shares may convert, at its option, any or all of the Class B common shares
held by such holder into an equal number of common shares.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="glbs:DisclosureOfCommonSharesExplanatory"><p id="xdx_895_ecustom--DisclosureOfCommonSharesExplanatory_zPVV4BmVvro7" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="display: none; font-size: 10pt">&#160;Share Capital and Share Premium - Common Shares issued and fully paid</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="width: 79%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 1.65pt"><span style="font-size: 10pt"><b>Common Shares
    issued and fully paid</b></span></td>
    <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Number
    of shares </b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>USD</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>As at January 1, 2020</b></span></td>
    <td id="xdx_98F_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iS_pip0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zsYhZlQLpejb" title="Balance beginning of period" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:NumberOfSharesIssuedAndFullyPaid" contextRef="AsOf2019-12-31_ifrs-full_OrdinarySharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">52,235</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td id="xdx_984_eifrs-full--IssuedCapital_iS_pn3n3_d0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zODX58XW33zh" title="Balance beginning of period" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:IssuedCapital" contextRef="AsOf2019-12-31_ifrs-full_IssuedCapitalMember558003093" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></b></span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Issued during the year for
    share-based compensation (note 12)</span></td>
    <td id="xdx_981_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_pip0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zJG23l4GwPDj" title="Issued during the year for share-based compensation (note 12)" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions" contextRef="From2020-01-012020-12-31_ifrs-full_OrdinarySharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">2,812</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Issuance of common stock
    due to conversion of loan</span></td>
    <td id="xdx_98C_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughConversionOfConvertibleInstruments_pip0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zJ4f9eD2QS85" title="Issuance of common stock due to conversion of loan" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughConversionOfConvertibleInstruments" contextRef="From2020-01-012020-12-31_ifrs-full_OrdinarySharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">11,678</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Issuance of new common stocks</span></td>
    <td id="xdx_983_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity_pip0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zuWLW0okvs35" title="Issuance of new common stocks" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity" contextRef="From2020-01-012020-12-31_ifrs-full_OrdinarySharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">2,942,848</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_98C_eifrs-full--IssueOfEquity_pn3n3_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zeAXR9g1tnQe" title="Issuance of new common stocks" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2020-01-012020-12-31_ifrs-full_IssuedCapitalMember558003109" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">12</ix:nonFraction></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Issuance of common stock
    due to exercise of pre-funded warrants</span></td>
    <td id="xdx_986_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity_pip0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zDpd4RM1HUjk" title="Issuance of common stock due to exercise of pre-funded warrants" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity" contextRef="From2020-01-012020-12-31_ifrs-full_OrdinarySharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">25,000</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Issuance of common stock
    due to exercise of warrants</span></td>
    <td id="xdx_989_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_pip0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_z0aKFBA9bCFg" title="Issuance of common stock due to exercise of warrants" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity" contextRef="From2020-01-012020-12-31_ifrs-full_OrdinarySharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">5,550</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>As at December 31, 2020</b></span></td>
    <td id="xdx_980_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iS_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zvOxa975P9Qb" title="Balance beginning of period" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:NumberOfSharesIssuedAndFullyPaid" contextRef="AsOf2020-12-31_ifrs-full_OrdinarySharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">3,040,123</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td id="xdx_980_eifrs-full--IssuedCapital_iS_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_z3IS68fOIm64" title="Balance beginning of period" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:IssuedCapital" contextRef="AsOf2020-12-31_ifrs-full_IssuedCapitalMember558003125" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">12</ix:nonFraction></b></span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Issued during the year for
    share-based compensation (note 12)</span></td>
    <td id="xdx_98E_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zgVSnj80Y054" title="Issued during the year for share-based compensation (note 12)" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions" contextRef="From2021-01-012021-12-31_ifrs-full_OrdinarySharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">12,178</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Issuance of new common stocks</span></td>
    <td id="xdx_98B_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zt1UHYKR54Ec" title="Issuance of new common stocks" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity" contextRef="From2021-01-012021-12-31_ifrs-full_OrdinarySharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">14,905,000</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_989_eifrs-full--IssueOfEquity_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zKpTCzRNx28l" title="Issuance of new common stocks" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2021-01-012021-12-31_ifrs-full_IssuedCapitalMember558003140" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">60</ix:nonFraction></span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Issuance of common stock
    due to exercise of pre-funded warrants</span></td>
    <td id="xdx_985_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_z3WZwW8VbOPh" title="Issuance of common stock due to exercise of pre-funded warrants" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity" contextRef="From2021-01-012021-12-31_ifrs-full_OrdinarySharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">2,625,000</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_989_eifrs-full--IncreaseDecreaseThroughExerciseOfWarrantsEquity_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_z1lPxqsw5kT9" title="Issuance of common stock due to exercise of pre-funded warrants" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity" contextRef="From2021-01-012021-12-31_ifrs-full_IssuedCapitalMember558003140" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10</ix:nonFraction></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>As at December 31, 2021</b></span></td>
    <td id="xdx_981_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iS_pip0_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zgQNoj1BDCq2" title="Balance beginning of period" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:NumberOfSharesIssuedAndFullyPaid" contextRef="AsOf2021-12-31_ifrs-full_OrdinarySharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">20,582,301</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--IssuedCapital_iS_pn3n3_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zf4IHZNwHph" title="Balance beginning of period" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:IssuedCapital" contextRef="AsOf2021-12-31_ifrs-full_IssuedCapitalMember558003171" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">82</ix:nonFraction></b></span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Issued during the year for
    share-based compensation</span></td>
    <td id="xdx_987_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_pip0_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zCQxcTcwdnHc" title="Issued during the year for share-based compensation" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1188">&#8212;</span></b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>&#8212;</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>As at December 31, 2022</b></span></td>
    <td id="xdx_984_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iE_pip0_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zPyEvQtT3m3b" title="Balance ending of period" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:NumberOfSharesIssuedAndFullyPaid" contextRef="AsOf2022-12-31_ifrs-full_OrdinarySharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">20,582,301</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--IssuedCapital_iE_pn3n3_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zL8SFn605Zka" title="Balance ending of period" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:IssuedCapital" contextRef="AsOf2022-12-31_ifrs-full_IssuedCapitalMember558003218" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">82</ix:nonFraction></b></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A9_zW3F6sofiDGg" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">During
the years ended December 31, 2021 and 2020, Globus issued <span id="xdx_90B_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zOIsNf6d7pck" title="Increase in number of shares outstanding"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding" contextRef="From2021-01-012021-12-31_custom_CommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">12,178</ix:nonFraction></span>
and <span id="xdx_90C_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zK8ukbvp2d3c" title="Increase in number of shares outstanding"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding" contextRef="From2020-01-012020-12-31_custom_CommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">2,812</ix:nonFraction></span>
common shares, respectively (par value $<span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zOAUx7eTLXra" title="Par value per share"><span id="xdx_901_eifrs-full--ParValuePerShare_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zkGQRju3fNv3" title="Par value per share"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-12-31_custom_CommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2020-12-31_custom_CommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">0.004</ix:nonFraction></ix:nonFraction></span></span>
per share) as share-based payments. For the year ended December 31, 2022 Globus has not issued any common shares as share-based
payment. </span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">As
at December 31, 2022, 2021 and 2020, <span id="xdx_90E_eifrs-full--NumberOfSharesOutstanding_iI_pip0_do_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_z0rc25v2Sc"><span id="xdx_907_eifrs-full--NumberOfSharesOutstanding_iI_pip0_do_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_z2wIEgZ4RI24"><span id="xdx_90F_eifrs-full--NumberOfSharesOutstanding_iI_pip0_do_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zqpGzhGyGP6g"><ix:nonFraction name="ifrs-full:NumberOfSharesOutstanding" contextRef="AsOf2022-12-31_custom_ClassBCommonSharesMember" format="ixt-sec:numwordsen" decimals="INF" scale="0" unitRef="Shares"><ix:nonFraction name="ifrs-full:NumberOfSharesOutstanding" contextRef="AsOf2021-12-31_custom_ClassBCommonSharesMember" format="ixt-sec:numwordsen" decimals="INF" scale="0" unitRef="Shares"><ix:nonFraction name="ifrs-full:NumberOfSharesOutstanding" contextRef="AsOf2020-12-31_custom_ClassBCommonSharesMember" format="ixt-sec:numwordsen" decimals="INF" scale="0" unitRef="Shares">no</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span>
Class B common shares or Series A preferred shares (par value $<span id="xdx_90A_eifrs-full--ParValuePerShare_iI_pip0_do_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zgDeARi4wY4b"><span id="xdx_905_eifrs-full--ParValuePerShare_iI_pip0_do_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_z5PI9fMP12p8"><span id="xdx_904_eifrs-full--ParValuePerShare_iI_pip0_do_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zcRIoBmnmY0k"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2022-12-31_custom_PreferredSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-12-31_custom_PreferredSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2020-12-31_custom_PreferredSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">0.001</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span>
per share) were outstanding. <span id="xdx_90A_eifrs-full--NumberOfSharesOutstanding_iI_pip0_do_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_z76lWAzmdkjf"><span id="xdx_900_eifrs-full--NumberOfSharesOutstanding_iI_pip0_do_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zKzt32Id3Qce" style="display: none"><span id="xdx_907_eifrs-full--NumberOfSharesOutstanding_iI_pip0_do_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zh9NmIwMwMW6"><ix:nonFraction name="ifrs-full:NumberOfSharesOutstanding" contextRef="AsOf2022-12-31_custom_PreferredSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares"><ix:nonFraction name="ifrs-full:NumberOfSharesOutstanding" contextRef="AsOf2021-12-31_custom_PreferredSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares"><ix:nonFraction name="ifrs-full:NumberOfSharesOutstanding" contextRef="AsOf2020-12-31_custom_PreferredSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">0</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">On
June 12, 2020, the Company entered into a stock purchase agreement and issued <span id="xdx_908_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20200612__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBPreferredSharesMember_zw685aMY9lUf" title="Increase in number of shares outstanding"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding" contextRef="From2020-01-012020-06-12_custom_AffiliatedCompanyOfCompanysCEOMember_custom_ClassBPreferredSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">50</ix:nonFraction></span> of newly designated Series B Preferred Shares, par value
$<span id="xdx_90C_eifrs-full--ParValuePerShare_iI_pip0_c20200612__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBPreferredSharesMember_zkpEyGTr5dbi"><span id="xdx_908_eifrs-full--ParValuePerShare_iI_pip0_c20200727__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBPreferredSharesMember_zsf9XDzWwI62"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2020-06-12_custom_AffiliatedCompanyOfCompanysCEOMember_custom_ClassBPreferredSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2020-07-27_custom_AffiliatedCompanyOfCompanysCEOMember_custom_ClassBPreferredSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">0.001</ix:nonFraction></ix:nonFraction></span></span> per share, to Goldenmare Limited, a company controlled by the Chief Executive Officer, Athanasios Feidakis, in return for $<span id="xdx_90B_ecustom--IssueOfPreferredShares_pn3n3_c20200101__20200612__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBPreferredSharesMember_zAjkFEtI9kRh"><ix:nonFraction name="glbs:IssueOfPreferredShares" contextRef="From2020-01-012020-06-12_custom_AffiliatedCompanyOfCompanysCEOMember_custom_ClassBPreferredSharesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">150</ix:nonFraction></span>,
which amount was settled by reducing, on a dollar-for-dollar basis, the amount payable by the Company to Goldenmare Limited pursuant
to a consultancy agreement. On July 27, 2020, the Company issued an additional <span id="xdx_905_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20200727__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBPreferredSharesMember_zHrrw03XQW31"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding" contextRef="From2020-01-012020-07-27_custom_AffiliatedCompanyOfCompanysCEOMember_custom_ClassBPreferredSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">250</ix:nonFraction></span> of its Series B preferred shares to Goldenmare Limited
in return for $<span id="xdx_902_ecustom--IssueOfPreferredShares_pn3n3_c20200101__20200727__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBPreferredSharesMember_zrbWiFPslpgk"><ix:nonFraction name="glbs:IssueOfPreferredShares" contextRef="From2020-01-012020-07-27_custom_AffiliatedCompanyOfCompanysCEOMember_custom_ClassBPreferredSharesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">150</ix:nonFraction></span>. The $150 was settled by reducing, on a dollar-for-dollar basis, the amount payable by the Company to Goldenmare Limited
pursuant to a consultancy agreement. The issuance of the Series B preferred shares to Goldenmare Limited was approved by an independent
committee of the Company&#8217;s Board of Directors, which received fairness opinions from an independent financial advisor.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<ix:exclude><!-- Field: Page; Sequence: 150 -->
    <div style="border-bottom: Black 0.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt"></span></p>

<p style="font: 9pt Book Antiqua, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"></p><p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">9.&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#160;&#160;Share
Capital and Share Premium (continued)</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">On
March 2, 2021, the Company entered into a stock purchase agreement and issued <span id="xdx_903_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20210101__20210302__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBPreferredSharesMember_zLKBnN9n3Y9f" title="Increase in number of shares outstanding"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding" contextRef="From2021-01-012021-03-02_custom_AffiliatedCompanyOfCompanysCEOMember_custom_ClassBPreferredSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">10,000</ix:nonFraction></span> Series B Preferred Shares, par value $<span id="xdx_902_eifrs-full--ParValuePerShare_iI_pip0_c20210302__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBPreferredSharesMember_zXNZ5g2Gq2g9" title="Par value per share"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-03-02_custom_AffiliatedCompanyOfCompanysCEOMember_custom_ClassBPreferredSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">0.001</ix:nonFraction></span> per
share, to Goldenmare Limited, a company controlled by the Company&#8217;s Chief Executive Officer, Athanasios Feidakis, in return for
$<span id="xdx_902_ecustom--IssueOfPreferredShares_pn3n3_c20210101__20210302__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBPreferredSharesMember_zcPyIL4bFzzd" title="Issue of preferred shares | $"><ix:nonFraction name="glbs:IssueOfPreferredShares" contextRef="From2021-01-012021-03-02_custom_AffiliatedCompanyOfCompanysCEOMember_custom_ClassBPreferredSharesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">130</ix:nonFraction></span>, which amount was settled by reducing, on a dollar-for-dollar basis, the amount payable as executive compensation by the Company
to Goldenmare Limited pursuant to a consultancy agreement. The issuance of the Series B preferred shares to Goldenmare Limited was approved
by an independent committee of the Company&#8217;s Board of Directors, which received fairness opinions from an independent financial
advisor.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">During
the year ended December 31, 2020, and further to the conversion clause included into the Convertible Note   an amount of approximately
$<span id="xdx_909_eifrs-full--Borrowings_iI_pn3n3_c20201231__ifrs-full--BorrowingsByNameAxis__custom--ConvertibleNoteMember_z3YAmXHlK6Q4"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2020-12-31_custom_ConvertibleNoteMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,168</ix:nonFraction></span>, principal and accrued interest, was converted to share capital at a conversion price of $<span id="xdx_902_ecustom--DebtInstrumentConvertibleConversionPrice_iI_pip0_c20201231__ifrs-full--BorrowingsByNameAxis__custom--ConvertibleNoteMember_z3CP5glO9jD7"><ix:nonFraction name="glbs:DebtInstrumentConvertibleConversionPrice" contextRef="AsOf2020-12-31_custom_ConvertibleNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">100</ix:nonFraction></span> per share and a total number of
<span id="xdx_90F_eifrs-full--NumberOfSharesIssued_iI_pip0_uShares_c20201231__ifrs-full--BorrowingsByNameAxis__custom--ConvertibleNoteMember_zgbsCZfWA9Lb"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2020-12-31_custom_ConvertibleNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">11,678</ix:nonFraction></span> new shares, par value $<span id="xdx_90E_eifrs-full--ParValuePerShare_iI_pip0_c20201231__ifrs-full--BorrowingsByNameAxis__custom--ConvertibleNoteMember_zSdpfYKR1QMd"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2020-12-31_custom_ConvertibleNoteMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">0.004</ix:nonFraction></span> per share, were issued in name of the holder of the Convertible Note.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">On
June 22, 2020, the Company issued <span id="xdx_90D_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20200622_zb6KnZey1FKi" title="Increase in number of shares outstanding"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding" contextRef="From2020-01-012020-06-22" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">342,857</ix:nonFraction></span> of its common shares, par value $<span id="xdx_908_eifrs-full--ParValuePerShare_iI_pip0_c20211231_z45tPR9DVTii"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">0.004</ix:nonFraction></span> per share, in an underwritten public offering at a price
of $<span id="xdx_901_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20200622_zGSPsEog1Tah"><ix:nonFraction name="ifrs-full:ExercisePriceOfOutstandingShareOptions2019" contextRef="AsOf2020-06-22" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">35</ix:nonFraction></span> per unit. Each unit consisted of one common share and one Class A warrant to purchase one common share and immediately separated
upon issuance. In addition, the Company granted to the underwriter a 45-day option to purchase up to an additional <span id="xdx_901_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20200101__20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember__ifrs-full--MaturityAxis__custom--FortyFiveDayOptionMember_zFB6Jfredzof" title="Increase in number of shares outstanding"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding" contextRef="From2020-01-012020-06-22_custom_MaximGroupLLCMember_custom_FortyFiveDayOptionMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">51,429</ix:nonFraction></span> common shares,
par value $<span id="xdx_909_eifrs-full--ParValuePerShare_iI_pip0_c20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember__ifrs-full--MaturityAxis__custom--FortyFiveDayOptionMember_zXGpJYxFOlp1"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2020-06-22_custom_MaximGroupLLCMember_custom_FortyFiveDayOptionMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">0.004</ix:nonFraction></span> per share, (or pre-funded warrants in lieu thereof) and Class A warrants to purchase up to <span id="xdx_90D_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_c20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember__ifrs-full--MaturityAxis__custom--FortyFiveDayOptionMember_zCR1urHJJ9Th"><ix:nonFraction name="glbs:NumberOfSharesCalledByWarrants" contextRef="AsOf2020-06-22_custom_MaximGroupLLCMember_custom_FortyFiveDayOptionMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">51,429</ix:nonFraction></span> common shares, at
the public offering price less discounts and commissions. The underwriter exercised its option and purchased <span id="xdx_902_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20200101__20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember_zy0MPLwd5Zrg"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding" contextRef="From2020-01-012020-06-22_custom_MaximGroupLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">51,393</ix:nonFraction></span> common shares, par
value $<span id="xdx_907_eifrs-full--ParValuePerShare_iI_pip0_c20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember_z7l5LyFnRBXc"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2020-06-22_custom_MaximGroupLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">0.004</ix:nonFraction></span> per share and Class A warrants to purchase <span id="xdx_908_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20200101__20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember_zZrJ1aZUrKfc"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding" contextRef="From2020-01-012020-06-22_custom_MaximGroupLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">51,393</ix:nonFraction></span> common shares. Each Class A warrant is immediately exercisable for one
common share at an exercise price of $<span id="xdx_901_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember_z3HUUaNr5wjg"><ix:nonFraction name="ifrs-full:ExercisePriceOfOutstandingShareOptions2019" contextRef="AsOf2020-06-22_custom_MaximGroupLLCMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">35</ix:nonFraction></span> per share and expires <span id="xdx_908_eifrs-full--DescriptionOfOptionLifeShareOptionsGranted_dc_uPure_c20200101__20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember_z6Gh8UBrMWMh"><ix:nonFraction name="ifrs-full:DescriptionOfOptionLifeShareOptionsGranted" contextRef="From2020-01-012020-06-22_custom_MaximGroupLLCMember" format="ixt-sec:numwordsen" decimals="INF" unitRef="Pure">five</ix:nonFraction></span> years from issuance. Total proceeds amounted to $<span id="xdx_90D_eifrs-full--ProceedsFromExerciseOfOptions_pn3n3_c20200101__20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember_z41IU8ih9rG1"><ix:nonFraction name="ifrs-full:ProceedsFromExerciseOfOptions" contextRef="From2020-01-012020-06-22_custom_MaximGroupLLCMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">12,695</ix:nonFraction></span> before issuance
expenses.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Class A Warrants are exercisable for a period of five years commencing on the date of issuance. If a registration statement registering
the issuance of the common shares underlying the warrants under the Securities Act is not effective or available, the holder may, in
its sole discretion, elect to exercise the warrant through a cashless exercise, in which case the holder would receive upon such exercise
the net number of common shares determined according to the formula set forth in the warrant. We may be required to pay certain amounts
as liquidated damages as specified in the warrants in the event we do not deliver common shares upon exercise of the warrants within
the time periods specified in the warrants.</span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">As
at December 31, 2022 and 2021, the Company had issued <span id="xdx_90A_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_pip0_uShares_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_z7GyLXgn1hs8"><span id="xdx_900_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_pip0_uShares_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zbubOth4Fhb5"><ix:nonFraction name="glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity" contextRef="From2021-01-012021-12-31_custom_ClassAWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares"><ix:nonFraction name="glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity" contextRef="From2022-01-012022-12-31_custom_ClassAWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">5,550</ix:nonFraction></ix:nonFraction></span></span> common shares, par value $<span id="xdx_905_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_z66ejfp82FB8"><span id="xdx_90E_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zULjaCCmmkfj"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2022-12-31_custom_ClassAWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-12-31_custom_ClassAWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">0.004</ix:nonFraction></ix:nonFraction></span></span> per share, pursuant to exercise of outstanding
Class A Warrants, resulting to cash proceeds of $<span id="xdx_90E_ecustom--ProceedsFromWarrantExercises_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zZfp7mo9UIL5"><span id="xdx_906_ecustom--ProceedsFromWarrantExercises_pn3n3_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zBZjuE8d7yM1"><ix:nonFraction name="glbs:ProceedsFromWarrantExercises" contextRef="From2021-01-012021-12-31_custom_ClassAWarrantsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD"><ix:nonFraction name="glbs:ProceedsFromWarrantExercises" contextRef="From2022-01-012022-12-31_custom_ClassAWarrantsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">194</ix:nonFraction></ix:nonFraction></span></span>, and had <span id="xdx_904_ecustom--NumberOfWarrantsOutstanding_iI_pip0_uShares_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zqZvavBpMlT6"><span id="xdx_906_ecustom--NumberOfWarrantsOutstanding_iI_pip0_uShares_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_ztpZ0gBqs256"><ix:nonFraction name="glbs:NumberOfWarrantsOutstanding" contextRef="AsOf2022-12-31_custom_ClassAWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares"><ix:nonFraction name="glbs:NumberOfWarrantsOutstanding" contextRef="AsOf2021-12-31_custom_ClassAWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">388,700</ix:nonFraction></ix:nonFraction></span></span> Class A Warrants outstanding to purchase an aggregate of <span id="xdx_90E_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zk6SzPQ1Imui"><span id="xdx_902_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zP7blgvoI1bl"><ix:nonFraction name="glbs:NumberOfSharesCalledByWarrants" contextRef="AsOf2022-12-31_custom_ClassAWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares"><ix:nonFraction name="glbs:NumberOfSharesCalledByWarrants" contextRef="AsOf2021-12-31_custom_ClassAWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">388,700</ix:nonFraction></ix:nonFraction></span></span>
common shares, par value $<span id="xdx_902_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zlR5wDXtm7qj"><span id="xdx_905_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zpOa4gIO5tl"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2022-12-31_custom_ClassAWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-12-31_custom_ClassAWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">0.004</ix:nonFraction></ix:nonFraction></span></span> per share.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 96.4pt; text-align: justify; text-indent: -25.55pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">On
June 30, 2020, the Company issued <span id="xdx_905_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20200630__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_ztd3plmKyy72"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding" contextRef="From2020-01-012020-06-30_custom_PPWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">458,500</ix:nonFraction></span> of its common shares, par value $<span id="xdx_904_eifrs-full--ParValuePerShare_iI_pip0_c20200630__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zPyyQPTeMewh"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2020-06-30_custom_PPWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">0.004</ix:nonFraction></span> per share, in a registered direct offering and warrants
(&#8220;PP Warrants&#8221;) to purchase <span id="xdx_909_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20200630__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zkscRE5fXvg9"><ix:nonFraction name="glbs:NumberOfSharesCalledByWarrants" contextRef="AsOf2020-06-30_custom_PPWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">458,500</ix:nonFraction></span> common shares in a concurrent private placement for a purchase price of $<span id="xdx_90F_ecustom--PurchasePriceOfOutstandingWarrants_iI_pip0_c20200630__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zBmRJU6OWFH2"><ix:nonFraction name="glbs:PurchasePriceOfOutstandingWarrants" contextRef="AsOf2020-06-30_custom_PPWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">27</ix:nonFraction></span> per common
share and PP Warrant. The warrants were exercisable upon issuance and had an exercise price of $<span id="xdx_904_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20200630__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember__srt--RangeAxis__ifrs-full--TopOfRangeMember_zTOz14Z9CB67"><ix:nonFraction name="ifrs-full:ExercisePriceOfOutstandingShareOptions2019" contextRef="AsOf2020-06-30_custom_PPWarrantsMember_ifrs-full_TopOfRangeMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">30</ix:nonFraction></span> per share, subsequently reduced to
$<span id="xdx_904_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20200630__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember__srt--RangeAxis__ifrs-full--BottomOfRangeMember_zp81LYwd7HB5"><ix:nonFraction name="ifrs-full:ExercisePriceOfOutstandingShareOptions2019" contextRef="AsOf2020-06-30_custom_PPWarrantsMember_ifrs-full_BottomOfRangeMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">18</ix:nonFraction></span> per share. Total proceeds amounted to $<span id="xdx_90C_ecustom--ProceedsFromWarrantExercises_pn3n3_c20200101__20200630__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zf4JBUVY9Yv"><ix:nonFraction name="glbs:ProceedsFromWarrantExercises" contextRef="From2020-01-012020-06-30_custom_PPWarrantsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">11,513</ix:nonFraction></span> before issuance expenses.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">On
July 21, 2020, the Company issued <span id="xdx_90F_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20200721__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zyWsEG8zGROb"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding" contextRef="From2020-01-012020-07-21_custom_PPWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">833,333</ix:nonFraction></span> of its common shares, par value $<span id="xdx_90D_eifrs-full--ParValuePerShare_iI_pip0_c20200721__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zjuqJMJ7Vxkg"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2020-07-21_custom_PPWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">0.004</ix:nonFraction></span> per share, in a registered direct offering and PP Warrants
to purchase <span id="xdx_908_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20200721__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zsX7ty5Fw7L3"><ix:nonFraction name="glbs:NumberOfSharesCalledByWarrants" contextRef="AsOf2020-07-21_custom_PPWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">833,333</ix:nonFraction></span> common shares in a concurrent private placement for a purchase price of $<span id="xdx_904_ecustom--PurchasePriceOfOutstandingWarrants_iI_pip0_c20200721__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_z8JOUGV4aaYd"><ix:nonFraction name="glbs:PurchasePriceOfOutstandingWarrants" contextRef="AsOf2020-07-21_custom_PPWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">18</ix:nonFraction></span> per common share and PP Warrant. The
exercise price of each PP Warrant was $<span id="xdx_903_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20200721__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_z85ntQtiRHp6"><ix:nonFraction name="ifrs-full:ExercisePriceOfOutstandingShareOptions2019" contextRef="AsOf2020-07-21_custom_PPWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">18</ix:nonFraction></span> per share. Concurrently with this offering the exercise price of the PP Warrants issued on
June 30, 2020, were reduced to $18 per share. Total proceeds amounted to $<span id="xdx_909_ecustom--ProceedsFromWarrantExercises_pn3n3_c20200101__20200721__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zwV59MVdjnf5"><ix:nonFraction name="glbs:ProceedsFromWarrantExercises" contextRef="From2020-01-012020-07-21_custom_PPWarrantsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">13,950</ix:nonFraction></span> before issuance expenses.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
PP Warrants are exercisable for a period of five and one-half years commencing on the date of issuance. The warrants are exercisable,
at the option of each holder, in whole or in part by delivering to the Company 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 private placement warrants under the Securities Act is not effective or available at any time
after the six month anniversary of the date of issuance of the private placement warrants, the holder may, in its sole discretion, elect
to exercise the private placement warrant through a cashless exercise, in which case the holder would receive upon such exercise the
net number of common shares determined according to the formula set forth in the warrant. If the Company does not issue the shares in
a timely fashion, the warrant contains certain liquidated damages provisions.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">As
at December 31, 2022 and 2021, no PP Warrants had been exercised and the Company had <span id="xdx_903_ecustom--NumberOfWarrantsOutstanding_iI_pip0_uShares_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zn2eYP6tvIg"><span id="xdx_906_ecustom--NumberOfWarrantsOutstanding_iI_pip0_uShares_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_znNVSwVZyvgf"><ix:nonFraction name="glbs:NumberOfWarrantsOutstanding" contextRef="AsOf2022-12-31_custom_PPWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares"><ix:nonFraction name="glbs:NumberOfWarrantsOutstanding" contextRef="AsOf2021-12-31_custom_PPWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">1,291,833</ix:nonFraction></ix:nonFraction></span></span> PP Warrants outstanding to purchase an
aggregate of <span id="xdx_90F_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_znRHe9boFJrl"><span id="xdx_909_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zcQ3az0St9Ye"><ix:nonFraction name="glbs:NumberOfSharesCalledByWarrants" contextRef="AsOf2022-12-31_custom_PPWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares"><ix:nonFraction name="glbs:NumberOfSharesCalledByWarrants" contextRef="AsOf2021-12-31_custom_PPWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">1,291,833</ix:nonFraction></ix:nonFraction></span></span> common shares.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">On
December 10, 2020, the Company entered into a securities purchase agreement with certain unaffiliated institutional investors to issue
in a registered direct offering to issue (a) <span id="xdx_901_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20201209__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_ztbByvlXsbhb"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding" contextRef="From2020-01-012020-12-09_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">1,256,765</ix:nonFraction></span> of its common shares, par value $<span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20201209__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zStKIqE8KCZb"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2020-12-09_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">0.004</ix:nonFraction></span> per share, (b) pre-funded warrants to purchase
<span id="xdx_906_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20201210__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zzpdxfsyIhb7"><ix:nonFraction name="glbs:NumberOfSharesCalledByWarrants" contextRef="AsOf2020-12-10_custom_PreFundedWarrantsMember_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">155,000</ix:nonFraction></span> common shares, par value $<span id="xdx_90D_eifrs-full--ParValuePerShare_iI_pip0_c20201210__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zM7p5C5Mlm3"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2020-12-10_custom_PreFundedWarrantsMember_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">0.004</ix:nonFraction></span> per share, (&#8220;December 2020 Pre-Funded Warrants&#8221;), and (c) warrants (&#8220;December
2020 Warrants&#8221;) to purchase <span id="xdx_908_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20201210__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--DecemberWarrantsMember_zkJwqbZVM7q9"><ix:nonFraction name="glbs:NumberOfSharesCalledByWarrants" contextRef="AsOf2020-12-10_custom_InstitutionalInvestorsMember_custom_DecemberWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">1,270,587</ix:nonFraction></span> common shares with an exercise price of $<span id="xdx_90D_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20201210__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--DecemberWarrantsMember_zA2jEK2nbWK2"><ix:nonFraction name="ifrs-full:ExercisePriceOfOutstandingShareOptions2019" contextRef="AsOf2020-12-10_custom_InstitutionalInvestorsMember_custom_DecemberWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">8.50</ix:nonFraction></span> per share. On December 9, 2020, the Company
issued <span id="xdx_90E_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20201209__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zDHYvHJa8Dj8"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding" contextRef="From2020-01-012020-12-09_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">1,256,765</ix:nonFraction></span> of its common shares, par value $<span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20201209__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_z5FbjIm4qvX1"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2020-12-09_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">0.004</ix:nonFraction></span> per share, pursuant to this agreement. Total proceeds amounted to $<span id="xdx_900_eifrs-full--ProceedsFromIssuingShares_pn3n3_c20200101__20201210__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zjnutbddx1x"><ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2020-01-012020-12-10_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">11,159</ix:nonFraction></span> before
issuance expenses.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
December 2020 Pre-Funded Warrants are exercisable at any time after their original issuance until exercised in full. The Pre-Funded Warrants
are exercisable, at the option of each holder, in whole or in part by delivering to the Company a duly executed exercise notice with
payment in full in immediately available funds for the number of common shares purchased upon such exercise. The exercise price for the
December 2020 Pre-Funded Warrants is $0.01 per share. The December 2020 Pre-Funded Warrants are exercisable at any time after their original
issuance until exercised in full.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<ix:exclude><!-- Field: Page; Sequence: 151 -->
    <div style="border-bottom: Black 0.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify"><span style="font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"></p><p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Share Capital and Share Premium (continued)</span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">As
at December 31, 2020, <span id="xdx_902_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity_pip0_uShares_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember_zevl02JDMqvd"><ix:nonFraction name="glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity" contextRef="From2020-01-012020-12-31_custom_PreFundedWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">25,000</ix:nonFraction></span> December 2020 Pre-Funded Warrants had been exercised, resulting to net proceeds of $<span id="xdx_908_eifrs-full--ProceedsFromExerciseOfOptions_pdn3_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember_zjiktC0zAEOd"><ix:nonFraction name="ifrs-full:ProceedsFromExerciseOfOptions" contextRef="From2020-01-012020-12-31_custom_PreFundedWarrantsMember" format="ixt:numdotdecimal" decimals="0" scale="3" unitRef="USD">0.25</ix:nonFraction> </span></span><span style="font-size: 10pt">and
the Company had <span id="xdx_900_ecustom--NumberOfWarrantsOutstanding_iI_pip0_uShares_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember_zJjJKB5n4um8"><ix:nonFraction name="glbs:NumberOfWarrantsOutstanding" contextRef="AsOf2020-12-31_custom_PreFundedWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">130,000</ix:nonFraction> </span></span><span style="font-size: 10pt">December
2020 Pre-Funded Warrants outstanding to purchase an aggregate of <span id="xdx_906_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember_ztxYVejeIyvh"><ix:nonFraction name="glbs:NumberOfSharesCalledByWarrants" contextRef="AsOf2020-12-31_custom_PreFundedWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">130,000</ix:nonFraction> </span></span><span style="font-size: 10pt">common
shares. On January 13, 2021, the remaining 130,000 December 2020 Pre-Funded Warrants were exercised, resulting to net proceeds of
approximately $<span id="xdx_904_eifrs-full--ProceedsFromExerciseOfOptions_pdn3_c20210101__20210113__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember_ztTaidSyIM4g"><ix:nonFraction name="ifrs-full:ProceedsFromExerciseOfOptions" contextRef="From2021-01-012021-01-13_custom_PreFundedWarrantsMember" format="ixt:numdotdecimal" decimals="0" scale="3" unitRef="USD">1</ix:nonFraction> </span></span><span style="font-size: 10pt">and
the issuance of <span id="xdx_904_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_pip0_uShares_c20210101__20210113__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember_zMhc6gZG5Cdb"><ix:nonFraction name="glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity" contextRef="From2021-01-012021-01-13_custom_PreFundedWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">130,000</ix:nonFraction> </span></span><span style="font-size: 10pt">common
shares.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 0; text-align: justify; text-indent: 0cm">&#160;&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
December 2020 Warrants are exercisable for a period of five and one-half years commencing on the date of issuance. The warrants
are exercisable, at the option of each holder, in whole or in part by delivering to the Company 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 issuance of the common shares underlying the warrants under the Securities Act is not effective, the holder may, in its sole discretion,
elect to exercise the warrant through a cashless exercise, in which case the holder would receive upon such exercise the net number of
common shares determined according to the formula set forth in the warrant. If the Company does not issue the shares in a timely fashion,
the warrant contains certain liquidated damages provisions.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">As
at December 31, 2022 and 2021, no December 2020 Warrants had been exercised and the Company had December 2020 Warrants outstanding to
purchase an aggregate of <span id="xdx_90B_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--DecemberWarrantsMember_zvIqGRwc1K7"><span id="xdx_90D_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--DecemberWarrantsMember_zonVqJxanB9h"><ix:nonFraction name="glbs:NumberOfSharesCalledByWarrants" contextRef="AsOf2022-12-31_custom_DecemberWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares"><ix:nonFraction name="glbs:NumberOfSharesCalledByWarrants" contextRef="AsOf2021-12-31_custom_DecemberWarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">1,270,587</ix:nonFraction></ix:nonFraction></span></span> common shares.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">Total
transaction costs for the issuance of common shares in relation to the offerings in 2020 amounted to $<span id="xdx_903_eifrs-full--ShareIssueRelatedCost_pn3n3_c20200101__20201231_zDtrNogSqIUk"><ix:nonFraction name="ifrs-full:ShareIssueRelatedCost" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,079</ix:nonFraction></span>.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">On
January 29, 2021, the Company entered into a securities purchase agreement with certain unaffiliated institutional investors to issue
(a) <span id="xdx_902_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20210101__20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zSpHKdCQUPCk"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding" contextRef="From2021-01-012021-01-29_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">2,155,000</ix:nonFraction></span> common shares, par value $<span id="xdx_90F_eifrs-full--ParValuePerShare_iI_pip0_c20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_z1hzidRvQYJe"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-01-29_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">0.004</ix:nonFraction></span> per share, (b) pre-funded warrants to purchase <span id="xdx_906_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20210129__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_z3zBJisECDA5"><ix:nonFraction name="glbs:NumberOfSharesCalledByWarrants" contextRef="AsOf2021-01-29_custom_PreFundedWarrantsMember_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">445,000</ix:nonFraction></span> common shares, par value $<span id="xdx_902_eifrs-full--ParValuePerShare_iI_pip0_c20210129__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zNE4VHGwc1B3"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-01-29_custom_PreFundedWarrantsMember_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">0.004</ix:nonFraction></span>
per share and (c) warrants (the &#8220;January 2021 Warrants&#8221;) to purchase <span id="xdx_90C_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--January2021WarrantsMember_zAleTFOOFSC3"><ix:nonFraction name="glbs:NumberOfSharesCalledByWarrants" contextRef="AsOf2021-01-29_custom_InstitutionalInvestorsMember_custom_January2021WarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">1,950,000</ix:nonFraction></span> common shares, par value $<span id="xdx_909_eifrs-full--ParValuePerShare_iI_pip0_c20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--January2021WarrantsMember_zg7fASp4jMUh"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-01-29_custom_InstitutionalInvestorsMember_custom_January2021WarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">0.004</ix:nonFraction></span> per share,
at an exercise price of $<span id="xdx_90E_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--January2021WarrantsMember_z2aimvK7jkje"><ix:nonFraction name="ifrs-full:ExercisePriceOfOutstandingShareOptions2019" contextRef="AsOf2021-01-29_custom_InstitutionalInvestorsMember_custom_January2021WarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">6.25</ix:nonFraction></span> per share. Total proceeds, net of commission retained by the placement agent, amounted to $<span id="xdx_90B_eifrs-full--ProceedsFromIssuingShares_pn3n3_c20210101__20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_z0GNTek4YkU6"><ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2021-01-012021-01-29_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15,108</ix:nonFraction></span>, before
issuance expenses of $<span id="xdx_906_eifrs-full--ShareIssueRelatedCost_pn3n3_c20210101__20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_z0lUBfa2V7N1"><ix:nonFraction name="ifrs-full:ShareIssueRelatedCost" contextRef="From2021-01-012021-01-29_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">120</ix:nonFraction></span>. All 445,000 pre-funded warrants were exercised subsequently with total proceeds of $<span id="xdx_90F_eifrs-full--ProceedsFromExerciseOfOptions_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--January2021WarrantsMember_zV6wHPxBlAK5"><ix:nonFraction name="ifrs-full:ProceedsFromExerciseOfOptions" contextRef="From2021-01-012021-12-31_custom_January2021WarrantsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5</ix:nonFraction></span>.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">The January
2021 Warrants are exercisable for a period of five and one-half years commencing on the date of issuance. The warrants are exercisable,
at the option of each holder, in whole or in part by delivering to the Company 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
issuance of the common shares underlying the warrants under the Securities Act is not effective, the holder may, in its sole discretion,
elect to exercise the warrant through a cashless exercise, in which case the holder would receive upon such exercise the net number of
common shares determined according to the formula set forth in the warrant. If the Company does not issue the shares in a timely fashion,
the warrant contains certain liquidated damages provisions.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">As
at December 31, 2022 and 2021, no January 2021 Warrants had been exercised and the Company had January 2021 Warrants outstanding to purchase
an aggregate of <span id="xdx_90D_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--January2021WarrantsMember_z8dENZ54Ftch"><span id="xdx_90C_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--January2021WarrantsMember_zlyeDidJPEte"><ix:nonFraction name="glbs:NumberOfWarrantsOutstanding" contextRef="AsOf2022-12-31_custom_January2021WarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares"><ix:nonFraction name="glbs:NumberOfWarrantsOutstanding" contextRef="AsOf2021-12-31_custom_January2021WarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">1,950,000</ix:nonFraction></ix:nonFraction></span></span> common shares.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">On
February 17, 2021, the Company entered into a securities purchase agreement with certain unaffiliated institutional investors to issue
(a) <span id="xdx_90C_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20210101__20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zSSWRVbR80E6"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding" contextRef="From2021-01-012021-02-17_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">3,850,000</ix:nonFraction></span> common shares par value $<span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zwqQ6BbJN7i3"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-02-17_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">0.004</ix:nonFraction></span> per share, (b) pre-funded warrants to purchase <span id="xdx_903_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20210217__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_z8KajBCjPK9j"><ix:nonFraction name="glbs:NumberOfSharesCalledByWarrants" contextRef="AsOf2021-02-17_custom_PreFundedWarrantsMember_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">950,000</ix:nonFraction></span> common shares, par value $<span id="xdx_90C_eifrs-full--ParValuePerShare_iI_pip0_c20210217__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zdncmzd9Iot2"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-02-17_custom_PreFundedWarrantsMember_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">0.004</ix:nonFraction></span> par
value, and (c) warrants (the &#8220;February 2021 Warrants&#8221;) to purchase <span id="xdx_90C_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--February2021WarrantsMember_znhpLygdixH"><ix:nonFraction name="glbs:NumberOfSharesCalledByWarrants" contextRef="AsOf2021-02-17_custom_InstitutionalInvestorsMember_custom_February2021WarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">4,800,000</ix:nonFraction></span> common shares, par value $<span id="xdx_903_eifrs-full--ParValuePerShare_iI_pip0_c20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--February2021WarrantsMember_ziXlWLpcVG3b"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-02-17_custom_InstitutionalInvestorsMember_custom_February2021WarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">0.004</ix:nonFraction></span> per share, at
an exercise price of $<span id="xdx_90B_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--February2021WarrantsMember_zR6ARWyLVuI3"><ix:nonFraction name="ifrs-full:ExercisePriceOfOutstandingShareOptions2019" contextRef="AsOf2021-02-17_custom_InstitutionalInvestorsMember_custom_February2021WarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">6.25</ix:nonFraction></span> per share. Total proceeds, net of commission retained by the placement agent, amounted to $<span id="xdx_90F_eifrs-full--ProceedsFromIssuingShares_pn3n3_c20210101__20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_z0DLsAX5dxz9"><ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2021-01-012021-02-17_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">27,891</ix:nonFraction></span>, before
issuance expenses of $<span id="xdx_90F_eifrs-full--ShareIssueRelatedCost_pn3n3_c20210101__20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zNfgeuhvfU8l"><ix:nonFraction name="ifrs-full:ShareIssueRelatedCost" contextRef="From2021-01-012021-02-17_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">152</ix:nonFraction></span>. All 950,000 pre-funded warrants were exercised subsequently with total proceeds of $<span id="xdx_901_eifrs-full--ProceedsFromExerciseOfOptions_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--February2021WarrantsMember_zUn6VBgCfs25"><ix:nonFraction name="ifrs-full:ProceedsFromExerciseOfOptions" contextRef="From2021-01-012021-12-31_custom_February2021WarrantsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10</ix:nonFraction></span>.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
February 2021 Warrants are exercisable for a period of five and one-half years commencing on the date of issuance. The warrants are exercisable, at the option of each holder, in whole or in part by delivering to the Company 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 issuance of the common shares underlying the warrants under the Securities Act is not effective, the holder may, in its sole discretion,
elect to exercise the warrant through a cashless exercise, in which case the holder would receive upon such exercise the net number of
common shares determined according to the formula set forth in the warrant. If the Company does not issue the shares in a timely fashion,
the warrant contains certain liquidated damages provisions.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">As
at December 31, 2022 and 2021, no February 2021 Warrants had been exercised and the Company had February 2021 Warrants outstanding to
purchase an aggregate of <span id="xdx_90A_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--February2021WarrantsMember_z2aID7SeWWS"><span id="xdx_908_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--February2021WarrantsMember_zjyWWKskmrKf"><ix:nonFraction name="glbs:NumberOfWarrantsOutstanding" contextRef="AsOf2022-12-31_custom_February2021WarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares"><ix:nonFraction name="glbs:NumberOfWarrantsOutstanding" contextRef="AsOf2021-12-31_custom_February2021WarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">4,800,000</ix:nonFraction></ix:nonFraction></span></span> common shares.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">On
June 29, 2021, the Company entered into a securities purchase agreement with certain unaffiliated institutional investors to issue (a)
<span id="xdx_906_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20210301__20210629__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zT6FDuJjR6H7"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding" contextRef="From2021-03-012021-06-29_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">8,900,000</ix:nonFraction></span> common shares par value $<span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20210629__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_z5TJfOD461Yl"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-06-29_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">0.004</ix:nonFraction></span> per share, (b) pre-funded warrants to purchase <span id="xdx_90F_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20210629__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_z7LiKD0XzUzk"><ix:nonFraction name="glbs:NumberOfSharesCalledByWarrants" contextRef="AsOf2021-06-29_custom_PreFundedWarrantsMember_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">1,100,000</ix:nonFraction></span> common shares, par value $<span id="xdx_906_eifrs-full--ParValuePerShare_iI_pip0_c20210629__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zzmyyWlYx5Fe"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-06-29_custom_PreFundedWarrantsMember_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">0.004</ix:nonFraction></span> par
value, and (c) warrants (the &#8220;June 2021 Warrants&#8221;) to purchase <span id="xdx_90E_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20210629__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--June2021WarrantsMember_zUNa3FKbCQxa"><ix:nonFraction name="glbs:NumberOfSharesCalledByWarrants" contextRef="AsOf2021-06-29_custom_InstitutionalInvestorsMember_custom_June2021WarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">10,000,000</ix:nonFraction></span> common shares, par value $<span id="xdx_901_eifrs-full--ParValuePerShare_iI_pip0_c20210629__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--June2021WarrantsMember_z9PySo19j5kc"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2021-06-29_custom_InstitutionalInvestorsMember_custom_June2021WarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">0.004</ix:nonFraction></span> per share, at an
exercise price of $<span id="xdx_906_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20210629__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--June2021WarrantsMember_zhYiASS71drd"><ix:nonFraction name="ifrs-full:ExercisePriceOfOutstandingShareOptions2019" contextRef="AsOf2021-06-29_custom_InstitutionalInvestorsMember_custom_June2021WarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">5.00</ix:nonFraction></span> per share. Total proceeds, net of commission retained by the placement agent, amounted to $<span id="xdx_904_eifrs-full--ProceedsFromIssuingShares_pn3n3_c20210301__20210629__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zgZ64ATgVwCa"><ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2021-03-012021-06-29_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">46,581</ix:nonFraction></span>, before issuance
expenses of approximately $<span id="xdx_903_eifrs-full--ShareIssueRelatedCost_pn3n3_c20210301__20210629__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zncaRqJS2Mk3"><ix:nonFraction name="ifrs-full:ShareIssueRelatedCost" contextRef="From2021-03-012021-06-29_custom_InstitutionalInvestorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">129</ix:nonFraction></span>. As at September 30, 2021, 1,100,000 pre-funded warrants were exercised and the total proceeds amounted
to $<span id="xdx_901_eifrs-full--ProceedsFromExerciseOfOptions_pn3n3_c20210101__20210930__ifrs-full--ClassesOfShareCapitalAxis__custom--June2021WarrantsMember_zkrORBW5FHPe"><ix:nonFraction name="ifrs-full:ProceedsFromExerciseOfOptions" contextRef="From2021-01-012021-09-30_custom_June2021WarrantsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">11</ix:nonFraction></span>.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm">&#160;</p>


<ix:exclude><!-- Field: Page; Sequence: 152 -->
    <div style="border-bottom: Black 0.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Share Capital and Share Premium (continued)</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
June 2021 Warrants are exercisable for a period of five and one-half years commencing on the date of issuance. The warrants are exercisable,
at the option of each holder, in whole or in part by delivering to the Company 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
issuance of the common shares underlying the warrants under the Securities Act is not effective, the holder may, in its sole discretion,
elect to exercise the warrant through a cashless exercise, in which case the holder would receive upon such exercise the net number of
common shares determined according to the formula set forth in the warrant. If the Company does not issue the shares in a timely fashion,
the warrant contains certain liquidated damages provisions.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">As
at December 31, 2022 and 2021, no June 2021 Warrants had been exercised and the Company had June 2021 Warrants outstanding to purchase
an aggregate of <span id="xdx_905_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--June2021WarrantsMember_zbEAF9Yw1v1a"><span id="xdx_90B_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--June2021WarrantsMember_zT5IcGYGUmNd"><ix:nonFraction name="glbs:NumberOfWarrantsOutstanding" contextRef="AsOf2022-12-31_custom_June2021WarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares"><ix:nonFraction name="glbs:NumberOfWarrantsOutstanding" contextRef="AsOf2021-12-31_custom_June2021WarrantsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">10,000,000</ix:nonFraction></ix:nonFraction></span></span> common shares.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">Total
transaction costs for the issuance of common shares in relation to the offerings in 2021 amounted to $<span id="xdx_900_eifrs-full--ShareIssueRelatedCost_pn3n3_c20210101__20211231_zxXfGLPx0Tm"><ix:nonFraction name="ifrs-full:ShareIssueRelatedCost" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">401</ix:nonFraction></span>.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
Company&#8217;s warrants were classified as equity in accordance with the provisions of IAS 32 meet the classification criteria as per
IAS 32 and, accordingly, are classified in equity.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">Share
premium includes the contribution of Globus&#8217; shareholders to the acquisition of the Company&#8217;s vessels. Additionally, share
premium includes the effects of the Globus initial and follow-on public offerings, the effects of the settlement of the related party
loans (note 4) with the issuance of the Company&#8217;s common shares and the effects of the share-based payments described in note 12.
Accordingly, at December 31, 2022 and 2021, Globus share premium amounted to $<span id="xdx_906_eifrs-full--SharePremium_iI_pn3n3_c20221231_zD3lKRY2Jqfi"><span id="xdx_904_eifrs-full--SharePremium_iI_pn3n3_c20211231_zVc0jRJW3qFc"><ix:nonFraction name="ifrs-full:SharePremium" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD"><ix:nonFraction name="ifrs-full:SharePremium" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">284,406</ix:nonFraction></ix:nonFraction></span></span>, and at December 31, 2020 amounted to $<span id="xdx_90E_eifrs-full--SharePremium_iI_pn3n3_c20201231_zy1xtibMlVa"><ix:nonFraction name="ifrs-full:SharePremium" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">195,102</ix:nonFraction></span>.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfEarningsPerShareExplanatory"><p id="xdx_807_eifrs-full--DisclosureOfEarningsPerShareExplanatory_z70EVfuMfKjb" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>10.&#160;&#160;&#160;&#160;&#160;
<span id="xdx_82D_z6VAcNvoFAQl">Earnings/(Loss) per Share</span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">Basic earnings
/ (loss) per share (&#8220;EPS&#8221; / &#8220;LPS&#8221;) is calculated by dividing the net income /(loss) for the year attributable
to Globus shareholders by the weighted average number of shares issued, paid and outstanding.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">Diluted earnings
/ (loss) per share is calculated by dividing the net income / (loss) attributable to common equity holders of the parent by the weighted
average shares outstanding during the year plus the weighted average number of common shares that would be issued on the conversion of
all the dilutive potential common shares into common shares. The incremental shares (the difference between the number of shares assumed
issued and the number of shares assumed purchased) are included in the denominator of the diluted earnings/(losses) per share computation
unless such inclusion would be anti-dilutive.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">As for the years
ended December 31, 2022 and 2021, the securities that could potentially dilute basic EPS in the future are any incremental shares of
unexercised warrants (Note 9). As the warrants were out-of-the money during the periods ended December 31, 2022 and 2021, these were
not included in the computation of diluted EPS, because to do so would have anti-dilutive effect.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">As the Company
reported losses for the year ended December 31, 2020, the effect of any incremental shares would be antidilutive and thus excluded from
the computation of the LPS.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">The following
reflects the net income/(loss) per common share:</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="glbs:DisclosureOfEarningsPerShareTableExplanatory"><p id="xdx_89A_ecustom--DisclosureOfEarningsPerShareTableExplanatory_zkf3yqy4KBzb" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-size: 10pt"><span style="display: none; font-size: 10pt">Earnings/(Loss)
per Share</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td id="xdx_498_20220101__20221231_z4nsmHxkYSP9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_499_20210101__20211231_zbbOgXAENu9b" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_49F_20200101__20201231_z2evNAKmJWCc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td></tr>
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="5" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>&#160;&#160;&#160;For
    the year ended December 31,</b></span></td></tr>
  <tr>
    <td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2021</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2020</b></span></td></tr>
  <tr id="xdx_401_eifrs-full--ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity_pn3n3_zdiz6CUZkpAi" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Income/(Loss)
    attributable to common equity holders</span></td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">24,280</ix:nonFraction></span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">17,372</ix:nonFraction>)</span></td></tr>
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Weighted
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    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:WeightedAverageShares" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">20,582,301</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:WeightedAverageShares" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">14,809,536</ix:nonFraction></span></td>
    <td>&#160;</td>
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Net
    income/(loss) per common share &#8211; basic and diluted</span></td>
    <td style="border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:BasicAndDilutedEarningsLossPerShare" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">1.18</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:BasicAndDilutedEarningsLossPerShare" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="USDPShares">1.01</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="glbs:BasicAndDilutedEarningsLossPerShare" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" scale="0" sign="-" unitRef="USDPShares">18.11</ix:nonFraction>)</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A2_z1e7tB3DZd3k" style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"></p>


<ix:exclude><!-- Field: Page; Sequence: 153 -->
    <div style="border-bottom: Black 0.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfBorrowingsExplanatory"><p id="xdx_80A_eifrs-full--DisclosureOfBorrowingsExplanatory_zkFhbSm2sTul" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">11.&#160;&#160;&#160;&#160;&#160;&#160;
<span id="xdx_82B_zGobxV8RH3K9">Long-Term Debt, net</span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">Long-term
debt in the consolidated statement of financial position is analysed as follows:</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="glbs:DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition"><p id="xdx_898_ecustom--DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition_zBpCqccOvH5b" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="display: none; font-size: 10pt"><span style="font-size: 10pt">&#160;Long-Term
Debt, net - Consolidated statement of financial position</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="border-bottom: Black 1pt solid; vertical-align: top; width: 56%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>
    <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>Borrower</b></span></p></td>
    <td style="width: 1%"><span style="font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Principal</b></span></td>
    <td style="width: 1%"><span style="font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Deferred
    finance costs</b></span></td>
    <td style="width: 1%"><span style="font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-size: 10pt"><b>Accrued
    Interest</b></span></td>
    <td style="width: 1%"><span style="font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Amortized
    cost</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Devocean Maritime LTD., Domina Maritime LTD., Dulac Maritime S.A., Artful Shipholding S.A., Longevity Maritime Limited,  Serena
    Maritime Limited and Salaminia Maritime Limited.</b></span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zHIMJDHrSwsk" title="Loan Balance" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:BorrowingsGross" contextRef="AsOf2022-12-31_custom_DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">44,375</ix:nonFraction></span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_ecustom--DebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zcgUlUpmryFl" title="Unamortized Debt Discount" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="glbs:DebtInstrumentUnamortisedDiscount" contextRef="AsOf2022-12-31_custom_DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">541</ix:nonFraction>)</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_ecustom--AccruedInterest_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zmiEfKtQIkz3" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><ix:nonFraction name="glbs:AccruedInterest" contextRef="AsOf2022-12-31_custom_DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">491</ix:nonFraction></td>
    <td>&#160;</td>
    <td id="xdx_982_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zMa3xWul4CLj" title="Total Borrowings" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2022-12-31_custom_DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">44,325</ix:nonFraction></span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid">&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total
    at December 31, 2022</b></span></td>
    <td>&#160;</td>
    <td id="xdx_983_ecustom--BorrowingsGross_iI_pn3n3_c20221231_zhRObwknHObh" title="Loan Balance" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="glbs:BorrowingsGross" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">44,375</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td id="xdx_98F_ecustom--DebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231_zG2nRhtoIy3g" title="Unamortized Debt Discount" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>(<ix:nonFraction name="glbs:DebtInstrumentUnamortisedDiscount" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">541</ix:nonFraction>)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_989_ecustom--AccruedInterest_iI_pn3n3_c20221231_z8nGbPELI5nf" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b><ix:nonFraction name="glbs:AccruedInterest" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">491</ix:nonFraction></b></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--Borrowings_iI_pn3n3_c20221231_zIrXRvwEI4q7" title="Total Borrowings" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">44,325</ix:nonFraction></b></span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Less:
    Current Portion</b></span></td>
    <td>&#160;</td>
    <td id="xdx_988_ecustom--CurrentPortionOfLongTermBorrowingsGross_iI_pn3n3_c20221231_zAQAmyXHGWPh" title="Loan Balance - Current Portion" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>(<ix:nonFraction name="glbs:CurrentPortionOfLongTermBorrowingsGross" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">6,500</ix:nonFraction>)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_981_ecustom--CurrentPortionOfDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231_zHQLyK48ezj1" title="Unamortized Debt Discount- Current Portion" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="glbs:CurrentPortionOfDebtInstrumentUnamortisedDiscount" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">188</ix:nonFraction></b></span></td>
    <td><b>&#160;</b></td>
    <td id="xdx_984_ecustom--AccruedInterestCurrent_iNI_pn3n3_di_c20221231_z4684zpoBb02" title="Accrued Interest - Current Portion" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>(<ix:nonFraction name="glbs:AccruedInterestCurrent" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">491</ix:nonFraction>)</b></td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--CurrentPortionOfLongtermBorrowings_iNI_pn3n3_di_c20221231_z8lFRzkDIQFk" title="Total Borrowings - Current Portion" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>(<ix:nonFraction name="ifrs-full:CurrentPortionOfLongtermBorrowings" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,803</ix:nonFraction>)</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Long-Term
    Portion</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98F_ecustom--LongTermBorrowingsGross_iI_pn3n3_c20221231_zFaBU7K8KAPh" title="Loan Balance - Long-Term Portion" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="glbs:LongTermBorrowingsGross" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">37,875</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td id="xdx_988_ecustom--LongTermDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231_zGvnSrtblPK8" title="Unamortized Debt Discount - Long-Term Portion" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>(<ix:nonFraction name="glbs:LongTermDebtInstrumentUnamortisedDiscount" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">353</ix:nonFraction>)</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;<b>&#8212;</b></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--LongtermBorrowings_iI_pn3n3_c20221231_zhf9drukakPl" title="Total Borrowings - Long-Term Portion" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:LongtermBorrowings" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">37,522</ix:nonFraction></b></span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total
    at December 31, 2021</b></span></td>
    <td>&#160;</td>
    <td id="xdx_984_ecustom--BorrowingsGross_iI_pn3n3_c20211231_z6LAgXqR616a" title="Loan Balance" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="glbs:BorrowingsGross" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">31,750</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td id="xdx_98F_ecustom--DebtInstrumentUnamortisedDiscount_iI_pn3n3_c20211231_zyYVNThi0BI2" title="Unamortized Debt Discount" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>(<ix:nonFraction name="glbs:DebtInstrumentUnamortisedDiscount" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">447</ix:nonFraction>)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_982_ecustom--AccruedInterest_iI_pn3n3_c20211231_zFIL6xdw6TIa" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b><ix:nonFraction name="glbs:AccruedInterest" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">179</ix:nonFraction></b></td>
    <td>&#160;</td>
    <td id="xdx_98D_eifrs-full--Borrowings_iI_pn3n3_c20211231_zbIq0CbhDKoa" title="Total Borrowings" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">31,482</ix:nonFraction></b></span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Less:
    Current Portion</b></span></td>
    <td>&#160;</td>
    <td id="xdx_985_ecustom--CurrentPortionOfLongTermBorrowingsGross_iI_pn3n3_c20211231_zyvRRgd5HAef" title="Loan Balance - Current Portion" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>(<ix:nonFraction name="glbs:CurrentPortionOfLongTermBorrowingsGross" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">5,000</ix:nonFraction>)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_982_ecustom--CurrentPortionOfDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20211231_zXaqrvyvJYW" title="Unamortized Debt Discount- Current Portion" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="glbs:CurrentPortionOfDebtInstrumentUnamortisedDiscount" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">135</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td id="xdx_982_ecustom--AccruedInterestCurrent_iNI_pn3n3_di_c20211231_z0ofL4tPFNWi" title="Accrued Interest - Current Portion" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>(<ix:nonFraction name="glbs:AccruedInterestCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">179</ix:nonFraction>)</b></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--CurrentPortionOfLongtermBorrowings_iNI_pn3n3_di_c20211231_z0W0k1y1RQak" title="Total Borrowings - Current Portion" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>(<ix:nonFraction name="ifrs-full:CurrentPortionOfLongtermBorrowings" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,044</ix:nonFraction>)</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Long-Term
    Portion</b></span></td>
    <td>&#160;</td>
    <td id="xdx_985_ecustom--LongTermBorrowingsGross_iI_pn3n3_c20211231_zZXKJDXn7Fb5" title="Loan Balance - Long-Term Portion" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="glbs:LongTermBorrowingsGross" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">26,750</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td id="xdx_98A_ecustom--LongTermDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20211231_zKP0cxEvk6l1" title="Unamortized Debt Discount - Long-Term Portion" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>(<ix:nonFraction name="glbs:LongTermDebtInstrumentUnamortisedDiscount" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">312</ix:nonFraction>)</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;<b>&#8212;</b></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--LongtermBorrowings_iI_pn3n3_c20211231_ziOCcXvbYylf" title="Total Borrowings - Long-Term Portion" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:LongtermBorrowings" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">26,438</ix:nonFraction></b></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A7_zhuwGxWP4lvh" style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0%"></td><td style="width: 2%"><span style="font-size: 10pt"><b></b></span></td><td style="text-align: justify; width: 98%"><span style="font-size: 10pt">In
                                            June 2019, Globus through its wholly owned subsidiaries, Devocean Maritime Ltd.(the &#8220;Borrower
                                            A&#8221;), Domina Maritime Ltd. (the &#8220;Borrower B&#8221;), Dulac Maritime S.A. (the
                                            &#8220;Borrower C&#8221;), Artful Shipholding S.A. (the &#8220;Borrower D&#8221;) and Longevity
                                            Maritime Limited (the &#8220;Borrower E&#8221;), vessel owning companies of m/v River Globe,
                                            m/v Sky Globe, m/v Star Globe, m/v Moon Globe and m/v Sun Globe, respectively, entered a
                                            new term loan facility for up to $<span id="xdx_901_ecustom--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn3n3_c20190630__ifrs-full--BorrowingsByNameAxis__custom--EnTrustMember_z0t5NVXDHEb"><ix:nonFraction name="glbs:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2019-06-30_custom_EnTrustMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">37,000</ix:nonFraction></span> with EnTrust Global&#8217;s Blue Ocean Fund <span id="xdx_90B_ecustom--DescriptionOfBorrowingsScope_c20190101__20190630__ifrs-full--BorrowingsByNameAxis__custom--EnTrustMember_zJ8Tm7XKrDpe"><ix:nonNumeric contextRef="From2019-01-012019-06-30_custom_EnTrustMember" name="glbs:DescriptionOfBorrowingsScope">for
                                            the purpose of refinancing the existing indebtedness secured on the ships and for general
                                            corporate purposes.</ix:nonNumeric></span> The loan facility was in the names of Devocean Maritime Ltd., Domina
                                            Maritime Ltd, Dulac Maritime S.A., Artful Shipholding S.A. and Longevity Maritime Limited
                                            as the borrowers and is guaranteed by Globus. The loan facility bore interest at <span id="xdx_90A_eifrs-full--BorrowingsInterestRateBasis_c20190101__20190630__ifrs-full--BorrowingsByNameAxis__custom--EnTrustMember_zo20lnBzQdak"><ix:nonNumeric contextRef="From2019-01-012019-06-30_custom_EnTrustMember" name="ifrs-full:BorrowingsInterestRateBasis">LIBOR plus
                                            a margin</ix:nonNumeric></span> of <span id="xdx_903_eifrs-full--BorrowingsAdjustmentToInterestRateBasis_iI_pip0_dp_c20190630__ifrs-full--BorrowingsByNameAxis__custom--EnTrustMember_z1gch9etxl2c"><ix:nonFraction name="ifrs-full:BorrowingsAdjustmentToInterestRateBasis" contextRef="AsOf2019-06-30_custom_EnTrustMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8.50</ix:nonFraction></span>% (or <span id="xdx_908_ecustom--BorrowingsDefaultInterestRate_iI_pip0_dp_c20190630__ifrs-full--BorrowingsByNameAxis__custom--EnTrustMember_zykqoZmTLra9"><ix:nonFraction name="glbs:BorrowingsDefaultInterestRate" contextRef="AsOf2019-06-30_custom_EnTrustMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10.5</ix:nonFraction></span>% default interest) for interest periods of three months. This
                                            loan facility was referred to as EnTrust loan facility. </span></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">In March
2021, the Company prepaid $<span id="xdx_902_ecustom--DebtInstrumentPrepaymentAmount_pdn6_c20210101__20210331__ifrs-full--BorrowingsByNameAxis__custom--EnTrustMember_zl938t7NBgc9"><ix:nonFraction name="glbs:DebtInstrumentPrepaymentAmount" contextRef="From2021-01-012021-03-31_custom_EnTrustMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD">6.0</ix:nonFraction></span> million of the Entrust loan facility, which represented all amounts that would otherwise come due during
calendar year 2021 and on May 10, 2021, the Company fully prepaid the balance of the EnTrust Loan facility.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0%"></td><td style="width: 2%"><span style="font-size: 10pt"><b></b></span></td><td style="text-align: justify; width: 98%"><span style="font-size: 10pt">In November 2018, Globus Maritime Limited entered into a
                                                                                                  credit facility for up to $<span id="xdx_901_ecustom--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn3n3_c20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zecetcZZwue5"><ix:nonFraction name="glbs:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2018-11-30_custom_FirmentShippingIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15,000</ix:nonFraction></span>
                                                                                                  with Firment Shipping Inc., an affiliate of the Company&#8217;s chairman, for the purpose <span id="xdx_907_ecustom--DescriptionOfBorrowingsScope_c20180101__20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zDHZFcvVuwTc"><ix:nonNumeric contextRef="From2018-01-012018-11-30_custom_FirmentShippingIncMember" name="glbs:DescriptionOfBorrowingsScope">of
                                                                                                  financing its general working capital needs</ix:nonNumeric></span>. The Firment Shipping Credit Facility was unsecured and remained available until
                                                                                                  its final maturity date on <span id="xdx_90F_eifrs-full--BorrowingsMaturity_c20180101__20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zwpL7YmIw3N4"><ix:nonNumeric contextRef="From2018-01-012018-11-30_custom_FirmentShippingIncMember" name="ifrs-full:BorrowingsMaturity">October
                                                                                                  31, 2021</ix:nonNumeric></span> . The Company had the right to draw-down any amount of up to $15,000 or prepay any amount in multiples of $<span id="xdx_90C_ecustom--LineOfCreditFacilityDrawndownAmountsMultiples_pn3n3_c20180101__20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zUPaib8B7je2"><ix:nonFraction name="glbs:LineOfCreditFacilityDrawndownAmountsMultiples" contextRef="From2018-01-012018-11-30_custom_FirmentShippingIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">100</ix:nonFraction></span>.
                                                                                                  Any prepaid amount could be re-borrowed in accordance with the terms of the facility. Interest on drawn and outstanding amounts was
                                                                                                  charged at <span id="xdx_901_eifrs-full--BorrowingsInterestRate_iI_pip0_dp_c20201231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_z5MCuArtI2q2"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2020-12-31_custom_FirmentShippingIncMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.5</ix:nonFraction></span>%
                                                                                                  per annum until December 31, 2020, and thereafter at <span id="xdx_906_eifrs-full--BorrowingsInterestRate_iI_pip0_dp_uPure_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zY3hHo3szVR"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2022-12-31_custom_FirmentShippingIncMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7</ix:nonFraction></span>%
                                                                                                  per annum and no commitment fee was charged on the amounts remaining available and undrawn. Interest was payable the last day of a
                                                                                                  period of three months after the draw-down date, after this period in case of failure to pay any sum due, a default interest of 2%
                                                                                                  per annum above the regular interest was charged. </span></td></tr></table>

<p style="font: 11pt Book Antiqua, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0pt"><span style="font-size: 10pt">Globus
also had the right, in its sole option, to convert in whole or in part the outstanding unpaid principal amount and accrued but unpaid
interest under the Firment Shipping Credit Facility into common stock. The conversion price would equal the higher of (i) the average
of the daily dollar volume-weighted average sale price for the common stock on the principal market on any trading day during the period
beginning at 9.30 a.m. New York City time and ending at 4.00 p.m. (&#8220;VWAP&#8221;) over the pricing period multiplied by <span id="xdx_90D_ecustom--DebtInstrumentConvertibleConversionMultiplier_dp_c20180101__20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zo4Tdx4BZwz6"><ix:nonFraction name="glbs:DebtInstrumentConvertibleConversionMultiplier" contextRef="From2018-01-012018-11-30_custom_FirmentShippingIncMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">80</ix:nonFraction></span>%, where
the &#8220;Pricing Period&#8221; equaled the ten consecutive trading days immediately preceding the date on which the conversion notice
was executed or (ii) Two hundred eighty US Dollars ($280) (absolute amount).</span></p>

<p style="font: 11pt Book Antiqua, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0pt"><span style="font-size: 10pt">As
per the conversion clause included in the Firment Shipping Credit Facility, the Company had recognized this agreement as a hybrid financial
instrument which included an embedded derivative. This embedded derivative component was separated from the non-derivative host. The
derivative component was shown separately from the non-derivative host in the consolidated statement of financial position at fair value.
The changes in the fair value of the derivative financial instrument were recognized in the income statement component of the consolidated
statement of comprehensive income/(loss). For the year ended December 31, 2020, the amount drawn and outstanding with respect to Firment
Shipping Credit Facility was nil.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0pt"><span style="font-size: 10pt">On
July 27, 2020, the Company repaid the total outstanding principal and interest of the Firment Shipping Credit Facility amounting to $<span id="xdx_90B_eifrs-full--RepaymentsOfCurrentBorrowings_pn3n3_c20200101__20200727__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_z26wW8AjN2Z5"><ix:nonFraction name="ifrs-full:RepaymentsOfCurrentBorrowings" contextRef="From2020-01-012020-07-27_custom_FirmentShippingIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">863</ix:nonFraction></span>.
The Company recognized a gain on this derivative financial instrument amounting to $<span id="xdx_908_eifrs-full--GainsLossesOnChangeInFairValueOfDerivatives_pn3n3_c20200101__20200727__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zcdwNY9PMQE2"><ix:nonFraction name="ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives" contextRef="From2020-01-012020-07-27_custom_FirmentShippingIncMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">220</ix:nonFraction></span>, which was classified under &#8220;gain/(loss)
on derivative financial instruments&#8221; in the income statement component of the consolidated statement of comprehensive income/(loss).</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">On May 8,
2020 the Amended and Restated Agreement converted the existing Revolving Credit Facility to a Term Credit Facility and extended the maturity
date to October 31, 2021. The facility with Firment Shipping Inc. expired on October 31, 2021.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">The Firment
Shipping Credit Facility required that Athanasios Feidakis remained Chief Executive Officer and that Firment Shipping maintained at least
a <span id="xdx_90C_ecustom--ProportionOfOwnershipInterestsHeldByControllingParty_dp_c20220101__20221231__ifrs-full--RangeAxis__srt--MinimumMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zqhD9OWzMZW2"><ix:nonFraction name="glbs:ProportionOfOwnershipInterestsHeldByControllingParty" contextRef="From2022-01-012022-12-31_srt_MinimumMember_custom_FirmentShippingIncMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">40</ix:nonFraction></span>% shareholding in Globus, other than due to actions taken by Firment Shipping, such as sales of shares. In connection with the public
offering on June 22, 2020 and the registered direct offering on June 30, 2020, July 21, 2020, December 7, 2020, January 27, 2021, February
12, 2021 and June 25, 2021 (collectively, the &#8220;Filings&#8221;), the Company obtained waivers from Firment Shipping Inc. The waivers
consented to the Company making the Filings and waived the requirement to maintain at least a 40% shareholding in Globus as a result
of the issuance of common shares and warrants.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<ix:exclude><!-- Field: Page; Sequence: 154 -->
    <div style="border-bottom: Black 0.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"></p><p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">11.&#160;&#160;&#160;&#160;Long-Term Debt, net (continued)</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 21.3pt; text-align: justify"><span style="font-size: 10pt">In
May 2021, Globus through its wholly owned subsidiaries, Devocean Maritime Ltd.(the &#8220;Borrower A&#8221;), Domina Maritime Ltd. (the
&#8220;Borrower B&#8221;), Dulac Maritime S.A. (the &#8220;Borrower C&#8221;), Artful Shipholding S.A. (the &#8220;Borrower D&#8221;),
Longevity Maritime Limited (the &#8220;Borrower E&#8221;) and Serena Maritime Limited (the &#8220;Borrower F&#8221;), vessel owning companies
of m/v River Globe, m/v Sky Globe, m/v Star Globe, m/v Moon Globe, m/v Sun Globe and m/v Galaxy Globe, respectively, entered a new term
loan facility for up to $34,250 with First Citizens Bank &amp; Trust Company (&#8220;CIT Loan Facility&#8221;) (formerly known as CIT
Bank N.A.) for the purpose of refinancing the existing indebtedness secured on the ships. The loan facility is in the names of Devocean
Maritime Ltd., Domina Maritime Ltd, Dulac Maritime S.A., Artful Shipholding S.A., Longevity Maritime Limited and Serena Maritime Limited
as the borrowers and is guaranteed by Globus. This loan facility is referred to as the &#8220;CIT loan facility&#8221;. The loan facility
bore interest at LIBOR plus a margin of 3.75% for interest periods of three months.</span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt"></span></p>


<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">The loan
agreement was for the lesser of $<span id="xdx_902_ecustom--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn3n3_c20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zWRYyuCLKALg"><ix:nonFraction name="glbs:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2021-05-10_custom_CiTLoanFacilityMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">34,250</ix:nonFraction></span>
and <span id="xdx_903_ecustom--PercentageOfCoverageOfBorrowingCapacity_iI_pip2_c20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zb5GWggrs8c3"><ix:nonFraction name="glbs:PercentageOfCoverageOfBorrowingCapacity" contextRef="AsOf2021-05-10_custom_CiTLoanFacilityMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">52.5</ix:nonFraction></span>%
of the aggregate market value of the Company&#8217;s ships. The Company drew an aggregate of $<span id="xdx_904_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pn3n3_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zxEUpAAcrrzh"><ix:nonFraction name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" contextRef="From2021-01-012021-05-10_custom_CiTLoanFacilityMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">34,250</ix:nonFraction></span>
at closing and <span id="xdx_90D_ecustom--DescriptionOfBorrowingsScope_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zePYpG2XyxSb"><ix:nonNumeric contextRef="From2021-01-012021-05-10_custom_CiTLoanFacilityMember" name="glbs:DescriptionOfBorrowingsScope">used
a significant portion of the proceeds to fully repay the amounts outstanding under the loan agreement with EnTrust.</ix:nonNumeric></span> The
Company also entered into a swap agreement with respect to LIBOR. The Company paid CIT Bank an upfront fee in the amount of <span id="xdx_905_ecustom--PercentageOfUpfrontFeeInLoanAgreement_iI_pip2_c20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--SWAPAgreementMember_zzFFi1wbyu8d"><ix:nonFraction name="glbs:PercentageOfUpfrontFeeInLoanAgreement" contextRef="AsOf2021-05-10_custom_CiTLoanFacilityMember_custom_SWAPAgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.25</ix:nonFraction></span>%
of the total commitment of the loan.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">On May
10, 2021</span><span style="font-size: 10pt">, the Company drew down $34,250, paid $<span id="xdx_902_eifrs-full--BorrowingCostsIncurred_pn3n3_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zcF2VJ3o3NW"><ix:nonFraction name="ifrs-full:BorrowingCostsIncurred" contextRef="From2021-01-012021-05-10_custom_CiTLoanFacilityMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">545</ix:nonFraction></span>
   of borrowing costs incurred for the CIT loan facility, which were deferred over the duration of the loan
facility, and fully prepaid the balance of the EnTrust loan facility. The CIT loan facility consists of <span id="xdx_90B_ecustom--NumberOfLoanTranches_iI_dc_uPure_c20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zsrx8R18rTK"><ix:nonFraction name="glbs:NumberOfLoanTranches" contextRef="AsOf2021-05-10_custom_CiTLoanFacilityMember" format="ixt-sec:numwordsen" decimals="INF" unitRef="Pure">six </ix:nonFraction></span></span><span style="font-size: 10pt">tranches,
which shall be repaid in <span id="xdx_900_ecustom--DebtInstrumentNumberOfRepaymentInstallments_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zP1ZsYAMAaqj"><ix:nonNumeric contextRef="From2021-01-012021-05-10_custom_CiTLoanFacilityMember" name="glbs:DebtInstrumentNumberOfRepaymentInstallments">20</ix:nonNumeric> </span></span><span style="font-size: 10pt">consecutive <span id="xdx_905_ecustom--BorrowingsFrequencyOfPeriodicPayment_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zE3B1DlL7z2e"><ix:nonNumeric contextRef="From2021-01-012021-05-10_custom_CiTLoanFacilityMember" name="glbs:BorrowingsFrequencyOfPeriodicPayment">quarterly</ix:nonNumeric> </span></span><span style="font-size: 10pt">instalments
with each instalment in an aggregate amount of $<span id="xdx_902_ecustom--BorrowingsPeriodicPayment_pdn6_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zY1wm9Qj6DPa"><ix:nonFraction name="glbs:BorrowingsPeriodicPayment" contextRef="From2021-01-012021-05-10_custom_CiTLoanFacilityMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD">1.25</ix:nonFraction> </span></span><span style="font-size: 10pt">million
(absolute amount) as well as a balloon payment in an aggregate amount of $<span id="xdx_908_ecustom--BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid_iI_pdn6_c20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zMLbbadQjKhj"><ix:nonFraction name="glbs:BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid" contextRef="AsOf2021-05-10_custom_CiTLoanFacilityMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD">9.25</ix:nonFraction> </span></span><span style="font-size: 10pt">million
(absolute amount) due together with the 20th and final instalment due in <span id="xdx_90E_eifrs-full--BorrowingsMaturity_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_ztXOXy5s6pbe"><ix:nonNumeric contextRef="From2021-01-012021-05-10_custom_CiTLoanFacilityMember" name="ifrs-full:BorrowingsMaturity">May
2026</ix:nonNumeric></span></span><span style="font-size: 10pt">. The CIT Loan Facility bore interest at <span id="xdx_907_eifrs-full--BorrowingsInterestRateBasis_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zXKhWmZ4tjnh"><ix:nonNumeric contextRef="From2021-01-012021-05-10_custom_CiTLoanFacilityMember" name="ifrs-full:BorrowingsInterestRateBasis">LIBOR</ix:nonNumeric> </span></span><span style="font-size: 10pt">plus <span id="xdx_90F_eifrs-full--BorrowingsAdjustmentToInterestRateBasis_iI_pip2_c20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zM25On7slJ3"><ix:nonFraction name="ifrs-full:BorrowingsAdjustmentToInterestRateBasis" contextRef="AsOf2021-05-10_custom_CiTLoanFacilityMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.75</ix:nonFraction></span></span><span style="font-size: 10pt">%
(or <span id="xdx_90C_ecustom--BorrowingsDefaultInterestRate_iI_pip2_c20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zSYbcFy3c39d"><ix:nonFraction name="glbs:BorrowingsDefaultInterestRate" contextRef="AsOf2021-05-10_custom_CiTLoanFacilityMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.75</ix:nonFraction></span></span><span style="font-size: 10pt">%
default interest).</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 21.3pt; text-align: justify"><span style="font-size: 10pt">Following
the agreement reached in August 2022 the benchmark rate of the CIT Loan Facility was amended from LIBOR to SOFR and the applicable margin
was decreased from 3.75% to 3.35%. This amendment to the loan agreement falls within the scope of Interest Rate Benchmark Reform &#8211;
Phase 2, Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (&#8220;Amendments&#8221;), which have been published by IASB in August
2020 and adopted by the Company as of January 1, 2021. In particular, the Company applied the practical expedient available under the
Amendments and adjusted the effective interest rate when accounting for changes in the basis for determining the contractual cash flows
under CIT loan facility. No adjustment to the carrying amount of the loan was necessary. The Company has also amended its interest rate
swap agreement with First Citizens Bank &amp; Trust Company (formerly known as CIT Bank N.A.) and replaced the respective benchmark rate
from LIBOR to SOFR in order to depict the change of base rate of the CIT Loan Facility. As a result of this amendment, and the revaluation
of the interest rate swap, the Company recognized a realized gain of $<span id="xdx_904_eifrs-full--GainsLossesOnChangeInFairValueOfDerivatives_pn3n3_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zrMCqLx6OwT9"><ix:nonFraction name="ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives" contextRef="From2022-01-012022-12-31_custom_CiTLoanFacilityMember_custom_August2022AgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">163</ix:nonFraction></span>, which is included under Gain/(Loss) on derivative financial
instruments, net in the income statement component of the consolidated statement of comprehensive income for the year ended December
31, 2022.</span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">In
August 2022, the Company also reached an agreement with First Citizens Bank &amp; Trust Company (formerly known as CIT Bank N.A.)
for a deed of accession, amendment and restatement of the CIT loan facility by the accession of an additional borrower in order to
increase the loan facility from a total of $34.25 million (absolute amount) to $<span id="xdx_900_ecustom--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pdn6_c20220810__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_znuJcrCcWKCb"><ix:nonFraction name="glbs:LineOfCreditFacilityMaximumBorrowingCapacity" contextRef="AsOf2022-08-10_custom_CiTLoanFacilityMember_custom_August2022AgreementMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD">52.25</ix:nonFraction> </span></span><span style="font-size: 10pt">million
(absolute amount), by a top up loan amount of $18 million (absolute amount) <span id="xdx_902_ecustom--DescriptionOfBorrowingsScope_c20220101__20220810__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zIf0ZvhugMwl"><ix:nonNumeric contextRef="From2022-01-012022-08-10_custom_CiTLoanFacilityMember_custom_August2022AgreementMember" name="glbs:DescriptionOfBorrowingsScope">for
the purpose of financing vessel Orion Globe and for general corporate and working capital purposes of all the borrowers and
Globus</ix:nonNumeric></span>. The CIT loan facility (including the new top up loan amount) became further secured by a first preferred mortgage
over the vessel Orion Globe. Furthermore, the loan facility bears interest at Term <span id="xdx_90E_eifrs-full--BorrowingsInterestRateBasis_c20220101__20220810__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zQaAZ6NanSj9"><ix:nonNumeric contextRef="From2022-01-012022-08-10_custom_CiTLoanFacilityMember_custom_August2022AgreementMember" name="ifrs-full:BorrowingsInterestRateBasis">SOFR
plus a margin</ix:nonNumeric></span> <span id="xdx_906_eifrs-full--BorrowingsAdjustmentToInterestRateBasis_iI_pip2_c20220810__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zE2sDXHzUvWc"><ix:nonFraction name="ifrs-full:BorrowingsAdjustmentToInterestRateBasis" contextRef="AsOf2022-08-10_custom_CiTLoanFacilityMember_custom_August2022AgreementMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.35</ix:nonFraction></span>%
for the whole CIT loan facility. The Company also entered into a new swap agreement in order for the additional borrower to enter
into hedging transactions (separately from those entered by the other borrowers) with First Citizens Bank &amp; Trust Company
(formerly known as CIT Bank N.A.). On August 10, 2022, the Company drew down $<span id="xdx_90E_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pdn6_c20220101__20220810__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zUGqyUicBCY8"><ix:nonFraction name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" contextRef="From2022-01-012022-08-10_custom_CiTLoanFacilityMember_custom_August2022AgreementMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD">18</ix:nonFraction></span>
million (absolute amount), paid approximately $<span id="xdx_908_eifrs-full--BorrowingCostsIncurred_pn3n3_c20220101__20220810__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zOTSZ7j6UtRg"><ix:nonFraction name="ifrs-full:BorrowingCostsIncurred" contextRef="From2022-01-012022-08-10_custom_CiTLoanFacilityMember_custom_August2022AgreementMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">259</ix:nonFraction></span>
of borrowing costs incurred, which were deferred over the duration of the loan facility.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">The CIT Loan
Facility may be prepaid. If the prepayment of any tranche other than the tranche financing Orion Globe occurs on or before May 10, 2023
but after May 10, 2022, the prepayment fee is <span id="xdx_907_ecustom--PercentageOfUpfrontFeeInLoanAgreement_iI_pip2_c20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--SWAPAgreementMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--PrepaymentOnOrBeforeMay2023ButAfterMay2022Member_zV9sBLo3WLN8"><ix:nonFraction name="glbs:PercentageOfUpfrontFeeInLoanAgreement" contextRef="AsOf2021-05-10_custom_CiTLoanFacilityMember_custom_SWAPAgreementMember_custom_PrepaymentOnOrBeforeMay2023ButAfterMay2022Member" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1</ix:nonFraction></span>% of the amount prepaid, subject to certain exceptions. If the prepayment of the tranche
financing Orion Globe occurs on or before August 10, 2023, the prepayment fee is <span id="xdx_90B_ecustom--PercentageOfUpfrontFeeInLoanAgreement_iI_pip2_c20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--SWAPAgreementMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--PrepaymentOnOrBeforeAugust2023ButAfterMay2023Member_z9XyyBeXyxsl"><ix:nonFraction name="glbs:PercentageOfUpfrontFeeInLoanAgreement" contextRef="AsOf2021-05-10_custom_CiTLoanFacilityMember_custom_SWAPAgreementMember_custom_PrepaymentOnOrBeforeAugust2023ButAfterMay2023Member" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2</ix:nonFraction></span>% of the amount prepaid and thereafter until August
10, 2024, the prepayment fee is <span id="xdx_904_ecustom--PercentageOfUpfrontFeeInLoanAgreement_iI_pip2_c20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--SWAPAgreementMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--PrepaymentOnOrBeforeAugust2024ButAfterAugust2023Member_zkiHq3J9mUC3"><ix:nonFraction name="glbs:PercentageOfUpfrontFeeInLoanAgreement" contextRef="AsOf2021-05-10_custom_CiTLoanFacilityMember_custom_SWAPAgreementMember_custom_PrepaymentOnOrBeforeAugust2024ButAfterAugust2023Member" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1</ix:nonFraction></span>% of the amount prepaid, subject to certain exceptions. The Company cannot reborrow any amount of the
CIT Loan that is prepaid or repaid.</span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">The CIT Loan
Facility is secured by:</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#8226; First
preferred mortgage over m/v River Globe, m/v Sky Globe, m/v Star Globe, m/v Moon Globe, m/v Sun Globe, m/v Galaxy Globe and m/v Orion
Globe.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#8226; Guarantee
from Globus Maritime Limited and joint liability of the seven vessel owning companies (each of which is a borrower under the CIT Loan
Facility).</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 21.3pt; text-align: justify"><span style="font-size: 10pt">&#8226; Shares
pledges respecting each borrower.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">&#160;</p>


<ix:exclude><!-- Field: Page; Sequence: 155 -->
    <div style="border-bottom: Black 0.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">11.&#160;&#160;&#160;&#160;&#160;Long-Term Debt, net (continued)</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt"></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#8226; Pledges
of bank accounts, a pledge of each borrower&#8217;s rights under any interest rate hedging agreement in respect of the CIT Loan Facility,
a general assignment over each ship's earnings, insurances and any requisition compensation in relation to that ship, and an assignment
of the rights of Globus with respect to any indebtedness owed to it by the borrowers.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">The
Company is not permitted, without the written consent of CIT, to enter into a charter the duration of which exceeds or is capable of
exceeding, by virtue of any optional extensions, 12 months.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 21.3pt; text-align: justify"><span style="font-size: 10pt">The CIT Loan
Facility contains various covenants requiring the vessels owning companies and/or Globus Maritime Limited to, among other things, ensure
that:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 242pt 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;<span style="font-family: Symbol">&#183;
</span>The borrowers, must maintain a minimum liquidity at all times of not less than $500 for each mortgaged ship.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;<span style="font-family: Symbol">&#183;
</span>A minimum loan (including any exposure under a related hedging agreement) to value ratio of 70%, except for the tranche financing
Orion Globe, for which for the first 18 months of the utilization of that tranche including any exposure under a related hedging agreement),
a minimum loan to value ratio of 75% and thereafter 70%.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;<span style="font-family: Symbol">&#183;
</span>Each borrower must maintain in its earnings account $150 in respect of each ship then subject to a mortgage.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;<span style="font-family: Symbol">&#183;
</span>Globus Maritime Limited must maintain cash in an amount of not less than $150 for each ship that it owns that is not subject to
a mortgage as part of the CIT Loan.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;<span style="font-family: Symbol">&#183;
</span>Globus Maritime Limited must have a maximum leverage ratio of 0.75:1.00.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;<span style="font-family: Symbol">&#183;
</span>If Globus Maritime Limited pays a dividend, subject to certain exceptions, then the debt service coverage ratio (i.e., aggregate
EBITDA of Globus Maritime Limited for any period to the debt service for such period) after such dividend and for the remain of the CIT
Loan Facility shall be at least 1.15:1.00.</span></p>


<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 18pt"><span style="font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt"><span id="xdx_904_ecustom--DebtSecuritiesCovenants_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_z6EoghwE6ot3"><ix:nonNumeric contextRef="From2021-01-012021-05-10_custom_CiTLoanFacilityMember" escape="true" name="glbs:DebtSecuritiesCovenants">Each
borrower must create a reserve fund in the reserve account to meet the anticipated dry docking and special survey fees and expenses
for the relevant ship owned by it and (for certain ships) the installation of ballast water treatment system on the ship owned by it
by maintaining in the reserve account a minimum credit balance that may not be withdrawn (other than for the purpose of covering the
documented and incurred costs and expenses for the next special survey of that ship). Amounts must be paid into this reserve account
quarterly, such that $1,200 is set aside by each borrower for its ship&#8217;s special survey, except for Serena Maritime Limited
and Salaminia Maritime Limited, each of which are required to set aside quarterly payments that aggregate to $900.</ix:nonNumeric></span></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">Globus
Maritime Limited is prohibited from making dividends (other than up to $500 annually on or in respect of its preferred share) in
cash or redeem or repurchase its shares unless there is no event of default under the CIT Loan Facility, the net loan (including any
exposure under a related hedging agreement)  to value ratio is less than 60% before the making of the dividend and Globus
Maritime Limited is in compliance with the debt service coverage ratio, and Globus Maritime Limited must prepay the CIT Loan
Facility in an equal amount of the dividend.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">The CIT Loan
Facility also prohibits certain changes of control, including, among other things, the delisting of Globus from the Nasdaq or another
internationally recognized stock exchange, or the acquisition by any person or group of persons (acting in concert) of a majority of
the shareholder voting rights or the ability to appoint a majority of board members or to give directions with respect to the operating
and financial policies of Globus Maritime Limited with which the directors are obliged to comply, other than those persons disclosed
to CIT Bank on or around the date of the CIT Loan Facility and their affiliates and immediate family members.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">The
Company was in compliance with the covenants of the CIT Loan Facility as at December 31, 2022 and 2021.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
contractual annual loan principal payments  to be made subsequent to December 31, 2022, were as follows:</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="glbs:DisclosureOfLongTermDebtAnnualPrincipalPayments"><p id="xdx_89B_ecustom--DisclosureOfLongTermDebtAnnualPrincipalPayments_zXG0zGWFsH74" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><span style="display: none; font-size: 10pt">Long-Term
Debt, net - Annual loan principal payments</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="vertical-align: bottom; font-weight: bold; text-align: left; width: 89%"><span style="font-size: 10pt"><b>December
    31,</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: right; width: 10%"><span style="font-size: 10pt"><b>First
    Citizens Bank &amp; Trust Company (formerly known as CIT Bank N.A.)</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt">2023</span></td>
    <td>&#160;</td>
    <td id="xdx_988_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zzoBBTG5vg4d" title="Loan Balance" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:BorrowingsGross" contextRef="AsOf2022-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_custom_CiTMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,500</ix:nonFraction></span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt">2024</span></td>
    <td>&#160;</td>
    <td id="xdx_980_ecustom--BorrowingsGross_iI_pn3n3_uUSD_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zKJu35ns4g9g" title="Loan Balance" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:BorrowingsGross" contextRef="AsOf2022-12-31_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_custom_CiTMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,500</ix:nonFraction></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt">2025</span></td>
    <td>&#160;</td>
    <td id="xdx_98A_ecustom--BorrowingsGross_iI_pn3n3_uUSD_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanThreeYearsAndNotLaterThanFourYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zQaqpn3jIzWk" title="Loan Balance" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:BorrowingsGross" contextRef="AsOf2022-12-31_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember_custom_CiTMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,500</ix:nonFraction></span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt">2026 </span></td>
    <td>&#160;</td>
    <td id="xdx_985_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanFourYearsAndNotLaterThanFiveYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_z9SxNlFWypG2" title="Loan Balance" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:BorrowingsGross" contextRef="AsOf2022-12-31_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember_custom_CiTMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">24,875</ix:nonFraction></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td>&#160;</td>
    <td id="xdx_980_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zvNJYWLMCGoi" title="Loan Balance" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 21.3pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="glbs:BorrowingsGross" contextRef="AsOf2022-12-31_custom_CiTMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">44,375</ix:nonFraction></b></span></td></tr>
  </table>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 18pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
contractual annual loan principal payments  to be made subsequent to December 31, 2021, were as follows:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="vertical-align: bottom; font-weight: bold; text-align: left; width: 89%"><span style="font-size: 10pt"><b>December
    31,</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: right; width: 10%"><span style="font-size: 10pt">First
    Citizens Bank &amp; Trust Company (formerly known as <b>CIT Bank N.A.)</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt">2022</span></td>
    <td>&#160;</td>
    <td id="xdx_987_ecustom--BorrowingsGross_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_z6kKqk2fICRk" title="Loan Balance" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:BorrowingsGross" contextRef="AsOf2021-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_custom_CiTMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,000</ix:nonFraction></span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt">2023</span></td>
    <td>&#160;</td>
    <td id="xdx_989_ecustom--BorrowingsGross_iI_pn3n3_uUSD_c20211231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zrUg6WRPY71e" title="Loan Balance" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:BorrowingsGross" contextRef="AsOf2021-12-31_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_custom_CiTMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,000</ix:nonFraction></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt">2024</span></td>
    <td>&#160;</td>
    <td id="xdx_98B_ecustom--BorrowingsGross_iI_pn3n3_uUSD_c20211231__ifrs-full--MaturityAxis__ifrs-full--LaterThanThreeYearsAndNotLaterThanFourYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zfgIOEN3sxEf" title="Loan Balance" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:BorrowingsGross" contextRef="AsOf2021-12-31_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember_custom_CiTMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,000</ix:nonFraction></span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt">2025</span></td>
    <td>&#160;</td>
    <td id="xdx_98D_ecustom--BorrowingsGross_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__ifrs-full--LaterThanFourYearsAndNotLaterThanFiveYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zkvVFlpIGcfk" title="Loan Balance" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:BorrowingsGross" contextRef="AsOf2021-12-31_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember_custom_CiTMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,000</ix:nonFraction></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt">2026 and thereafter&#160;&#160;</span></td>
    <td>&#160;</td>
    <td id="xdx_980_ecustom--BorrowingsGross_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__ifrs-full--LaterThanFiveYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zGT6dpnThdCf" title="Loan Balance" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:BorrowingsGross" contextRef="AsOf2021-12-31_ifrs-full_LaterThanFiveYearsMember_custom_CiTMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">11,750</ix:nonFraction></span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td>&#160;</td>
    <td id="xdx_989_ecustom--BorrowingsGross_iI_pn3n3_c20211231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zD980e5ilCs1" title="Loan Balance" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="glbs:BorrowingsGross" contextRef="AsOf2021-12-31_custom_CiTMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">31,750</ix:nonFraction></b></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A1_zH9oPKdGMEvc" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm"><span style="font-size: 10pt">The weighted average interest rate
for the years ended December 31, 2022 and 2021, was <span id="xdx_90F_eifrs-full--BorrowingsInterestRate_iI_pip0_dp_c20221231__ifrs-full--RangeAxis__ifrs-full--WeightedAverageMember_zTbcIjIZRBU3"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2022-12-31_ifrs-full_WeightedAverageMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.58</ix:nonFraction></span>% and <span id="xdx_90A_eifrs-full--BorrowingsInterestRate_iI_pip0_dp_c20211231__ifrs-full--RangeAxis__ifrs-full--WeightedAverageMember_zD8QFCRIwR8d"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2021-12-31_ifrs-full_WeightedAverageMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.69</ix:nonFraction></span>%, respectively.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm"><span style="font-size: 10pt">&#160;</span></p>

<ix:exclude><!-- Field: Page; Sequence: 156 -->
    <div style="border-bottom: Black 0.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -1cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -1cm"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory"><p id="xdx_80A_eifrs-full--DisclosureOfSharebasedPaymentArrangementsExplanatory_zbnD6S4DTC6k" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">12.&#160;&#160;&#160;&#160;&#160;&#160;
<span id="xdx_824_zSmdWrQ2ttvg">Share Based Payment</span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">Share-based
payments are quarterly restrictive shares issued to the Company&#8217;s Non-executive directors for their services and in accordance
with appointment letters.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-size: 10pt">Share
based payment comprise the following:&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="glbs:DisclosureOfShareBasedPayment"><p id="xdx_89D_ecustom--DisclosureOfShareBasedPayment_zgC0oWCrMXii" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="display: none; font-size: 10pt">Share
Based Payment&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="vertical-align: bottom; width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-size: 10pt"><b>Year 2021</b></span></td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Number
    of common shares</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Number
    of preferred shares </b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Share
    premium</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Retained
    earnings</b></span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"></span></td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Non-executive directors&#8217;
    payment </span></td>
    <td id="xdx_987_eifrs-full--IncreaseDecreaseInNumberOfOrdinarySharesIssued_pip0_c20210101__20211231__ifrs-full--ClassesOfOrdinarySharesAxis__custom--NumberOfCommonSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_zpNN26bTBq3h" title="Stock issued during the year (shares) - Share based compensation" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfOrdinarySharesIssued" contextRef="From2021-01-012021-12-31_custom_NumberOfCommonSharesMember_custom_NonExecutiveDirectorsMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">12,178</ix:nonFraction></span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--IncreaseDecreaseThroughSharebasedPaymentTransactions_pn3n3_c20210101__20211231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--SharePremiumMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_zL1khYvGbK4e" title="Stock issued during the year (value) - Share based compensation" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions" contextRef="From2021-01-012021-12-31_ifrs-full_SharePremiumMember_custom_NonExecutiveDirectorsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">40</ix:nonFraction></span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Balance at December
    31, 2021</b></span></td>
    <td id="xdx_989_eifrs-full--IncreaseDecreaseInNumberOfOrdinarySharesIssued_pip0_c20210101__20211231__ifrs-full--ClassesOfOrdinarySharesAxis__custom--NumberOfCommonSharesMember_zNLVWv2ufYq" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfOrdinarySharesIssued" contextRef="From2021-01-012021-12-31_custom_NumberOfCommonSharesMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Shares">12,178</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>&#8212;</b></span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--IncreaseDecreaseThroughSharebasedPaymentTransactions_pn3n3_c20210101__20211231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--SharePremiumMember_zu2tP2vgQcu" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions" contextRef="From2021-01-012021-12-31_ifrs-full_SharePremiumMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">40</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>&#8212;</b></span></td></tr>
  </table>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="vertical-align: bottom; width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-size: 10pt"><b>Year 2020</b></span></td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Number
    of common shares</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Number
    of preferred shares </b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Share
    premium</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Retained
    earnings</b></span></td></tr>
  <tr>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Non-executive directors&#8217;
    payment </span></td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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  <tr style="background-color: White">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Balance at December
    31, 2020</b></span></td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8A3_z089tmW1VGpj" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><span style="font-size: 10pt">For the year ended December
31, 2022 there were no share based payments, as in 2022 the Company changed the compensation of the non-executive directors (see Note
4).</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory"><p id="xdx_803_eifrs-full--DisclosureOfOtherOperatingExpenseExplanatory_ztX61OnYMKN9" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>13.&#160;&#160;&#160;&#160;&#160;
<span id="xdx_82D_zwnZKqTK3nW3">Voyage Expenses and Vessel Operating Expenses</span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><span style="font-size: 10pt">Voyage expenses
and vessel operating expenses in the consolidated statements of comprehensive income/(loss) consisted of the following:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="glbs:DisclosureOfVoyageExpenses"><p id="xdx_898_ecustom--DisclosureOfVoyageExpenses_z3bKQfchFQl8" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="display: none; font-size: 10pt">Voyage
Expenses and Vessel Operating Expenses - Voyage expenses</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-size: 10pt"><b>Voyage
expenses consisted of:</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td id="xdx_495_20220101__20221231_zqFwTA6spPNc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_499_20210101__20211231_zGJb4S7WnYbe" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_491_20200101__20201231_zXsCHo5qw2G9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td></tr>
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="5" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For
    the year ended December 31,</b></span></td></tr>
  <tr>
    <td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2021</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2020</b></span></td></tr>
  <tr id="xdx_40A_eifrs-full--FeeAndCommissionExpense_pn3n3_maSEzQU5_zcrUmhN2cZA1" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Commissions
    </span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:FeeAndCommissionExpense" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">924</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:FeeAndCommissionExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">626</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:FeeAndCommissionExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">160</ix:nonFraction></span></td></tr>
  <tr id="xdx_40C_eifrs-full--FuelExpense_pn3n3_d0_maSEzQU5_z04TzpAhAIN4" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Bunkers
    expenses</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:FuelExpense" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,876</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:FuelExpense" contextRef="From2021-01-012021-12-31" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:FuelExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,117</ix:nonFraction></span></td></tr>
  <tr id="xdx_402_ecustom--OtherVoyageExpense_pn3n3_maSEzQU5_zLOGWef8kzn6" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Other
    voyage expenses</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:OtherVoyageExpense" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">573</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:OtherVoyageExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">502</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:OtherVoyageExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">213</ix:nonFraction></span></td></tr>
  <tr id="xdx_403_eifrs-full--ServicesExpense_iT_pn3n3_mtSEzQU5_zaJnzNTuJrq" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:ServicesExpense" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,373</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:ServicesExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,128</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:ServicesExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,490</ix:nonFraction></b></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AF_zQzsx9GTPUUg" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-size: 10pt"><b>Vessel operating
expenses consisted of:</b></span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="glbs:DisclosureOfVesselOperatingExpenses"><p id="xdx_89C_ecustom--DisclosureOfVesselOperatingExpenses_zicJFRwSBMq1" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-size: 10pt"><span id="xdx_8BD_zZYvkD3Bq8Y7" style="display: none">Voyage
Expenses and Vessel Operating Expenses - Vessel operating expenses</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 68%">&#160;</td>
    <td id="xdx_49A_20220101__20221231_znvGZYxdZ6qi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td id="xdx_495_20210101__20211231_zHGYTW25akg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td id="xdx_491_20200101__20201231_z0LfNxvNSQwg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%">&#160;</td></tr>
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="5" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For
    the year ended December 31,</b></span></td></tr>
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2021</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2020</b></span></td></tr>
  <tr id="xdx_403_eifrs-full--WagesAndSalaries_pn3n3_maOCzIBf_zajWv8u43NJc" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Crew
    wages and related costs</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:WagesAndSalaries" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,952</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:WagesAndSalaries" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,570</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:WagesAndSalaries" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,865</ix:nonFraction></span></td></tr>
  <tr id="xdx_401_eifrs-full--InsuranceExpense_pn3n3_maOCzIBf_zWEvb3cHCorg" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Insurance
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:InsuranceExpense" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,349</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:InsuranceExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,067</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:InsuranceExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">661</ix:nonFraction></span></td></tr>
  <tr id="xdx_408_eifrs-full--RepairsAndMaintenanceExpense_pn3n3_maOCzIBf_zl3cQxorLb4a" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Spares,
    repairs and maintenance</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:RepairsAndMaintenanceExpense" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,935</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:RepairsAndMaintenanceExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,414</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:RepairsAndMaintenanceExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,574</ix:nonFraction></span></td></tr>
  <tr id="xdx_40F_eifrs-full--RawMaterialsAndConsumablesUsed_pn3n3_maOCzIBf_zacHoADSZN8b" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Lubricants</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:RawMaterialsAndConsumablesUsed" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">924</ix:nonFraction></span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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  <tr id="xdx_40A_eifrs-full--MiscellaneousOtherOperatingExpense_pn3n3_maOCzIBf_zL8YCY3v0zK2" style="background-color: White">
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    <td>&#160;</td>
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    <td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8A3_zHAwCnJcmMZ1" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<ix:exclude><!-- Field: Page; Sequence: 157 -->
    <div style="border-bottom: Black 0.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory"><p id="xdx_80F_eifrs-full--DisclosureOfGeneralAndAdministrativeExpenseExplanatory_zabPlGg87ohd" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>14.&#160;&#160;&#160;&#160;&#160;
<span id="xdx_82C_zleiNpfsVMfb">Administrative Expenses</span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><span style="font-size: 10pt">The amount
shown in the consolidated statements of comprehensive income/(loss) is analyzed as follows:</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="glbs:DisclosureOfAdministrativeExpenses"><p id="xdx_896_ecustom--DisclosureOfAdministrativeExpenses_zk52v1Z0dt91" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="display: none; font-size: 10pt">Administrative
Expenses</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td id="xdx_490_20220101__20221231_zAcATd3pTcU" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_493_20210101__20211231_znipZVjxcAvl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_49A_20200101__20201231_zVQUMUK3SZO1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 12pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="5" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 10pt">For
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<tr>
    <td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2021</b></span></td>
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    </tr>
  <tr id="xdx_40F_ecustom--PersonnelExpense_pn3n3_maAEzTMy_zbHrADSjV3fg" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Personnel expenses</span></td>
    <td style="border-top: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:PersonnelExpense" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,454</ix:nonFraction></span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:PersonnelExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,013</ix:nonFraction></span></td>
    </tr>
  <tr id="xdx_40D_eifrs-full--AuditorsRemuneration_pn3n3_maAEzTMy_z6Ulw2FUNsn2" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Audit fees</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:AuditorsRemuneration" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">204</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:AuditorsRemuneration" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">215</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:AuditorsRemuneration" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">143</ix:nonFraction></span></td>
    </tr>
  <tr id="xdx_403_ecustom--ConsultingFeesExpense_pn3n3_maAEzTMy_zpuO2QgeH2Ja" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Consulting fees</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:ConsultingFeesExpense" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">271</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:ConsultingFeesExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">329</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:ConsultingFeesExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">243</ix:nonFraction></span></td>
    </tr>
  <tr id="xdx_40E_eifrs-full--CommunicationExpense_pn3n3_maAEzTMy_ztKpUk16Pb81" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Communication</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:CommunicationExpense" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">16</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:CommunicationExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">16</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:CommunicationExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">12</ix:nonFraction></span></td>
    </tr>
  <tr id="xdx_409_ecustom--StationeryExpense_pn3n3_maAEzTMy_zmoC1PF8qi55" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Stationery</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:StationeryExpense" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3</ix:nonFraction></span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:StationeryExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6</ix:nonFraction></span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:StationeryExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3</ix:nonFraction></span></td>
    </tr>
  <tr id="xdx_40B_eifrs-full--TaxExpenseOtherThanIncomeTaxExpense_pn3n3_maAEzTMy_zAtdUohipp87" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Greek tax authorities (note
    19) </span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:TaxExpenseOtherThanIncomeTaxExpense" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">292</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:TaxExpenseOtherThanIncomeTaxExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">185</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:TaxExpenseOtherThanIncomeTaxExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">130</ix:nonFraction></span></td>
    </tr>
  <tr id="xdx_407_eifrs-full--OtherExpenseByNature_pn3n3_maAEzTMy_zoRrsYs5IEp1" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Other </span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherExpenseByNature" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">636</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherExpenseByNature" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">404</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherExpenseByNature" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">347</ix:nonFraction></span></td>
    </tr>
  <tr id="xdx_401_eifrs-full--AdministrativeExpense_iT_pn3n3_mtAEzTMy_ztuCXG6nUgOb" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:AdministrativeExpense" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,876</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:AdministrativeExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,610</ix:nonFraction></b></span></td>
    <td>&#160;</td>
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    </tr>
  </table>
</ix:nonNumeric><p id="xdx_8A6_zZXRa9Q2fZh5" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfInterestExpenseExplanatory"><p id="xdx_80A_eifrs-full--DisclosureOfInterestExpenseExplanatory_zl43i3rsvofi" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>15.&#160;&#160;&#160;&#160;&#160;
<span id="xdx_82D_zVNwgBV59ym9">Interest Expense and Finance Costs</span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt"><span style="font-size: 10pt">The
amounts in the consolidated statements of comprehensive income/(loss) are analyzed as follows:</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="glbs:DisclosureOfInterestExpenseAndFinanceCostsExplanatory"><p id="xdx_891_ecustom--DisclosureOfInterestExpenseAndFinanceCostsExplanatory_zCDbEFb73cQ9" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="display: none; font-size: 10pt">&#160;Interest
Expense and Finance Costs</span><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt"><span style="font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td id="xdx_495_20220101__20221231_zTwQNsNzcgY3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 2.85pt; text-align: center; text-indent: -2.85pt">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_495_20210101__20211231_zF8pBR2tLtGg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 2.85pt; text-align: center; text-indent: -2.85pt">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_49C_20200101__20201231_zGtdy2jinvV1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 2.85pt; text-align: center; text-indent: -2.85pt">&#160;</td></tr>
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="5" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For
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  <tr>
    <td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
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    <td style="width: 1%">&#160;</td>
    <td style="width: 10%; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b>2021</b></span></td>
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  <tr id="xdx_40A_eifrs-full--InterestExpense_pn3n3_zyzfrV7aLAtc" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Interest
    payable on long-term borrowings</span></td>
    <td style="border-top: Black 0.5pt solid; white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:InterestExpense" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,047</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:InterestExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,958</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:InterestExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,721</ix:nonFraction></span></td></tr>
  <tr id="xdx_40F_eifrs-full--BankAndSimilarCharges_pn3n3_zqwN4YBk2Zn5" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Bank
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    <td style="white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:BankAndSimilarCharges" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">60</ix:nonFraction></span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
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  <tr id="xdx_40C_ecustom--AmortizationOfDebtDiscount_pn3n3_zkUCuvoxCo9e" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Amortization
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    <td style="white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:AmortizationOfDebtDiscount" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">165</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:AmortizationOfDebtDiscount" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">547</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:AmortizationOfDebtDiscount" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">293</ix:nonFraction></span></td></tr>
  <tr id="xdx_40C_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_z9BzqsKJvLfh" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Operating
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    <td style="white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">54</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">52</ix:nonFraction></span></td>
    <td>&#160;</td>
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  <tr id="xdx_407_eifrs-full--OtherFinanceCost_pn3n3_z7psJ7XtSh3i" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Other
    finance expenses</span></td>
    <td style="white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherFinanceCost" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">34</ix:nonFraction></span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
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  <tr id="xdx_40D_ecustom--CreditAdjustmentOfFinanceCost_iN_pn3n3_di0_zDYZzgTyKY6b" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Gain
    from termination of lease liability</span></td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="glbs:CreditAdjustmentOfFinanceCost" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">40</ix:nonFraction>)</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><ix:nonFraction name="glbs:CreditAdjustmentOfFinanceCost" contextRef="From2021-01-012021-12-31" format="ixt:zerodash" decimals="-3" scale="3" sign="-" unitRef="USD">&#8212;</ix:nonFraction><span style="font-size: 10pt">&#160;</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><ix:nonFraction name="glbs:CreditAdjustmentOfFinanceCost" contextRef="From2020-01-012020-12-31" format="ixt:zerodash" decimals="-3" scale="3" sign="-" unitRef="USD">&#8212;</ix:nonFraction><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_eifrs-full--FinanceCosts_iT_pn3n3_zshVe2xtUuRe" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td style="border-bottom: Black 2pt double; white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:FinanceCosts" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,320</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 2pt double; white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:FinanceCosts" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,262</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 2pt double; white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:FinanceCosts" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,155</ix:nonFraction></b></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A7_zVsT2zCuoTkg" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">Other finance
expenses for 2021 include approximately $<span id="xdx_904_eifrs-full--OtherFinanceCost_pdn6_c20210101__20211231__ifrs-full--BorrowingsByNameAxis__custom--EnTrustMember_zz6UxjpNxd61"><ix:nonFraction name="ifrs-full:OtherFinanceCost" contextRef="From2021-01-012021-12-31_custom_EnTrustMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD">0.6</ix:nonFraction>
</span></span><span style="font-size: 10pt">million (absolute amount) that were the loan prepayment fee and expenses relating to the
prepayment of EnTrust loan facility. Interest on long-term debt is normally settled quarterly throughout the year</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfDividendsExplanatory"><p id="xdx_802_eifrs-full--DisclosureOfDividendsExplanatory_zl2g3FdLQE2f" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><span style="font-size: 10pt"><b>16.&#160;&#160;&#160;&#160;&#160;
<span id="xdx_829_zHLwQ1FzPDVc">Dividends</span> </b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt; font-weight: normal">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt; font-weight: normal"><span id="xdx_900_eifrs-full--DividendsPaidClassifiedAsFinancingActivities_do_c20220101__20221231_zkpsxv7ojyoj" title="Dividends paid"><span id="xdx_907_eifrs-full--DividendsPaidClassifiedAsFinancingActivities_do_c20210101__20211231_zokAy5yp9781" title="Dividends paid"><span id="xdx_90E_eifrs-full--DividendsPaidClassifiedAsFinancingActivities_do_c20200101__20201231_zL6egQ9KHA5i" title="Dividends paid"><ix:nonFraction name="ifrs-full:DividendsPaidClassifiedAsFinancingActivities" contextRef="From2022-01-01to2022-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="ifrs-full:DividendsPaidClassifiedAsFinancingActivities" contextRef="From2021-01-012021-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="ifrs-full:DividendsPaidClassifiedAsFinancingActivities" contextRef="From2020-01-012020-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">No</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span>
dividends were declared or paid on common shares during the years ended December 31, 2022, 2021 and 2020.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt; font-weight: normal"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfContingentLiabilitiesExplanatory"><p id="xdx_805_eifrs-full--DisclosureOfContingentLiabilitiesExplanatory_zFYRKKVNZaIc" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_82B_z5unVNHunhE7">Contingencies</span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">Various claims,
suits and complaints, including those involving government regulations, arise in the ordinary course of the shipping business. In addition,
losses may arise from disputes with charterers, environmental claims, agents, and insurers and from claims with suppliers relating to
the operations of the Company&#8217;s vessels. Currently, management is not aware of any such claims or contingent liabilities, which
are material for disclosure.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<ix:exclude><!-- Field: Page; Sequence: 158 -->
    <div style="border-bottom: Black 0.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfCommitmentsExplanatory"><p id="xdx_803_eifrs-full--DisclosureOfCommitmentsExplanatory_zPatVekw9wx4" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;<b>18.&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_82A_zOIM6EUklyOg">Commitments</span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>Voyage
revenue</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 37.35pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">The Company
enters into time charter arrangements on its vessels. As at December 31, 2022, the non-cancellable arrangements had remaining terms between
nil days to eight months, assuming redelivery at the earliest possible date. As at December 31, 2021, the non-cancellable arrangements
had remaining terms between nil days to two and a half months, assuming redelivery at the earliest possible date. Future net minimum
lease revenues receivable under non-cancellable operating leases as at December 31, 2022 and 2021, were as follows (vessel off-hires
and dry-docking days that could occur but are not currently known are not taken into consideration and early delivery of the vessels
by the charterers is not accounted for):</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="glbs:DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory"><p id="xdx_898_ecustom--DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory_zUYUvpopoJzf" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="display: none; font-size: 10pt">Commitments - Future
minimum lease revenues receivable under non-cancellable operating leases</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 79%; padding-left: 9.45pt; text-align: justify; font-size: 11pt; text-indent: -9.45pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 10%; text-align: right; font-size: 11pt; text-indent: 0cm"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 10%; text-align: right; font-size: 11pt; text-indent: 0cm"><span style="font-size: 10pt"><b>2021</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 9.45pt; text-align: justify; font-size: 11pt; text-indent: -9.45pt"><span style="font-size: 10pt">Within
    one year</span></td>
    <td id="xdx_98D_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zFiQigOGJE64" title="Within one year" style="border-top: Black 0.5pt solid; text-align: right; font-size: 11pt; text-indent: 0cm"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived" contextRef="AsOf2022-12-31_ifrs-full_NotLaterThanOneYearMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,675</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_983_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zIypZugYkMB3" title="Within one year" style="border-top: Black 0.5pt solid; text-align: right; font-size: 11pt; text-indent: 0cm"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived" contextRef="AsOf2021-12-31_ifrs-full_NotLaterThanOneYearMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,082</ix:nonFraction></span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: bottom; padding-right: 5.4pt; font-size: 11pt; text-indent: 0cm; text-align: justify"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td id="xdx_98F_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20221231_zDEmSaIlJ7fg" title="Total" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: top; font-size: 11pt; text-indent: 0cm; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,675</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td id="xdx_988_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20211231_zOlty7WdPNd4" title="Total" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: top; font-size: 11pt; text-indent: 0cm; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,082</ix:nonFraction></b></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AE_zfbWuF4i9qxe" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">These
amounts include consideration for other elements of the arrangement apart from the right to use the vessel such as maintenance and crewing
and its related costs.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>Office
lease contract</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">As
further discussed in Note 4 the Company has recognized a right of use asset and a corresponding liability with respect to the rental
agreement of office space for its operations within a building leased by FG Europe (an affiliate of Globus&#8217;s chairman).</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
depreciation charge for right-of-use assets for the years ended December 31, 2022, 2021 and 2020, was $<span id="xdx_90B_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20220101__20221231_znpQafAuXC7b"><ix:nonFraction name="ifrs-full:DepreciationRightofuseAssets" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">327</ix:nonFraction></span>,
$<span id="xdx_900_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20210101__20211231_zJYFEuPBGbJ9"><ix:nonFraction name="ifrs-full:DepreciationRightofuseAssets" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">206</ix:nonFraction></span> and $<span id="xdx_90D_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20200101__20201231_zYqDxpfJymsk"><ix:nonFraction name="ifrs-full:DepreciationRightofuseAssets" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">112</ix:nonFraction></span>,
respectively, and recognized under depreciation in the income statement component of the consolidated statements of comprehensive
income/(loss). The interest expense on lease liability for the years ended December 31, 2022, 2021 and 2020, was $<span id="xdx_904_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20220101__20221231_zJfCisPX2eP2"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">54</ix:nonFraction></span>,
 $<span id="xdx_901_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20210101__20211231_zmrVNPfkkM9k"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">52</ix:nonFraction></span> and $<span id="xdx_901_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20200101__20201231_zNJi1H3d5ybg"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">44</ix:nonFraction></span>
respectively, and recognized under interest expense and finance costs in the income statement component of the consolidated
statements of comprehensive income/(loss).</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">At
December 31, 2022 and 2021, the current lease liability amounted to $<span id="xdx_90E_eifrs-full--CurrentLeaseLiabilities_iI_pn3n3_c20221231_zpFoyyfHvkci"><ix:nonFraction name="ifrs-full:CurrentLeaseLiabilities" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">321</ix:nonFraction></span>
and $<span id="xdx_905_eifrs-full--CurrentLeaseLiabilities_iI_pn3n3_c20211231_zuPLIOgdLGC3"><ix:nonFraction name="ifrs-full:CurrentLeaseLiabilities" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">349</ix:nonFraction></span>, respectively. The
non-current lease liability amounted to $<span id="xdx_90C_eifrs-full--NoncurrentLeaseLiabilities_iI_pn3n3_c20221231_z5E5VqyWRMVi"><ix:nonFraction name="ifrs-full:NoncurrentLeaseLiabilities" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">188</ix:nonFraction></span>
and $<span id="xdx_90E_eifrs-full--NoncurrentLeaseLiabilities_iI_pn3n3_c20211231_zpjHwOzfczyf"><ix:nonFraction name="ifrs-full:NoncurrentLeaseLiabilities" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">556</ix:nonFraction></span>, respectively. As at
December 31, 2022 and 2021, the net carrying amount of the right of use asset was $<span id="xdx_90A_eifrs-full--RightofuseAssets_iI_pn3n3_c20221231_zh2ATeyBB0J6"><ix:nonFraction name="ifrs-full:RightofuseAssets" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">493</ix:nonFraction>
and </span> $<span id="xdx_905_eifrs-full--RightofuseAssets_iI_pn3n3_c20211231_zb0B4Zrsyiic"><ix:nonFraction name="ifrs-full:RightofuseAssets" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">888</ix:nonFraction></span>,
respectively. These are included in the accompanying consolidated statements of financial position. The total cash outflows for
leases for the years ended December 31, 2022, 2021 and 2020, were approximately $<span id="xdx_905_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20220101__20221231_ztvPZUyC0xak" title="Payment of lease liability - principal and Interest Paid"><ix:nonFraction name="glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">341</ix:nonFraction></span>,
$<span id="xdx_908_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20210101__20211231_zGoS42ZFpbBd" title="Payment of lease liability - principal and Interest Paid"><ix:nonFraction name="glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">314</ix:nonFraction></span>
and $<span id="xdx_90B_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20200101__20201231_zaJcMS5dy1f5" title="Payment of lease liability - principal and Interest Paid"><ix:nonFraction name="glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">229</ix:nonFraction></span>,
respectively, and were recognized in the consolidated statement of cash flows under the Payment of lease liability &#8211; principal
and Interest Paid.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-size: 10pt">Commitments
under shipbuilding contracts</span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"></p><p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">On
                                                                                                                 April 29, 2022, the Company entered into a contract, through its subsidiary, Calypso Shipholding S.A., for the construction and
                                                                                                                 purchase of one fuel efficient <span id="xdx_90E_ecustom--VesselType_c20220101__20220429__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zXp87IDNMosj"><ix:nonNumeric contextRef="From2022-01-012022-04-29_custom_CalypsoShipholdingSAMember" name="glbs:VesselType">bulk
                                                                                                                 carrier</ix:nonNumeric></span> of about <span id="xdx_90D_ecustom--VesselCapacity_pip0_uPure_c20220101__20220429__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zXe6A3BoKWlj"><ix:nonFraction name="glbs:VesselCapacity" contextRef="From2022-01-012022-04-29_custom_CalypsoShipholdingSAMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Pure">64,000</ix:nonFraction></span>
                                                                                                                 dwt vessel. The vessel will be built at Nihon Shipyard Co. in Japan and is scheduled to be delivered <span id="xdx_90B_ecustom--VesselDeliveryDate1_uPure_c20220101__20220429__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zGrM2oQo4aL1"><ix:nonNumeric contextRef="From2022-01-012022-04-29_custom_CalypsoShipholdingSAMember" name="glbs:VesselDeliveryDate1">during
                                                                                                                 the first half of 2024</ix:nonNumeric></span>. The total consideration for the construction of the vessel is approximately $<span id="xdx_90D_eifrs-full--CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_pdn6_c20220101__20220429__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zPJhRemePmCh" title="Purchase price"><ix:nonFraction name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" contextRef="From2022-01-012022-04-29_custom_CalypsoShipholdingSAMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD">37.5</ix:nonFraction></span>
                                                                                                                 million (absolute amount), which the Company intends to finance with a combination of debt and equity. In May 2022 the Company paid
                                                                                                                 the 1st instalment of $<span id="xdx_90E_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20220101__20220531__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zXbeehr68qc5"><ix:nonFraction name="ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities" contextRef="From2022-01-012022-05-31_custom_CalypsoShipholdingSAMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD">7.4</ix:nonFraction></span>
                                                                                                                 million (absolute amount), which is included under Advances for vessel purchase in the consolidated statement of financial
                                                                                                                 position.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">On
May 13, 2022, the Company has signed two contracts, through its subsidiaries, Daxos Maritime Limited and Paralus Shipholding S.A.,
for the construction and purchase of two fuel efficient <span id="xdx_90C_ecustom--VesselType_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedMember_zLGpeMSFEZz1"><span id="xdx_900_ecustom--VesselType_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ParalusShipholdingSAMember_zoUiPs0QZQ93"><ix:nonNumeric contextRef="From2022-01-012022-05-13_custom_DaxosMaritimeLimitedMember" name="glbs:VesselType"><ix:nonNumeric contextRef="From2022-01-012022-05-13_custom_ParalusShipholdingSAMember" name="glbs:VesselType">bulk
carrier</ix:nonNumeric></ix:nonNumeric></span></span> of about <span id="xdx_90C_ecustom--VesselCapacity_pip0_uPure_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedMember_znxc5Th3hpU1"><span id="xdx_908_ecustom--VesselCapacity_pip0_uPure_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ParalusShipholdingSAMember_zqnHLx7M1j42"><ix:nonFraction name="glbs:VesselCapacity" contextRef="From2022-01-012022-05-13_custom_DaxosMaritimeLimitedMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Pure"><ix:nonFraction name="glbs:VesselCapacity" contextRef="From2022-01-012022-05-13_custom_ParalusShipholdingSAMember" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Pure">64,000</ix:nonFraction></ix:nonFraction></span></span>
dwt each. The sister vessels will be built at Nantong COSCO KHI Ship Engineering Co. in China with the first one scheduled to be
delivered <span id="xdx_907_ecustom--VesselDeliveryDate1_uPure_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedMember_zCGBYLgys73j"><ix:nonNumeric contextRef="From2022-01-012022-05-13_custom_DaxosMaritimeLimitedMember" name="glbs:VesselDeliveryDate1">during
the third quarter of 2024</ix:nonNumeric></span> and the second one scheduled <span id="xdx_901_ecustom--VesselDeliveryDate1_uPure_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ParalusShipholdingSAMember_zE87B4eP9HBb"><ix:nonNumeric contextRef="From2022-01-012022-05-13_custom_ParalusShipholdingSAMember" name="glbs:VesselDeliveryDate1">during
the fourth quarter of 2024</ix:nonNumeric></span>. The total consideration for the construction of both vessels is approximately $<span id="xdx_906_eifrs-full--CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_pdn6_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedandParalusShipholdingSAMember_zwKhriNU0Xti" title="Purchase price"><ix:nonFraction name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" contextRef="From2022-01-012022-05-13_custom_DaxosMaritimeLimitedandParalusShipholdingSAMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD">70.3</ix:nonFraction></span>
million (absolute amount), which the Company intends to finance with a combination of debt and equity. In May 2022 the Company paid
the 1st instalment of $<span id="xdx_907_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20220101__20220531__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedandParalusShipholdingSAMember_zracAGxWe9gk"><ix:nonFraction name="ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities" contextRef="From2022-01-012022-05-31_custom_DaxosMaritimeLimitedandParalusShipholdingSAMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD">13.8</ix:nonFraction></span>
million (absolute amount) and in November 2022 paid the 2nd instalment of $<span id="xdx_902_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20220601__20221130__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedandParalusShipholdingSAMember_zCePCpmpu4Y3"><ix:nonFraction name="ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities" contextRef="From2022-06-012022-11-30_custom_DaxosMaritimeLimitedandParalusShipholdingSAMember" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD">6.9</ix:nonFraction></span>
million (absolute amount)  for both vessels under construction. Both instalments are included under Advances for vessel purchase in
the consolidated statement of financial position.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><b>&#160;</b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-size: 10pt"><b>The
contractual annual payments per subsidiary to be made subsequent to December 31, 2022, were as follows:</b></span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="glbs:DisclosureOfContractualAnnualPaymentsPerSubsidiaryExplanatory"><p id="xdx_89D_ecustom--DisclosureOfContractualAnnualPaymentsPerSubsidiaryExplanatory_zur4LrRH6Emc" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-size: 10pt"><span style="display: none">Commitments   - Future minimum contractual obligations</span></span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 67%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-size: 10pt"><b>December
    31,</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td id="xdx_497_20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zLcZAorDpP18" style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Calypso
    Shipholding S.A.</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td id="xdx_498_20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedandParalusShipholdingSAMember_zepVWHd0If01" style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Daxos
    Maritime Limited </b></span></td>
    <td style="width: 1%">&#160;</td>
    <td id="xdx_491_20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ParalusShipholdingSAMember_z0EnCZZ8e74h" style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Paralus
    Shipholding S.A.</b></span></td></tr>
  <tr id="xdx_407_ecustom--ContractualObligationsDueInNextTwelveMonths_iI_d0_maCOzWax_zY6B6N4Zc7Sc" style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">2023</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:ContractualObligationsDueInNextTwelveMonths" contextRef="AsOf2022-12-31_custom_CalypsoShipholdingSAMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">11,100</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:ContractualObligationsDueInNextTwelveMonths" contextRef="AsOf2022-12-31_custom_DaxosMaritimeLimitedandParalusShipholdingSAMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:ContractualObligationsDueInNextTwelveMonths" contextRef="AsOf2022-12-31_custom_ParalusShipholdingSAMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td></tr>
  <tr id="xdx_400_ecustom--ContractualObligationsDueInSecondYear_iI_d0_maCOzWax_zx7nXETQdIcl" style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">2024</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:ContractualObligationsDueInSecondYear" contextRef="AsOf2022-12-31_custom_CalypsoShipholdingSAMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">18,500</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:ContractualObligationsDueInSecondYear" contextRef="AsOf2022-12-31_custom_DaxosMaritimeLimitedandParalusShipholdingSAMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">24,785</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:ContractualObligationsDueInSecondYear" contextRef="AsOf2022-12-31_custom_ParalusShipholdingSAMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">24,785</ix:nonFraction></span></td></tr>
  <tr id="xdx_404_ecustom--ContractualObligations_iTI_d0_mtCOzWax_zXVpn4ztUQE1" style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="glbs:ContractualObligations" contextRef="AsOf2022-12-31_custom_CalypsoShipholdingSAMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">29,600</ix:nonFraction></b></span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="glbs:ContractualObligations" contextRef="AsOf2022-12-31_custom_ParalusShipholdingSAMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">24,785</ix:nonFraction></b></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AA_zcC3juxPn9P5" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 159 -->
    <div style="border-bottom: Black 0.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfIncomeTaxExplanatory"><p id="xdx_804_eifrs-full--DisclosureOfIncomeTaxExplanatory_z96wWM35EAAa" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>19.&#160;&#160;&#160;&#160;&#160;
<span id="xdx_829_zA1lyRd28Eui">Income Tax</span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">Under
the laws of the countries of the vessel owning companies&#8217; incorporation and / or vessels&#8217; registration, vessel owning companies
are not subject to tax on international shipping income; however, they are subject to registration and tonnage taxes,which are included
in vessel operating expenses in the accompanying consolidated statements of income/(loss).&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt"><b><i>Greek
Authorities Tax</i></b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">In January 2013,
the tax Law 4110/2013 amended the 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 89/67 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 satisfies all income tax obligations of both the ship-owning 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. As at December 31, 2022, 2021 and 2020, the tax expense under the law amounted to $<span id="xdx_901_eifrs-full--TaxExpenseOtherThanIncomeTaxExpense_pn3n3_c20220101__20221231_zZaJjdsozDwl"><ix:nonFraction name="ifrs-full:TaxExpenseOtherThanIncomeTaxExpense" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">292</ix:nonFraction></span>, $<span id="xdx_902_eifrs-full--TaxExpenseOtherThanIncomeTaxExpense_pn3n3_c20210101__20211231_zZgR1U0X5Oic"><ix:nonFraction name="ifrs-full:TaxExpenseOtherThanIncomeTaxExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">185</ix:nonFraction></span> and $<span id="xdx_90B_eifrs-full--TaxExpenseOtherThanIncomeTaxExpense_pn3n3_c20200101__20201231_zcGM2xUXlhBd"><ix:nonFraction name="ifrs-full:TaxExpenseOtherThanIncomeTaxExpense" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">130</ix:nonFraction></span>, respectively
and is included in administrative expenses in the consolidated statements of comprehensive income/(loss).</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-size: 10pt"><b><i>U.S.
Federal Income Tax</i></b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">Globus is a
foreign corporation with wholly owned subsidiaries that are foreign corporations, which derive income from the international operation
of a ship or ships that may earn United States (&#8220;U.S&#8221;) source shipping income for U.S. federal income tax purposes.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">Globus believes
that under &#167; 883 of the Internal Revenue Code, its income and the income of its ship-owning subsidiaries, to the extent derived
from the international operation of a ship or ships, were exempt from U.S. federal income tax in 2022.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">The following
is a summary, discussing the application of the U.S. federal income tax laws to the Company relating to income derived from the international
operation of a ship or ships. The discussion and its conclusion are based upon existing U.S. federal income tax law, including the Internal
Revenue Code (the &#8220;Code&#8221;) and final U.S. Treasury Regulations (the &#8220;Regs&#8221;) as currently in effect, all of which
are subject to change, possibly with retroactive effect.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">In general,
under &#167; 883, certain non-U.S. corporations are not subject to U.S. federal income tax on their U.S. source income derived from the
international operation of a ship or ships (&#8220;gross transportation income&#8221;). Absent &#167; 883 or a tax treaty exemption,
such income generally would be subject to a 4% gross basis tax, or in certain cases, to a net income tax plus a 30% branch profits tax.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">For this purpose,
U.S. source gross transportation income includes 50% of the shipping income that is attributable to transportation that begins or ends
(but that does not both begin and end) in the United States.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">Shipping income
attributable to transportation exclusively between non-U.S. ports is generally not subject to any U.S. federal income tax. &#8220;Shipping
income&#8221; generally means income that is derived from:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify"><span style="font-size: 10pt">(a) the use
of vessels;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify"><span style="font-size: 10pt">(b) the hiring
or leasing of vessels for use on a time, operating or bareboat charter basis;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify"><span style="font-size: 10pt">(c) the participation
in a pool, partnership, strategic alliance, joint operating agreement or other joint venture it directly or indirectly owns or participates
in that generates such income; or</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify"><span style="font-size: 10pt">(d) the performance
of services directly related to those uses.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">The Regs provide
that a foreign corporation will qualify for the benefits of &#167; 883 if, in relevant part, the foreign country in which the foreign
corporation is organized grants an equivalent exemption to corporations organized in the U.S. and the foreign corporation meets either
the qualified shareholder test or the publicly traded test described below.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 1cm; text-align: justify"><span style="font-size: 10pt"><i>Qualified
Shareholder Test</i></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 1cm; text-align: justify"><span style="font-size: 10pt">A foreign corporation
having more than 50 percent of the value of its outstanding shares owned, directly or indirectly by application of specific attribution
rules, for at least half of the number of days in the foreign corporation's taxable year by one or more qualified shareholders will meet
the qualified shareholder test. In part, an individual who is a shareholder will be considered a qualified shareholder if he or she is
a resident of a qualified foreign country (which means for this purpose that he or she is fully liable to tax in such country, and maintains
a tax home in such country for 183 days or more in the taxable year, or certain other rules apply) and does not own his or her interest
in the foreign corporation through bearer shares (except for bearer shares held in a dematerialized or immobilized book entry system),
either directly or indirectly by application of the attribution rules. In addition, in order to meet the qualified shareholder test,
a foreign corporation will need to obtain certifications from its qualified shareholders (including from intermediary entities) substantiating
their stock ownership.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt"><i></i></span></p>


<ix:exclude><!-- Field: Page; Sequence: 160 -->
    <div style="border-bottom: Black 0.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><span style="font-size: 10pt"><b>&#160;19.&#160;&#160;&#160;&#160;&#160;&#160;Income Tax (continued)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 1cm; text-align: justify"><span style="font-size: 10pt"><i>Publicly
Traded Test</i></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">The Publicly
Traded Test requires that one or more classes of equity representing more than 50% of the voting power and value in a non-United States
corporation be &#8220;primarily and regularly traded&#8221; on an established securities market either in the United States or in a foreign
country that grants an equivalent exemption. Among others, &#167; 883 provides, in relevant part, that the shares of a non-United States
corporation will be considered to be &#8220;primarily traded&#8221; on an established securities market in a country if the number of
shares of each class of shares that are traded during any taxable year on all established securities markets in that country exceeds
the number of shares in each such class that are traded during that year on established securities markets in any other single country.
</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">Notwithstanding
the foregoing, &#167; 883 provides, in relevant part, that a class of shares will not be considered to be &#8220;regularly traded&#8221;
on an established securities market for any taxable year in which 50% or more of the vote and value of the outstanding shares of such
class are owned, actually or constructively under specified share attribution rules, on more than half the days during the taxable year
by persons who each own 5% or more of the vote and value of such class of outstanding shares which is referred as the 5 Percent Override
Rule.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">In the event
that the 5 Percent Override Rule is triggered, &#167; 883 provides that such rule will not apply if the Company can establish that within
the group of 5% shareholders, there are sufficient qualified shareholders within the meaning of &#167; 883 to preclude non-qualified
shareholders in such group from owning 50% or more of the total value of the Company&#8217;s common shares for more than half the number
of days during the taxable year.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">For the
years ended December 31, 2022 and 2021, Globus and its wholly owned subsidiaries deriving income from the operation of international
ships were organized in foreign countries that grant equivalent exemptions to corporations organized in the U.S. Globus&#8217;s
common shares, representing more than 50% of the voting power and value in Globus, were primarily and regularly traded on the Nasdaq
Capital Market, which is an established securities market. Although Globus&#8217;s ship-owning and operating subsidiaries were not
publicly traded, they should have qualified for the qualified shareholder test by virtue of their ownership by Globus. Accordingly,
all of Globus&#8217; and its ship-owning or operating subsidiaries that relied on &#167; 883 for exempting U.S. source income from
the international operation of ships should not have been subject to U.S. federal income tax for the years ended December 31, 2022
and 2021. It was not clear whether Globus was able to rely on the &#167; 883 exemption for the year ended December 31, 2020.
Nevertheless, because Globus and its subsidiaries earned no U.S. source gross transportation income (because none of Globus&#8217;s
vessels made a voyage to or from the United States in 2020) neither the U.S. 4% gross basis tax nor the net income tax should be
owed for 2020. </span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">Under the laws
of the Republic of Malta, the country of incorporation of one of the Company&#8217;s vessel-owning company&#8217;s, this vessel-owning
company is not liable for any income tax on its income derived from shipping operations. The Republic of Malta is a country that has
an income tax treaty with the United States. Accordingly, income earned by vessel-owning companies organized under the laws of the Republic
of Malta may qualify for a treaty-based exemption. Specifically, Article 8 (Shipping and Air Transport) of the treaty sets out
the relevant rule to the effect that profits of an enterprise of a Contracting State from the operation of ships in international traffic
shall be taxable only in that State.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfFinancialRiskManagementExplanatory"><p id="xdx_801_eifrs-full--DisclosureOfFinancialRiskManagementExplanatory_zwMjx3aFLDp3" style="font: 9pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>20.&#160;&#160;&#160;&#160;&#160;
<span id="xdx_82A_zCN9PHjzI6nf">Financial risk management objectives and policies</span></b></span></p>

<p style="font: 9pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
Company&#8217;s financial liabilities are long-term borrowings, trade and other payables and the financial derivative instrument. The
main purpose of these financial liabilities is to assist the Company in the financing of its operations and the acquisition of vessels.
The Company has various financial assets such as trade accounts receivable, financial derivative instrument and cash and short-term deposits
including restricted cash, which arise directly from its operations. The main risks arising from the Company&#8217;s financial instruments
are cash flow interest rate risk, credit risk, liquidity risk and foreign currency risk.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>Interest
rate risk</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">Interest
rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. The Company&#8217;s exposure to the risk of changes in market interest rates relates primarily to the Company&#8217;s
long-term debt obligations with floating interest rates. As at December 31, 2022 and 2021, the Company had no long-term borrowings at
a fixed interest rate.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>Interest
rate risk table</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
following table demonstrates the sensitivity to a reasonably possible change in interest rates, with all other variables held constant,
on the Company&#8217;s income/(loss).</span></p>


<ix:exclude><!-- Field: Page; Sequence: 161 -->
    <div style="border-bottom: Black 0.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"><b>20. &#160;&#160;&#160;&#160;&#160;
Financial risk management objectives and policies (continued)</b></span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="glbs:DisclosureOfInterestRateRiskExplanatory"><p id="xdx_891_ecustom--DisclosureOfInterestRateRiskExplanatory_zHV7JUJRClDj" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="display: none; font-size: 10pt">Financial
risk management objectives and policies - Interest rate risk</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="vertical-align: top; width: 79%; padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: top; width: 10%; text-align: right"><span style="font-size: 10pt"><b>Increase/(Decrease) in basis points</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; text-align: right"><span style="font-size: 10pt"><b>Effect on income / (loss)</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td style="text-align: right; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"><span style="font-size: 10pt"><b>$ Libor/SOFR</b></span></td>
    <td id="xdx_980_ecustom--IncreaseInInterestRates_pip0_uPure_c20220101__20221231_zJpSUCsgtyVi" title="Increase in Libor/SOFR" style="text-align: right; text-indent: 0cm"><span style="font-size: 10pt">+<ix:nonFraction name="glbs:IncreaseInInterestRates" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Pure">15</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_983_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20220101__20221231_zH11xznxbUEj" title="Effect on loss (Increase in Libor/SOFR)" style="text-align: right; text-indent: 0cm"><span style="font-size: 10pt">(<ix:nonFraction name="glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">55</ix:nonFraction>)</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"><span style="font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_ecustom--DecreaseInInterestRates_pip0_uPure_c20220101__20221231_zyQ0PRXsH1A" title="Decrease in Libor/SOFR" style="text-align: right; text-indent: 0cm"><span style="font-size: 10pt">-<ix:nonFraction name="glbs:DecreaseInInterestRates" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="INF" scale="0" sign="-" unitRef="Pure">20</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_985_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20220101__20221231_zBsvRh4yaDXf" title="Effect on loss (Decrease in Libor/SOFR)" style="text-align: right; text-indent: 0cm"><span style="font-size: 10pt"><ix:nonFraction name="glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">73</ix:nonFraction></span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"><span style="font-size: 10pt"><b>2021</b></span></td>
    <td style="text-align: right; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"><span style="font-size: 10pt"><b>$ Libor</b></span></td>
    <td id="xdx_98A_ecustom--IncreaseInInterestRates_pip0_uPure_c20210101__20211231_zXplXyQ2M3V3" title="Increase in Libor" style="text-align: right; text-indent: 0cm"><span style="font-size: 10pt">+<ix:nonFraction name="glbs:IncreaseInInterestRates" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Pure">15</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_984_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20210101__20211231_ztDgW1hsI6Ch" title="Effect on loss (Increase in Libor)" style="text-align: right; text-indent: 0cm"><span style="font-size: 10pt">(<ix:nonFraction name="glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">52</ix:nonFraction>)</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"><span style="font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_ecustom--DecreaseInInterestRates_pip0_uPure_c20210101__20211231_zcOXSBq5ZWOi" title="Decrease in Libor/SOFR" style="text-align: right; text-indent: 0cm"><span style="font-size: 10pt">-<ix:nonFraction name="glbs:DecreaseInInterestRates" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="0" sign="-" unitRef="Pure">20</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_987_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20210101__20211231_zW44bxdfuhJg" title="Effect on loss (Decrease in Libor)" style="text-align: right; text-indent: 0cm"><span style="font-size: 10pt"><ix:nonFraction name="glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">69</ix:nonFraction></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"><span style="font-size: 10pt"><b>2020</b></span></td>
    <td title="Decrease in Libor/SOFR" style="text-align: right; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></td>
    <td><span style="font-size: 10pt"><b>&#160;</b></span></td>
    <td title="Effect on loss (Decrease in Libor)" style="text-align: right; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"><span style="font-size: 10pt"><b>$ Libor</b></span></td>
    <td title="Increase in Libor" id="xdx_98E_ecustom--IncreaseInInterestRates_pip0_uPure_c20200101__20201231_z2RcEzYiZgD6" style="text-align: right; text-indent: 0cm"><span style="font-size: 10pt">+<ix:nonFraction name="glbs:IncreaseInInterestRates" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Pure">15</ix:nonFraction></span></td>
    <td><span style="font-size: 10pt"><b>&#160;</b></span></td>
    <td title="Effect on loss (Increase in Libor)" id="xdx_98E_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20200101__20201231_zucDT0D94hV" style="text-align: right; text-indent: 0cm"><span style="font-size: 10pt">(<ix:nonFraction name="glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">57</ix:nonFraction>)</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt">&#160;</td>
    <td title="Decrease in Libor/SOFR" id="xdx_98A_ecustom--DecreaseInInterestRates_pip0_uPure_c20200101__20201231_zFbf2vnLVNp8" style="text-align: right; text-indent: 0cm">-<ix:nonFraction name="glbs:DecreaseInInterestRates" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" scale="0" sign="-" unitRef="Pure">20</ix:nonFraction></td>
    <td>&#160;</td>
    <td title="Effect on loss (Decrease in Libor)" id="xdx_988_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20200101__20201231_zl6bZZPz9Uta" style="text-align: right; text-indent: 0cm"><ix:nonFraction name="glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">75</ix:nonFraction></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt">&#160;</td>
    <td title="Decrease in Libor/SOFR" style="text-align: right; text-indent: 0cm">&#160;</td>
    <td>&#160;</td>
    <td title="Effect on loss (Decrease in Libor)" style="text-align: right; text-indent: 0cm">&#160;</td></tr>
  </table>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"></p>

</ix:nonNumeric><p id="xdx_8AA_zsnDFPgITSAh" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-size: 10pt"><b>Foreign
currency risk</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">The following
table demonstrates the sensitivity to a reasonably possible change in the Euro exchange rate, with all other variables held constant,
to the Company&#8217;s loss due to changes in the fair value of monetary assets and liabilities. The Company&#8217;s exposure to foreign
currency changes for all other currencies as at December 31, 2022 and 2021, was not material.</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="glbs:DisclosureOfForeignCurrencyRiskExplanatory"><p id="xdx_898_ecustom--DisclosureOfForeignCurrencyRiskExplanatory_zCwWZIhOjQX4" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="display: none; font-size: 10pt">Financial
risk management objectives and policies - Foreign currency risk</span><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 79%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Change in
    rate</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Effect on income
    / (loss) </b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td id="xdx_98A_ecustom--IncreaseInExchangeRates_pip0_uPure_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zC4CSIZzU95l" title="Increase in Euro exchange rate" style="padding-right: 5.4pt; text-align: right"><span style="font-size: 10pt">+<ix:nonFraction name="glbs:IncreaseInExchangeRates" contextRef="From2022-01-012022-12-31_ifrs-full_CurrencyRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction>%</span></td>
    <td>&#160;</td>
    <td id="xdx_983_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zo6M9rvy3hP8" title="Effect on loss (Increase in Euro exchange rate)" style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit" contextRef="From2022-01-012022-12-31_ifrs-full_CurrencyRiskMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">573</ix:nonFraction>)</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_ecustom--DecreaseInExchangeRates_pip0_uPure_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zig7dbvj33vc" title="Decrease in Euro exchange rate" style="padding-right: 5.4pt; text-align: right"><span style="font-size: 10pt">-<ix:nonFraction name="glbs:DecreaseInExchangeRates" contextRef="From2022-01-012022-12-31_ifrs-full_CurrencyRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Pure">10</ix:nonFraction>%</span></td>
    <td>&#160;</td>
    <td id="xdx_98A_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zVIvgdl5skpl" title="Effect on loss (Decrease in Euro exchange rate)" style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit" contextRef="From2022-01-012022-12-31_ifrs-full_CurrencyRiskMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">573</ix:nonFraction></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>2021</b></span></td>
    <td id="xdx_98C_ecustom--IncreaseInExchangeRates_pip0_uPure_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zaxRhFosYLLl" title="Increase in Euro exchange rate" style="padding-right: 5.4pt; text-align: right"><span style="font-size: 10pt">+<ix:nonFraction name="glbs:IncreaseInExchangeRates" contextRef="From2021-01-012021-12-31_ifrs-full_CurrencyRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction>%</span></td>
    <td>&#160;</td>
    <td id="xdx_980_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zkp6mvJlCRf9" title="Effect on loss (Increase in Euro exchange rate)" style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit" contextRef="From2021-01-012021-12-31_ifrs-full_CurrencyRiskMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">478</ix:nonFraction>)</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_ecustom--DecreaseInExchangeRates_pip0_uPure_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zduLN0hyks4j" title="Decrease in Euro exchange rate" style="padding-right: 5.4pt; text-align: right"><span style="font-size: 10pt">-<ix:nonFraction name="glbs:DecreaseInExchangeRates" contextRef="From2021-01-012021-12-31_ifrs-full_CurrencyRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Pure">10</ix:nonFraction>%</span></td>
    <td>&#160;</td>
    <td id="xdx_98E_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zuESJBOy5wY9" title="Effect on loss (Decrease in Euro exchange rate)" style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit" contextRef="From2021-01-012021-12-31_ifrs-full_CurrencyRiskMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">478</ix:nonFraction></span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td title="Decrease in Euro exchange rate" style="padding-right: 5.4pt; text-align: right">&#160;</td>
    <td>&#160;</td>
    <td title="Effect on loss (Decrease in Euro exchange rate)" style="text-align: right">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>2020</b></span></td>
    <td title="Increase in Euro exchange rate" id="xdx_984_ecustom--IncreaseInExchangeRates_pip0_uPure_c20200101__20201231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zbxkdz6OyS9e" style="padding-right: 5.4pt; text-align: right"><span style="font-size: 10pt">+<ix:nonFraction name="glbs:IncreaseInExchangeRates" contextRef="From2020-01-012020-12-31_ifrs-full_CurrencyRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction>%</span></td>
    <td><span style="font-size: 10pt"><b>&#160;</b></span></td>
    <td title="Effect on loss (Increase in Euro exchange rate)" id="xdx_98B_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20200101__20201231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_z8DafdUkuol1" style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit" contextRef="From2020-01-012020-12-31_ifrs-full_CurrencyRiskMember" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">258</ix:nonFraction>)<b></b></span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td title="Decrease in Euro exchange rate" id="xdx_984_ecustom--DecreaseInExchangeRates_pip0_uPure_c20200101__20201231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zkIoOUF9pTei" style="padding-right: 5.4pt; text-align: right"><span style="font-size: 10pt">-<ix:nonFraction name="glbs:DecreaseInExchangeRates" contextRef="From2020-01-012020-12-31_ifrs-full_CurrencyRiskMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Pure">10</ix:nonFraction>%</span></td>
    <td>&#160;</td>
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td title="Decrease in Euro exchange rate" style="padding-right: 5.4pt; text-align: right">&#160;</td>
    <td>&#160;</td>
    <td title="Effect on loss (Decrease in Euro exchange rate)" style="text-align: right">&#160;</td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A1_ztK6hEeSaHr" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -7.65pt"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -7.65pt"><span style="font-size: 10pt"><b>Credit
risk</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
Company operates only with recognized, creditworthy third parties including major charterers, commodity traders and government owned
entities. Receivable balances are monitored on an ongoing basis with the result that the Company&#8217;s exposure to impairment on trade
accounts receivable is not significant. The maximum exposure is the carrying value of trade accounts receivable as indicated in the consolidated
statement of financial position. With respect to the credit risk arising from other financial assets of the Company such as cash and
cash equivalents, the Company&#8217;s exposure to credit risk arises from default of the counter parties, which are recognized financial
institutions. The Company performs annual evaluations of the relative credit standing of these counter parties. The exposure of these
financial instruments is equal to their carrying amount as indicated in the consolidated statement of financial position.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -7.65pt"><span style="font-size: 10pt"><b>Concentration
of credit risk table:</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
following table provides information with respect to charterers who individually, accounted for approximately more than 10% of the Company&#8217;s
revenue for the years ended December 31, 2022, 2021 and 2020:</span>&#160;<span style="font-size: 10pt"><b></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="glbs:DisclosureOfConcentrationOfCreditRiskExplanatory"><p id="xdx_890_ecustom--DisclosureOfConcentrationOfCreditRiskExplanatory_zFL3SWuFhtKl" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"><span style="display: none; font-size: 10pt">Financial
risk management objectives and policies - Concentration of credit risk table</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt"><b></b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="font-weight: bold; text-align: right; width: 34%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 10%"><span style="font-size: 9pt"><b>2022</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 10%"><span style="font-size: 9pt"><b>%</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 10%"><span style="font-size: 9pt"><b>2021</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 10%"><span style="font-size: 9pt"><b>%</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 10%"><span style="font-size: 9pt"><b>2020</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 10%"><span style="font-size: 9pt"><b>%</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-size: 9pt">A</span></td>
    <td>&#160;</td>
    <td id="xdx_982_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zWFivZWbKt8c" title="Revenue" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2022-01-012022-12-31_custom_MajorChartererMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,606</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_98D_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zuSCeMCwTkce" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2022-01-012022-12-31_custom_MajorChartererMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">11</ix:nonFraction>%</span></td>
    <td>&#160;</td>
    <td id="xdx_98E_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zCbaOJhF5Ssk" title="Revenue" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2021-01-012021-12-31_custom_MajorChartererMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_980_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zFT4WLne7gB3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2021-01-012021-12-31_custom_MajorChartererMember" format="ixt:zerodash" decimals="INF" scale="0" unitRef="Pure">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_984_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zn8HmDcPDO4a" title="Revenue" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2020-01-012020-12-31_custom_MajorChartererMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_984_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_z6lN0AwXxe46" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2020-01-012020-12-31_custom_MajorChartererMember" format="ixt:zerodash" decimals="INF" scale="0" unitRef="Pure">&#8212;</ix:nonFraction></span></td></tr>
  <tr style="background-color: White">
    <td style="text-align: left"><span style="font-size: 9pt">B</span></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zhN70z8UcJU9" title="Revenue" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2022-01-012022-12-31_custom_MajorChartererBMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,548</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zGbuqu9HNA0f" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2022-01-012022-12-31_custom_MajorChartererBMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">11</ix:nonFraction>%</span></td>
    <td>&#160;</td>
    <td id="xdx_987_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_z373HEIBWDL7" title="Revenue" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2021-01-012021-12-31_custom_MajorChartererBMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zZrWusyV3oR4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2021-01-012021-12-31_custom_MajorChartererBMember" format="ixt:zerodash" decimals="INF" scale="0" unitRef="Pure">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_989_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zAMqq3ncmASl" title="Revenue" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2020-01-012020-12-31_custom_MajorChartererBMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_984_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zbL0AHe2Beqc" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2020-01-012020-12-31_custom_MajorChartererBMember" format="ixt:zerodash" decimals="INF" scale="0" unitRef="Pure">&#8212;</ix:nonFraction></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-size: 9pt">C</span></td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_z46Z7Llh3j1l" title="Revenue" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2022-01-012022-12-31_custom_MajorChartererCMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_98D_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zkjL7SquX0m5" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2022-01-012022-12-31_custom_MajorChartererCMember" format="ixt:zerodash" decimals="INF" scale="0" unitRef="Pure">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_989_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_z7yvdFNGA1Bg" title="Revenue" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2021-01-012021-12-31_custom_MajorChartererCMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,726</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_981_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zsbU3ApgaQC9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2021-01-012021-12-31_custom_MajorChartererCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">18</ix:nonFraction>%</span></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_z7XylfJ0bSRa" title="Revenue" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2020-01-012020-12-31_custom_MajorChartererCMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_98E_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_z1zK8OLZGD96" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2020-01-012020-12-31_custom_MajorChartererCMember" format="ixt:zerodash" decimals="INF" scale="0" unitRef="Pure">&#8212;</ix:nonFraction></span></td></tr>
  <tr style="background-color: White">
    <td style="text-align: left"><span style="font-size: 9pt">D</span></td>
    <td>&#160;</td>
    <td id="xdx_981_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zwibcAUL7JG5" title="Revenue" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2022-01-012022-12-31_custom_MajorChartererDMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zcfZvOnDoBG3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2022-01-012022-12-31_custom_MajorChartererDMember" format="ixt:zerodash" decimals="INF" scale="0" unitRef="Pure">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_981_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zz4hYGiwM9E8" title="Revenue" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2021-01-012021-12-31_custom_MajorChartererDMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,571</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_982_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zqmAdFIrcRjb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2021-01-012021-12-31_custom_MajorChartererDMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">11</ix:nonFraction>%</span></td>
    <td>&#160;</td>
    <td id="xdx_983_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_z6ojPu3lYxLd" title="Revenue" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2020-01-012020-12-31_custom_MajorChartererDMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_98D_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zv4nXtpCalPc" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2020-01-012020-12-31_custom_MajorChartererDMember" format="ixt:zerodash" decimals="INF" scale="0" unitRef="Pure">&#8212;</ix:nonFraction></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-size: 9pt">Other </span></td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zTqKi36RGgSh" title="Revenue" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2022-01-012022-12-31_custom_OtherMajorCharterersMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">48,236</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_98C_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zV3HKHURdwSa" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2022-01-012022-12-31_custom_OtherMajorCharterersMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">78</ix:nonFraction>%</span></td>
    <td>&#160;</td>
    <td id="xdx_980_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zlD21EKt4YZ" title="Revenue" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2021-01-012021-12-31_custom_OtherMajorCharterersMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">30,914</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_987_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_z2Hd9aWJBWV4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2021-01-012021-12-31_custom_OtherMajorCharterersMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">71</ix:nonFraction>%</span></td>
    <td>&#160;</td>
    <td id="xdx_981_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zTn6Ou3mP2bk" title="Revenue" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2020-01-012020-12-31_custom_OtherMajorCharterersMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">11,753</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zgHMvjTXY8z3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2020-01-012020-12-31_custom_OtherMajorCharterersMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction>%</span></td></tr>
  <tr style="background-color: White">
    <td style="text-align: left"><span style="font-size: 9pt"><b>Total</b></span></td>
    <td>&#160;</td>
    <td id="xdx_988_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20220101__20221231_zeugv3zWe0N7" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><b><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">61,390</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td id="xdx_987_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20220101__20221231_zgtuKQh8phMk" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><b><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction>%</b></span></td>
    <td>&#160;</td>
    <td id="xdx_984_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20210101__20211231_zEwEYoxQ1knj" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><b><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">43,211</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20210101__20211231_zccAzRxu4fj3" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><b><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction>%</b></span></td>
    <td>&#160;</td>
    <td id="xdx_983_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20200101__20201231_zLrkHmxp8qee" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><b><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServices" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">11,753</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td id="xdx_987_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20200101__20201231_zaxoNVBO39Wh" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><b><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction>%</b></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A4_zIM9J785KFB" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -7.65pt"><span style="font-size: 10pt"><b>Liquidity
risk&#9;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
Company mitigates liquidity risk by managing cash generated by its operations, applying cash collection targets appropriately. The vessels
are normally chartered under time-charter, bareboat and spot agreements where, as per the industry practice, the charterer pays for the
transportation service 15 days in advance, supporting the management of cash generation. Vessel acquisitions are carefully controlled,
with authorization limits operating up to board level and cash payback periods applied as part of the investment appraisal process. In
this way, the Company maintains a good credit rating to facilitate fund raising. In its funding strategy, the Company&#8217;s objective
is to maintain a balance between continuity of funding and flexibility through the use of bank loans. Excess cash
used in managing liquidity is only invested in financial instruments exposed to insignificant risk of changes in market value or are being
placed on interest bearing deposits with maturities fixed usually for no more than 3 months. The Company monitors its risk relating to
the shortage of funds by considering the maturity of its financial liabilities and its projected cash flows from operations.</span></p>


<ix:exclude><!-- Field: Page; Sequence: 162 -->
    <div style="border-bottom: Black 0.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm">&#160;<span style="font-size: 10pt"><b>20.&#160;&#160;&#160;&#160;&#160;&#160;Financial risk management objectives and policies (continued)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
table below summarizes the maturity profile of the Company&#8217;s financial liabilities (including interest) at December 31, 2022 and
2021 based on contractual undiscounted cash flows.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DescriptionOfManagingLiquidityRisk"><p id="xdx_89D_eifrs-full--DescriptionOfManagingLiquidityRisk_zDe9VNDrUuv2" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"><span style="display: none; font-size: 10pt">Financial
risk management objectives and policies - Liquidity risk</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Year ended
    December 31, 2022</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Less
    than 3 months</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>3
    to 12 months</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>1
    to 5 years</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>More
    than 5 years</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Total</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Long-term debt</span></td>
    <td>&#160;</td>
    <td id="xdx_982_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zsbEBN0ATtR4" title="Long-term debt" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncurrentFinancialLiabilities" contextRef="AsOf2022-12-31_custom_LessThanThreeMonthsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,495</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zholTVXOZ3g4" title="Long-term debt" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncurrentFinancialLiabilities" contextRef="AsOf2022-12-31_custom_ThreeToTwelveMonthsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,266</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zKvxICgIRzP6" title="Long-term debt" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncurrentFinancialLiabilities" contextRef="AsOf2022-12-31_custom_OneToFiveYearsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">43,816</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zGpLG6yqoGUh" title="Long-term debt" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncurrentFinancialLiabilities" contextRef="AsOf2022-12-31_custom_MoreThanFiveYearsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_98B_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231_zGmprW1OmkWd" title="Long-term debt" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncurrentFinancialLiabilities" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">53,577</ix:nonFraction></span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Lease liabilities </span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zObascA6rtda" title="Lease liabilities" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2022-12-31_custom_LessThanThreeMonthsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">80</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_983_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zuIkrjDP5E07" title="Lease liabilities" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2022-12-31_custom_ThreeToTwelveMonthsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">241</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_989_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zgCYB5GIRjH3" title="Lease liabilities" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2022-12-31_custom_OneToFiveYearsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">188</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--LeaseLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zLRu4uwJ4Vr2" title="Lease liabilities" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2022-12-31_custom_MoreThanFiveYearsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_98E_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231_z1DiIXfsl7M" title="Lease liabilities" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">509</ix:nonFraction></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Accrued liabilities and
    other payables</span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zPxM4T8vm55b" title="Accrued liabilities and other payables" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities" contextRef="AsOf2022-12-31_custom_LessThanThreeMonthsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,814</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_983_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zSV3d9IzoD7k" title="Accrued liabilities and other payables" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities" contextRef="AsOf2022-12-31_custom_ThreeToTwelveMonthsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_983_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zNJtHkd0plcl" title="Accrued liabilities and other payables" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities" contextRef="AsOf2022-12-31_custom_OneToFiveYearsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_989_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zw4QAUrNpVUa" title="Accrued liabilities and other payables" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities" contextRef="AsOf2022-12-31_custom_MoreThanFiveYearsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20221231_zvYkJnAXlMic" title="Accrued liabilities and other payables" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,814</ix:nonFraction></span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Trade accounts payables</span></td>
    <td>&#160;</td>
    <td id="xdx_987_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zJ8RE2Kp8Lp6" title="Trade accounts payables" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayables" contextRef="AsOf2022-12-31_custom_LessThanThreeMonthsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,548</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zNjzoQBrIDsl" title="Trade accounts payables" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayables" contextRef="AsOf2022-12-31_custom_ThreeToTwelveMonthsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_98D_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zC1KUN8x9yn4" title="Trade accounts payables" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayables" contextRef="AsOf2022-12-31_custom_OneToFiveYearsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_98C_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zN4iNQI5P1Jk" title="Trade accounts payables" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayables" contextRef="AsOf2022-12-31_custom_MoreThanFiveYearsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_983_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20221231_zQAn8uillqAk" title="Trade accounts payables" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayables" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,548</ix:nonFraction></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td>&#160;</td>
    <td id="xdx_984_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_z6FwY6Ka4iE1" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2022-12-31_custom_LessThanThreeMonthsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">11,937</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_z3LDIOukRrL4" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2022-12-31_custom_ThreeToTwelveMonthsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,507</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td id="xdx_980_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zPfZRg1Kglu3" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2022-12-31_custom_OneToFiveYearsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">44,004</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--FinancialLiabilities_iTI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zCzUJ6L2UpUh" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2022-12-31_custom_MoreThanFiveYearsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231_z76puX9r7PM8" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">63,448</ix:nonFraction></b></span></td></tr>
  </table>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Year ended
    December 31, 2021</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Less
    than 3 months</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>3
    to 12 months</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>1
    to 5 years</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>More
    than 5 years</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Total</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Long-term debt</span></td>
    <td>&#160;</td>
    <td id="xdx_983_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zBI3tVy94gs1" title="Long-term debt" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncurrentFinancialLiabilities" contextRef="AsOf2021-12-31_custom_LessThanThreeMonthsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,566</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_981_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zd48sHaPFjKc" title="Long-term debt" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncurrentFinancialLiabilities" contextRef="AsOf2021-12-31_custom_ThreeToTwelveMonthsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,614</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_987_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zzvhSxKgZGt8" title="Long-term debt" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncurrentFinancialLiabilities" contextRef="AsOf2021-12-31_custom_OneToFiveYearsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">29,325</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zQa6Rq5jEKbh" title="Long-term debt" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncurrentFinancialLiabilities" contextRef="AsOf2021-12-31_custom_MoreThanFiveYearsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20211231_z0TsNNiT1Ji6" title="Long-term debt" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncurrentFinancialLiabilities" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">35,505</ix:nonFraction></span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Lease liabilities </span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--LeaseLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zoFubLCDvQj4" title="Lease liabilities" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2021-12-31_custom_LessThanThreeMonthsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">92</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_98D_eifrs-full--LeaseLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zfHJR0B8zYjf" title="Lease liabilities" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2021-12-31_custom_ThreeToTwelveMonthsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">275</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_98C_eifrs-full--LeaseLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zg0cnhZcuWNg" title="Lease liabilities" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2021-12-31_custom_OneToFiveYearsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">585</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_98B_eifrs-full--LeaseLiabilities_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zA1cPOpnsRda" title="Lease liabilities" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2021-12-31_custom_MoreThanFiveYearsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--LeaseLiabilities_iI_pn3n3_c20211231_zhrHEHry4Fyj" title="Lease liabilities" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">952</ix:nonFraction></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Accrued liabilities and
    other payables</span></td>
    <td>&#160;</td>
    <td id="xdx_989_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zvrnUX2yJSZh" title="Accrued liabilities and other payables" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities" contextRef="AsOf2021-12-31_custom_LessThanThreeMonthsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,497</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_98C_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_z16iFnTOf5x6" title="Accrued liabilities and other payables" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities" contextRef="AsOf2021-12-31_custom_ThreeToTwelveMonthsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_ztD2tyiyqZE2" title="Accrued liabilities and other payables" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities" contextRef="AsOf2021-12-31_custom_OneToFiveYearsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_981_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zJjx58GZIJT7" title="Accrued liabilities and other payables" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities" contextRef="AsOf2021-12-31_custom_MoreThanFiveYearsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_98D_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20211231_z7PfFyIRp7f8" title="Accrued liabilities and other payables" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,497</ix:nonFraction></span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Trade accounts payables</span></td>
    <td>&#160;</td>
    <td id="xdx_98B_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zSkuxAoCzsah" title="Trade accounts payables" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayables" contextRef="AsOf2021-12-31_custom_LessThanThreeMonthsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,100</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_989_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zViERfpnfVE6" title="Trade accounts payables" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayables" contextRef="AsOf2021-12-31_custom_ThreeToTwelveMonthsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_987_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zAhSmG5VgIBl" title="Trade accounts payables" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayables" contextRef="AsOf2021-12-31_custom_OneToFiveYearsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_989_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zhHT5YTVAR4a" title="Trade accounts payables" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayables" contextRef="AsOf2021-12-31_custom_MoreThanFiveYearsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_98C_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20211231_zA12ndxcwsxf" title="Trade accounts payables" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayables" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,100</ix:nonFraction></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Current portion of fair
    value of derivative financial instruments</span></td>
    <td>&#160;</td>
    <td id="xdx_982_eifrs-full--CurrentDerivativeFinancialLiabilities_iIP3ifrs-full--TradeAndOtherCurrentPayables_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zyWrWXtWNEWc" title="Current portion of fair value of derivative financial instruments" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentDerivativeFinancialLiabilities" contextRef="AsOf2021-12-31_custom_LessThanThreeMonthsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">23</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--CurrentDerivativeFinancialLiabilities_iIP3ifrs-full--TradeAndOtherCurrentPayables_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zr5LKZGamDIi" title="Current portion of fair value of derivative financial instruments" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentDerivativeFinancialLiabilities" contextRef="AsOf2021-12-31_custom_ThreeToTwelveMonthsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">69</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_989_eifrs-full--CurrentDerivativeFinancialLiabilities_iIP3ifrs-full--TradeAndOtherCurrentPayables_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zkRaih07Hvqh" title="Current portion of fair value of derivative financial instruments" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentDerivativeFinancialLiabilities" contextRef="AsOf2021-12-31_custom_OneToFiveYearsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--CurrentDerivativeFinancialLiabilities_iIP3ifrs-full--TradeAndOtherCurrentPayables_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zUzuDivBL9P7" title="Current portion of fair value of derivative financial instruments" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentDerivativeFinancialLiabilities" contextRef="AsOf2021-12-31_custom_MoreThanFiveYearsMember" format="ixt:zerodash" decimals="-3" scale="3" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td id="xdx_980_eifrs-full--CurrentDerivativeFinancialLiabilities_iIP2ifrs-full--FinancialLiabilities_pn3n3_c20211231_zdBsMPZUKEZ6" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentDerivativeFinancialLiabilities" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">92</ix:nonFraction></span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td>&#160;</td>
    <td id="xdx_981_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zXCVxwzsqebl" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2021-12-31_custom_LessThanThreeMonthsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,278</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td id="xdx_987_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zPPd998JGRT3" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2021-12-31_custom_ThreeToTwelveMonthsMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,958</ix:nonFraction></b></span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8A9_zU84Jxr6vjk3" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 96.4pt; text-align: justify; text-indent: -68.05pt"><span style="font-size: 10pt"><b>Capital
management</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 96.4pt; text-align: justify; text-indent: -60.4pt"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
primary objective of the Company&#8217;s capital management is to ensure that it maintains a strong credit rating and healthy capital
ratios in order to support its business and maximize shareholder value. The Company manages its capital structure and makes adjustments
to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Company may adjust the dividend payment
to shareholders, return capital to shareholders or issue new shares as well as managing the outstanding level of debt. Lenders may impose
capital structure or solvency ratios (refer to note 11). No changes were made in the objectives, policies or processes during the years
ended December 31, 2022 and 2021.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfFairValueMeasurementExplanatory"><p id="xdx_807_eifrs-full--DisclosureOfFairValueMeasurementExplanatory_z4sN1kphIVPe" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>21.&#160;&#160;&#160;&#160;&#160;
<span id="xdx_82E_zKZ3TbZLgJ47">Fair values</span></b></span></p>

<p style="font: 9pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>Carrying
amounts and fair values</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the
fair value hierarchy (as defined in note 2.27). It does not include fair value information for financial assets and financial liabilities
not measured at fair value if the carrying amount is a reasonable approximation of fair value, such as cash and cash equivalents, restricted
cash, trade receivables and trade payables.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm">&#160;</p>


<ix:exclude><!-- Field: Page; Sequence: 163 -->
    <div style="border-bottom: Black 0.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></td><td style="width: 33%; text-align: right">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><a href="#a_033">Table of Contents</a></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>GLOBUS MARITIME LIMITED</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>(Amounts presented in thousands of U.S. Dollars - except for share, per share and warrants data, unless otherwise stated)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0cm"></p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"><b>21.<span style="font-size: 10pt">&#160;&#160;&#160;&#8239;&#160;&#160;
Fair values (continued)</span></b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><b>&#160;</b></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="glbs:DisclosureOfFairValuesExplanatory"><p id="xdx_897_ecustom--DisclosureOfFairValuesExplanatory_z8vskmVdEHa8" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"><span style="display: none; font-size: 10pt">Fair
values measurement</span></p>

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    <td style="width: 1%">&#160;</td>
    <td style="text-align: right; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
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    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr>
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    <td>&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;&#160;</span></td>
    <td style="text-align: right">&#160;</td>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td style="text-align: right">&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
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    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr>
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    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr>
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    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt">&#8212;&#160;</span></td>
    <td style="text-align: right">&#160;</td>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr>
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"><b>&#160;</b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"><b>&#160;</b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm">&#160;</p>

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  <tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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  <tr>
    <td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="width: 1%">&#160;</td>
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    <td style="text-align: right; width: 1%">&#160;</td>
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    <td style="text-align: right; width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b>Level 3</b></span></td>
    <td style="text-align: right; width: 1%">&#160;</td>
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  <tr>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 9pt"><b>December&#160;31, 2021</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b>Financial assets</b></span></td>
    <td>&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 9pt"><b>Financial assets measured at fair value</b></span></td>
    <td>&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Derivative financial instruments</span></td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20211231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zSObVLCxAex4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncurrentDerivativeFinancialAssets" contextRef="AsOf2021-12-31_custom_FinancialAssetsAtFairValueIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">417</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;&#160;</span></td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_98C_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20211231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_zYLBHPm2XqP3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncurrentDerivativeFinancialAssets" contextRef="AsOf2021-12-31_ifrs-full_AtFairValueMember_custom_FinancialAssetsAtFairValueIMember_custom_LevelIIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">417</ix:nonFraction></span></td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_989_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20211231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_z6rf7Rk6WgX1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:NoncurrentDerivativeFinancialAssets" contextRef="AsOf2021-12-31_ifrs-full_AtFairValueMember_custom_FinancialAssetsAtFairValueIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">417</ix:nonFraction></b></span></td></tr>
  <tr style="background-color: White">
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--FinancialAssetsAtFairValue_iI_pn3n3_c20211231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zeNUnNIuz8Wj" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b><ix:nonFraction name="ifrs-full:FinancialAssetsAtFairValue" contextRef="AsOf2021-12-31_custom_FinancialAssetsAtFairValueIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">417</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b>Financial liabilities</b></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 9pt"><b>Financial liabilities measured at fair value</b></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Derivative financial instruments</span></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--NoncurrentDerivativeFinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--FinancialLiabilitiesAtFairValueIIMember_z5rey6iHuFWi" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncurrentDerivativeFinancialLiabilities" contextRef="AsOf2021-12-31_custom_FinancialLiabilitiesAtFairValueIIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">92</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;&#160;</span></td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_98C_eifrs-full--NoncurrentDerivativeFinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--FinancialLiabilitiesAtFairValueIIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_zMUyNHD5bJZj" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncurrentDerivativeFinancialLiabilities" contextRef="AsOf2021-12-31_ifrs-full_AtFairValueMember_custom_FinancialLiabilitiesAtFairValueIIMember_custom_LevelIIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">92</ix:nonFraction></span></td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_983_eifrs-full--NoncurrentDerivativeFinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--FinancialLiabilitiesAtFairValueIIMember_zwUbv9g97E85" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><ix:nonFraction name="ifrs-full:NoncurrentDerivativeFinancialLiabilities" contextRef="AsOf2021-12-31_ifrs-full_AtFairValueMember_custom_FinancialLiabilitiesAtFairValueIIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">92</ix:nonFraction></b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_988_eifrs-full--FinancialLiabilitiesAtFairValue_iI_pn3n3_c20211231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--FinancialLiabilitiesAtFairValueIIMember_zr9Ec3EAVrOh" style="border-top: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b><ix:nonFraction name="ifrs-full:FinancialLiabilitiesAtFairValue" contextRef="AsOf2021-12-31_custom_FinancialLiabilitiesAtFairValueIIMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">92</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 9pt"><b>Financial liabilities not measured at fair value</b></span></td>
    <td>&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Long-term borrowings</span></td>
    <td>&#160;</td>
    <td id="xdx_984_ecustom--BorrowingsGross_iI_pn3n3_c20211231__ifrs-full--MeasurementAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember_z2yPVSaABqm" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:BorrowingsGross" contextRef="AsOf2021-12-31_custom_NotMeasuredAtFairValueFinancialLiabilitiesMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">31,750</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;&#160;</span></td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_980_ecustom--BorrowingsGross_iI_pn3n3_c20211231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember_zUQrJycUvBVc" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="glbs:BorrowingsGross" contextRef="AsOf2021-12-31_custom_NotMeasuredAtFairValueFinancialLiabilitiesMember_custom_LevelIIMember_ifrs-full_AtFairValueMember" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">32,155</ix:nonFraction></span></td>
    <td style="text-align: right">&#160;</td>
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    <td style="text-align: right">&#160;</td>
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    <td style="border-top: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AE_zoBSYWREMHq5" style="margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0pt 0pt 9pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>21.&#160;&#160;&#160;&#160;&#160;&#160;
Fair values (continued)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 1cm"><span style="font-size: 10pt"><b>Measurement
of fair values</b></span></p>

<p style="font: 9pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 1cm"><span style="font-size: 10pt"><b>Valuation
techniques and significant unobservable inputs</b></span></p>

<p style="font: 9pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

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following tables show the valuation techniques used in measuring Level 1, Level 2 and Level 3 fair values, as well as the significant
unobservable inputs used.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="glbs:DisclosureOfValuationTechniquesAndSignificantUnobservableInputs"><p id="xdx_89A_ecustom--DisclosureOfValuationTechniquesAndSignificantUnobservableInputs_zLa8SgyqGnO8" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><span style="display: none; font-size: 10pt">&#160;Valuation
techniques and significant unobservable inputs</span></span></p>

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<tr style="vertical-align: bottom; background-color: White">
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    <td style="padding-left: 5.4pt; width: 25%"><span style="font-size: 10pt">&#160;</span></td><td style="width: 1%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt; width: 25%"><span style="font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; padding-bottom: 1pt; padding-left: 5.4pt"><span style="font-size: 10pt">Type</span></td><td style="font-size: 9pt; font-weight: bold; font-style: italic; padding-bottom: 1pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><span style="font-size: 10pt">Valuation
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    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><span style="font-size: 10pt">Significant
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
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    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td></tr>
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<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
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    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><span style="font-size: 10pt">Valuation
    Techniques</span></td><td style="font-size: 9pt; font-weight: bold; font-style: italic; padding-bottom: 1pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><span style="font-size: 10pt">Significant
    unobservable inputs</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 9pt; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><span style="font-size: 10pt">Discounted
    cash flow</span></td><td style="font-size: 9pt; padding-bottom: 1pt"><span style="font-size: 10pt">&#160;</span></td>
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"></p>

</ix:nonNumeric><p id="xdx_8A8_zhlTOo805XUk" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 1cm"><span style="font-size: 10pt"><b>Transfers between Level
1, 2 and 3</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-size: 10pt">There
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory"><p id="xdx_80F_eifrs-full--DisclosureOfEventsAfterReportingPeriodExplanatory_zAnIzpdwHeba" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><span style="font-size: 10pt"><b>22.&#160;&#160;&#160;&#160;&#160;&#160;
<span id="xdx_820_zSkgFJ3FkO9d">Events after the reporting date</span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 6, 2023, the Company, through a wholly owned subsidiary, entered into an agreement to sell the <span id="xdx_903_ecustom--VesselYearBuilt_c20230101__20230306__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SunGlobeMember_zF2qtHyS07R7"><ix:nonNumeric contextRef="From2023-01-012023-03-06_custom_SunGlobeMember" name="glbs:VesselYearBuilt">2007</ix:nonNumeric></span>-built Sun Globe for a gross
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2023 the Company, through its subsidiary, Calypso Shipholding S.A., paid the 2<sup>nd</sup> instalment under the contract dated
April 29, 2022, for the construction and purchase of one fuel efficient <span id="xdx_90F_ecustom--VesselType_c20230101__20230306__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSA1Member_zh2eXEOxaLAb"><ix:nonNumeric contextRef="From2023-01-012023-03-06_custom_CalypsoShipholdingSA1Member" name="glbs:VesselType">bulk carrier</ix:nonNumeric></span> of about <span id="xdx_90B_ecustom--VesselCapacity_pip0_uPure_c20230101__20230331__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSA1Member_zhx3GnL0bGTb"><ix:nonFraction name="glbs:VesselCapacity" contextRef="From2023-01-012023-03-31_custom_CalypsoShipholdingSA1Member" format="ixt:numdotdecimal" decimals="INF" scale="0" unitRef="Pure">64,000</ix:nonFraction></span> dwt vessel, amounting to $<span id="xdx_900_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20230101__20230331__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSA1Member_z9CFYqLaSAQf"><ix:nonFraction name="ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities" contextRef="From2023-01-012023-03-31_custom_CalypsoShipholdingSA1Member" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD">3.7</ix:nonFraction></span> million
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-size: 10pt"></span></p>

</ix:nonNumeric><p id="xdx_814_zRvrPIvMtrXb" style="font: 9pt Times New Roman, Times, Serif; margin-right: 7.05pt; margin-bottom: 12pt; margin-left: 24.75pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin-right: 7.05pt; margin-bottom: 12pt; margin-left: 24.75pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"></span></p>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 2.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Description of Rights of Each Class&nbsp;of Securities Registered
under Section&nbsp;12 of the Exchange Act</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: 0.25in">As of December&nbsp;31, 2022,
Globus Maritime Limited (the &ldquo;Company,&rdquo; &ldquo;Globus,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; or &ldquo;our&rdquo;) had
the following securities registered pursuant to Section&nbsp;12 of the Act:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trading&nbsp;symbols</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 32%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Name&nbsp;of&nbsp;each&nbsp;exchange&nbsp;on&nbsp;which</B></P>
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    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GLBS</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nasdaq Capital Market</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: justify; text-indent: 0.25in">For which Capitalized terms
used but not defined herein have the meanings given to them in our annual report on Form&nbsp;20-F for the fiscal year ended December&nbsp;31,
2022 (the &ldquo;<B>Annual report</B>&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"><I>The following is a description that includes,
among other things, the material terms of our articles of incorporation and bylaws. The description does not purport to be complete and
is subject to, and qualified in its entirety by reference to, all the provisions of the articles of incorporation and bylaws. Because
the following is only a summary, it does not contain all information that you may find important.</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"><B>AUTHORIZED CAPITAL</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">Globus Maritime Limited is authorized to issue
(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 yet 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 outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Two series of preferred shares have been designated.</P>

<P STYLE="font: 10pt Times 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 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">All of our shares are in registered form. Our
articles of incorporation do not permit the issuance of bearer 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">We have financed our operations through funds
raised in public and private placements of common shares and through debt. We also issued shares to our officers and employees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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">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"><B>COMMON SHARES, CLASS&nbsp;B SHARES, AND SERIES 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">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 and Class&nbsp;B shares have equivalent economic rights. 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"></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">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">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">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; text-align: justify">Common shares that have been entered into the
DTC book-entry system will be registered in the name of Cede&nbsp;&amp; Co., as nominee for DTC and transfers of beneficial ownership
of shares held through DTC will be effected by electronic transfer made by DTC participants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transfers of shares held outside of DTC or another
direct registration system maintained by Computershare, our transfer agent, and not represented by certificates are effected by a stock
transfer instrument.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transfer of registered certificates is effected
by presenting and surrendering the certificates to us or our transfer agent. A valid transfer requires the registered certificates to
be properly endorsed for transfer as provided for in the certificates and accompanied by proper instruments of transfer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our articles of incorporation, bylaws and the BCA do not contain transfer
restrictions on 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>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" 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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&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" 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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the number of preferred shares in the series;</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the preferences and relative participating option or other special rights, if any, and any qualifications, limitations or restrictions of such series; and</P>



<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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the voting rights, if any, of the holders of the series.</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">As of the date hereof no Series&nbsp;A
Preferred Shares are outstanding. The holders of our Series&nbsp;A Preferred Shares are 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 determine whether funds are legally available under the BCA for such dividend. Any accrued
but unpaid dividends do 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 are 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; 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 June&nbsp;2020, we issued
50 newly designated Series&nbsp;B Preferred Shares,&nbsp;par value $0.001 per share, to Goldenmare Limited, a company controlled by our
Chief Executive Officer, Athanasios Feidakis. We issued an additional 250 Series&nbsp;B preferred shares to Goldenmare Limited in July&nbsp;2020
and an additional 10,000 Series&nbsp;B preferred shares to Goldenmare Limited in March&nbsp;2021.</P>

<P STYLE="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 Series&nbsp;B preferred
shares currently 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,&nbsp;<I>provided however,&nbsp;</I>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><B>.&nbsp;</B>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><B>.&nbsp;</B>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><I>.&nbsp;</I>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; 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><B>.&nbsp;</B>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.&nbsp;</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Proportional
Adjustment.</I></B></FONT>&nbsp;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.</P>

<P STYLE="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>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">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 its receipt of the par value of $0.001 per Series&nbsp;B preferred share, the holder of our Series&nbsp;B Preferred Shares does 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"><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">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 our annual report on Form&nbsp;20-F and in prospectuses we may file
from time to time, 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">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"></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>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">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 may reissue or resell any Class&nbsp;B shares that shall have been converted into common shares. Neither
the Common Shares nor the Class&nbsp;B Shares may be reclassified, subdivided or combined unless such reclassification, subdivision or
combination occurs simultaneously and in the same proportion for each such class of Common 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"><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">Our directors are elected by the vote of the plurality
of the votes cast by shareholders entitled to vote in the election. 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">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">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"><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">Our articles of incorporation provide for a board
of directors serving staggered, three-year terms. Approximately one-third of our board of directors are 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"><B>REMOVAL OF DIRECTORS; VACANCIES; ADVANCE NOTICE OF NOMINATIONS</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">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 cast at a meeting of the shareholders. 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.&nbsp; 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"><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">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"></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>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">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"><B>DISSENTERS&rsquo; RIGHTS 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">Under the BCA, our shareholders may 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 and regular course of our business, and receive
payment of the fair value of their shares, subject to exceptions. The right of a dissenting shareholder to receive payment of the fair
value of his shares is not available for the shares of any class or series of stock, which shares at the record date fixed to determine
the shareholders entitled to receive notice of and 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"><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">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, among other requirements
set forth in 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"><B>AMENDMENT OF 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">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.</P>

<P STYLE="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>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"></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">For instance, while our common
shares have one vote on matters before the shareholders, each of our 10,300 outstanding Series&nbsp;B preferred shares has 25,000 votes
on matters before the shareholders;&nbsp;<I>provided however,&nbsp;</I>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; text-indent: 0.75in"><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"></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>Action
by Written Consent in Lieu of a Meeting.&nbsp;</I></FONT>Our articles permit any action which may or is required by the BCA to be taken
at a meeting of the shareholders to be authorized by consents in writing signed 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. Presently and until and unless we issue a significant number of securities, Goldenmare Limited, a company
affiliated with our Chief Executive Officer, holds Series&nbsp;B Preferred Shares controlling 49.99% of the voting power of our outstanding
capital stock. Goldenmare could, together with shareholders possessing a relatively small number of shares, act by written consent in
lieu of a meeting and authorize major transactions on behalf of the Company, all without calling a 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; text-indent: 0.5in"><I>Business Combinations</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">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>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;owns
15.0% or more of our outstanding voting shares;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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"></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>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">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; text-align: justify">The limitation of liability and indemnification
provisions in our articles of incorporation may discourage shareholders from bringing a lawsuit against our directors for breach of their
fiduciary duty. These provisions may also have the effect of reducing the likelihood of derivative litigation against directors and officers,
even though such an action, if successful, may otherwise benefit us and our shareholders. In addition, an investor in our common shares
may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these
indemnification provisions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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"><B>TRANSFER AGENT AND REGISTRAR</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">Computershare,&nbsp;Inc. is the transfer agent and registrar 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>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: 0.25in">Our corporate affairs are
governed by our articles of incorporation and bylaws and by the BCA. The provisions of the BCA resemble provisions of the corporation
laws of a number of states in the United States. While the BCA also provides that, for non-resident entities like us, 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 Republic of the Marshall Islands and we cannot predict whether Marshall Islands courts would reach
the same conclusions as courts in the United States. Thus, you may have more difficulty in protecting your interests in the face of actions
by the management, directors or controlling shareholders than would shareholders of a corporation incorporated in a United States jurisdiction
which has developed a substantial body of case law. The following table provides a comparison between the 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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt; width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Marshall Islands</B></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 4pt; border-right: black 1pt solid; padding-bottom: 4pt; border-bottom: black 1pt solid; width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Delaware</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding: 4pt 2.9pt; border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Shareholder Meetings</B></P></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 4pt 2.9pt; border-bottom: black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Held at a time and place as designated in the bylaws.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 4pt 5.4pt; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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">
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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>
  </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: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 4pt 5.4pt; width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: center"><B>Marshall Islands</B></P></TD>
    <TD STYLE="padding: 4pt 5.4pt; width: 50%; border-top: black 1pt solid; border-right: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: center"><B>Delaware</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt 5.4pt; border: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;be held within or without the Marshall Islands.</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;be held within or without Delaware.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Notice:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Whenever shareholders are required to
    take any action at a meeting, 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.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">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. If sent by electronic
    transmission, notice given shall be deemed given when directed to a number or electronic mail address at which the shareholder has consented
    to receive notice.</P></TD>
    <TD STYLE="padding: 4pt 5.4pt; border-bottom: black 1pt solid; border-right: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Notice:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">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.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Written notice shall be given not less
    than 10 nor more than 60 days before the meeting.</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding: 4pt 5.4pt 4pt 2.9pt; border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Shareholders&rsquo; Voting Rights</B></P></TD>
    <TD STYLE="padding: 4pt 5.4pt; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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="padding: 4pt 5.4pt; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any action required to be taken at 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">
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any shareholder authorized to vote may authorize another person to act for him by proxy.</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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">
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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="padding: 4pt 5.4pt; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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">
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The articles of incorporation may provide for cumulative voting in the election of directors.</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The certificate of incorporation may provide for cumulative voting in the election of directors.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Merger or Consolidation</B></P></TD>
    <TD STYLE="padding: 4pt 5.4pt; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: justify">&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: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 4pt 5.4pt; border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Marshall Islands</B></P></TD>
    <TD STYLE="padding: 4pt 5.4pt; border-top: black 1pt solid; border-right: black 1pt solid; width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Delaware</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt 5.4pt; border: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any two or more domestic corporations may merge into a single corporation if approved by the boards of the participating corporations and if authorized by a majority vote of the holders of outstanding shares at a shareholder meeting of each constituent corporation.</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any two or more corporations existing under the laws of the state may merge into a single corporation pursuant to a board resolution and upon the majority vote by shareholders of each constituent corporation at an annual or special meeting.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any sale, lease, exchange or other disposition of all or substantially all the assets of a corporation, if not made in the corporation&rsquo;s usual or regular course of business, once approved by the board, shall be authorized by the affirmative vote of two-thirds of the shares of those entitled to vote at a shareholder meeting.</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Every corporation may at any meeting of the board sell, lease or exchange all or substantially all of its property and assets as its board deems expedient and for the best interests of the corporation when so authorized by a resolution adopted by the holders of a majority of the outstanding stock of the corporation entitled to vote.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any domestic corporation owning at least 90% of the outstanding shares of each class of another domestic corporation may merge such other corporation into itself without the authorization of the shareholders of any corporation.</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any corporation owning at least 90% of the outstanding shares of each class of another corporation may merge the other corporation into itself and assume all of its obligations without the vote or consent of shareholders; however, in case the parent corporation is not the surviving corporation, the proposed merger shall be approved by a majority of the outstanding stock of the parent corporation entitled to vote at a duly called shareholder meeting.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any mortgage, pledge of or creation of a security interest in all or any part of the corporate property may be authorized without the vote or consent of the shareholders, unless otherwise provided for in the articles of incorporation.</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any mortgage or pledge of a corporation&rsquo;s property and assets may be authorized without the vote or consent of shareholders, except to the extent that the certificate of incorporation otherwise provides.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Directors</B></P></TD>
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The board of directors must consist of at least one member.</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The board of directors must consist of at least one member.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The number of board members may 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="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The 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 an amendment to the certificate of incorporation.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the board is authorized to change the number of directors, it can only do so by a majority of the entire board and so long as no decrease in the number shall shorten the term of any incumbent director.</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the number of directors is fixed by the certificate of incorporation, a change in the number shall be made only by an amendment of the certificate.</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>

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 4pt 5.4pt; border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Marshall Islands</B></P></TD>
    <TD STYLE="padding: 4pt 5.4pt; border-top: black 1pt solid; border-right: black 1pt solid; width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Delaware</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt 5.4pt; border: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Removal:</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Removal:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any or all of the directors may be removed for cause by vote of the shareholders.&nbsp;&nbsp;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.</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 unless the certificate of incorporation otherwise provides.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the articles of incorporation or the bylaws so provide, any or all of the directors may be removed without cause by vote of the shareholders.</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the case of a classified board, shareholders may effect removal of any or all directors only for cause.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-left: 2.9pt; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dissenters&rsquo; Rights of Appraisal</B></P></TD>
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders have a right to dissent from any plan of merger, consolidation or sale or exchange of all or substantially all assets not made in the usual and regular 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 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. The right of a dissenting shareholder to receive payment of the fair value of his or her shares shall not be available for any shares of stock of the constituent corporation surviving a merger if the merger did not require for its approval the vote of the shareholders of the surviving corporation.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 4pt 5.4pt; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 stock is offered for consideration is (i)&nbsp;listed on a national securities exchange or (ii)&nbsp;held of record by more than 2,000 holders.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt 5.4pt 4pt 0.325in; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-indent: -0.25in; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Alters
or abolishes any preferential right of any outstanding shares having preferences; or</TD>
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 4pt 5.4pt 4pt 0.325in; text-indent: -0.25in; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Creates,
alters, or abolishes any provision or right in respect to the redemption of any outstanding shares; or</TD>
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify">&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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border: Black 1pt solid; padding: 4pt 5.4pt; width: 57%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Marshall Islands</B></P></TD>
    <TD STYLE="padding: 4pt 5.4pt; border-top: black 1pt solid; border-right: black 1pt solid; width: 43%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Delaware</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 4pt 5.4pt 4pt 0.325in; text-indent: -0.25in; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Alters or abolishes any preemptive right of such holder to acquire shares or other securities; or</TD>
    <TD STYLE="padding: 4pt 5.4pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 4pt 5.4pt 4pt 0.325in; text-indent: -0.25in; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Excludes
or limits the right of such holder to vote on any matter, except as such right may be limited by the voting rights given to new shares
then being authorized of any existing or new class.</TD>
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding: 4pt 5.4pt 4pt 2.9pt; border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Shareholder&rsquo;s Derivative
    Actions</B></P></TD>
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 of bringing the action 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="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In any derivative suit instituted by a shareholder of 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">
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A complaint shall set forth with particularity the efforts of the plaintiff to secure the initiation of such action by the board or the reasons for not making such effort.&nbsp;&nbsp;Such action shall not be discontinued, compromised or settled, without the approval of the High Court of the Republic of the Marshall Islands.</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other requirements regarding derivative suits have been created by judicial decision, including that a shareholder may not bring a derivative suit unless he or she first demands that the corporation sue on its own behalf and that demand is refused (unless it is shown that such demand would have been futile).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reasonable expenses including attorney&rsquo;s fees may be awarded if the action is successful.</FONT></TD>
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 STYLE="padding: 4pt 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TYPE>EX-4.2
<SEQUENCE>3
<FILENAME>exhibit42.htm
<DESCRIPTION>EXHIBIT 4.2
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<B>UNOFFICIAL TRANSLATION</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">PRIVATE SUBLEASE 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; text-align: justify">This private sublease agreement dated June&nbsp;22,
2022 is made between F.G. EUROPE A.E., a Company specializing in the white/brown electric goods with registered offices at 128 Vouliagmenis
Ave/ in Glyfada, Attica under the registered number (GEMI 125776001000 and AFM/Tax ID [&#9679;] Tax Office F.A.E Piraeus which is legally
represented by Athanasios Feidakis the son of Constantine and hereinafter called the &ldquo;Sublessor&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">and GLOBUS SHIPMANAGEMENT CORP., maintaining an
office in Greece at 128 Vouliagmenis Ave, Glyfada 16674 Athens (<I>the &ldquo;Company&rdquo;</I>), and which is legally represented by
Evangelos Mylonas the son of Ioannis, and which is hereinafter called the &ldquo;Sublessee&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">Therefore, it was agreed and accepted the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is hereby agreed that the first of the agreeing
parties, the &ldquo;Sublessor agreeing to this Sublease Agreement to the second consenting party &ldquo;the Sublessee&rdquo; a part of
the 2<SUP>nd</SUP>&nbsp;&amp; 3<SUP>rd</SUP> floor of the building as it&rsquo;s described by the designing Architect Mr.&nbsp;Mylonas
(September&nbsp;1997) accompanied by the common areas in total of 902 sqm., subsequent to the following modifications under the number
N.4495/2017 by the Architect Ms.&nbsp;Sophia Ilia, with the following terms and 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">The building is under the exclusive ownership
of &ldquo;National Leasing Monoprosopi AEXM&rdquo; and constitutes this leasing which isn&rsquo;t legally protected.</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: 0.25in">1.</TD><TD STYLE="text-align: justify">The term of this sublease is agreed by all parties to be three years commencing on June&nbsp;22, 2022
and continuing until August&nbsp;4, 2024. At the end of the term the Sublessee is obliged under no further notice to leave the leased
property and return the keys to the &ldquo;Sublessor&rdquo;.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: justify">During the term of June&nbsp;22, 2022 and until August&nbsp;4,
2024, the monthly rent is set at the sum of Twenty Six Thousand Euro (26,000).</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">3.</TD><TD STYLE="text-align: justify">It is hereby agreed by all parties that the monthly rent will be adjusted accordingly by a special written
agreement between the &ldquo;Sublessor&rdquo; and the &ldquo;Sublessee&rdquo; and b) if for any reason there is a dissolution of the above
terms then the entire Agreement becomes dissolved and voided. The monthly rent shall be paid within the first three days of each calendar
month.</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">4.</TD><TD STYLE="text-align: justify">Use of premises: Sublessee shall use the premises leased according to Company&rsquo;s stated business
purposes in its Constitutional declaration only and for no other purpose without Sublessor&rsquo;s prior written consent.</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">5.</TD><TD STYLE="text-align: justify">It is forbidden any further subletting by the &ldquo;Sublessee&rdquo; to another party regardless of any
monetary or nonmonetary value without the written consent of the &ldquo;Sublessor&rdquo;.</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">6.</TD><TD STYLE="text-align: justify">By signing subject sublease the Sublessee&rsquo;s legal representative has inspected the property and
found it to be satisfactory.</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">7.</TD><TD STYLE="text-align: justify">During the duration of the sublease the Sublessee is not entitled to make any alterations in any shape
or form without the written consent of the Sublessor.</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">8.</TD><TD STYLE="text-align: justify">The Sublessor doesn&rsquo;t have any responsibility or duty during the duration of the sublease to maintain
and or repair the premises for any reason other than those damages occurring beyond the Sublessee&rsquo;s control. The Sublesee is responsible
for the safety, cleanliness and maintenance of the premises in its possession and is responsible for any damage other than the one due
to ordinary usage.</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="break-before: page; 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>

<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">9.</TD><TD STYLE="text-align: justify">Premises have been provided with a) proper electrical installation and b) proper plumbing installation.
The Sublessee is responsible for payment of its own electric and water consumption as they each appear with the analogue sums in the relative
invoices drawn by each Authorized entity. Furthermore, the Sublessee is responsible for the Stamp Duty of 3.6% on top of the rental monthly
payment and in addition to the stamp duty of cleaning dues and sewer generated expenses plus any relative VAT and Stamp Duty tax generated
by the Municipality of the vicinity and incorporated in the invoices generated by the Electricity Dept (DEY) and sewer Dept.</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">10.</TD><TD STYLE="text-align: justify">Should the Sublessee fail to make payments on a timely fashion then the Sublessor has the right to accelerate
eviction proceedings in line with the applicable laws.</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">Subject Sublease Agreement has been produced in
two copies, and has been executed as stated below, each relative party has received a fully executed copy.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">The Agreeing parties (counterparts)</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; font: 10pt Times New Roman, Times, Serif; text-align: left">For F.G. Europe A.E.</TD><TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 35%; font: 10pt Times New Roman, Times, Serif; text-align: left">For Globus Shipmanagement Corp.</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ [&#9679;]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">/s/ Evagelos Mylonas</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">[Company seal]</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">[Company seal] &nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">128 Vouliagmenis Ave</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Glyfada 16674/AFM/Tax ID [&#9679;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tax office: Piraeus tel 210 9696500</P>

<P STYLE="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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<DOCUMENT>
<TYPE>EX-4.17
<SEQUENCE>4
<FILENAME>exhibit417.htm
<DESCRIPTION>EXHIBIT 4.17
<TEXT>
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<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt"></P>

<P STYLE="margin: 0pt; text-align: right"><B>Exhibit 4.17</B></P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dated 5 August&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">2022</FONT></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"><FONT STYLE="text-transform: uppercase"><B>devocean
maritime ltd.</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>domina
maritime ltd.</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>dulac
maritime s.a.</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ARTFUL
SHIPHOLDING S.A.</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>LONGEVITY
MARITIME LIMITED</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>SERENA
MARITIME LIMITED</B></FONT>&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and original Hedge Guarantors</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">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: center"><FONT STYLE="text-transform: uppercase"><B>SALAMINIA
MARITIME LIMITED</B></FONT>&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and additional Hedge Guarantor</P>

<P STYLE="font: 10pt 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">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: center"><FONT STYLE="text-transform: uppercase"><B>globus
maritime limited</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as Parent Guarantor</P>

<P STYLE="font: 10pt 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"><FONT STYLE="text-transform: uppercase"><B>FIRST-CITIZENS
BANK&nbsp;&amp; TRUST COMPANY</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as Facility Agent</P>

<P STYLE="font: 10pt 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">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: center"><FONT STYLE="text-transform: uppercase"><B>FIRST-CITIZENS
BANK&nbsp;&amp; TRUST COMPANY</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as Security Agent</P>

<P STYLE="font: 10pt 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>DEED OF ACCESSION, AMENDMENT AND RESTATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">relating to a facility agreement dated <FONT STYLE="font-family: Times New Roman, Times, Serif">7
May&nbsp;2021</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-top: 0pt; margin-bottom: 0pt; text-align: center"><B><IMG SRC="tm239162d1_ex4-17img001.jpg" ALT="">&nbsp;</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"></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 90%"><B>Clause</B></TD>
  <TD STYLE="text-align: right; width: 10%"><B>Page</B></TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 5%">1</TD>
  <TD STYLE="text-align: justify; width: 90%">Interpretation&nbsp;</TD>
    <TD STYLE="text-align: right; width: 5%">3</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify">2</TD>
  <TD STYLE="text-align: justify">Agreement of the Finance parties&nbsp;</TD>
    <TD STYLE="text-align: right">5</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify">3</TD>
  <TD STYLE="text-align: justify">Conditions Precedent&nbsp;</TD>
    <TD STYLE="text-align: right">5</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify">4</TD>
  <TD STYLE="text-align: justify">Representations and Warranties&nbsp;</TD>
    <TD STYLE="text-align: right">6</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify">5</TD>
  <TD STYLE="text-align: justify">Amendment and Restatement of Facility Agreement&nbsp;</TD>
    <TD STYLE="text-align: right">6</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify">6</TD>
  <TD STYLE="text-align: justify">Accession and Assumption&nbsp;</TD>
    <TD STYLE="text-align: right">8</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify">7</TD>
  <TD STYLE="text-align: justify">Security&nbsp;</TD>
    <TD STYLE="text-align: right">9</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify">8</TD>
  <TD STYLE="text-align: justify">Further Assurances&nbsp;</TD>
    <TD STYLE="text-align: right">9</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify">9</TD>
  <TD STYLE="text-align: justify">Costs and Expenses&nbsp;</TD>
    <TD STYLE="text-align: right">9</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify">10</TD>
  <TD STYLE="text-align: justify">Communications&nbsp;</TD>
    <TD STYLE="text-align: right">9</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify">11</TD>
  <TD STYLE="text-align: justify">Supplemental&nbsp;</TD>
    <TD STYLE="text-align: right">9</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify">12</TD>
  <TD STYLE="text-align: justify">Law and Jurisdiction</TD>
    <TD STYLE="text-align: right">10</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>Schedules</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 90%">Schedule 1 Conditions Precedent</TD>
  <TD STYLE="text-align: right; width: 10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify">Schedule 2 Effective Date Notice</TD>
  <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13</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>Execution</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 90%">Execution Pages</TD>
  <TD STYLE="text-align: right; width: 10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11</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>Appendices</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">Appendix Form&nbsp;of Amended and Restated facility
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"><FONT STYLE="text-transform: uppercase"><B>THIS
DEED</B></FONT> is made on 5 August&nbsp;2022</P>

<P STYLE="font: 10pt Times 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="text-transform: uppercase"><B>BETWEEN</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DEVOCEAN
                                            MARITIME LTD.</B>, </FONT>a corporation incorporated in <FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Republic of the Marshall Islands</FONT> whose registered address is at Trust Company Complex,
                                            Ajeltake Road, Ajeltake Island, MH96960, Majuro, Marshall Islands as original borrower (the
                                            &quot;<B>Original Borrower A</B>&quot;) and original hedge guarantor (the &quot;<B>Original
                                            Hedge Guarantor A</B>&quot;)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DOMINA
                                            MARITIME LTD.</B>, </FONT>a corporation incorporated in <FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Republic of the Marshall Islands</FONT> whose registered address is at Trust Company Complex,
                                            Ajeltake Road, Ajeltake Island, MH96960, Majuro, Marshall Islands as original borrower (the
                                            &quot;<B>Original Borrower B</B>&quot;) and original hedge guarantor (the &quot;<B>Original
                                            Hedge Guarantor B</B>&quot;)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DULAC
                                            MARITIME S.A.</B>, </FONT>a corporation incorporated in <FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Republic of the Marshall Islands</FONT> whose registered address is at Trust Company Complex,
                                            Ajeltake Road, Ajeltake Island, MH96960, Majuro, Marshall Islands as original borrower (the
                                            &quot;<B>Original Borrower C</B>&quot;) and original hedge guarantor (the &quot;<B>Original
                                            Hedge Guarantor C</B>&quot;)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTFUL
                                            SHIPHOLDING S.A.</B>,</FONT> a corporation incorporated in <FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Republic of the Marshall Islands</FONT> whose registered address is at Trust Company Complex,
                                            Ajeltake Road, Ajeltake Island, MH96960, Majuro, Marshall Islands as original borrower (the
                                            &quot;<B>Original Borrower D</B>&quot;) and original hedge guarantor (the &quot;<B>Original
                                            Hedge Guarantor D</B>&quot;)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(5)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>LONGEVITY
                                            MARITIME LIMITED, </B></FONT>a company incorporated in Malta, with registration number C-53023
                                            having its registered office at 18/2 South Street, Valleta VLT 1102, Malta, as original borrower
                                            (the &quot;<B>Original Borrower E</B>&quot;) and original hedge guarantor (the &quot;<B>Original
                                            Hedge Guarantor E</B>&quot;)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(6)</TD><TD STYLE="text-align: justify"><B>SERENA MARITIME LIMITED</B>, a corporation
                                            incorporated in <FONT STYLE="font-family: Times New Roman, Times, Serif">the Republic of
                                            the Marshall Islands</FONT> whose registered address is at Trust Company Complex, Ajeltake
                                            Road, Ajeltake Island, MH96960, Majuro, Marshall Islands as original borrower (the &quot;<B>Original
                                            Borrower F</B>&quot; and together with the Original Borrower A, Original Borrower B, Original
                                            Borrower C, Original Borrower D and Original Borrower E, the &quot;<B>Original Borrowers</B>&quot;)
                                            and original hedge guarantor (the &quot;<B>Original Hedge Guarantor F</B>&quot; and together
                                            with the Original Hedge Guarantor A, Original Hedge Guarantor B, Original Hedge Guarantor
                                            C, Original Hedge Guarantor D and Original Hedge Guarantor E, the &quot;<B>Original Hedge
                                            Guarantors</B>&quot;)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(7)</TD><TD STYLE="text-align: justify"><B>SALAMINIA MARITIME LIMITED</B>, a corporation
                                            incorporated in <FONT STYLE="font-family: Times New Roman, Times, Serif">the Republic of
                                            the Marshall Islands</FONT> whose registered address is at Trust Company Complex, Ajeltake
                                            Road, Ajeltake Island, MH96960, Majuro, Marshall Islands as additional borrower (the &quot;<B>Additional
                                            Borrower</B>&quot; and together with the Original Borrowers, the &quot;<B>Borrowers</B>&quot;)
                                            and additional hedge guarantor (the &quot;<B>Additional Hedge Guarantor</B>&quot; and together
                                            with the Original Hedge Guarantors, the &quot;<B>Hedge Guarantors</B>&quot;)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase">(8)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>globus
                                            maritime limited</B></FONT>, a corporation duly domesticated in <FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            Republic of the Marshall Islands</FONT> whose registered address is at Trust Company Complex,
                                            Ajeltake Road, Ajeltake Island, MH96960, Majuro, Marshall Islands and whose common shares
                                            are currently listed on the &quot;Nasdaq Capital Market&quot; under the trading symbol &quot;GLBS&quot;
                                            as guarantor (the &quot;<B>Parent Guarantor</B>&quot;)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(9)</TD><TD STYLE="text-align: justify"><B>THE FINANCIAL INSTITUTIONS</B> listed
                                            in Part&nbsp;B of Schedule 1 of the Facility Agreement (<I>The Parties</I>) as lenders (the
                                            &quot;<B>Original Lenders</B>&quot;)</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" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(10)</TD><TD STYLE="text-align: justify"><B>THE FINANCIAL INSTITUTIONS</B> listed
                                            in Part&nbsp;B of Schedule 1 of the Facility Agreement (<I>The Parties</I>) as hedge counterparties
                                            (the &quot;<B>Hedge Counterparties</B>&quot;)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(11)</TD><TD STYLE="text-align: justify"><B>First-Citizens Bank&nbsp;&amp; Trust
                                            Company</B>, as agent of the other Finance Parties (the &quot;<B>Facility Agent</B>&quot;)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(12)</TD><TD STYLE="text-align: justify"><B>First-Citizens Bank&nbsp;&amp; Trust
                                            Company</B>, as security agent for the Secured Parties (the &quot;<B>Security Agent</B>&quot;)</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"><FONT STYLE="text-transform: uppercase"><B>Background</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(A)</TD><TD STYLE="text-align: justify">By a facility agreement dated <FONT STYLE="font-family: Times New Roman, Times, Serif">7
                                            May&nbsp;2021 </FONT>(the &quot;<B>Facility Agreement</B>&quot;) and made between (i)&nbsp;the
                                            Original Borrowers as joint and several borrowers and hedge guarantors, (ii)&nbsp;the Parent
                                            Guarantor, (iii)&nbsp;the Original Lenders, (iv)&nbsp;the Facility Agent and (v)&nbsp;the
                                            Security Agent, the Original Lenders have made available to the Original Borrowers, on a
                                            joint and several basis, a senior secured term loan facility of (originally) up to $34,250,000,
                                            of which the principal amount outstanding on the date of this Deed is equal to $29,250,000.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(B)</TD><TD STYLE="text-align: justify">The Original Borrowers, the Original Hedge
                                            Guarantors and the Parent Guarantor have requested (the &quot;<B>Request</B>&quot;) that
                                            the Finance Parties consent to, inter alia, the following:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">the Additional Borrower acceding to the
                                            Facility Agreement and assuming jointly and severally with the Original Borrowers, the Original
                                            Borrowers' obligations thereunder (the &quot;<B>Accession and Assumption</B>&quot;);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">the increase of the Facility to be made
                                            available to the Borrowers in one additional tranche (the &quot;<B>Additional Tranche</B>&quot;)
                                            in an amount of up to the lesser of (i)&nbsp;$18,000,000 and (ii)&nbsp;62.5 per cent. of
                                            the Initial Market Value of the bulk carrier vessel (having IMO No.&nbsp;9634854) named m.v.
                                            &quot;ORION GLOBE&quot; (the &quot;<B>Additional Ship</B>&quot;) and registered in the ownership
                                            of the Additional Borrower, for the purpose of financing the Additional Ship;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">the Additional Hedge Guarantor irrevocably
                                            and unconditionally jointly and severally guaranteeing to the Hedge Counterparties the obligations
                                            of the Original Hedge Guarantors; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(iv)</TD><TD STYLE="text-align: justify">the Original Hedge Guarantors irrevocably
                                            and unconditionally jointly and severally guaranteeing to the Hedge Counterparties the obligations
                                            of the Additional Borrower under the Hedging Agreement to which it is to be a party.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(C)</TD><TD STYLE="text-align: justify">This Deed sets out the terms and conditions
                                            on which the Finance Parties shall agree, with effect on and from the Effective Date, to:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">the Request; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">the consequential amendments to the Facility
                                            Agreement and the other Finance Documents (the &quot;<B>Consequential Amendments</B>&quot;).</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: justify"><B>IT IS AGREED </B>as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Interpretation</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="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><B>1.1</B></TD><TD STYLE="text-align: justify"><B>Defined expressions</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 0pt 0.5in; text-align: justify">Words and expressions defined in the
Facility Agreement and the recitals hereto and not otherwise defined herein shall have the same meanings when used in this Deed unless
the context otherwise requires.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><B>1.2</B></TD><TD STYLE="text-align: justify"><B>Definitions</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 0pt 0.5in; text-align: justify">In this Deed, unless the contrary intention
appears:</P>

<P STYLE="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">&quot;<B>Account Security Confirmation</B>&quot;
means the security confirmation agreement dated on or about the Effective Date relating to Account Security governed by Swiss 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 0pt 0.5in; text-align: justify">&quot;<B>Amended and Restated Facility
Agreement</B>&quot; means the Facility Agreement, as amended and restated by this Deed, in the form set out in the Appendix.</P>

<P STYLE="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">&quot;<B>Effective Date</B>&quot; means
the date (falling no later than 31 May&nbsp;2022 or such later date as the Facility Agent may specify) on which the Facility Agent is
satisfied that all the conditions precedent in Clause 3 (<I>Conditions Precedent</I>) have been satisfied.</P>

<P STYLE="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">&quot;<B>Effective Date Notice</B>&quot;
means the notice to be issued by the Facility Agent, substantially in the form set out in Schedule 2 (<I>Effective Date Notice</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 0pt 0.5in; text-align: justify">&quot;<B>Facility Agreement</B>&quot;
means the Facility Agreement referred to in Recital (A).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&quot;<B>Mortgage Addendum</B>&quot;
means, in relation to an Original Ship, an amendment or addendum to (as the case may be) the Mortgage over that Original Ship in agreed
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 0pt 0.5in; text-align: justify">&quot;<B>New Disclosure Letter</B>&quot;
means the letter identifying the Disclosed Persons to be executed by the Additional Borrower and the Parent Guarantor and acknowledged
by the Security Agent.</P>

<P STYLE="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">&quot;<B>New Finance Documents</B>&quot;
means:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">this Agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the Amended and Restated Facility Agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">any Mortgage Addendum;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">any Account Security Confirmation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">the New Disclosure Letter; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">the Supplemental Security Documents,</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">and in the singular means any 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 0pt 0.5in; text-align: justify">&quot;<B>Obligor</B>&quot; means each
of the Borrowers and the Parent Guarantor.</P>

<P STYLE="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 0pt 0.5in; text-align: justify">&quot;<B>Original Ships</B>&quot; means
each of:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">m.v. &quot;RIVER GLOBE&quot; (having IMO
                                            No.&nbsp;9464168) registered in the ownership of Original Borrower A under the Marshall Islands
                                            flag;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">m.v. &quot;SKY GLOBE&quot; (having IMO
                                            No.&nbsp;9463748) registered in the ownership of Original Borrower B under the Marshall Islands
                                            flag;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">m.v. &quot;STAR GLOBE&quot; (having IMO
                                            No.&nbsp;9463750) registered in the ownership of Original Borrower C under the Marshall Islands
                                            flag;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">m.v. &quot;MOON GLOBE&quot; (having IMO
                                            No.&nbsp;9294111) registered in the ownership of Original Borrower D under the Marshall Islands
                                            flag;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">m.v. &quot;SUN GLOBE&quot; (having IMO
                                            No.&nbsp;9340506) registered in the ownership of Original Borrower E under the Maltese flag;
                                            and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">m.v. &quot;GALAXY GLOBE&quot; (having
                                            IMO No.&nbsp;9723629) registered in the ownership of Original Borrower F under the Marshall
                                            Islands flag.</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">&quot;<B>Ship</B>&quot; means each
Original Ship and the Additional Ship.</P>

<P STYLE="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">&quot;<B>Supplemental Deed of Covenant</B>&quot;
means, in relation to m.v. &quot;SUN GLOBE&quot;, the deed of covenant, being supplemental to the Deed of Covenant collateral to the
Mortgage over this Ship and creating Security over such Ship in agreed 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 0pt 0.5in; text-align: justify">&quot;<B>Supplemental General Assignment</B>&quot;
means, in relation to an Original Ship, the general assignment, being supplemental to the General Assignment relating to that Original
Ship, creating Security over:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">that Original Ship's Earnings, its Insurances
                                            and any Requisition Compensation in relation to that Original Ship; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">any Charter and any Charter Guarantee
                                            (as each such word is therein defined) in relation to that Original Ship,</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">in agreed 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 0pt 0.5in; text-align: justify">&quot;<B>Supplemental Hedging Agreement
Security</B>&quot; means, the supplemental hedging agreement security to the Hedging Agreement Security in respect of each Original Borrower,
in agreed 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 0pt 0.5in; text-align: justify">&quot;<B>Supplemental Security Documents</B>&quot;
means, together, the Supplemental General Assignments, the Supplemental Hedging Agreement Security, the Supplemental Deed of Covenant
and the Supplemental Shares Securities and, in the singular, means any 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 0pt 0.5in; text-align: justify">&quot;<B>Supplemental Shares Security</B>&quot;
means, in relation to an Original Borrower, a shares security, being supplemental to the Shares Security relating to that Original Borrower,
creating Security over the shares in that Borrower in agreed form.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><B>1.3</B></TD><TD STYLE="text-align: justify"><B>Application of construction
                                            and interpretation provisions of Facility Agreement</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 0pt 0.5in; text-align: justify">Clauses 1.2 (<I>construction</I>) to
1.5 (<I>third party rights</I>) (inclusive) of the Facility Agreement apply, with any necessary modifications, to this Deed.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><B>1.4</B></TD><TD STYLE="text-align: justify"><B>Designation as a Finance Document</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 0pt 0.5in; text-align: justify">The Borrowers and the Finance Parties
designate this Deed as a Finance Document.</P>

<P STYLE="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" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Agreement
                                            of the Finance parties</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="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">The Finance Parties agree subject to and
                                            upon the terms and conditions set out in Clause 3 of this Deed, to:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">the Request;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">the Consequential Amendments.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The agreement of the parties to this Deed
                                            contained in this Clause 2 (<I>Agreement of the Finance Parties</I>) shall have effect on
                                            and from the Effective Date.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Conditions
                                            Precedent</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="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><B>3.1</B></TD><TD STYLE="text-align: justify"><B>General</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 0pt 0.5in; text-align: justify">The agreement of the Finance Parties
contained in Clause 2 (<I>Agreement of the Finance Parties</I>) is subject to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">no Default continuing on the date of this
                                            Deed and on the Effective Date or resulting from the occurrence of the Effective Date;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the Repeating Representations to be made by
                                            each Borrower pursuant to Clause 4 (<I>Representations and Warranties</I>) being true on
                                            the date of this Deed and on the Effective Date;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">no Ship has been sold or become a Total Loss;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">no event or series of events having occurred
                                            which have a Material Adverse Effect; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">the Facility Agent having received all of
                                            the documents and other evidence listed in Schedule 1 (<I>Conditions Precedent)</I> in form
                                            and substance satisfactory to the Original Lenders and their legal advisers on or before
                                            the Effective Date.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><B>3.2</B></TD><TD STYLE="text-align: justify"><B>Waiver of conditions precedent</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 0pt 0.5in; text-align: justify">If the Facility Agent, in its discretion,
permits for the Effective Date to take place before certain of the conditions referred to in Schedule 1 (<I>Conditions Precedent</I>)
are satisfied, each of the Borrowers and the Parent Guarantor shall ensure that those conditions are satisfied within 5 Business Days
after the Effective Date (or such later date as the Facility Agent, acting with the authorisation of the Majority Lenders, may specify
at its sole discretion), which however, shall not be taken as a waiver of the Facility Agent's right to require production of all the
documents and evidence required referred to in Schedule 1 (<I>Conditions Precedent</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"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Representations
                                            and Warranties</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="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><B>4.1</B></TD><TD STYLE="text-align: justify"><B>Representation and warranties
                                            of the Additional Borrower</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 0pt 0.5in; text-align: justify">The representations and warranties
in clause 20 (<I>representations</I>) of the Amended and Restated Facility Agreement are deemed to be made on the Effective Date by the
Additional Borrower with reference to the circumstances now existing.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><B>4.2</B></TD><TD STYLE="text-align: justify"><B>Repetition of Amended and Restated
                                            Facility Agreement representations and warranties</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 0pt 0.5in; text-align: justify">Each of the Original Borrowers and
the Parent Guarantor represents and warrants to the Finance Parties as at the date of this Deed that the representations and warranties
in clause 20 (<I>representations</I>) of the Amended and Restated Facility Agreement are true and not misleading and are repeated on
the date of this Deed.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><B>4.3</B></TD><TD STYLE="text-align: justify"><B>Repetition of Finance Documents
                                            representations and warranties</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 0pt 0.5in; text-align: justify">Each of the Original Borrowers and
the Parent Guarantor represents and warrants to the Finance Parties that the representations and warranties in the Finance Documents
(other than the Amended and Restated Facility Agreement) to which each of them is a party, as amended and restated by this Deed and updated
with appropriate modifications to refer to this Deed, and where appropriate the relevant Mortgage Addendum, remain true and not misleading
and are repeated on the date of this Deed with reference to the circumstances now existing.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Amendment
                                            and Restatement of Facility Agreement</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="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><B>5.1</B></TD><TD STYLE="text-align: justify"><B>Amendment and restatement of
                                            the Facility Agreement</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">With effect on and from (and subject to
                                            the occurrence of) the Effective Date, the Facility Agreement shall be, and shall be deemed
                                            by this Deed to be amended and restated in the form of the Amended and Restated Facility
                                            Agreement as attached in the Appendix; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">As so amended and restated pursuant to
                                            (a)&nbsp;above, the Facility Agreement shall continue to be binding on each of the Original
                                            Borrowers, the Parent Guarantor and the Original Hedge Guarantors in accordance with its
                                            terms.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">With effect on and from (and subject to
                                            the occurrence of) the Effective Date:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">the existing Interest Period for each
                                            Original Tranche shall be terminated;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">a new Interest Period for each Original
                                            Tranche shall start on the Effective Date and end on the last day the preceding Interest
                                            Period would have ended had it not been terminated pursuant to paragraph (i)&nbsp;above;
                                            and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">all subsequent Interest Periods in relation
                                            to any Tranche shall start and operate in accordance with the terms and conditions of the
                                            Amended and Restated Facility Agreement.</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" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><B>5.2</B></TD><TD STYLE="text-align: justify"><B>Amendments to Finance Documents</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 0pt 0.5in; text-align: justify">With effect on and from (and subject
to the occurrence of) the Effective Date, each of the Finance Documents (other than the Facility Agreement and each Mortgage which is
amended and supplemented by the relevant Mortgage Addendum) shall be, and shall be deemed by this Deed to be, amended as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">the definition of, and references throughout
                                            each of the Finance Documents to the &quot;Facility Agreement&quot; and any of the other
                                            Finance Documents shall be construed as if the same referred to, respectively:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">the Amended and Restated Facility Agreement;
                                            and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">the other Finance Documents (other than
                                            the Mortgages) as amended and supplemented by this Clause 5.2 (<I>Amendments to Finance Documents</I>);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">by construing references throughout each
                                            such Finance Document to &quot;the Borrowers&quot; as if the same referred to the Borrowers
                                            (including, for the avoidance of doubt, the Additional Borrower) as joint and several borrowers,
                                            or, where the context so requires, any of them;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">by construing references throughout each
                                            such Finance Document to &quot;the Hedge Guarantors&quot; as if the same referred to the
                                            Hedge Guarantors (including, for the avoidance of doubt, the Additional Hedge Guarantor)
                                            as hedge guarantors, or, where the context so requires, any of them;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">the definition of, and references throughout
                                            each such Finance Document to, a Mortgage shall be construed as if the same referred to that
                                            Mortgage as amended and supplemented by the relevant Mortgage Addendum;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">to the definition of, and references throughout
                                            each such Finance Document to, a General Assignment shall be construed as if the same referred
                                            to that General Assignment as amended and supplemented by the Supplemental General Assignment;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(f)</TD><TD STYLE="text-align: justify">to the definition of, and references throughout
                                            each such Finance Document to, the Deed of Covenant shall be construed as if the same referred
                                            to that Deed of Covenant as amended and supplemented by the Supplemental Deed of Covenant;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(g)</TD><TD STYLE="text-align: justify">the definition of, and references throughout
                                            each such Finance Document to, the Hedging Agreement Security shall be construed as if the
                                            same referred to that Hedging Agreement Security as amended and supplemented by the Supplemental
                                            Hedging Agreement Security;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(h)</TD><TD STYLE="text-align: justify">the definition of, and references throughout
                                            each such Finance Document to, a Share Security shall be construed as if the same referred
                                            to that Share Security as amended and supplemented by the Supplemental Share Security; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(i)</TD><TD STYLE="text-align: justify">by construing references throughout each
                                            such Finance Document to &quot;this Agreement&quot;, &quot;this Deed&quot;, &quot;hereunder&quot;
                                            and other like expressions as if the same referred to those Finance Documents as amended
                                            and/or supplemented by this Deed.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><B>5.3</B></TD><TD STYLE="text-align: justify"><B>Finance Documents to remain
                                            in full force and effect</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 0pt 0.5in; text-align: justify">The Facility Agreement and each of
the other Finance Documents shall remain in full force and effect and from the Effective Date:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">in the case of the Facility Agreement
                                            as amended and restated pursuant to Clause 5.1 (<I>Amendment and restatement of Facility
                                            Agreement</I>);</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" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">in the case of the other Finance Documents
                                            as amended pursuant to Clause 5.2 (<I>Amendments to Finance Documents</I>); and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">the Facility Agreement and the applicable
                                            provisions of this Deed will be read and construed as one document.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>6</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Accession
                                            and Assumption</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 0pt 0.5in; text-align: justify">With effect on and from the Effective
Date:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">the Additional Borrower and the Additional
                                            Hedge Guarantor agrees that:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">it will accede to the Facility Agreement
                                            as amended and restated by this Deed as a Borrower and Hedge Guarantor and it will assume
                                            the obligations of the Original Borrowers and the Original Hedge Guarantors thereunder; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">it will be bound, on a joint and several
                                            basis with the Original Borrowers and the Original Hedge Guarantors, by the terms of the
                                            Amended and Restated Facility Agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">each Original Borrower confirms and acknowledges
                                            it is and remains a party to the Facility Agreement and that its respective obligations under
                                            the Facility Agreement and the other Finance Documents remain in full force and effect;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">each Original Borrower further agrees
                                            to be jointly and severally liable together with the Additional Borrower for:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">the repayment of the Additional Tranche
                                            plus interest accrued thereon in accordance with the Amended and Restated Facility Agreement;
                                            and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">all other obligations and liabilities
                                            under the Amended and Restated Facility Agreement as amended by this Deed;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">each Original Hedge Guarantor agrees to
                                            jointly and severally guarantee, together with the Additional Hedge Guarantor, the obligations
                                            of the Additional Borrower under the Hedging Agreement to which the Additional Borrower shall
                                            be a party;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">the Additional Hedge Guarantor agrees
                                            to jointly and severally guarantee, together with the Original Hedge Guarantors, the obligations
                                            of each Borrower under the Hedging Agreement to which each Borrower is or, as the case may
                                            be, shall be a party;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(f)</TD><TD STYLE="text-align: justify">the Parent Guarantor agrees that:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">it shall be bound by the terms of the
                                            Amended and Restated Facility Agreement and the other Finance Documents to which it is a
                                            party; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">its guarantee and indemnity:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify">has full force and effect on the terms of
                                            the Amended and Restated Facility Agreement; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">extends to the obligations of the Borrowers
                                            under the Amended and Restated Facility Agreement and the other Finance Documents (as amended
                                            and supplemented by this Deed and as may be further amended and supplemented from time to
                                            time); and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(g)</TD><TD STYLE="text-align: justify">the Original Borrowers, the Original Hedge
                                            Guarantors, the Parent Guarantor and the Finance Parties agree to the accession by the Additional
                                            Borrower and the Additional Hedge Guarantor to the Amended and Restated Facility Agreement
                                            as amended and supplemented by this Deed as a Borrower and as a Hedge Guarantor.</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" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>7</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Security</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 0pt 0.5in; text-align: justify">On the Effective Date, each Original
Borrower, each Hedge Guarantor and the Parent Guarantor confirms that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">any Security created by it under the Finance
                                            Documents to which it is a party extends to the obligations of the Transaction Obligors under
                                            the Amended and Restated Facility Agreement and the other Finance Documents (as amended and
                                            supplemented by this Deed and as may be further amended and supplemented from time to time);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">the obligations of the Transaction Obligors
                                            arising under the Amended and Restated Facility Agreement and the other Finance Documents
                                            (as amended and supplemented by this Deed and as may be further amended and supplemented
                                            from time to time) are included in the Secured Liabilities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">the Security created pursuant to the Finance
                                            Documents continues in full force and effect on the terms of the respective Finance Documents
                                            (as amended and supplemented by this Deed and as may be further amended and supplemented
                                            from time to time); and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">to the extent that this confirmation creates
                                            a new Security, such Security shall be on the terms of the Security Documents in respect
                                            of which this confirmation is given.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>8</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Further
                                            Assurances</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 0pt 0.5in; text-align: justify">Clause 23.24 (<I>further assurance</I>)
of the Facility Agreement applies to this Deed as if it were expressly incorporated in this Deed with any necessary modifications.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>9</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Costs
                                            and Expenses</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 0pt 0.5in; text-align: justify">The provisions of clause <FONT STYLE="font-family: Times New Roman, Times, Serif">16
</FONT>(<I>costs and expenses</I>) of the Facility Agreement shall apply to this Deed as if they were expressly incorporated in this
Deed with any necessary modifications.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>10</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Communications</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="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><B>10.1</B></TD><TD STYLE="text-align: justify"><B>General</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 0pt 0.5in; text-align: justify">The provisions of clause 3<FONT STYLE="font-family: Times New Roman, Times, Serif">8
</FONT>(<I>notices</I>) of the Amended and Restated Facility Agreement shall apply to this Deed as if they were expressly incorporated
in this Deed with any necessary modifications.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>11</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Supplemental</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="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><B>11.1</B></TD><TD STYLE="text-align: justify"><B>Counterparts</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 0pt 0.5in; text-align: justify">This Deed may be executed in any number
of counterparts.</P>

<P STYLE="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" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><B>11.2</B></TD><TD STYLE="text-align: justify"><B>Third party rights</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 0pt 0.5in; text-align: justify">A person who is not a party to this
Deed has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Deed.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>12</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Law
                                            and Jurisdiction</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="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><B>12.1</B></TD><TD STYLE="text-align: justify"><B>Governing law</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 0pt 0.5in; text-align: justify">This Deed and any non-contractual obligations
arising out of or in connection with it shall be governed by and construed in accordance with English law.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><B>12.2</B></TD><TD STYLE="text-align: justify"><B>Incorporation of the Facility
                                            Agreement provisions</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 0pt 0.5in; text-align: justify">The provisions of clauses 48 (<I>governing
law</I>) and 49 (<I>enforcement</I>) of the Facility Agreement shall apply to this Deed as if they were expressly incorporated in this
Deed with any necessary modifications.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><B>12.3</B></TD><TD STYLE="text-align: justify"><B>Process agent</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 0pt 0.5in; text-align: justify">Each of the Borrowers and the Parent
Guarantor irrevocably appoint Saville&nbsp;&amp; Co at their registered office for the time being, presently at One Carey Lane, London
EC2V 8AE, England to act as its agent to receive and accept on its behalf any process or other document relating to any proceedings in
the English Courts which are connected with this Deed.</P>

<P STYLE="font: 10pt Times 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>This DEED</B> has been duly executed by or
on behalf of the parties hereto as a Deed and has, on the date stated at the beginning of this Deed, been delivered as a Deed.</P>

<P STYLE="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"><FONT STYLE="text-transform: uppercase"><B>Execution
Pages</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>ORIGINAL BORROWERS</B></P>

<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: 40%"><B>EXECUTED AS A DEED</B></TD><TD STYLE="width: 35%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 25%">)</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>by</TD><TD STYLE="text-align: left"><B>OLGA LAMBRIANIDOU</B></TD><TD STYLE="text-align: justify">)</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>duly authorised</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">)</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>for and on behalf of</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">/s/ Olga Lambrianidou</TD><TD STYLE="text-align: justify">)</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DEVOCEAN MARITIME LTD.</B></FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">)</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>in the presence of:</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">)</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Witness' signature:</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">/s/ Stavroula Giannopoulou</TD><TD STYLE="text-align: justify">)</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Witness' name:</TD><TD STYLE="text-align: left">Stavroula Giannopoulou</TD><TD STYLE="text-align: justify">)</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Witness' address:</TD><TD STYLE="text-align: left">348 Syngrou Avenue</TD><TD STYLE="text-align: justify">)</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">176 74 Kallithea</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Athens, Greece</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD><B>EXECUTED AS A DEED</B></TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">)</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>by</TD><TD STYLE="text-align: left"><B>OLGA LAMBRIANIDOU</B></TD><TD STYLE="text-align: justify">)</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>duly authorised</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">)</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>for and on behalf of</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">/s/ Olga Lambrianidou</TD><TD STYLE="text-align: justify">)</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DOMINA MARITIME LTD.</B></FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">)</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>in the presence of:</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">)</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Witness' signature:</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">/s/ Stavroula Giannopoulou</TD><TD STYLE="text-align: justify">)</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Witness' name:</TD><TD STYLE="text-align: left">Stavroula Giannopoulou</TD><TD STYLE="text-align: justify">)</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Witness' address:</TD><TD STYLE="text-align: left">348 Syngrou Avenue</TD><TD STYLE="text-align: justify">)</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">176 74 Kallithea</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Athens, Greece</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD><B>EXECUTED AS A DEED</B></TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">)</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>by</TD><TD STYLE="text-align: left"><B>OLGA LAMBRIANIDOU</B></TD><TD STYLE="text-align: justify">)</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>duly authorised</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">)</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>for and on behalf of</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">/s/ Olga Lambrianidou</TD><TD STYLE="text-align: justify">)</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DULAC MARITIME S.A.</B></FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">)</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>in the presence of:</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">)</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Witness' signature:</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">/s/ Stavroula Giannopoulou</TD><TD STYLE="text-align: justify">)</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Witness' name:</TD><TD STYLE="text-align: left">Stavroula Giannopoulou</TD><TD STYLE="text-align: justify">)</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Witness' address:</TD><TD STYLE="text-align: left">348 Syngrou Avenue</TD><TD STYLE="text-align: justify">)</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">176 74 Kallithea</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">Athens, Greece</TD><TD STYLE="text-align: justify">&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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXECUTED
    AS A DEED</B></FONT></TD>
    <TD STYLE="width: 35%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OLGA LAMBRIANIDOU</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">duly authorised</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for and on behalf of</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/ Olga Lambrianidou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTFUL SHIPHOLDING S.A.</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</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="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' signature:</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/ Stavroula Giannopoulou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' name:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stavroula Giannopoulou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' address:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">348 Syngrou Avenue</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">176 74 Kallithea</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Athens, Greece</FONT></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="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXECUTED
    AS A DEED</B></FONT></TD>
    <TD STYLE="width: 35%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 25%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OLGA LAMBRIANIDOU</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">duly authorised</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for and on behalf of</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/ Olga Lambrianidou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LONGEVITY MARITIME LIMITED</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</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="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' signature:</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/ Stavroula Giannopoulou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' name:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stavroula Giannopoulou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' address:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">348 Syngrou Avenue</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">176 74 Kallithea</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Athens, Greece</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>

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

<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">
    <TD STYLE="width: 40%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXECUTED
    AS A DEED</B></FONT></TD>
    <TD STYLE="width: 35%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OLGA LAMBRIANIDOU</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">duly authorised</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for and on behalf of</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/ Olga
    Lambrianidou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SERENA MARITIME LIMITED</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</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="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' signature:</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/ Stavroula Giannopoulou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' name:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stavroula Giannopoulou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' address:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">348 Syngrou Avenue</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">176 74 Kallithea</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Athens, Greece</FONT></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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ADDITIONAL
    BORROWER</B></FONT></TD>
    <TD STYLE="width: 35%; padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXECUTED
    AS A DEED</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OLGA
    LAMBRIANIDOU</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">duly
    authorised</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for
    and on behalf of</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Olga Lambrianidou</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SALAMINIA
    MARITIME LIMITED</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    the presence of:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness'
    signature:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Stavroula Giannopoulou</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness'
    name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stavroula
    Giannopoulou</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness'
    address:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">348
    Syngrou Avenue, 176 74 Kallithea</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Athens, Greece</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&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>

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

<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">
    <TD STYLE="width: 40%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXECUTED
    AS A DEED</B></FONT></TD>
    <TD STYLE="width: 35%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OLGA LAMBRIANIDOU</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">duly authorised</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for and on behalf of</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/ Olga Lambrianidou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GLOBUS MARITIME LIMITED</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</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="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' signature:</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/ Stavroula Giannopoulou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' name:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stavroula Giannopoulou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' address:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">348 Syngrou Avenue</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">176 74 Kallithea</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Athens, Greece</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times 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>HEDGE GUARANTORS</B></P>

<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">
    <TD STYLE="width: 40%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXECUTED
    AS A DEED</B></FONT></TD>
    <TD STYLE="width: 35%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OLGA LAMBRIANIDOU</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for and on behalf of</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DEVOCEAN MARITIME LTD.</B></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/ Olga Lambrianidou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' signature:</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/ Stavroula Giannopoulou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' name:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stavroula Giannopoulou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' address:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">348 Syngrou Avenue</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">176 74 Kallithea</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Athens, Greece</FONT></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="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXECUTED AS A DEED</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OLGA LAMBRIANIDOU</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for and on behalf of</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DOMINA MARITIME LTD.</B></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/ Olga Lambrianidou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' signature:</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/ Stavroula Giannopoulou&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' name:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stavroula Giannopoulou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' address:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">348 Syngrou Avenue</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">176 74 Kallithea</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Athens, Greece</FONT></TD>
    <TD STYLE="text-align: justify">&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="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXECUTED AS A DEED</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OLGA LAMBRIANIDOU</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for and on behalf of&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DULAC MARITIME S.A.</B></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/ Olga Lambrianidou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' signature:</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/ Stavroula Giannopoulou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' name:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stavroula Giannopoulou&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' address:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">348 Syngrou Avenue</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">176 74 Kallithea</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Athens, Greece</FONT></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: 15; Value: 2 -->
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    <DIV STYLE="break-before: page; 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 25%">&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"><B>EXECUTED AS A DEED</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OLGA LAMBRIANIDOU</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for and on behalf of</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTFUL SHIPHOLDING S.A.</B></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/ Olga Lambrianidou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' signature:</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/ Stavroula Giannopoulou&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' name:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stavroula Giannopoulou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' address:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">348 Syngrou Avenue</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">176 74 Kallithea</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Athens, Greece</FONT></TD>
    <TD STYLE="text-align: justify">&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="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXECUTED AS A DEED</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OLGA LAMBRIANIDOU</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for and on behalf of</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LONGEVITY MARITIME LIMITED</B></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/ Olga Lambrianidou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' signature:</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/ Stavroula Giannopoulou&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' name:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stavroula Giannopoulou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' address:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">348 Syngrou Avenue</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">176 74 Kallithea</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Athens, Greece</FONT></TD>
    <TD STYLE="text-align: justify">&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="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXECUTED AS A DEED</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OLGA LAMBRIANIDOU</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for and on behalf of</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SERENA MARITIME LIMITED</B></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/ Olga Lambrianidou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</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="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' signature:</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/ Stavroula Giannopoulou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' name:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stavroula Giannopoulou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' address:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">348 Syngrou Avenue</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">176 74 Kallithea</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Athens, Greece</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ADDITIONAL HEDGE GUARANTOR</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&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="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXECUTED AS A DEED</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OLGA LAMBRIANIDOU</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for and on behalf of</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SALAMINIA MARITIME LIMITED</B></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/ Olga Lambrianidou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</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="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' signature:</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/ Stavroula Giannopoulou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' name:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stavroula Giannopoulou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' address:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">348 Syngrou Avenue</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">176 74 Kallithea</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Athens, Greece</FONT></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: 16; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ORIGINAL
    LENDERS</B></FONT></TD>
    <TD STYLE="width: 35%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: justify">&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="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXECUTED AS A DEED&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VASSILIKI GEORGOPOULOS</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for and on behalf of&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>First-Citizens Bank&nbsp;&amp;
    Trust Company</B></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/ Vassiliki Georgopoulos</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>)</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' signature:</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/ Stavroula Giannopoulou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' name:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stavroula Giannopoulou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' address:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">348 Syngrou Avenue&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">176 74 Kallithea</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Athens, Greece</FONT></TD>
    <TD STYLE="text-align: justify">&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="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>HEDGE COUNTERPARTIES</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&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="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXECUTED AS A DEED</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VASSILIKI GEORGOPOULOS</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for and on behalf of</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>First-Citizens Bank&nbsp;&amp;
    Trust Company</B></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/ Vassiliki Georgopoulos</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</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="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' signature:</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/ Stavroula Giannopoulou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' name:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stavroula Giannopoulou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' address:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">348 Syngrou Avenue</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">176 74 Kallithea</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Athens, Greece</FONT></TD>
    <TD STYLE="text-align: justify">&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="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FACILITY AGENT</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&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="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXECUTED AS A DEED</B>&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VASSILIKI GEORGOPOULOS</B></FONT></TD>
    <TD STYLE="text-align: justify">)</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">duly authorised </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for and on behalf of</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/ Vassiliki Georgopoulos&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>First-Citizens Bank&nbsp;&amp;
    Trust Company&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</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="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' signature:</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/ Stavroula Giannopoulou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' name:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stavroula Giannopoulou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' address:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">348 Syngrou Avenue&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">176 74 Kallithea</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Athens, Greece</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  </TABLE>

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

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

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    <DIV STYLE="break-before: page; 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: justify"><B>SECURITY AGENT</B></P>

<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">
    <TD STYLE="width: 40%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXECUTED
    AS A DEED</B></FONT></TD>
    <TD STYLE="width: 35%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VASSILIKI GEORGOPOULOS</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for and on behalf of</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>First-Citizens Bank&nbsp;&amp;
    Trust Company</B></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/ Vassiliki Georgopoulos</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the presence of:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</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="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' signature:</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/ Stavroula Giannopoulou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' name:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stavroula Giannopoulou</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness' address:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">348 Syngrou Avenue</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">176 74 Kallithea</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Athens, Greece</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

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

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    <DIV STYLE="break-before: page; 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"><FONT STYLE="text-transform: uppercase"><B>Appendix</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Form&nbsp;of
Amended and Restated facility Agreement</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"></P>

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    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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>Dated
</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #b5082e"><STRIKE>___ </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>7
</U></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">May&nbsp;2021</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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: 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>Up
to $</B></FONT><B><FONT STYLE="color: #b5082e"><STRIKE>34,250,000</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>52,250,000</U></FONT></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: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TERM LOAN FACILITY</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: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>devocean
maritime ltd.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>domina
maritime ltd.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>dulac
maritime s.a.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ARTFUL SHIPHOLDING S.A.</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><B><U>SALAMINIA
MARITIME LIMITED</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">as joint and several Borrowers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">and Hedge Guarantors</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-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>globus
maritime limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">as Parent Guarantor</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-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #b5082e"><B><STRIKE>CIT
</STRIKE></B></FONT><B><FONT STYLE="text-transform: uppercase; text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>First-Citizens
</U></FONT></B><B><FONT STYLE="text-transform: uppercase">Bank<FONT STYLE="color: #b5082e"><STRIKE>, N.A.</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&nbsp;&amp;
Trust Company</U></FONT></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">as Facility Agent</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-top: 0pt; margin-bottom: 0pt; text-align: center">and</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-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #b5082e"><B><STRIKE>CIT
</STRIKE></B></FONT><B><FONT STYLE="text-transform: uppercase; text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>First-Citizens
</U></FONT></B><B><FONT STYLE="text-transform: uppercase">Bank<FONT STYLE="color: #b5082e"><STRIKE>, N.A.</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&nbsp;&amp;
Trust Company</U></FONT></FONT></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>FACILITY
AGREEMENT</B></FONT></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-top: 0pt; margin-bottom: 0pt; text-align: center; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>as
amended and restated by a Deed of Accession, Amendment and Restatement dated ____ August&nbsp;2022</U></FONT></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-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">relating
to </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(i)&nbsp;a
facility of up to <FONT STYLE="font-family: Times New Roman, Times, Serif">US$34,250,000 </FONT>for </U></FONT>the refinancing of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">m.vs. &quot;RIVER GLOBE&quot;,&quot;SKY
GLOBE&quot;, &quot;STAR GLOBE&quot;,</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">&quot;MOON
GLOBE&quot;, &quot;SUN GLOBE&quot;</FONT> <FONT STYLE="color: #b5082e"><STRIKE>and </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>,
</U></FONT>&quot;GALAXY GLOBE&quot;<FONT STYLE="color: #b5082e"><STRIKE>,</STRIKE></FONT> <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>and
(ii)&nbsp;a top-up facility of up to<BR>
 US$18,000,000 for the financing of m.v. &quot;ORION GLOBE&quot;</U></FONT></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; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm239162d1_ex4-17img003.jpg" ALT=""></P>

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

<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; text-align: center"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Index</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%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; width: 5%"><FONT STYLE="font-size: 10pt">Clause</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 86%"></TD><TD STYLE="font-size: 10pt; width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt; width: 5%"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;1 Interpretation</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: right"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">1</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">Definitions and Interpretation</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: right"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Section&nbsp;2
    The Facility</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>33</STRIKE></FONT></FONT><FONT STYLE="font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">The Facility</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>33</STRIKE></FONT></FONT><FONT STYLE="font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">3</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Purpose</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>34</STRIKE></FONT></FONT><FONT STYLE="font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Conditions of Utilisation</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>34</STRIKE></FONT></FONT><FONT STYLE="font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Section&nbsp;3 Utilisation</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif;text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>36</STRIKE></FONT></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>40</U></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">5</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Utilisation</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif;  text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>36</STRIKE></FONT></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>40</U></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Section&nbsp;4
    Repayment, Prepayment and Cancellation</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>38</STRIKE></FONT></FONT><FONT STYLE="font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">6</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Repayment</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>38</STRIKE></FONT></FONT><FONT STYLE="font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">7</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Prepayment
    and Cancellation</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif;text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>40</STRIKE></FONT></FONT><FONT STYLE="font-size: 10pt">44</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Section&nbsp;5
    Costs of Utilisation</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif;  text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>44</STRIKE></FONT></FONT><FONT STYLE="font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">8</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Interest</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>44</STRIKE></FONT></FONT><FONT STYLE="font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">9</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Interest
    Periods</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>47</STRIKE></FONT></FONT><FONT STYLE="font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">10</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Changes
    to the Calculation of Interest</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif;text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>47</STRIKE></FONT></FONT><FONT STYLE="font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">11</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Fees</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif;  text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>49</STRIKE></FONT></FONT><FONT STYLE="font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Section&nbsp;6
    Additional Payment Obligations</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>50</STRIKE></FONT></FONT><FONT STYLE="font-size: 10pt">55</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">12</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Tax Gross
    Up and Indemnities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif;  text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>50</STRIKE></FONT></FONT><FONT STYLE="font-size: 10pt">55</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">13</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Increased
    Costs</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif;  text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>55</STRIKE></FONT></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>60</U></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">14</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Other
    Indemnities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt; color: #b5082e"><STRIKE>56</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>61</U></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">15</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Mitigation
    by the Finance Parties</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif;  text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt; color: #b5082e"><STRIKE>59</STRIKE></FONT><FONT STYLE="font-size: 10pt">64</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">16</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Costs
    and Expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif;  text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt; color: #b5082e"><STRIKE>60</STRIKE></FONT><FONT STYLE="font-size: 10pt">65</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Section&nbsp;7
    Guarantees and Joint and Several Liability of Borrowers</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>61</STRIKE></FONT></FONT></FONT><FONT STYLE="font-size: 10pt">66</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">17</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Guarantee
    and Indemnity &ndash; Parent Guarantor</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif;  text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>61</STRIKE></FONT></FONT></FONT><FONT STYLE="font-size: 10pt">66</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">18</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Joint
    and Several Liability of the Borrowers</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif;  padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>64</STRIKE></FONT></FONT></FONT><FONT STYLE="font-size: 10pt">69</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">19</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Guarantee
    and Indemnity &ndash; Hedge Guarantors</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>65</STRIKE></FONT></FONT></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>70</U></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Section&nbsp;8
    Representations, Undertakings and Events of Default</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif;  text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>70</STRIKE></FONT></FONT></FONT><FONT STYLE="font-size: 10pt">75</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">20</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Representations</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif;text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt; color: #b5082e"><STRIKE>70</STRIKE></FONT><FONT STYLE="font-size: 10pt">75</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">21</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Information
    Undertakings</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif;text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>77</STRIKE></FONT></FONT></FONT><FONT STYLE="font-size: 10pt">82</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">22</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Financial
    Covenants</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>82</STRIKE></FONT></FONT></FONT><FONT STYLE="font-size: 10pt">87</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">23</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">General
    Undertakings</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif;text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>86</STRIKE></FONT></FONT></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>91</U></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">24</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">General
    Ship Undertakings</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>94</STRIKE></FONT></FONT></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>100</U></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">25</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Loan
    to value ratio</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif;  text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>100</STRIKE></FONT></FONT></FONT><FONT STYLE="font-size: 10pt">106</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">26</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Accounts,
    application of Earnings and Hedge Receipts</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif;  text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>102</STRIKE></FONT></FONT></FONT><FONT STYLE="font-size: 10pt">108</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">27</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Insurance
    Undertakings</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif;  text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>104</STRIKE></FONT></FONT></FONT><FONT STYLE="font-size: 10pt">109</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">28</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Events of Default</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>109</STRIKE></FONT></FONT></FONT><FONT STYLE="font-size: 10pt">115</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Section&nbsp;9
    Changes to Parties</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif;  text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>115</STRIKE></FONT></FONT></FONT><FONT STYLE="font-size: 10pt">120</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">29</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Changes
    to the Lenders</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif;  text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>115</STRIKE></FONT></FONT></FONT><FONT STYLE="font-size: 10pt">120</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">30</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Changes
    to the Transaction Obligors</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif;  text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>120</STRIKE></FONT></FONT></FONT><FONT STYLE="font-size: 10pt">125</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Section&nbsp;10
    The Finance Parties</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif;  text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>122</STRIKE></FONT></FONT></FONT><FONT STYLE="font-size: 10pt">127</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">31</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">The Facility
    Agent</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif;  text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>122</STRIKE></FONT></FONT></FONT><FONT STYLE="font-size: 10pt">127</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">32</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">The Security
    Agent</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif;  text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>132</STRIKE></FONT></FONT></FONT><FONT STYLE="font-size: 10pt">138</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">33</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Conduct
    of Business by the Finance Parties</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif;  text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>148</STRIKE></FONT></FONT></FONT><FONT STYLE="font-size: 10pt">153</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">34</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Sharing
    among the Finance Parties</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>148</STRIKE></FONT></FONT></FONT><FONT STYLE="font-size: 10pt">154</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Section&nbsp;11
    Administration</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif;  text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>150</STRIKE></FONT></FONT></FONT><FONT STYLE="font-size: 10pt">156</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">35</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Payment
    Mechanics</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>150</STRIKE></FONT></FONT></FONT><FONT STYLE="font-size: 10pt">156</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">36</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Set-Off</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>153</STRIKE></FONT></FONT></FONT><FONT STYLE="font-size: 10pt">159</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">37</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Bail-In</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif;  text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>154</STRIKE></FONT></FONT></FONT><FONT STYLE="font-size: 10pt">160</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>

<!-- Field: Page; Sequence: 21 -->
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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; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; width: 5%"><FONT STYLE="font-size: 10pt">38</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; width: 86%"><FONT STYLE="font-size: 10pt">Notices</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt; width: 5%"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>154</STRIKE></FONT>160</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">39</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Calculations
    and Certificates</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>156</STRIKE></FONT>162</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">40</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Partial
    Invalidity</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="color: #b5082e"><STRIKE>157</STRIKE></FONT>163</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">41</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Remedies
    and Waivers</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>157</STRIKE></FONT>163</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">42</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Entire
    Agreement</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>157</STRIKE></FONT>163</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">43</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Settlement
    or Discharge Conditional</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>157</STRIKE></FONT>163</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">44</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Irrevocable
    Payment</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>157</STRIKE></FONT>163</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">45</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Amendments
    and Waivers</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>158</STRIKE></FONT>164</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">46</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Confidential
    Information</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>164</STRIKE></FONT>173</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>47</STRIKE></FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>Confidentiality
    of Funding Rates and Reference Bank Quotations</STRIKE></FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>177</U></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="color: #b5082e"><STRIKE>48</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>47</U></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Counterparts</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>170</STRIKE></FONT>179</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Section&nbsp;12
    Governing Law and Enforcement</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>171</STRIKE></FONT>180</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="color: #b5082e"><STRIKE>49</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>48</U></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Governing
    Law</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>171</STRIKE></FONT>180</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="color: #b5082e"><STRIKE>50</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>49</U></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Enforcement</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>171</STRIKE></FONT>180</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="color: #b5082e"><STRIKE>51</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>50</U></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Patriot
    Act Notice</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="color: #b5082e"><STRIKE>171</STRIKE></FONT>180</FONT></TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Schedules</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 93%; text-align: left; padding-bottom: 2.5pt">Schedule 1 The Parties</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="color: #b5082e"><STRIKE>173</STRIKE></FONT>181</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 2.5pt">Part&nbsp;A The Obligors</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="color: #b5082e"><STRIKE>173</STRIKE></FONT>181</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 2.5pt">Part&nbsp;B The Original Lenders</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="color: #b5082e"><STRIKE>176</STRIKE></FONT>184</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 2.5pt">Part&nbsp;C The Servicing Parties</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="color: #b5082e"><STRIKE>171</STRIKE></FONT>185</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Schedule 2 Conditions Precedent</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="color: #b5082e"><STRIKE>178</STRIKE></FONT>186</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 2.5pt">Part&nbsp;A Conditions Precedent to <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>initial</u></FONT> Utilisation Request</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="color: #b5082e"><STRIKE>178</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 2.5pt">Part&nbsp;B Conditions Precedent to Utilisation <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>request in respect of a tranche</U></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="color: #b5082e"><STRIKE>181</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 2.5pt">Part&nbsp;C (Conditions Subsequent)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="color: #b5082e"><STRIKE>183</STRIKE></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Schedule 3 Utilisation Request</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="color: #b5082e"><STRIKE>184</STRIKE></FONT>187</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Schedule 4 Form&nbsp;of Transfer Certificate</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="color: #b5082e"><STRIKE>186</STRIKE></FONT>188</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Schedule 5 Form&nbsp;of Assignment Agreement</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="color: #b5082e"><STRIKE>188</STRIKE></FONT>189</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Schedule 6 Form&nbsp;of Compliance Certificate</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="color: #b5082e"><STRIKE>191</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>190</U></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Appendix A to Compliance Certificate Distributions</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="color: #b5082e"><STRIKE>193</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>190</U></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Appendix B Dry Docking Reserves Certificate</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="color: #b5082e"><STRIKE>194</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>190</U></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Schedule 7 Dry Docking and Special Reserves Table &quot;Maintenance Reserve Amount&quot;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="color: #b5082e"><STRIKE>195</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>191</U></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Schedule 8 Form&nbsp;of DCSR Certificate Debt Service Cover Ratio</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="color: #b5082e"><STRIKE>196</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>192</U></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Schedule 9 Details of the Ships</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="color: #b5082e"><STRIKE>197</STRIKE></FONT>193</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Schedule 10 Timetables</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="color: #b5082e"><STRIKE>199</STRIKE></FONT>194</TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><B>Execution</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 93%; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution
Pages</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="color: #b5082e"><STRIKE>200</STRIKE></FONT>195</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"></P>

<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;</DIV>
    <DIV STYLE="break-before: page; 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: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>THIS
AGREEMENT </B></FONT>is made on <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>7 May&nbsp;2021 and as amended and restated
on </U></FONT>____ <FONT STYLE="color: #b5082e"><STRIKE>May&nbsp;2021</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>August&nbsp;2022
by the Deed of Accession, Amendment and Restatement</U></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"><FONT STYLE="text-transform: uppercase"><B>Parties</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DEVOCEAN MARITIME LTD.</B>, </FONT>a corporation
incorporated in <FONT STYLE="font-family: Times New Roman, Times, Serif">the Republic of the Marshall Islands</FONT> whose registered
address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, MH96960, Majuro, Marshall Islands as borrower (the &quot;<B>Borrower
A</B>&quot;)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DOMINA MARITIME LTD.</B>, </FONT>a corporation
incorporated in <FONT STYLE="font-family: Times New Roman, Times, Serif">the Republic of the Marshall Islands</FONT> whose registered
address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, MH96960, Majuro, Marshall Islands as borrower (the &quot;<B>Borrower
B</B>&quot;)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DULAC MARITIME S.A.</B>, </FONT>a corporation
incorporated in <FONT STYLE="font-family: Times New Roman, Times, Serif">the Republic of the Marshall Islands</FONT> whose registered
address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, MH96960, Majuro, Marshall Islands as borrower (the &quot;<B>Borrower
C</B>&quot;)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTFUL SHIPHOLDING S.A.</B>,</FONT> a corporation
incorporated in <FONT STYLE="font-family: Times New Roman, Times, Serif">the Republic of the Marshall Islands</FONT> whose registered
address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, MH96960, Majuro, Marshall Islands as borrower (the &quot;<B>Borrower
D</B>&quot;)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>LONGEVITY MARITIME LIMITED, </B></FONT>a company
incorporated in Malta, with registration number C-53023 having its registered office at 18/2 South Street, Valleta VLT 1102, Malta (the
&quot;<B>Borrower E</B>&quot;)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SERENA MARITIME LIMITED</B>,
a corporation incorporated in </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">the Republic of the Marshall Islands</FONT>
whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, MH96960, Majuro, Marshall Islands as borrower (&quot;<B>Borrower
F</B>&quot;)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(7)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><B><U>SALAMINIA
MARITIME LIMITED</U></B><U>, a corporation incorporated in </U></FONT><U><FONT STYLE="font-family: Times New Roman, Times, Serif; text-underline-style: double">the
Republic of the Marshall Islands</FONT></U><U> <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">whose registered address is at Trust Company
Complex, Ajeltake Road, Ajeltake Island, MH96960, Majuro, Marshall Islands as borrower (&quot;<B>Borrower G</B>&quot;)</FONT></U></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(8)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase; color: #b5082e"><STRIKE>(7)</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>globus
maritime limited</B></FONT>, a corporation duly domesticated in <FONT STYLE="font-family: Times New Roman, Times, Serif">the Republic
of the Marshall Islands</FONT> whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, MH96960, Majuro,
Marshall Islands and whose common shares are currently listed on the &quot;Nasdaq Capital Market&quot; under the trading symbol &quot;GLBS&quot;
as guarantor (the &quot;<B>Parent Guarantor</B>&quot;)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(9)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(8)</STRIKE></FONT><B>THE COMPANIES</B> listed in Part&nbsp;A of
Schedule 1 (<I>The Parties</I>) as hedge guarantors (the &quot;<B>Hedge Guarantors</B>&quot;)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(10)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(9)</STRIKE></FONT><B>THE FINANCIAL INSTITUTIONS</B> listed in Part&nbsp;B
of Schedule 1 (<I>The Parties</I>) as lenders (the &quot;<B>Original Lenders</B>&quot;)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(11)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(10)</STRIKE></FONT><B>THE FINANCIAL INSTITUTIONS</B> listed in Part&nbsp;B
of Schedule 1 (<I>The Parties</I>) as hedge counterparties (the &quot;<B>Hedge Counterparties</B>&quot;)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(12)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(11)<B>CIT BANK</B></STRIKE></FONT><B><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>First-Citizens
Bank&nbsp;&amp; Trust Company</U></FONT></B>, <FONT STYLE="color: #b5082e"><B><STRIKE>N.A. </STRIKE></B></FONT>as agent of the other Finance
Parties (the &quot;<B>Facility Agent</B>&quot;)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(13)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(12)<B>CIT BANK</B></STRIKE></FONT><B><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>First-Citizens
Bank&nbsp;&amp; Trust Company</U></FONT></B>, <FONT STYLE="color: #b5082e"><B><STRIKE>N.A.</STRIKE></B></FONT> as security agent for the
Secured Parties (the &quot;<B>Security Agent</B>&quot;)</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: justify"><FONT STYLE="text-transform: uppercase"><B>Background</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>The </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>By
a facility agreement dated 7 May&nbsp;2021, the </U></FONT>Lenders <FONT STYLE="color: #b5082e"><STRIKE>have agreed to make </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>made
</U></FONT>available to the Borrowers a secured term loan facility, in six Tranches, in an aggregate amount of up to the lesser of (i)&nbsp;$34,250,000
and (ii)&nbsp;52.5 per cent. of the aggregate of the Initial Market Value of <FONT STYLE="color: #b5082e"><STRIKE>the Ships </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Ship
A, Ship B, Ship C, Ship D, Ship E and Ship F </U></FONT>for the purposes of refinancing the Existing Indebtedness secured on Ship A, Ship
B, Ship C, Ship D and Ship E and financing the Market Value of Ship F.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(B)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>The Lenders have already advanced to the Original Borrowers
the amount of $34,250,000 of which an amount of $29,250,000 is outstanding at the date of this Agreement.</U></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(C)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>By the Deed of Accession, Amendment and Restatement, the
Finance Parties agreed to certain amendments to this Agreement and the other Finance Documents, including but not limited to the following:</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(i)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Borrower G acceding to this Agreement as additional borrower;</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(ii)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>the increase of the loan facility from $34,250,000 to $52,250,000
in an amount of up to the lesser of (i)&nbsp;$18,000,000 and (ii)&nbsp;62.5 per cent. of the Initial Market Value of Ship G to be made
available to the Borrowers in one additional Tranche for the purpose of financing Ship G by Tranche G as well as for general corporate
and working capital purposes of the Obligors; and</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(iii)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>amending the repayment terms of the Loan.</U></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(D)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(B)</STRIKE></FONT>The Hedge Counterparties have agreed to enter
into interest rate swap transactions with the Borrowers from time to time to hedge the Borrowers' exposure under this Agreement to interest
rate fluctuations.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(E)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>This Agreement sets out the terms and conditions of the
facility agreement as amended and restated by the Deed of Accession, Amendment and Restatement.</U></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: justify"><FONT STYLE="text-transform: uppercase"><B>Operative
Provisions</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"></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"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;1</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Interpretation</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Definitions and Interpretation</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="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"><B>1.1</B></TD><TD STYLE="text-align: justify"><B>Definitions</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 0pt 0.5in; text-align: justify">In this 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 0pt 0.5in; text-align: justify">&quot;<B>1992 ISDA Master Agreement</B>&quot;
means the Master Agreement (Multicurrency - Cross Border) as published by the International Swaps and Derivatives Association,&nbsp;Inc.</P>

<P STYLE="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">&quot;<B>2002 ISDA Master Agreement</B>&quot;
means the 2002 Master Agreement as published by the International Swaps and Derivatives Association,&nbsp;Inc.</P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Account
Bank</B>&quot; means CIT Bank, </FONT><FONT STYLE="color: #b5082e"><STRIKE>N.A. </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>a
division of First-Citizens Bank&nbsp;&amp; Trust Company, </U></FONT>acting through its office at 75 N. Fair Oaks Ave., Pasadena, California
91103, United States of America or any replacement bank or other financial institution as may be approved by the Facility Agent acting
with the authorisation of the 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 0pt 0.5in; text-align: justify">&quot;<B>Accounts</B>&quot; means the
Earnings Accounts, the Maintenance Reserve Accounts and the Cash Reserve Account.</P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Account
Security</B>&quot; means a document creating Security over any Account in agreed form</FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>,
as amended and supplemented by any relevant Account Security Confirmation</U></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 0pt 0.5in; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Account
Security Confirmation</B>&quot; means the security confirmation agreement dated on or about the Effective Date relating to Account Security
governed by Swiss law.</U></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 0pt 0.5in; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Adjusted
Term SOFR</B>&quot; means </U></FONT><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">the percentage rate per annum which is the aggregate
of the applicable:</FONT></U></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(a)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Reference Rate; and</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(b)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Term SOFR Adjustment,</U></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 0pt 0.5in; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>and
if the aggregate of that Reference Rate and the applicable Term SOFR Adjustment is less than zero, the Adjusted Term SOFR shall be deemed
to be zero.</U></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 0pt 0.5in; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Advance</B>&quot;
means a borrowing of all or part of the Facility under this Agreement.</U></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 0pt 0.5in; text-align: justify">&quot;<B>Affiliate</B>&quot; means,
in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding 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 0pt 0.5in; text-align: justify">&quot;<B>Approved Brokers</B>&quot;
means any firm or firms of insurance brokers approved in writing by the Facility Agent, acting with the authorisation of the Lenders (such
approval not to be unreasonably withheld).</P>

<P STYLE="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">&quot;<B>Approved Classification</B>&quot;
means, in relation to a Ship, as at the date of this Agreement, the classification in relation to that Ship specified in Schedule 9 (<I>Details
of the Ships</I>) with the relevant Approved Classification Society or any other classification approved in writing by the Facility Agent
acting with the authorisation of the 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"></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 0pt 0.5in; text-align: justify">&quot;<B>Approved Classification Society</B>&quot;
means, in relation to a Ship, as at the date of this Agreement, the classification society in relation to that Ship specified in Schedule
9 (<I>Details of the Ships</I>) or any other classification society approved in writing by the Facility Agent acting with the authorisation
of the 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 0pt 0.5in; text-align: justify">&quot;<B>Approved Commercial Manager</B>&quot;
means, in relation to a Ship, as at the date of this Agreement, the manager specified as the approved commercial manager in relation to
that Ship in Schedule 9 (<I>Details of the Ships</I>) or any other person (including any commercial ship management company controlled
by the Disclosed Persons) approved in writing by the Facility Agent acting with the authorisation of the Lenders as the commercial manager
of that Ship, such approval not to be unreasonably withheld.</P>

<P STYLE="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">&quot;<B>Approved Flag</B>&quot; means,
in relation to a Ship, Marshall Islands, Malta and such other flag approved in writing by the Facility Agent acting with the authorisation
of the Lenders, such approval not to be unreasonably withheld.</P>

<P STYLE="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">&quot;<B>Approved Manager</B>&quot;
means, in relation to a Ship, the Approved Commercial Manager or the Approved Technical Manager of that Ship.</P>

<P STYLE="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">&quot;<B>Approved Technical Manager</B>&quot;
in relation to a Ship, as at the date of this Agreement, the manager specified as the approved technical manager in relation to that Ship
in Schedule 9 (<I>Details of the Ships</I>) or any other person (including any technical ship management company controlled by the Disclosed
Persons) approved in writing by the Facility Agent acting with the authorisation of the Lenders as the technical manager of that Ship,
such approval not to be unreasonably withheld.</P>

<P STYLE="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">&quot;<B>Approved Valuer</B>&quot; means
Clarksons Platou, Arrow Shipbrokers, Maersk Broker K/S (or any Affiliate of such person through which valuations are commonly issued)
and any other firm or firms of independent sale and purchase shipbrokers approved in writing by the Facility Agent, acting with the authorisation
of the Lenders, such approval not to be unreasonably withheld.</P>

<P STYLE="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">&quot;<B>Article&nbsp;55 BRRD</B>&quot;
means Article&nbsp;55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment
firms.</P>

<P STYLE="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">&quot;<B>Assignment Agreement</B>&quot;
means an agreement substantially in the form set out in Schedule 5 (<I>Form&nbsp;of Assignment Agreement</I>) or any other form agreed
between the relevant assignor and assignee.</P>

<P STYLE="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">&quot;<B>Authorisation</B>&quot; means
an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation, legalisation or registration.</P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Availability
Period</B>&quot; means<FONT STYLE="color: Red"><STRIKE>&nbsp;</STRIKE></FONT></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>:</U></FONT></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="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(a)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>in
relation to an Original Tranche, </U></FONT>the period from and including the date of this Agreement to and including<FONT STYLE="color: #b5082e"><STRIKE>:
</STRIKE></FONT> 30 May&nbsp;2021<FONT STYLE="color: #b5082e"><STRIKE>.</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>;
and</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(b)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>in relation to Tranche G, the period commencing on the Effective
Date and ending on 10 August&nbsp;2022.</U></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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&quot;<B>Available Commitment</B>&quot;
means a Lender's Commitment minus:</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">(a)</TD><TD STYLE="text-align: justify">the amount of its participation in the outstanding Loan; 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">(b)</TD><TD STYLE="text-align: justify">in relation to any proposed Utilisation, the amount of its participation in the Loan that is due to be
made on or before the proposed Utilisation Date.</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">&quot;<B>Available Facility</B>&quot;
means the aggregate for the time being of each Lender's Available Commitment.</P>

<P STYLE="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">&quot;<B>Bail-In Action</B>&quot; means
the exercise of any Write-down and Conversion Powers.</P>

<P STYLE="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">&quot;<B>Bail-In Legislation</B>&quot;
means:</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">(a)</TD><TD STYLE="text-align: justify">in relation to an EEA Member Country which has implemented, or which at any time implements, Article&nbsp;55
BRRD, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time;</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">(b)</TD><TD STYLE="text-align: justify">in relation to any state other than such an EEA Member Country and the United Kingdom, any analogous law
or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or
regulation; 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">(c)</TD><TD STYLE="text-align: justify">in relation to the United Kingdom, the UK Bail-In Legislation.</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; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;</U></FONT><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><B>Balloon
Instalment</B>&quot; means each of Balloon Instalment A, Balloon Instalment B, Balloon Instalment C, Balloon Instalment D, Balloon Instalment
E, Balloon Instalment F and Balloon Instalment G.</FONT></U></P>

<P STYLE="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; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Base
Rate</B>&quot; means for any day a fluctuating rate per annum equal to the highest of:</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(a)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>the Federal Funds Rate plus half of one per cent; or</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(b)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>the rate of interest in effect for such day as publicly
announced from time to time by JPMorgan Chase Bank, N.A. as its &quot;prime rate&quot; in effect for such day.</U></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 0pt 0.5in; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>The
Base Rate is not necessarily the lowest rate of interest charged by Lenders in connection with extensions of credit. </U></FONT><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">Any
change in the Base Rate due to a change in the &quot;prime rate&quot; announced by JPMorgan Chase Bank, N.A. or the Federal Funds Rate
shall be effective from and including the effective date of such change in the &quot;prime rate&quot; announced by JPMorgan Chase Bank,
N.A. or the Federal Funds Rate respectively. For the avoidance of doubt, the Base Rate will in no event be less than zero per cent. per
annum.</FONT></U></P>

<P STYLE="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">&quot;<B>Borrower</B>&quot;
means Borrower A, Borrower B, Borrower C, Borrower D, Borrower E<FONT STYLE="color: #b5082e"><STRIKE>&nbsp;</STRIKE></FONT> <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>, Borrower
F </U></FONT>or Borrower <FONT STYLE="color: #b5082e"><STRIKE>F</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>G</U></FONT>.

<P STYLE="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">&quot;<B>Break Costs</B>&quot; means
the amount (if any) by which:</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">(a)</TD><TD STYLE="text-align: justify">the interest (excluding the Margin) which a Lender should have received for the period from the date of
receipt of all or any part of its participation in the Loan or an Unpaid Sum to the last day of the current Interest Period in relation
to the Loan, the relevant part of the Loan or that Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day
of that Interest Period;</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 0pt 0.5in; text-align: justify">exceeds</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: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the amount which that Lender
would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank
</FONT><FONT STYLE="color: #b5082e"><STRIKE>in the Relevant Interbank Market </STRIKE></FONT>for a period starting on the Business Day
following receipt or recovery and ending on the last day of the current Interest Period.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;</FONT><B>Business
Day</B>&quot; means a day (other than a Saturday or Sunday) on which banks are open for general business in London, New York, Switzerland
<FONT STYLE="color: #b5082e"><STRIKE>and Athens</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>, Athens and
includes in relation to the fixing of an interest rate, a day which is a US Government Securities Business Day</U></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 0pt 0.5in; text-align: justify">&quot;<B>BWTS</B>&quot; means, in respect
of each Ship, the ballast water treatment system.</P>

<P STYLE="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">&quot;<B>Cash Reserve Account</B>&quot;
means:</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">(a)</TD><TD STYLE="text-align: justify">an account in the name of the Parent Guarantor with the Account Bank designated &quot;Cash Reserve Account&quot;;</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">(b)</TD><TD STYLE="text-align: justify">any other account in the name of the Parent Guarantor with the Account Bank which may, with the prior
written consent of the Facility Agent, be opened in the place of the account referred to in paragraph (a)&nbsp;above, irrespective of
the number or designation of such replacement account; 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">(c)</TD><TD STYLE="text-align: justify">any sub-account of any account referred to in paragraphs (a)&nbsp;or (b)&nbsp;above.</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">&quot;<B>Charter</B>&quot; means, in
relation to a Ship, any charter relating to that Ship, or other contract for its employment, whether or not already in existence.</P>

<P STYLE="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">&quot;<B>Charter Guarantee</B>&quot;
means any guarantee, bond, letter of credit or other instrument (whether or not already issued) supporting a Charter.</P>

<P STYLE="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">&quot;<B>Code</B>&quot; means the US
Internal Revenue Code of 1986.</P>

<P STYLE="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">&quot;<B>Commercial Management Agreement</B>&quot;
means the agreement entered into between a Borrower and the Approved Commercial Manager regarding the commercial management of a Ship.</P>

<P STYLE="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">&quot;<B>Commitment</B>&quot; means:</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">(a)</TD><TD STYLE="text-align: justify">in relation to an Original Lender, the amount set opposite its name under the heading &quot;Commitment&quot;
in Part&nbsp;B of Schedule 1 (<I>The Parties</I>) and the amount of any other Commitment transferred to it under this Agreement; 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">(b)</TD><TD STYLE="text-align: justify">in relation to any other Lender, the amount of any Commitment transferred to it under this Agreement,</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">to the extent not cancelled, reduced
or transferred by it under this 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 0pt 0.5in; text-align: justify">&quot;<B>Commodity Exchange Act</B>&quot;
means the Commodity Exchange Act (7 U.S.C. &sect;1 et seq.) and any successor statute.</P>

<P STYLE="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 0pt 0.5in; text-align: justify">&quot;<B>Compliance Certificate</B>&quot;
means a certificate in the form set out in Schedule 6 (<I>Form&nbsp;of Compliance Certificate</I>) or in any other form agreed between
the Parent Guarantor and the Facility Agent.</P>

<P STYLE="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">&quot;<B>Confidential Information</B>&quot;
means all information relating to any Transaction Obligor, the Group, the Finance Documents or the Facility of which a Finance Party becomes
aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for
the purpose of becoming a Finance Party under, the Finance Documents or the Facility from either:</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">(a)</TD><TD STYLE="text-align: justify">any member of the Group or any of its advisers; 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">(b)</TD><TD STYLE="text-align: justify">another Finance Party, if the information was obtained by that Finance Party directly or indirectly from
any member of the Group or any of its advisers,</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 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information
which contains or is derived or copied from such information but excludes</FONT> <FONT STYLE="color: #b5082e"><STRIKE>:</STRIKE></FONT>information
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: 1.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify">is or becomes public information other than as a direct or indirect result of any breach by that Finance
Party of Clause 46 (<I>Confidential Information</I>); 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: 1.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">is identified in writing at the time of delivery as non-confidential by any member of the Group or any
of its advisers; 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: 1.5in"></TD><TD STYLE="width: 0.5in">(C)</TD><TD STYLE="text-align: justify">is known by that Finance Party before the date the information is disclosed to it in accordance with paragraphs
(a)&nbsp;or (b)&nbsp;above or is lawfully obtained by that Finance Party after that date, from a source which is, as far as that Finance
Party is aware, unconnected with the Group and which, in either case, as far as that Finance Party is aware, has not been obtained in
breach of, and is not otherwise subject to, any obligation of confidentiality; 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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(ii)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>any Funding Rate or Reference Bank Quotation.</STRIKE></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">&quot;<B>Confidentiality Undertaking</B>&quot;
means a confidentiality undertaking in substantially the appropriate form recommended by the LMA from time to time or in any other form
agreed between the Borrowers and the Facility Agent.</P>

<P STYLE="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">&quot;<B>Consolidated Funded Debt</B>&quot;
has the meaning given to it in Clause 22.1 (<I>Definitions</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 0pt 0.5in; text-align: justify">&quot;<B>Corresponding Debt</B>&quot;
means any amount, other than any Parallel Debt, which an Obligor owes to a Secured Party under or in connection with the Finance Documents.</P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Cure
Option</B>&quot; has the meaning given to it in Clause 22.5</FONT><FONT STYLE="color: #b5082e"><STRIKE>(c)&nbsp;</STRIKE></FONT> (<I>Debt
Service Coverage Ratio</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 0pt 0.5in; text-align: justify">&quot;<B>Debt Service</B>&quot; has
the meaning given to it in Clause 22.1 (<I>Definitions</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 0pt 0.5in; text-align: justify">&quot;<B>Debt Service Coverage ratio</B>&quot;
has the meaning given to it in Clause 22.1 (<I>Definitions</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 0pt 0.5in; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Deed
of Accession, Amendment and Restatement</B>&quot; means the deed of accession, amendment and restatement dated ___ August&nbsp;2022 and
made between, amongst others, (i)&nbsp;the Borrowers, (ii)&nbsp;the Original Lenders, (iii)&nbsp;the Facility Agent and (iv)&nbsp;the
Security Agent, amending and restating this Agreement.</U></FONT></P>

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

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

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    <DIV STYLE="break-before: page; 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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Deed
of Covenant</B>&quot; means, in relation to a Ship and if applicable to the Approved Flag of that Ship, the deed of covenant collateral
to the Mortgage over that Ship and creating Security over that Ship</FONT> <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>and,
in relation to Ship E, as amended and supplemented by the Supplemental Deed of Covenants</U></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 0pt 0.5in; text-align: justify">&quot;<B>Deed of Release</B>&quot; means
a deed releasing the Existing Security in a form acceptable to the Facility Agent.</P>

<P STYLE="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">&quot;<B>Default</B>&quot; means an
Event of Default or a Potential Event of Default.</P>

<P STYLE="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">&quot;<B>Delegate</B>&quot; means any
delegate, agent, attorney or co-trustee appointed by the Security Agent.</P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Deposit
Cure Amount</B>&quot; has the meaning given to it in Clause 22.5</FONT><FONT STYLE="color: #b5082e"><STRIKE>(c)(i)&nbsp;</STRIKE></FONT>
(<I>Debt Service Coverage Ratio).</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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Disclosure
Letter</B>&quot; means </FONT><FONT STYLE="color: #b5082e"><STRIKE>a </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>any
</U></FONT>letter identifying the Disclosed Persons to be executed by <FONT STYLE="color: #b5082e"><STRIKE>the </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>each
</U></FONT>Borrower and the Parent Guarantor and acknowledged by the Security Agent.</P>

<P STYLE="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">&quot;<B>Disclosed Persons</B>&quot;
means any 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">(a)</TD><TD STYLE="text-align: justify">the person disclosed in the Disclosure Letter as being the individual having control of the Parent Guarantor
as at the date of this Agreement;</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">(b)</TD><TD STYLE="text-align: justify">any affiliated entity of the individual described in paragraph (a); 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">(c)</TD><TD STYLE="text-align: justify">the immediate family members of the individual described in paragraph (a)&nbsp;as identified in the Disclosure
Letter.</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">&quot;<B>Distribution</B>&quot; has
the meaning given to it in Clause 23.18 (<I>Dividends</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 0pt 0.5in; text-align: justify">&quot;<B>Disruption Event</B>&quot;
means either or both 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">(a)</TD><TD STYLE="text-align: justify">a material disruption to those payment or communications systems or to those financial markets which are,
in each case, required to operate in order for payments to be made in connection with the Facility (or otherwise in order for the transactions
contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties
or, if applicable, any Transaction Obligor; 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">(b)</TD><TD STYLE="text-align: justify">the occurrence of any other event which results in a disruption (of a technical or systems-related nature)
to the treasury or payments operations of a Party or, if applicable, any Transaction Obligor preventing that, or any other, Party or,
if applicable, any Transaction Obligor:</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">from performing its payment obligations under the Finance Documents; 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: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">from communicating with other Parties or, if applicable, any Transaction Obligor in accordance with the
terms of the Finance Documents,</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 0pt 0.5in; text-align: justify">and which (in either such case) is not
caused by, and is beyond the control of, the Party or, if applicable, any Transaction Obligor whose operations are disrupted.</P>

<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 0pt 0.5in; text-align: justify">&quot;<B>Document of Compliance</B>&quot;
has the meaning given to it in the ISM Code.</P>

<P STYLE="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">&quot;<B>dollars</B>&quot; and &quot;<B>$</B>&quot;
mean the lawful currency, for the time being, of the United States of America.</P>

<P STYLE="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">&quot;<B>Dry Docking and Special Survey
Fees</B>&quot; has the meaning given to it in Clause 26.3 (<I>Dry Docking and Special Survey Reserves</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 0pt 0.5in; text-align: justify">&quot;<B>DSCR Certificate</B>&quot;
means a certificate in the form set out in Schedule 8 (<I>Form&nbsp;of DCSR Certificate Debt Service Cover Ratio</I>) or in any other
form agreed between the Parent Guarantor and the Facility Agent.</P>

<P STYLE="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">&quot;<B>DSCR Testing Date</B>&quot;
has the meaning given to it in Clause 22.1 (<I>Definitions</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 0pt 0.5in; text-align: justify">&quot;<B>Earnings</B>&quot; means, in
relation to a Ship, all moneys whatsoever which are now, or later become, payable (actually or contingently) to a Borrower or the Security
Agent and which arise out of or in connection with or relate to the use or operation of that Ship, including (but not limited to):</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">(a)</TD><TD STYLE="text-align: justify">the following, save to the extent that any of them is, with the prior written consent of the Facility
Agent, pooled or shared with any other person:</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">all freight, hire and passage moneys including, without limitation, all moneys payable under, arising
out of or in connection with a Charter or a Charter Guarantee;</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">the proceeds of the exercise of any lien on sub-freights;</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">compensation payable to a Borrower or the Security Agent in the event of requisition of that Ship for
hire or use;</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">remuneration for salvage and towage services;</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">(v)</TD><TD STYLE="text-align: justify">demurrage and detention moneys;</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">(vi)</TD><TD STYLE="text-align: justify">without prejudice to the generality of sub-paragraph (i)&nbsp;above, damages for breach (or payments for
variation or termination) of any charterparty or other contract for the employment of that Ship;</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">(vii)</TD><TD STYLE="text-align: justify">all moneys which are at any time payable under any Insurances in relation to loss of hire (if any);</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">(viii)</TD><TD STYLE="text-align: justify">all monies which are at any time payable to a Borrower in relation to general average contribution; 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">(b)</TD><TD STYLE="text-align: justify">if and whenever that Ship is employed on terms whereby any moneys falling within sub-paragraphs (i)&nbsp;to
(viii)&nbsp;of paragraph (a)&nbsp;above are pooled or shared with any other person, that proportion of the net receipts of the relevant
pooling or sharing arrangement which is attributable to that Ship.</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 0pt 0.5in; text-align: justify">&quot;<B>Earnings Account</B>&quot;
means, in relation to a Borrower:</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: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an account in the name of that
Borrower with the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant </U></FONT>Earnings Account Bank designated
&quot;Earnings Account&quot;;</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: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any other account in the name
of that Borrower with the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant </U></FONT>Earnings Account Bank
which may, with the prior written consent of the Facility Agent, be opened in the place of the account referred to in paragraph (a)&nbsp;above,
irrespective of the number or designation of such replacement account; 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">(c)</TD><TD STYLE="text-align: justify">any sub-account of any account referred to in paragraphs (a)&nbsp;or (b)&nbsp;above.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Earnings
</B></FONT><B>Account Bank</B>&quot; means<FONT STYLE="color: #b5082e"><STRIKE>&nbsp;</STRIKE><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>:</U></FONT></FONT>

<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="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(a)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>in
relation to the Earnings Account of a Borrower (other than Borrower G) </U></FONT>Credit Suisse AG acting through its office at Paradeplatz
8, 8001 Zurich Switzerland or any replacement bank or other financial institution as may be approved by the Facility Agent acting with
the authorisation of the Majority Lenders<FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>; and</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(b)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>in relation to the Earnings Account of Borrower G, the Account
Bank.</U></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 0pt 0.5in; text-align: justify">&quot;<B>EBITDA</B>&quot; has the meaning
given to it in Clause 22.1 (<I>Definitions</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 0pt 0.5in; text-align: justify">&quot;<B>EEA Member Country</B>&quot;
means any member state of the European Union,&nbsp;Iceland, Liechtenstein and Norway.</P>

<P STYLE="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; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Effective
Date</B>&quot; has the meaning given to the term &quot;Effective Date&quot; in the Deed of Accession, Amendment and Restatement.</U></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 0pt 0.5in; text-align: justify">&quot;<B>Environmental Approval</B>&quot;
means any present or future permit, ruling, variance or other Authorisation required under Environmental 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 0pt 0.5in; text-align: justify">&quot;<B>Environmental Claim</B>&quot;
means any claim by any governmental, judicial or regulatory authority or any other person which arises out of an Environmental Incident
or which relates to any Environmental Law and, for this purpose, &quot;<B>claim</B>&quot; includes a claim for damages, compensation,
contribution, injury, fines, losses and penalties or any other payment of any kind, including in relation to clean-up and removal, whether
or not similar to the foregoing; an order or direction to take, or not to take, certain action or to desist from or suspend certain action;
and any form of enforcement or regulatory action, including the arrest or attachment of any asset.</P>

<P STYLE="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">&quot;<B>Environmental Incident</B>&quot;
means:</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">(a)</TD><TD STYLE="text-align: justify">any release, emission, spill or discharge of Environmentally Sensitive Material whether within a Ship
or from a Ship into any other vessel or into or upon the air, water, land or soils (including the seabed) or surface water; 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">(b)</TD><TD STYLE="text-align: justify">any incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged into
or upon the air, water, land or soils (including the seabed) or surface water from a vessel other than any Ship and which involves a collision
between any Ship and such other vessel or some other incident of navigation or operation, in either case, in connection with which a Ship
is actually or potentially liable to be arrested, attached, detained or injuncted and/or a Ship and/or any Transaction Obligor and/or
any operator or manager of a Ship is at fault or otherwise liable to any legal or administrative action; or</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">(c)</TD><TD STYLE="text-align: justify">any other incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged
into or upon the air, water, land or soils (including the seabed) or surface water otherwise than from a Ship and in connection with which
a Ship is actually or potentially liable to be arrested and/or where any Transaction Obligor and/or any operator or manager of a Ship
is at fault or otherwise liable to any legal or administrative action.</TD></TR></TABLE>

<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 0pt 0.5in; text-align: justify">&quot;<B>Environmental Law</B>&quot;
means any present or future law relating to pollution or protection of human health or the environment, to conditions in the workplace,
to the carriage, generation, handling, storage, use, release or spillage of Environmentally Sensitive Material or to actual or threatened
releases of Environmentally Sensitive Material.</P>

<P STYLE="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">&quot;<B>Environmentally Sensitive Material</B>&quot;
means and includes all contaminants, oil, oil products, toxic substances and any other substance (including any chemical, gas or other
hazardous or noxious substance) which is (or is capable of being or becoming) polluting, toxic or hazardous.</P>

<P STYLE="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">&quot;<B>ERISA</B>&quot; means the Employee
Retirement Income Security Act of 1974, as amended, and any successor thereto.</P>

<P STYLE="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">&quot;<B>ERISA Affiliate</B>&quot; means
each person (and defined in Section&nbsp;3(9)&nbsp;of ERISA) which together with any Transaction Obligor would be deemed to be a &quot;single
employer&quot; within the meaning of Section&nbsp;414(b), (c), (m)&nbsp;or (o)&nbsp;of the Code</P>

<P STYLE="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">&quot;<B>EU Bail-In Legislation Schedule</B>&quot;
means the document described as such and published by the LMA from time to 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 0pt 0.5in; text-align: justify">&quot;<B>Event of Default</B>&quot;
means any event or circumstance specified as such in Clause 28 (<I>Events of Default</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 0pt 0.5in; text-align: justify">&quot;<B>Excluded Hedging Obligation</B>&quot;
means, with respect to an Obligor, any Hedging Obligation if, and to the extent that, all or a portion of the guarantee of such Obligor
of, or the grant by such Obligor of a security interest to secure, such Hedging Obligation (or any guarantee thereof) is or becomes illegal
under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official
interpretation of any thereof) by virtue of such Obligor's failure for any reason to constitute an &quot;eligible contract participant&quot;
as defined in the Commodity Exchange Act and the regulations thereunder at the time the guarantee of such Obligor or the grant of such
security interest becomes effective with respect to such related Hedging Obligation, provided that if a Hedging Obligation arises under
a Hedging Agreement governing more than one swap, such exclusion shall apply only to the portion of such Hedging Obligation that is attributable
to swaps for which such guarantee or security interest is or becomes illegal.</P>

<P STYLE="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">&quot;<B>Existing Facility Agent</B>&quot;
means Lucid Agency Services Limited of 6<SUP>th</SUP> Floor, No 1 Building 1-5 London Wall Buildings, London Wall, London, United Kingdom,
EC2M 5PG.</P>

<P STYLE="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">&quot;<B>Existing Facility Agreement</B>&quot;
means the facility agreement dated 24 June&nbsp;2019 (as amended, restated and supplemented from time to time) and entered into between,
amongst others, (i)&nbsp;Borrower A, Borrower B, Borrower C, Borrower D and Borrower E as borrowers, (ii)&nbsp;the Parent Guarantor (iii)&nbsp;the
financial institutions listed therein as lenders and (iv)&nbsp;the Existing Facility Agent.</P>

<P STYLE="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">&quot;<B>Existing Indebtedness</B>&quot;
means, at any date, the outstanding Financial Indebtedness of the Borrowers on that date under the Existing Facility 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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    <DIV STYLE="break-before: page; 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 0pt 0.5in; text-align: justify">&quot;<B>Existing Security</B>&quot;
means any Security created to secure the Existing Indebtedness.</P>

<P STYLE="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">&quot;<B>Facility</B>&quot; means the
term loan facility made available under this Agreement as described in Clause 2 (<I>The Facility</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 0pt 0.5in; text-align: justify">&quot;<B>Facility Office</B>&quot; means
the office or offices notified by a Lender to the Facility Agent in writing on or before the date it becomes a Lender (or, following that
date, by not less than 5 Business Days' written notice) as the office or offices through which it will perform its obligations under this
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 0pt 0.5in; text-align: justify">&quot;<B>FATCA</B>&quot; means:</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">(a)</TD><TD STYLE="text-align: justify">sections 1471 to 1474 of the Code or any associated regulations;</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">(b)</TD><TD STYLE="text-align: justify">any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement
between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to
in paragraph (a)&nbsp;above; 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">(c)</TD><TD STYLE="text-align: justify">any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs
(a)&nbsp;or (b)&nbsp;above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other
jurisdiction.</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">&quot;<B>FATCA Application Date</B>&quot;
means:</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">(a)</TD><TD STYLE="text-align: justify">in relation to a &quot;withholdable payment&quot; described in section 1473(1)(A)(i)&nbsp;of the Code
(which relates to payments of interest and certain other payments from sources within the US), 1 July&nbsp;2014; 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">(b)</TD><TD STYLE="text-align: justify">in relation to a &quot;passthru payment&quot; described in section 1471(d)(7)&nbsp;of the Code not falling
within paragraph (a)&nbsp;above, the first date from which such payment may become subject to a deduction or withholding required by FATCA.</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">&quot;<B>FATCA Deduction</B>&quot; means
a deduction or withholding from a payment under a Finance Document required by FATCA.</P>

<P STYLE="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">&quot;<B>FATCA Exempt Party</B>&quot;
means a Party that is entitled to receive payments free from any FATCA Deduction.</P>

<P STYLE="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; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Federal
Funds Rate</B>&quot; means, for any day, the greater of:</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(a)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>the rate calculated by the Federal Reserve Bank of New York
based on such day's Federal funds transactions by depositary institutions (as determined in such manner as the Federal Reserve Bank of
New York shall set forth on its public website from time to time) and published on the next succeeding Business Day by the Federal Reserve
Bank of New York as the Federal funds effective rate; and</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(b)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>zero per cent.</U></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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Fee
Letter</B>&quot; means any letter or letters dated on or about the date of this Agreement </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>and/or
the date of the Deed of Accession, Amendment and Restatement </U></FONT>between any of the Facility Agent and the Security Agent and any
Obligor setting out any of the fees referred to in Clause 11 (<I>Fees</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"></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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Final
Cure Date</B>&quot; has the meaning given to it in Clause 22.5</FONT><FONT STYLE="color: #b5082e"><STRIKE>(c)&nbsp;</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&nbsp;</U></Font>(<I>Debt
Service Coverage Ratio</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 0pt 0.5in; text-align: justify">&quot;<B>Fiscal Quarter</B>&quot; means
any of the quarterly accounting periods ending on March&nbsp;31, June&nbsp;30, September&nbsp;30 and December&nbsp;31 of 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 0pt 0.5in; text-align: justify">&quot;<B>Finance Document</B>&quot;
means:</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">(a)</TD><TD STYLE="text-align: justify">this Agreement;</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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(b)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>the Deed of Accession, Amendment and Restatement;</U></FONT></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="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(c)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(b)the </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>any
</U></FONT>Utilisation Request;</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="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(d)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(c)the </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>any
</U></FONT>Disclosure Letter;</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="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(e)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(d)</STRIKE></FONT>any Security Document;</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="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(f)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(e)</STRIKE></FONT>any Hedging Agreement;</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="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(g)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(f)</STRIKE></FONT>any Manager's Undertaking;</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="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(h)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(g)</STRIKE></FONT>any Subordination Agreement;</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="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(i)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(h)</STRIKE></FONT>any other document which is executed for the purpose
of establishing any priority or subordination arrangement in relation to the Secured Liabilities; 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="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(j)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(i)</STRIKE></FONT>any other document designated as such by the Facility
Agent and the Borrowers.</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">&quot;<B>Finance Party</B>&quot; means
the Facility Agent, the Security Agent, a Lender or a Hedge Counterparty.</P>

<P STYLE="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">&quot;<B>Financial Indebtedness</B>&quot;
means any indebtedness for or in relation to:</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">(a)</TD><TD STYLE="text-align: justify">moneys borrowed;</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">(b)</TD><TD STYLE="text-align: justify">any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent;</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">(c)</TD><TD STYLE="text-align: justify">any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan
stock or any similar instrument;</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">(d)</TD><TD STYLE="text-align: justify">the amount of any liability in relation to any finance lease or hire purchase contract which would, in
accordance with GAAP, be treated as a balance sheet liability (other than any liability in respect of a lease or hire purchase contract
which would, in accordance with GAAP to be in force prior to 1 January&nbsp;2019) (for the avoidance of doubt operating leases are not
considered as Financial Indebtedness);</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">(e)</TD><TD STYLE="text-align: justify">receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse
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">(f)</TD><TD STYLE="text-align: justify">any amount raised under any other transaction (including any forward sale or purchase agreement) of a
type not referred to in any other paragraph of this definition having the commercial effect of a borrowing;</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">(g)</TD><TD STYLE="text-align: justify">any derivative transaction entered into in connection with protection against or benefit from fluctuation
in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market value (or, if any actual
amount is due as a result of the termination or close-out of that derivative transaction, that amount) shall be taken into account);</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">(h)</TD><TD STYLE="text-align: justify">any counter-indemnity obligation in relation to a guarantee, indemnity, bond, standby or documentary letter
of credit or any other instrument issued by a bank or financial institution; 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">(i)</TD><TD STYLE="text-align: justify">the amount of any liability in relation to any guarantee or indemnity for any of the items referred to
in paragraphs (a)&nbsp;to (h)&nbsp;above.</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; color: #b5082e"><STRIKE>&quot;<B>Funding
Rate&quot;</B> means any individual rate notified by a Lender to the Facility Agent pursuant to sub-paragraph (ii)&nbsp;of paragraph (a)&nbsp;of
Clause 10.4 (<I>Cost of funds</I>).</STRIKE></P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>GAAP</B>&quot;
means </FONT>international financial reporting standards as issued by the International Accounting Standards Board including IFRS.</P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>General
Assignment</B>&quot; means, in relation to a Ship, the general assignment creating Security over that Ship's Earnings, its Insurances
and any Requisition Compensation in relation to that Ship in agreed form</FONT> <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>and,
in relation to each Original Ship, as amended and supplemented by the relevant Supplemental General Assignment</U></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 0pt 0.5in; text-align: justify">&quot;<B>Greek Accounts</B>&quot; means,
the accounts with Eurobank Ergasias SA:</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">(a)</TD><TD STYLE="text-align: justify">in relation to Borrower A, with account numbers:</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">[&#9679;] (Euro account); 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">[&#9679;] ($ account);</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">(b)</TD><TD STYLE="text-align: justify">in relation to Borrower C, with account numbers:</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">[&#9679;] (Euro account); 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">[&#9679;] ($ account).</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">(c)</TD><TD STYLE="text-align: justify">in relation to Borrower F, with account numbers:</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">[&#9679;] (euro account) 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">[&#9679;] ($ account).</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">&quot;<B>Group</B>&quot; means the Parent
Guarantor and its Subsidiaries for the time being.</P>

<P STYLE="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">&quot;<B>Group Vessel</B>&quot; has
the meaning given to it in Clause 22.1 (<I>Definitions</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 0pt 0.5in; text-align: justify">&quot;<B>Hedge Counterparty Guarantee</B>&quot;
means any guarantee in agreed form entered into or to be entered into in favour of a Borrower for the purpose of guaranteeing the obligations
owed by a Hedge Counterparty to that Borrower under a Hedging 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 0pt 0.5in; text-align: justify">&quot;<B>Hedge Counterparty Guarantor</B>&quot;
means any person who provides a Hedge Counterparty Guarantee.</P>

<P STYLE="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 0pt 0.5in; text-align: justify">&quot;<B>Hedge Receipts</B>&quot; means
all moneys whatsoever which are now, or later become, payable (actually or contingently) to a Borrower or the Security Agent by a Hedge
Counterparty or a Hedge Counterparty Guarantor under a Hedging Agreement or a Hedge Counterparty Guarantee.</P>

<P STYLE="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">&quot;<B>Hedging Agreement</B>&quot;
means any master agreement, confirmation, transaction, schedule or other agreement in agreed form entered into or to be entered into by
a Borrower for the purpose of hedging interest payable under this 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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Hedging
Agreement Security</B>&quot; means, in relation to a Borrower, a hedging agreement security creating Security over that Borrower's rights
and interests in any Hedging Agreement and any Hedge Counterparty Guarantee, in agreed form</FONT> <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>and,
in relation to each Original Borrower, as amended and supplemented by the relevant Supplemental Hedging Agreement Security</U></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 0pt 0.5in; text-align: justify">&quot;<B>Hedging Obligation</B>&quot;
means, with respect to an Obligor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a &quot;swap&quot;
within the meaning of section 1a(47) of the Commodity Exchange Act.</P>

<P STYLE="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">&quot;<B>Hedging Prepayment Proceeds</B>&quot;
means any Hedge Receipts arising as a result of termination or closing out under a Hedging 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 0pt 0.5in; text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Historic
Term SOFR</B>&quot; means, in relation to the Loan or any part of the Loan, the most recent applicable Term SOFR </U></FONT><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">for
a period equal in length to the Interest Period of the Loan or that part of the Loan</FONT></U><U> <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">and
which is as of a day which is no more than three US Government Securities Business Days before the Quotation Day.</FONT></U></P>

<P STYLE="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">&quot;<B>Holding Company</B>&quot; means,
in relation to a person, any other person in relation to which it is a Subsidiary.</P>

<P STYLE="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">&quot;<B>IFRS</B>&quot; means international
accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the relevant financial 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 0pt 0.5in; text-align: justify">&quot;<B>Indemnified Person</B>&quot;
has the meaning given to it in Clause 14.2 (<I>Other indemnities</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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Initial
Market Value</B>&quot; means, in relation to a Ship, the Market Value of that Ship determined pursuant to paragraph 3.5</FONT> of Part&nbsp;<FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>B</U></FONT><FONT STYLE="color: #b5082e"><STRIKE>B3.5
</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&nbsp;</U></FONT>of Schedule 2 (<I>Conditions Precedent</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 0pt 0.5in; text-align: justify">&quot;<B>Interest expense</B>&quot;
has the meaning given to it in Clause 22.1 (<I>Definitions</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 0pt 0.5in; text-align: justify">&quot;<B>Insurances</B>&quot; means,
in relation to a Ship:</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">(a)</TD><TD STYLE="text-align: justify">all policies and contracts of insurance, including entries of that Ship in any protection and indemnity
or war risks association, effected in relation to that Ship, that Ship's Earnings or otherwise in relation to that Ship whether before,
on or after the date of this Agreement; 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">(b)</TD><TD STYLE="text-align: justify">all rights and other assets relating to, or derived from, any of such policies, contracts or entries,
including any rights to a return of premium and any rights in relation to any claim whether or not the relevant policy, contract of insurance
or entry has expired on or before the date of this Agreement.</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">&quot;<B>Interest Payment Date</B>&quot;
has the meaning given to it in Clause 8.2 (<I>Payment of interest</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"></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 0pt 0.5in; text-align: justify">&quot;<B>Interest Period</B>&quot; means,
in relation to the Loan or any part of the Loan, each period determined in accordance with Clause 9 (<I>Interest Periods</I>) and, in
relation to an Unpaid Sum, each period determined in accordance with Clause 8.3 (<I>Default interest</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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Interpolated
</B></FONT><B><FONT STYLE="color: #b5082e"><STRIKE>Screen Rate</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Historic
Term SOFR</U></FONT></B>&quot; means, in relation to the Loan or any part of the Loan, the rate which results from interpolating on a
linear basis between:</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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(a)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>either</U></FONT></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"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(i)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(a)</STRIKE></FONT>the <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>most
recent </U></FONT>applicable <FONT STYLE="color: #b5082e"><STRIKE>Screen Rate </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Term
SOFR (as of a day which is not more than three US Government Securities Business Days before the Quotation Day) </U></FONT>for the longest
period (for which <FONT STYLE="color: #b5082e"><STRIKE>that Screen Rate </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Term
SOFR </U></FONT>is available) which is less than the Interest Period of the Loan or that part of the Loan; <FONT STYLE="color: #b5082e"><STRIKE>and</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>or</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(ii)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>if no such Term SOFR is available for a period which is
less than the Interest Period of the Loan or that part of the Loan, the most recent Term SOFR for a tenor of one month (as of a day which
is not more than three US Government Securities Business Days before the Quotation Day); and</U></FONT></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: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>most
recent </U></FONT>applicable <FONT STYLE="color: #b5082e"><STRIKE>Screen Rate </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Term
SOFR (as of a day which is not more than three US Government Securities Business Days before the Quotation Day) </U></FONT>for the shortest
period (for which <FONT STYLE="color: #b5082e"><STRIKE>that Screen Rate </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Term
SOFR </U></FONT>is available) which exceeds the Interest Period of the Loan or that part of the Loan<FONT STYLE="color: #b5082e"><STRIKE>,</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>.</U></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 0pt 0.5in; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Interpolated
Term SOFR</B>&quot; means, in relation to the Loan or any part of the Loan, the rate which results from interpolating on a linear basis
between:</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(a)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>either</U></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>each </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>the
applicable Term SOFR (</U></FONT>as of the Specified Time <FONT STYLE="color: #b5082e"><STRIKE>for dollars.</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>)
for the longest period (for which Term SOFR is available) which is less than the Interest Period of the Loan or that part of the Loan;
or</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(ii)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>if no such Term SOFR is available for a period which is
less than the Interest Period of the Loan or that part of the Loan, Term SOFR for a tenor of one month (as of the Specified Time); and</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(b)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>the applicable Term SOFR (as of the Specified Time) for
the shortest period (for which Term SOFR is available) which exceeds the Interest Period of the Loan or that part of the Loan.</U></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 0pt 0.5in; text-align: justify">&quot;<B>ISDA Master Agreement</B>&quot;
means a 1992 ISDA Master Agreement or a 2002 ISDA Master 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 0pt 0.5in; text-align: justify">&quot;<B>ISM Code</B>&quot; means the
International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention (including the guidelines on its implementation),
adopted by the International Maritime Organisation, as the same may be amended or supplemented from time to 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 0pt 0.5in; text-align: justify">&quot;<B>ISPS Code</B>&quot; means the
International Ship and Port Facility Security (ISPS) Code as adopted by the International Maritime Organization's (IMO) Diplomatic Conference
of December&nbsp;2002, as the same may be amended or supplemented from time to 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"></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 0pt 0.5in; text-align: justify">&quot;<B>ISSC</B>&quot; means an International
Ship Security Certificate issued under the ISPS Code.</P>

<P STYLE="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">&quot;<B>Legal Reservations</B>&quot;
means:</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">(a)</TD><TD STYLE="text-align: justify">the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation
of enforcement by laws relating to insolvency, reorganisation and other laws generally affecting the rights of creditors;</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">(b)</TD><TD STYLE="text-align: justify">the time barring of claims under the Limitation Acts, the possibility that an undertaking to assume liability
for or indemnify a person against non-payment of UK stamp duty may be void and defences of set-off or counterclaim; 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">(c)</TD><TD STYLE="text-align: justify">similar principles, rights and defences under the laws of any Relevant Jurisdiction.</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">&quot;<B>Lender</B>&quot; means:</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">(a)</TD><TD STYLE="text-align: justify">any Original Lender; 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">(b)</TD><TD STYLE="text-align: justify">any bank, financial institution, trust, fund or other entity which has become a Party as a Lender in accordance
with Clause 29 (<I>Changes to the Lenders</I>),</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">which in each case has not ceased to
be a Party as such in accordance with this 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 0pt 0.5in; text-align: justify; color: #b5082e"><STRIKE>&quot;<B>LIBOR</B>&quot;
means, in relation to the Loan or any part of the Loan:</STRIKE></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: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><STRIKE>(a)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>the applicable Screen Rate as of the Specified Time for dollars and
</STRIKE></FONT><STRIKE><FONT STYLE="color: #2c6234">for a period equal in length to the Interest Period of the Loan or that part of the
Loan</FONT><FONT STYLE="color: #b5082e">; or</FONT></STRIKE></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: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><STRIKE>(b)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #2c6234"><STRIKE>as otherwise determined pursuant to Clause 10.1 (<I>Unavailability
of </I></STRIKE></FONT><STRIKE><I><FONT STYLE="color: #b5082e">Screen Rate</FONT></I><FONT STYLE="color: #b5082e">),</FONT></STRIKE></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; color: #b5082e"><STRIKE>and if, in either
case, that rate is less than zero, LIBOR shall be deemed to be zero.</STRIKE></P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&quot;Limitation
Acts</B></FONT>&quot; means the Limitation Act 1980 and the Foreign Limitation Periods Act 1984</P>

<P STYLE="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">&quot;<B>LMA</B>&quot; means the Loan
Market Association or any successor organisation.</P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Loan</B>&quot;
means the loan </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>made or </U></FONT>to be made available under the Facility
or the aggregate principal amount outstanding for the time being of the borrowings under the Facility and a &quot;<B>part of the Loan</B>&quot;
means a Tranche, a part of a Tranche or any other part of the Loan as the context may require.</P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Loan
Principle Cure Amount</B>&quot; has the meaning given to it in Clause 22.5</FONT><FONT STYLE="color: #b5082e"><STRIKE>(c)(i)&nbsp;</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&nbsp;</U></FONT>(<I>Debt Service Coverage Ratio</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 0pt 0.5in; text-align: justify">&quot;<B>Maintenance Reserve Account</B>&quot;
means:</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">(a)</TD><TD STYLE="text-align: justify">an account in the name of the Parent Guarantor with the Account Bank designated &quot;Maintenance Reserve
Account&quot;;</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">(b)</TD><TD STYLE="text-align: justify">any other account in the name of the Parent Guarantor with the Account Bank which may, with the prior
written consent of the Facility Agent, be opened in the place of the account referred to in paragraph (a)&nbsp;above, irrespective of
the number or designation of such replacement account; or</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">(c)</TD><TD STYLE="text-align: justify">any sub-account of any account referred to in paragraphs (a)&nbsp;or (b)&nbsp;above.</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">&quot;<B>Maintenance Reserve Amount</B>&quot;
has the meaning given to it in Schedule 7 (<I>Dry Docking and Special Reserves Table</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 0pt 0.5in; text-align: justify; color: #b5082e"><STRIKE>&quot;<B>Maintenance
Reserve Date</B>&quot; means, in relation to a Ship, the date on which the Dry Docking and Special Survey Fees in respect of that Ship
are to be incurred in accordance with the budget provided to the Facility Agent pursuant to paragraph (a)&nbsp;of Clause 26.3 (<I>Dry
Docking and Special Survey Reserves</I>).</STRIKE></P>

<P STYLE="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">&quot;<B>Major Casualty</B>&quot; means,
in relation to a Ship, any casualty to that Ship in relation to which the claim or the aggregate of the claims against all insurers, before
adjustment for any relevant franchise or deductible, exceeds $500,000 or the equivalent in any other currency.</P>

<P STYLE="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">&quot;<B>Majority Lenders</B>&quot;
means:</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">(a)</TD><TD STYLE="text-align: justify">if the Loan has not yet been made, a Lender or Lenders whose Commitments aggregate more than 66&frac23;
per cent. of the Total Commitments; 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">(b)</TD><TD STYLE="text-align: justify">at any other time, a Lender or Lenders whose participations in the Loan aggregate more than 66&frac23;
per cent. of the amount of the Loan then outstanding or, if the Loan has been repaid or prepaid in full, a Lender or Lenders whose participations
in the Loan immediately before repayment or prepayment in full aggregate more than 66&frac23; per cent. of the Loan immediately before
such repayment.</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">&quot;<B>Management Agreement</B>&quot;
means a Technical Management Agreement or a Commercial Management 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 0pt 0.5in; text-align: justify">&quot;<B>Management Preferred Dividends</B>&quot;
means, in respect of the Parent Guarantor, any dividends or other distribution (whether in cash or in kind) on or in respect of its preferred
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 0pt 0.5in; text-align: justify">&quot;<B>Manager's Undertaking</B>&quot;
means, in relation to a Ship, the letter of undertaking from its Approved Technical Manager and the letter of undertaking from its Approved
Commercial Manager subordinating the rights of such Approved Technical Manager and such Approved Commercial Manager respectively against
that Ship and the relevant Borrower to the rights of the Finance Parties in agreed 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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;</FONT><B>Margin</B>&quot;
means <FONT STYLE="color: #b5082e"><STRIKE>3.75 per cent. per annum.</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>:</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(a)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>in respect of an Original Tranche, from the date of this
Agreement until the Effective Date, 3.75 per cent. per annum and at all times thereafter, 3.35 per cent per annum; and</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(b)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>in respect of Tranche G, 3.35 per cent. per annum.</U></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 0pt 0.5in; text-align: justify">&quot;<B>Market Value Adjusted Total
Assets</B>&quot; has the meaning given to it in Clause 22.1 (<I>Definitions</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 0pt 0.5in; text-align: justify">&quot;<B>Market Value</B>&quot; means,
in relation to a Ship or any other vessel, at any date, an amount determined by the Facility Agent as being an amount equal to the market
value of that Ship or vessel shown by a valuation prepared:</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">(a)</TD><TD STYLE="text-align: justify">as at a date not more than 10 days previously;</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">(b)</TD><TD STYLE="text-align: justify">by an Approved Valuer selected by the Facility Agent at the cost of the Borrowers;</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">(c)</TD><TD STYLE="text-align: justify">with or without physical inspection of that Ship or vessel (as the Facility Agent may require); 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">(d)</TD><TD STYLE="text-align: justify">on the basis of a sale for prompt delivery for cash on normal arm's length commercial terms as between
a willing seller and a willing buyer, free of any Charter.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>provided
that</B></FONT> if an Obligor obtains its own valuation for that Ship or vessel from an Approved Valuer and such valuation shows a difference
of more than 20 per cent. of the valuation obtained by the Facility Agent, then the Facility Agent shall obtain a second valuation by
an Approved Valuer at the Borrowers' cost and on the same terms as the first valuation. The Market Value of the Ship or that vessel shall
then be determined as the arithmetic average of the two valuations obtained by the Facility Agent.</P>

<P STYLE="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">&quot;<B>Material Adverse Effect</B>&quot;
means in the reasonable opinion of the Majority Lenders, a material adverse effect 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">(a)</TD><TD STYLE="text-align: justify">the business, operations, property, condition (financial or otherwise) of any Obligor; 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">(b)</TD><TD STYLE="text-align: justify">the ability of any Obligor to perform its obligations under any Finance Document; 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">(c)</TD><TD STYLE="text-align: justify">the validity or enforceability of, or the effectiveness or ranking of any Security granted or intended
to be granted pursuant to any of, the Finance Documents or the rights or remedies of any Finance Party under any of the Finance Documents.</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">&quot;<B>Maximum Leverage Ratio</B>&quot;
has the meaning given to it in Clause 22.1 (<I>Definitions</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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Minimum
Cash Reserve</B>&quot; has the meaning given to it in Clause </FONT><FONT STYLE="color: #b5082e"><STRIKE>22.222.2 </STRIKE></FONT>22.2<FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&nbsp;
</U></FONT>(<I>Minimum Cash Reserve</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 0pt 0.5in; text-align: justify">&quot;<B>Month</B>&quot; means a period
starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except 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">(a)</TD><TD STYLE="text-align: justify">(subject to paragraph (c)&nbsp;below) if the numerically corresponding day is not a Business Day, that
period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on
the immediately preceding Business Day;</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">(b)</TD><TD STYLE="text-align: justify">if there is no numerically corresponding day in the calendar month in which that period is to end, that
period shall end on the last Business Day in that calendar month; 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">(c)</TD><TD STYLE="text-align: justify">if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall
end on the last Business Day in the calendar month in which that Interest Period is to end.</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">The above rules&nbsp;will only apply
to the last Month of any period.</P>

<P STYLE="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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Mortgage</B>&quot;
means</FONT><FONT STYLE="color: #b5082e"><STRIKE>, in relation to a </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>:</U></FONT></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="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(a)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>in
relation to each Original </U></FONT>Ship, a first priority or preferred (as the case may be) ship mortgage on that Ship <FONT STYLE="color: #b5082e"><STRIKE>in
agreed form.</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(as amended and supplemented by the relevant Mortgage
Addendum); and</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(b)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>in relation to Ship G, the first preferred Marshall Islands
mortgage on Ship G,</U></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 0pt 0.5in; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>in
each case, in agreed form.</U></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 0pt 0.5in; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Mortgage
Addendum</B>&quot; means, in relation to the Mortgage over each Original Ship, a first amendment or addendum (as the case may be) to the
Mortgage over that Original Ship in agreed form.</U></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 0pt 0.5in; text-align: justify">&quot;<B>Mortgaged Ship</B>&quot; means
any Ship which is subject to a Mortgage at the relevant 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 0pt 0.5in; text-align: justify">&quot;<B>Nasdaq Market Tier</B>&quot;
means the Nasdaq Global Select Market, the Nasdaq Global Market and the Nasdaq Capital 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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Net
LTV</B>&quot; means, at any relevant time, </FONT>the aggregate of the Loan and any exposure under the Hedging Agreement at that time
expressed as a percentage of the aggregate Market Value of the Mortgaged Ships (excluding any Ship which has become a Total Loss and remains
subject to a Mortgage at that time), the net realisable value of any additional Security provided under Clause 25 (<I>Loan to value ratio)</I>
plus the balances standing to the credit of the Cash Reserve Accounts (other than for the purposes of Clause 23.18<FONT STYLE="color: #b5082e"><STRIKE>(b)&nbsp;</STRIKE></FONT>
<FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&nbsp;</U></FONT>(<I>Dividends</I>) in which case such balances are excluded from the calculation of Net LTV).</P>

<P STYLE="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">&quot;<B>Obligor</B>&quot; means a Borrower,
the Parent Guarantor or a Hedge Guarantor.</P>

<P STYLE="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">&quot;<B>Original Financial Statements</B>&quot;
means in relation to the Parent Guarantor (and the Borrowers), the audited consolidated financial statements of the Group for its financial
year ended 30 December&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 0pt 0.5in; text-align: justify">&quot;<B>Original Jurisdiction</B>&quot;
means, in relation to an Obligor, the jurisdiction under whose laws that Obligor is incorporated as at the date of this 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 0pt 0.5in; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Original
Borrower</B>&quot; means each of Borrower A, Borrower B, Borrower C, Borrower D, Borrower E or Borrower F.</U></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 0pt 0.5in; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Original
Ship</B>&quot; means each of Ship A, Ship B, Ship C, Ship D, Ship E or Ship F.</U></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 0pt 0.5in; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Original
Tranche</B>&quot; means each of Tranche A, Tranche B, Tranche C, Tranche D, Tranche E or Tranche F.</U></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 0pt 0.5in; text-align: justify">&quot;<B>Overseas Regulations</B>&quot;
means the Overseas Companies Regulations 2009 (SI 2009/1801).</P>

<P STYLE="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">&quot;<B>Parallel Debt</B>&quot; means
any amount which an Obligor owes to the Security Agent under Clause 32.2 (<I>Parallel Debt (Covenant to pay the Security Agent</I>)) or
under that clause as incorporated by reference or in full in any other Finance Document.</P>

<P STYLE="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">&quot;<B>Participating Member State</B>&quot;
means any member state of the European Union that has the euro as its lawful currency in accordance with legislation of the European Union
relating to Economic and Monetary Union.</P>

<P STYLE="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">&quot;<B>Party</B>&quot; means a party
to this 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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&quot;Payment</B></FONT>&quot;
means, in respect of any liabilities (or any other liabilities or obligations) under or, in connection with, a Permitted Inter-Company
Loan, a payment, prepayment, repayment, redemption, defeasance or discharge of those <FONT STYLE="color: #b5082e"><STRIKE>Liabilities
</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>liabilities </U></FONT>(or other liabilities or 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 0pt 0.5in; text-align: justify">&quot;<B>PATRIOT Act</B>&quot; means
the United States Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Improvement
and Reauthorization Act of 2005 (H.R. 3199).</P>

<P STYLE="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">&quot;<B>Perfection Requirements</B>&quot;
means the making or procuring of filings, stampings, registrations, notarisations, endorsements, translations and/or notifications of
any Finance Document (and/or any Security created under it) necessary for the validity, enforceability (as against the relevant Obligor
or any relevant third party) and/or perfection of that Finance Document.</P>

<P STYLE="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">&quot;<B>Period</B>&quot; means each
12-month period throughout the duration of the Security Period (being calculated on a trailing 12-month 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 0pt 0.5in; text-align: justify">&quot;<B>Permitted Charter</B>&quot;
means, in relation to a Ship:</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">(a)</TD><TD STYLE="text-align: justify">a Charter:</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">which is a time, voyage or consecutive voyage charter;</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">the duration of which does not exceed and is not capable of exceeding, by virtue of any optional extensions,
12 months;</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">which is entered into on <I>bona fide</I> arm's length terms at the time at which that Ship is fixed;
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">in relation to which not more than two months' hire is payable in advance,</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">(b)</TD><TD STYLE="text-align: justify">and any other Charter which is approved in writing by the Facility Agent acting with the authorisation
of the Lenders (such approval not to be unreasonably withheld).</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">&quot;<B>Permitted Financial Indebtedness</B>&quot;
means:</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">(a)</TD><TD STYLE="text-align: justify">any Financial Indebtedness incurred under the Finance Documents;</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: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">until the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant
</U></FONT>Utilisation Date, the Existing Indebtedness;</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: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any Financial Indebtedness (including
Permitted Inter-Company Loans) that is subordinated to all Financial Indebtedness incurred under the Finance Documents pursuant to a Subordination
Agreement or, in the case of any Permitted Inter-Company Loans pursuant to Clause 23.25</FONT> <I>(Subordination of liabilities under
a Permitted Inter-Company Loan</I>) of this Agreement or otherwise and which is, in the case of any such Financial Indebtedness of a Borrower
(other than Financial Indebtedness arising out of any Permitted Inter-Company Loan), the subject of Subordinated Debt Security; 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">(d)</TD><TD STYLE="text-align: justify">any Permitted Trade Debt.</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 0pt 0.5in; text-align: justify">&quot;<B>Permitted Inter-Company Loan</B>&quot;
means a loan made or to be made to a Borrower (or any of them) by the Parent Guarantor or to the Parent Guarantor by a Borrower (or any
of them):</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">(a)</TD><TD STYLE="text-align: justify">which is unsecured;</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">(b)</TD><TD STYLE="text-align: justify">in relation to which no cash interest, fees, costs or expenses are payable during the Security Period;
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: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">which is fully subordinated and assigned by that Borrower or, as the case may be, the Parent Guarantor
in all respects to the Secured Liabilities pursuant to Clause 23.25 (<I>Subordination of liabilities under a Permitted Inter-Company Loan</I>)
of this Agreement.</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">&quot;<B>Permitted Inter-Company Loan
Liabilities</B>&quot; means any liabilities of any nature owed to the Parent Guarantor by any Borrower under a Permitted Inter-Company
Loan.</P>

<P STYLE="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">&quot;<B>Permitted Re-Flagging</B>&quot;
means the re-flagging of Ship E from Malta to the Marshall Islands <B>provided that</B> such re-flagging is in compliance with Clause
24.2 (<I>Ships' names and registration</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 0pt 0.5in; text-align: justify">&quot;<B>Permitted Security</B>&quot;
means:</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: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security created by the Finance
Documents</FONT> <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>or otherwise with the prior consent of the Facility Agent</U></FONT>;</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: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">until the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant
</U></FONT>Utilisation Date, the Existing Security;</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">(c)</TD><TD STYLE="text-align: justify">liens for unpaid master's and crew's wages in accordance with first class ship ownership and management
practice and not being enforced through arrest;</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">(d)</TD><TD STYLE="text-align: justify">liens for salvage;</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">(e)</TD><TD STYLE="text-align: justify">liens for master's disbursements incurred in the ordinary course of trading in accordance with first class
ship ownership and management practice and not being enforced through arrest; 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">(f)</TD><TD STYLE="text-align: justify">any other lien arising by operation of law or otherwise in the ordinary course of the operation, repair
or maintenance of any Ship:</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">not as a result of any default or omission by any Borrower;</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">not being enforced through arrest; 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">(iii)</TD><TD STYLE="text-align: justify">subject, in the case of liens for repair or maintenance, to Clause 24.16 (<I>Restrictions on chartering,
appointment of managers etc.</I>),</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 1in; text-align: justify">provided such lien does not secure amounts
more than 30 days overdue (unless the overdue amount is being contested in good faith by appropriate steps and for the payment of which
adequate reserves are held and provided further that such proceedings do not give rise to a material risk of the relevant Ship or any
interest in it being seized, sold, forfeited or lost).</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&quot;Permitted
Trade Debt</B></FONT>&quot; means, in relation to a Ship, any trade debt on arm's length commercial terms reasonably incurred in the ordinary
course of owning, operating, trading, chartering, maintaining and repairing that Ship, which:</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: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">on and from the date of this
Agreement until the date falling 90 days from the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant </U></FONT>Utilisation
Date (inclusive) (the &quot;<B>Three Month Period</B>&quot;) does not exceed $500,000 (or the equivalent in any other currency) in aggregate
in respect of that Ship and remains unpaid;</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">(b)</TD><TD STYLE="text-align: justify">on and from the date falling after the lapse of the Three Month Period and at all times thereafter until
the end of the Security Period:</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">is up to $50,000 (or the equivalent in any other currency) in aggregate in respect of that Ship and does
not remain unpaid for more than 90 days of (A)&nbsp;its due date or (B)&nbsp;in the case where the Borrower owning that Ship has not received
the relevant invoice, the date on which that Borrower becomes aware that the invoice is due and remains outstanding; 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">(ii)</TD><TD STYLE="text-align: justify">is more than $50,000 and does not exceed $500,000 (or the equivalent in any other currency) in aggregate
in respect of that Ship and does not remain unpaid for more than 30 days of (A)&nbsp;its due date or (B)&nbsp;in the case where the Borrower
owning that Ship has not received the relevant invoice, the date on which that Borrower becomes aware that the invoice is due and remains
outstanding.</TD></TR></TABLE>

<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 0pt 0.5in; text-align: justify">&quot;<B>Plan</B>&quot; means any &quot;employee
benefit plan&quot; as defined in Section&nbsp;3(3)&nbsp;of ERISA that is subject to Title IV of ERISA which is or was sponsored, maintained
or contributed to by, or required to be contributed to by any Transaction Obligor or any of their respective ERISA Affiliates.</P>

<P STYLE="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">&quot;<B>Potential Event of Default</B>&quot;
means any event or circumstance specified in Clause 28 (<I>Events of Default</I>) which would (with the expiry of a grace period, the
giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event
of Default.</P>

<P STYLE="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">&quot;<B>Prohibited Person</B>&quot;
means any person, whether designated by name or by reason of being included in a class of persons, that is, or that is directly or indirectly
owned or controlled by persons that are, or any vessel that is:</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">(a)</TD><TD STYLE="text-align: justify">listed on a Sanctions 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">(b)</TD><TD STYLE="text-align: justify">resident in, or incorporated or organised under the laws of a Sanctioned Country;</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">(c)</TD><TD STYLE="text-align: justify">otherwise a target of Sanctions (&quot;<B>target of Sanctions</B>&quot;, for the purpose of this paragraph
(c), signifying a person with whom a person organised or resident in the US or any other national of a Sanctions Authority would be prohibited
or restricted by law from engaging in trade, business or other activities, or against whom Sanctions are otherwise directed); 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">(d)</TD><TD STYLE="text-align: justify">acting or purporting to act on behalf of any of the persons listed in paragraphs (a)&nbsp;to (c)&nbsp;above.</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">&quot;<B>Protected Party</B>&quot; has
the meaning given to it in Clause 12.1 (<I>Definitions</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 0pt 0.5in; text-align: justify">&quot;<B>PSC</B>&quot; means port state
control.</P>

<P STYLE="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 0pt 0.5in; text-align: justify">&quot;<B>Qualified ECP Guarantor</B>&quot;
means, in respect of any Hedging Obligation, each of the Guarantor and the Hedge Guarantors that has total assets exceeding $10,000,000
at the time the relevant guarantee or grant of the relevant security interest becomes effective with respect to such Hedging Obligation
or such other person as constitutes an &quot;eligible contract participant&quot; under the Commodity Exchange Act or any regulations promulgated
thereunder and can cause another person to qualify as an &quot;eligible contract participant&quot; at such time by entering into a keepwell
under Section&nbsp;1a(18)(A)(v)(II)&nbsp;of the Commodity Exchange Act.</P>

<P STYLE="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">&quot;<B>Quarter End Date</B>&quot;
means 31 March, 30 June, 30 September&nbsp;and 31 December&nbsp;of each calendar 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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Quotation
Day</B>&quot; </FONT>means, in relation to any period for which an interest rate is to be determined, two <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>US
Government Securities </U></FONT>Business Days before the first day of that period unless market practice differs in the <FONT STYLE="color: #b5082e"><STRIKE>Relevant
Interbank Market </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant syndicated loan market </U></FONT>in
which case the Quotation Day will be determined by the Facility Agent in accordance with <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>that
</U></FONT>market practice <FONT STYLE="color: #b5082e"><STRIKE>in the Relevant Interbank Market </STRIKE></FONT>(and if quotations would
normally be given <FONT STYLE="color: #b5082e"><STRIKE>by leading banks in the Relevant Interbank Market </STRIKE></FONT>on more than
one day, the Quotation Day will be the last of those days).</P>

<P STYLE="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">&quot;<B>Receiver</B>&quot; means a
receiver or receiver and manager or administrative receiver of the whole or any part of the Security Assets.</P>

<P STYLE="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; color: #b5082e"><STRIKE>&quot;<B>Reference
Bank Quotation</B>&quot; means any quotation supplied to the Facility Agent by a Reference Bank.</STRIKE></P>

<P STYLE="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; color: #b5082e"><STRIKE>&quot;<B>Reference
Bank Rate</B>&quot; means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Facility Agent
at its request by the Reference Banks:</STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(a)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>if:</STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(i)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>the Reference Bank is a contributor to the Screen Rate; and</STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(ii)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>it consists of a single figure,</STRIKE></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 1in; text-align: justify; color: #b5082e"><STRIKE>as the rate (applied
to the relevant Reference Bank and the relevant currency and period) which contributors to the Screen Rate are asked to submit to the
relevant administrator; or</STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(b)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>in any other case, as the rate at which the relevant Reference Bank could fund itself in dollars
for the relevant period with reference to the unsecured wholesale funding market.</STRIKE></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; color: #b5082e"><STRIKE>&quot;<B>Reference
Banks</B>&quot; means such entities as may be appointed by the Facility Agent in consultation with the Borrowers.</STRIKE></P>

<P STYLE="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; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Reference
Rate</B>&quot; means </U></FONT><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">in relation to the Loan or any part of the Loan:</FONT></U></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(a)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>the applicable Term SOFR as of the Specified Time and for
a period equal in length to the Interest Period of the Loan or that part of the Loan; or</U></FONT></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="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(b)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>as otherwise determined pursuant to Clause</U></FONT>
10.1 <FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(<I>Unavailability of </I></U></FONT><U><I><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">Term
SOFR</FONT></I><FONT STYLE="color: blue; text-underline-style: double">).</FONT></U></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">&quot;<B>Related Fund</B>&quot; in relation
to a fund (the &quot;first fund&quot;), means a fund which is managed or advised by the same investment manager or investment adviser
as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or investment
adviser is an Affiliate of the investment manager or investment adviser of the first fund.</P>

<P STYLE="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 0pt 0.5in; text-align: justify; color: #b5082e"><STRIKE>&quot;<B>Relevant
Interbank Market</B>&quot; means the London interbank market.</STRIKE></P>

<P STYLE="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">&quot;<B>Relevant Jurisdiction</B>&quot;
means, in relation to a Transaction Obligor:</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">(a)</TD><TD STYLE="text-align: justify">its Original Jurisdiction;</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">(b)</TD><TD STYLE="text-align: justify">any jurisdiction where any asset subject to, or intended to be subject to, any of the Transaction Security
created, or intended to be created, by it is situated;</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">(c)</TD><TD STYLE="text-align: justify">any jurisdiction where it conducts its business; 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">(d)</TD><TD STYLE="text-align: justify">the jurisdiction whose laws govern the perfection of any of the Security Documents entered into by it.</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; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Relevant
Market</B>&quot; means the market for overnight cash borrowing collateralised by US Government Securities.</U></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 0pt 0.5in; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Relevant
Nominating Body</B>&quot; means any applicable central bank, regulator or other supervisory authority or a group of them, or any working
group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board.</U></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 0pt 0.5in; text-align: justify">&quot;<B>Relevant Percentage</B>&quot;
has the meaning given to it in Clause 25 (<I>Loan to value ratio</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 0pt 0.5in; text-align: justify">&quot;<B>Repayment Date</B>&quot; means
each date on which a Repayment Instalment is required to be paid under Clause 6.1 (<I>Repayment of Loan</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 0pt 0.5in; text-align: justify">&quot;<B>Repayment Instalment</B>&quot;
has the meaning given to it in Clause 6.1 (<I>Repayment of Loan</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 0pt 0.5in; text-align: justify">&quot;<B>Repeating Representation</B>&quot;
means each of the representations set out in Clause 20 (<I>Representations</I>) except Clause 20.10 (<I>Insolvency</I>), Clause 20.11
(<I>No filing or stamp taxes</I>) and Clause 20.12 (<I>Deduction of Tax</I>) and any representation of any Transaction Obligor made in
any other Finance Document that is expressed to be a &quot;Repeating Representation&quot; or is otherwise expressed to be repeated.</P>

<P STYLE="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">&quot;<B>Representative</B>&quot; means
any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.</P>

<P STYLE="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">&quot;<B>Requisition</B>&quot; means
in relation to a Ship:</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">(a)</TD><TD STYLE="text-align: justify">any expropriation, confiscation, requisition (excluding a requisition for hire or use which does not involve
a requisition for title) or acquisition of that Ship, whether for full consideration, a consideration less than its proper value, a nominal
consideration or without any consideration, which is effected (whether <I>de jure</I> or <I>de facto</I>) by any government or official
authority or by any person or persons claiming to be or to represent a government or official authority; 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">(b)</TD><TD STYLE="text-align: justify">any capture or seizure of that Ship (including any hijacking or theft) by any person whatsoever.</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 0pt 0.5in; text-align: justify">&quot;<B>Requisition Compensation</B>&quot;
includes all compensation or other moneys payable to a Borrower by reason of any Requisition or any arrest or detention of a Ship in the
exercise or purported exercise of any lien or claim.</P>

<P STYLE="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">&quot;<B>Resolution Authority</B>&quot;
means any body which has authority to exercise any Write-down and Conversion Powers.</P>

<P STYLE="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">&quot;<B>Safety Management Certificate</B>&quot;
has the meaning given to it in the ISM Code.</P>

<P STYLE="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">&quot;<B>Safety Management System</B>&quot;
has the meaning given to it in the ISM Code.</P>

<P STYLE="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">&quot;<B>Sanctioned Country</B>&quot;
means any country or territory whose government is the target of Sanctions or that is subject to comprehensive country-wide or territory-wide
Sanctions (currently, Cuba,&nbsp;Iran, North Korea, Syria, Venezuela and Crimea).</P>

<P STYLE="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">&quot;<B>Sanctions</B>&quot; means any
trade, economic or financial sanctions laws, regulations, embargoes, freezing provisions, prohibitions or other restrictive measures (including
&quot;secondary&quot; or &quot;extraterritorial&quot; sanctions), imposed, administered, enacted or enforced from time to time by any
Sanctions Authority. To the extent that any Sanctions applicable to and/or binding on a Finance Party are not applicable to and/or binding
to a Transaction Obligor and/or any other member of the Group, such Sanctions shall be deemed to be applicable to and binding on such
Transaction Obligor or such other member of the Group.</P>

<P STYLE="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">&quot;<B>Sanctions Advisory</B>&quot;
means the Sanctions Advisory for the Maritime Industry, Energy and Metals Sectors, and Related Communities issued 14 May&nbsp;2020 by
the US Department of the Treasury, Department of State and Coast Guard, as may be amended or supplemented, and any similar future advisory.</P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Sanctions
Authority</B>&quot; means the US, the United Nations Security Council, the European Union or any of its member states, </FONT>the United
Kingdom, the respective governmental institutions and agencies of any of the foregoing, including the Office of Foreign Assets Control
of the U.S. Department of the Treasury, the U.S. Department of State, the U.S. Department of Commerce, Her Majesty's Treasury of the United
Kingdom, the Office of Financial Sanctions Implementation, or any other relevant sanctions authority enacting, administering or imposing
Sanctions applicable by law to a Finance Party, a Transaction Obligor or any other member of the Group.</P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Sanctions
List</B>&quot; </FONT>means the list of Specially Designated Nationals and Blocked Persons, the Sectoral Sanctions Identification List<FONT STYLE="color: #b5082e"><STRIKE>&nbsp;</STRIKE></FONT>
<FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>, the Foreign Sanctions Evaders List, in each case, published by the Office
of Foreign Assets Control of the United States Department of the Treasury, </U></FONT>or any similar list maintained by a Sanctions Authority
as a measure of imposing, administering, enacting or enforcing Sanctions, in each case as amended, supplemented or substituted from time
to 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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><STRIKE>&quot;<B>Screen
Rate</B>&quot; means the London interbank offered rate administered by ICE </STRIKE></FONT><STRIKE><FONT STYLE="color: #2c6234">Benchmark
Administration Limited (or any other person which takes over the administration of that rate) for </FONT><FONT STYLE="color: #b5082e">dollars
for the relevant period displayed (before any correction, recalculation or republication by the administrator) on page&nbsp;LIBOR01 or
LIBOR02 of the Thomson Reuters screen (or any replacement Thomson Reuters page&nbsp;which displays that rate) or on the appropriate page&nbsp;of
such other information service which publishes that rate from time to time in place of Thomson Reuters. If such page&nbsp;or service ceases
to be available, the Facility Agent may specify another page&nbsp;or service displaying the relevant rate after consultation with the
Borrowers.</FONT></STRIKE></P>

<P STYLE="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 0pt 0.5in; text-align: justify">&quot;<B>Sectoral Sanctions Identification
List</B>&quot; means a list identifying certain countries and/or certain persons operating in certain sectors of activity which are the
subject of Sanctions (e.g. the sectoral sanctions identifications list published by the Office of Foreign Assets Control of the U.S. Department
of the 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 0pt 0.5in; text-align: justify">&quot;<B>Secured Liabilities</B>&quot;
means all present and future obligations and liabilities, (whether actual or contingent and whether owed jointly or severally or in any
other capacity whatsoever) of each Transaction Obligor to any Secured Party under or in connection with each Finance Document.</P>

<P STYLE="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">&quot;<B>Secured Party</B>&quot; means
each Finance Party from time to time party to this Agreement, a Receiver or any Delegate.</P>

<P STYLE="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">&quot;<B>Security</B>&quot; means a
mortgage, pledge, lien, charge, assignment, hypothecation or security interest or any other agreement or arrangement having the effect
of conferring 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 0pt 0.5in; text-align: justify">&quot;<B>Security Assets</B>&quot; means
all of the assets of the Transaction Obligors which from time to time are, or are expressed to be, the subject of the Transaction 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 0pt 0.5in; text-align: justify">&quot;<B>Security Document</B>&quot;
means:</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">(a)</TD><TD STYLE="text-align: justify">any Shares Security;</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">(b)</TD><TD STYLE="text-align: justify">any Mortgage;</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">(c)</TD><TD STYLE="text-align: justify">any Deed of Covenant;</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">(d)</TD><TD STYLE="text-align: justify">any General Assignment;</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">(e)</TD><TD STYLE="text-align: justify">any Account Security;</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">(f)</TD><TD STYLE="text-align: justify">any Hedging Agreement Security;</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">(g)</TD><TD STYLE="text-align: justify">any Subordinated Debt Security;</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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(h)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>any Mortgage Addendum;</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(i)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>any Supplemental Security Document;</U></FONT></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="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(j)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(h)</STRIKE></FONT>any other document (whether or not it creates
Security) which is executed as security for the Secured Liabilities; 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="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(k)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(i)</STRIKE></FONT>any other document designated as such by the Facility
Agent and the Borrowers.</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">&quot;<B>Security Period</B>&quot; means
the period starting on the date of this Agreement and ending on the date on which the Facility Agent is satisfied that there is no outstanding
Commitment in force and that the Secured Liabilities have been irrevocably and unconditionally paid and discharged in full.</P>

<P STYLE="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">&quot;<B>Security Property</B>&quot;
means:</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">(a)</TD><TD STYLE="text-align: justify">the Transaction Security expressed to be granted in favour of the Security Agent as trustee for the Secured
Parties and all proceeds of that Transaction Security;</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>

<!-- Field: Split-Segment; Name: 3 -->
<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">(b)</TD><TD STYLE="text-align: justify">all obligations expressed to be undertaken by a Transaction Obligor to pay amounts in relation to the
Secured Liabilities to the Security Agent as trustee for the Secured Parties and secured by the Transaction Security together with all
representations and warranties expressed to be given by a Transaction Obligor or any other person in favour of the Security Agent as trustee
for the Secured Parties;</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">(c)</TD><TD STYLE="text-align: justify">the Security Agent's interest in any turnover trust created under the Finance Documents;</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">(d)</TD><TD STYLE="text-align: justify">any other amounts or property, whether rights, entitlements, choses in action or otherwise, actual or
contingent, which the Security Agent is required by the terms of the Finance Documents to hold as trustee on trust for the Secured Parties,</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 1in; text-align: justify">except:</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: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">rights intended for the sole benefit of the Security Agent; 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">(ii)</TD><TD STYLE="text-align: justify">any moneys or other assets which the Security Agent has transferred to the Facility Agent or (being entitled
to do so) has retained in accordance with the provisions of this Agreement.</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">&quot;<B>Servicing Party</B>&quot; means
the Facility Agent or the Security Agent.</P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Shares
Security</B>&quot; means, in relation to a Borrower, a document creating Security over the shares or, as the case may be, the share capital
in that Borrower in agreed form</FONT> <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>and, in relation to each Original Borrower,
as amended and supplemented pursuant to the relevant Supplemental Shares Security</U></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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Ship</B>&quot;
means Ship A, Ship B, Ship C, Ship D, Ship E</FONT> <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>, Ship F </U></FONT>or
Ship <FONT STYLE="color: #b5082e"><STRIKE>F</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>G</U></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 0pt 0.5in; text-align: justify">&quot;<B>Ship A</B>&quot; means m.v.
&quot;RIVER GLOBE&quot;, details of which are set out opposite its name in Schedule 9 (<I>Details of the Ships</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 0pt 0.5in; text-align: justify">&quot;<B>Ship B</B>&quot; means m.v.
&quot;SKY GLOBE&quot;, details of which are set out opposite its name in Schedule 9 (<I>Details of the Ships</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 0pt 0.5in; text-align: justify">&quot;<B>Ship C</B>&quot; means m.v.
&quot;STAR GLOBE&quot;, details of which are set out opposite its name in Schedule 9 (<I>Details of the Ships</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 0pt 0.5in; text-align: justify">&quot;<B>Ship D</B>&quot; means m.v.
&quot;MOON GLOBE&quot;, details of which are set out opposite its name in Schedule 9 (<I>Details of the Ships</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 0pt 0.5in; text-align: justify">&quot;<B>Ship E</B>&quot; means m.v.
&quot;SUN GLOBE&quot;, details of which are set out opposite its name in Schedule 9 (<I>Details of the Ships</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 0pt 0.5in; text-align: justify">&quot;<B>Ship F</B>&quot; means m.v.
&quot;GALAXY GLOBE&quot;, details of which are set out opposite its name in Schedule 9 (<I>Details of the Ships</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 0pt 0.5in; text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Ship
G</B>&quot; means m.v. &quot;ORION GLOBE&quot;, details of which are set out opposite its name in </U></FONT>Schedule
9 <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(<I>Details of the Ships</I>).</U></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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Shortfall</B>&quot;
has the meaning given to it in Clause 22.5</FONT><FONT STYLE="color: #b5082e"><STRIKE>(c)&nbsp;</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&nbsp;</U></FONT>(<I>Debt Service Coverage
<FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Ratio</U></FONT>)</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"></P>

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    <DIV STYLE="break-before: page; 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 0pt 0.5in; text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>SOFR</B>&quot;
means </U></FONT><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">the secured overnight financing rate</FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">&nbsp;(SOFR)
administered </FONT></U><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">by the Federal Reserve Bank of New York </FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">(or
any other person which takes over the administration of that rate).</FONT></U></P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Specified
Time</B>&quot; means </FONT><FONT STYLE="color: #b5082e"><STRIKE>a day or time determined in accordance with Schedule 10 (<I>Timetables</I>)</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>in
relation to when a Reference Rate is fixed, the Quotation Day</U></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 0pt 0.5in; text-align: justify">&quot;<B>Subordinated Creditor</B>&quot;
means:</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">(a)</TD><TD STYLE="text-align: justify">a Transaction Obligor; 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">(b)</TD><TD STYLE="text-align: justify">any other person who becomes a Subordinated Creditor in accordance with this Agreement.</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">&quot;<B>Subordinated Debt Security</B>&quot;
means a Security over Subordinated Liabilities entered into or to be entered into by a Subordinated Creditor in favour of the Security
Agent in an agreed 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 0pt 0.5in; text-align: justify">&quot;<B>Subordinated Finance Document</B>&quot;
means any other document relating to or evidencing Subordinated Liabilities.</P>

<P STYLE="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">&quot;<B>Subordinated Liabilities</B>&quot;
means all indebtedness owed or expressed to be owed by the Borrowers to a Subordinated Creditor whether under a Subordinated Finance Document
or otherwise.</P>

<P STYLE="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">&quot;<B>Subordination Agreement</B>&quot;
means a subordination agreement entered into or to be entered into by a Subordinated Creditor and the Security Agent in agreed 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 0pt 0.5in; text-align: justify">&quot;<B>Subsidiary</B>&quot; means
a subsidiary within the meaning of section 1159 of the Companies Act 2006.</P>

<P STYLE="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; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Supplemental
Deed of Covenant</B>&quot; means, in relation to Ship E, the deed of covenant, being supplemental to the Deed of Covenant, collateral
to the Mortgage over Ship E and creating Security over Ship E in agreed form.</U></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 0pt 0.5in; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Supplemental
General Assignment</B>&quot; means, in relation to an Original Ship, the general assignment, being supplemental to the General Assignment
relating to that Ship, creating Security over:</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(a)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>that Ship's Earnings, its Insurances and any Requisition
Compensation in relation to that Ship; and</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(b)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>any Charter and any Charter Guarantee (as each such word
is therein defined) in relation to that Ship,</U></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 0pt 0.5in; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>in
agreed form.</U></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 0pt 0.5in; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Supplemental
Hedging Agreement Security</B>&quot; means, the supplemental hedging agreement security to the Hedging Agreement Security in respect of
each Original Borrower in agreed form.</U></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 0pt 0.5in; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Supplemental
Security Documents</B>&quot; means, together, the Supplemental</U></FONT><U> <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">General Assignments,
the Supplemental Hedging Agreement Security, the Account Security Confirmations, the Supplemental Deed of Covenant and the Supplemental
Shares Securities and, in the singular, means any of them.</FONT></U></P>

<P STYLE="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 0pt 0.5in; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Supplemental
Shares Security</B>&quot; means, in relation to an Original Borrower, a shares security being supplemental to the Shares Security relating
to that Borrower, creating Security over the shares in that Borrower in agreed form.</U></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 0pt 0.5in; text-align: justify">&quot;<B>Tax</B>&quot; means any tax,
levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any
failure to pay or any delay in paying any of the same).</P>

<P STYLE="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">&quot;<B>Tax Credit</B>&quot; has the
meaning given to it in Clause 12.1 (<I>Definitions</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 0pt 0.5in; text-align: justify">&quot;<B>Tax Deduction</B>&quot; has
the meaning given to it in Clause 12.1 (<I>Definitions</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 0pt 0.5in; text-align: justify">&quot;<B>Tax Payment</B>&quot; has the
meaning given to it in Clause 12.1 (<I>Definitions</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 0pt 0.5in; text-align: justify">&quot;<B>Technical Management Agreement</B>&quot;
means the agreement entered into between a Borrower and the Approved Technical Manager regarding the technical management of a Ship.</P>

<P STYLE="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"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Term
SOFR</B>&quot; means the rate per annum determined by the Facility Agent as </U></FONT><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">the
forward-looking term rate based on SOFR </FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">as administered by CME Group
</FONT></U><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">Benchmark Administration Limited (or any other person which takes
over the administration of that rate) for </FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">the relevant period published
by CME Group Benchmark Administration Limited (or any other person which takes over the publication of that rate) and obtained by the
Facility Agent through the Bloomberg Data License Service or a comparable service acceptable to the Facility Agent.</FONT></U></P>

<P STYLE="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; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Term
SOFR Adjustment</B>&quot; means 0.10 per cent. per annum.</U></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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Termination
Date</B>&quot; means the date falling five years after the Utilisation Date</FONT> <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>of
an Original Tranche</U></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 0pt 0.5in; text-align: justify">&quot;<B>Third Parties Act</B>&quot;
has the meaning given to it in Clause 1.5 (<I>Third party rights</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 0pt 0.5in; text-align: justify">&quot;<B>Total Assets</B>&quot; has
the meaning given to it in Clause 22.1 (<I>Definitions</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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Total
Commitments</B>&quot; means the aggregate of the Commitments, </FONT><FONT STYLE="color: #b5082e"><STRIKE>being </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>which
was </U></FONT>$34,250,000 at the date of this Agreement <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>and has been increased
by $18,000,000 to $52,250,000 with effect from the Effective Date pursuant to and as defined in the Deed of Accession, Amendment and Restatement</U></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 0pt 0.5in; text-align: justify">&quot;<B>Total Loss</B>&quot; means,
in relation to a Ship:</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">(a)</TD><TD STYLE="text-align: justify">actual, constructive, compromised, agreed or arranged total loss of that Ship; 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">(b)</TD><TD STYLE="text-align: justify">any Requisition of that Ship unless that Ship is returned to the full control of the relevant Borrower
within 60 days of such Requisition.</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">&quot;<B>Total Loss Date</B>&quot; means,
in relation to the Total Loss of a Ship:</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">(a)</TD><TD STYLE="text-align: justify">in the case of an actual loss of that Ship, the date on which it occurred or, if that is unknown, the
date when that Ship was last heard of;</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">(b)</TD><TD STYLE="text-align: justify">in the case of a constructive, compromised, agreed or arranged total loss of that Ship, the earlier of:</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">the date on which a notice of abandonment is given (or deemed or agreed to be given) to the insurers;
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">(ii)</TD><TD STYLE="text-align: justify">the date of any compromise, arrangement or agreement made by or on behalf of the relevant Borrower with
that Ship's insurers in which the insurers agree to treat that Ship as a total loss; 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">(c)</TD><TD STYLE="text-align: justify">in the case of any other type of Total Loss, the date (or the most likely date) on which it appears to
the Facility Agent that the event constituting the total loss occurred.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Tranche</B>&quot;
means </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>any Original </U></FONT>Tranche <FONT STYLE="color: #b5082e"><STRIKE>A,
</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>and </U></FONT>Tranche <FONT STYLE="color: #b5082e"><STRIKE>B,
Tranche C, Tranche D, Tranche E or Tranche F</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>G</U></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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Tranche
A</B>&quot; means that part of the Loan</FONT> <FONT STYLE="color: #b5082e"><STRIKE>made or to be </STRIKE></FONT>made available to the
Borrowers to refinance the Existing Indebtedness secured on Ship A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Tranche
B</B>&quot; means that part of the Loan</FONT> <FONT STYLE="color: #b5082e"><STRIKE>made or to be </STRIKE></FONT>made available to the
Borrowers to refinance the Existing Indebtedness secured on Ship 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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Tranche
C</B>&quot; means that part of the Loan</FONT> <FONT STYLE="color: #b5082e"><STRIKE>made or to be </STRIKE></FONT>made available to the
Borrowers to refinance the Existing Indebtedness secured on Ship C.</P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;</FONT><B>Tranche
D</B>&quot; means that part of the Loan <FONT STYLE="color: #b5082e"><STRIKE>made or to be </STRIKE></FONT>made available to the Borrowers
to refinance the Existing Indebtedness secured on Ship D.</P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Tranche
E</B>&quot; means that part of the Loan</FONT> <FONT STYLE="color: #b5082e"><STRIKE>made or to be </STRIKE></FONT>made available to the
Borrowers to refinance the Existing Indebtedness secured on Ship E.</P>

<P STYLE="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; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Tranche
F</B>&quot; means that part of the Loan made available to the Borrowers to refinance the purchase price of Ship F.</U></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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><STRIKE>&quot;<B>Tranche
F</B></STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Tranche G</B></U></FONT>&quot; means that part
of the Loan made or to be made available to the Borrowers to refinance the <FONT STYLE="color: #b5082e"><STRIKE>Initial Market Value of
Ship F</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>purchase price of Ship G as well as for general corporate
and working capital of the Obligors</U></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 0pt 0.5in; text-align: justify">&quot;<B>Transaction Document</B>&quot;
means:</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">(a)</TD><TD STYLE="text-align: justify">a Finance Document;</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">(b)</TD><TD STYLE="text-align: justify">a Subordinated Finance Document;</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">(c)</TD><TD STYLE="text-align: justify">any Hedge Counterparty Guarantee; 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">(d)</TD><TD STYLE="text-align: justify">any other document designated as such by the Facility Agent and a Borrower.</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">&quot;<B>Transaction Obligor</B>&quot;
means an Obligor, any Approved Manager who is a member of the Group or any other member of the Group who executes a Transaction Document.</P>

<P STYLE="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">&quot;<B>Transaction Security&quot;</B>
means the Security created or evidenced or expressed to be created or evidenced under the Security Documents.</P>

<P STYLE="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 0pt 0.5in; text-align: justify">&quot;<B>Transfer Certificate</B>&quot;
means a certificate substantially in the form set out in Schedule 4 (<I>Form&nbsp;of Transfer Certificate</I>) or any other form agreed
between the Facility Agent and the Borrowers.</P>

<P STYLE="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">&quot;<B>Transfer Date</B>&quot; means,
in relation to an assignment or a transfer, the later 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">(a)</TD><TD STYLE="text-align: justify">the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate; 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">(b)</TD><TD STYLE="text-align: justify">the date on which the Facility Agent executes the relevant Assignment Agreement or Transfer Certificate.</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">&quot;<B>UK Bail-In Legislation</B>&quot;
means Part&nbsp;1 of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom relating to
the resolution of unsound or failing banks, investment firms or other financial institutes or their affiliates (otherwise than through
liquidation, administration or other insolvency proceedings).</P>

<P STYLE="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">&quot;<B>UK Establishment</B>&quot;
means a UK establishment as defined in the Overseas 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 0pt 0.5in; text-align: justify">&quot;<B>Unpaid Sum</B>&quot; means
any sum due and payable but unpaid by a Transaction Obligor under the Finance Documents.</P>

<P STYLE="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">&quot;<B>US</B>&quot; means the United
States of America.</P>

<P STYLE="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; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>US
Government Securities Business Day</B>&quot; means any day other than:</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(a)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>a Saturday or a Sunday; and</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(b)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>a day on which the Securities Industry and Financial Markets
Association (or any successor organisation) recommends that the fixed income departments of its members be closed for the entire day for
purposes of trading in US Government securities.</U></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 0pt 0.5in; text-align: justify">&quot;<B>US Tax Obligor</B>&quot; means:</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">(a)</TD><TD STYLE="text-align: justify">a person which is resident for tax purposes in the US; 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">(b)</TD><TD STYLE="text-align: justify">a person some or all of whose payments under the Finance Documents are from sources within the US for
US federal income tax purposes.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Utilisation</B>&quot;
means </FONT><FONT STYLE="color: #b5082e"><STRIKE>the </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>a </U></FONT>utilisation
of the 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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Utilisation
Date</B>&quot; means the date of </FONT><FONT STYLE="color: #b5082e"><STRIKE>the </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>a
</U></FONT>Utilisation, being <FONT STYLE="color: #b5082e"><STRIKE>the date on which the Loan is to be made.</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>:</U></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 0pt 0.5in; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(a)</U></FONT><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
respect of an Original Tranche, 10 May&nbsp;2021; and</FONT></U></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(a)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>in respect of Tranche G, the date on which Tranche G is
to be made available to the Borrowers.</U></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 0pt 0.5in; text-align: justify">&quot;<B>Utilisation Request</B>&quot;
means a notice substantially in the form set out in Schedule 3 <I>(Utilisation Request</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 0pt 0.5in; text-align: justify">&quot;<B>VAT</B>&quot; means:</P>

<P STYLE="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">(a)</TD><TD STYLE="text-align: justify">any value added tax imposed by the Value Added Tax Act 1994;</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">(b)</TD><TD STYLE="text-align: justify">any tax imposed in compliance with the Council Directive of 28 November&nbsp;2006 on the common system
of value added tax (EC Directive 2006/112); 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">(c)</TD><TD STYLE="text-align: justify">any other tax of a similar nature, whether imposed in a member state of the European Union in substitution
for, or levied in addition to, such tax referred to in paragraph (a)&nbsp;above, or imposed elsewhere.</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">&quot;<B>Write-down and Conversion Powers</B>&quot;
means:</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">(a)</TD><TD STYLE="text-align: justify">in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time,
the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule;</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">(b)</TD><TD STYLE="text-align: justify">in relation to any other applicable Bail-In Legislation other than the UK Bail-In Legislation:</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 powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that
is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to
cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises,
to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any
such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that
liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers; 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">(ii)</TD><TD STYLE="text-align: justify">any similar or analogous powers under that Bail-In Legislation; 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">(c)</TD><TD STYLE="text-align: justify">in relation to the UK Bail-In Legislation, any powers under that UK Bail-In Legislation to cancel, transfer
or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment
firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument
under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any
other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend
any obligation in respect of that liability or any of the powers under that UK Bail-In Legislation that are related to or ancillary to
any of those powers.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>1.2</B></TD><TD STYLE="text-align: justify"><B>Construction</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Unless a contrary indication appears, a reference in this Agreement to:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">the &quot;<B>Account Bank</B>&quot;, the &quot;<B>Earnings Account Bank</B>&quot;, the &quot;<B>Facility
Agent</B>&quot;, any &quot;<B>Finance Party</B>&quot;, any &quot;<B>Hedge Counterparty</B>&quot;, any &quot;<B>Lender</B>&quot;, any &quot;<B>Obligor</B>&quot;,
any &quot;<B>Party</B>&quot;, any &quot;<B>Secured Party</B>&quot;, the &quot;<B>Security Agent</B>&quot;, any &quot;<B>Transaction Obligor</B>&quot;
or any other person shall be construed so as to include its successors in title, permitted assigns and permitted transferees to, or of,
its rights and/or obligations under the Finance Documents;</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="break-before: page; 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>

<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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">&quot;<B>assets</B>&quot; includes present and future properties, revenues and rights of every description;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">a liability which is &quot;<B>contingent</B>&quot; means a liability which is not certain to arise and/or
the amount of which remains unascertained;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iv)</TD><TD STYLE="text-align: justify">&quot;<B>document</B>&quot; includes a deed and also a letter, fax, email or telex;</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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(v)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>a Lender's &quot;<B>cost of funds</B>&quot; in relation
to its participation in the Loan or any part of the Loan is a reference to the average cost (determined either on an actual or a notional
basis) which that Lender would incur if it were to fund, from whatever source(s)&nbsp;it may reasonably select, an amount equal to the
amount of that participation in the Loan or that part of the Loan for a period equal in length to the Interest Period of the Loan or that
part of the Loan;</U></FONT></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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(vi)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(v)</STRIKE></FONT>&quot;<B>expense</B>&quot; means any kind of cost,
charge or expense (including all legal costs, charges and expenses) and any applicable Tax including VAT;</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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(vii)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(vi)</STRIKE></FONT>a &quot;<B>Finance Document</B>&quot;, a &quot;<B>Security
Document</B>&quot; or &quot;<B>Transaction Document</B>&quot; or any other agreement or instrument is a reference to that Finance Document,
Security Document or Transaction Document or other agreement or instrument as amended, replaced, novated, supplemented, extended or restated;</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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(viii)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(vii)</STRIKE></FONT>a &quot;<B>group of Lenders</B>&quot; includes
all the Lenders;</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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(ix)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(viii)</STRIKE></FONT>&quot;<B>indebtedness</B>&quot; includes any
obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent;</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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(x)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(ix)</STRIKE></FONT>&quot;<B>law</B>&quot; includes any order or
decree, any form of delegated legislation, any treaty or international convention and any regulation or resolution of the Council of the
European Union, the European Commission, the United Nations or its Security Council;</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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(xi)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(x)</STRIKE></FONT>&quot;<B>proceedings</B>&quot; means, in relation
to any enforcement provision of a Finance Document, proceedings of any kind, including an application for a provisional or protective
measure;</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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(xii)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(xi)</STRIKE></FONT>a &quot;<B>person</B>&quot; includes any individual,
firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium, partnership or
other entity (whether or not having separate legal personality);</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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(xiii)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(xii)</STRIKE></FONT>a &quot;<B>regulation</B>&quot; includes any
regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental
or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation;</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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(xiv)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(xiii)</STRIKE></FONT>a provision of law is a reference to that provision
as amended or re-enacted from time to time;</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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(xv)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(xiv)</STRIKE></FONT>a time of day is a reference to London time;</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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(xvi)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(xv)</STRIKE></FONT>any English legal term for any action, remedy,
method of judicial proceeding, legal document, legal status, court, official or any legal concept or thing shall, in respect of a jurisdiction
other than England, be deemed to include that which most nearly approximates in that jurisdiction to the English legal term;</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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(xvii)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(xvi)</STRIKE></FONT>words denoting the singular number shall include
the plural and vice versa; 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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(xviii)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(xvii)</STRIKE></FONT>&quot;<B>including</B>&quot; and &quot;<B>in
particular</B>&quot; (and other similar expressions) shall be construed as not limiting any general words or expressions in connection
with which they are used.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The determination of the extent to which a rate is &quot;<B>for a period equal in length</B>&quot; to
an Interest Period shall disregard any inconsistency arising from the last day of that Interest Period being determined pursuant to the
terms of this Agreement.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Section, Clause and Schedule headings are for ease of reference only and are not to be used for the purposes
of construction or interpretation of the Finance Documents.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">Unless a contrary indication appears, a term used in any other Finance Document or in any notice given
under, or in connection with, any Finance Document has the same meaning in that Finance Document or notice as in this Agreement.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">A Potential Event of Default is &quot;<B>continuing</B>&quot; if it has not been remedied or waived and
an Event of Default is &quot;<B>continuing</B>&quot; if it has not been remedied or waived.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>1.3</B></TD><TD STYLE="text-align: justify"><B>Construction of insurance terms</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 0pt 0.5in; text-align: justify">In this 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 0pt 0.5in; text-align: justify">&quot;<B>approved</B>&quot; means, for
the purposes of Clause 27 (<I>Insurance Undertakings</I>), approved in writing by the Facility Agent.</P>

<P STYLE="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">&quot;<B>excess risks</B>&quot; means,
in respect of a Ship, the proportion of claims for general average, salvage and salvage charges not recoverable under the hull and machinery
policies in respect of that Ship in consequence of its insured value being less than the value at which that Ship is assessed for the
purpose of such claims.</P>

<P STYLE="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">&quot;<B>obligatory insurances</B>&quot;
means all insurances effected, or which any Borrower is obliged to effect, under Clause 27 (<I>Insurance Undertakings</I>) or any other
provision of this Agreement or of another Finance Document.</P>

<P STYLE="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">&quot;<B>policy</B>&quot; includes a
slip, cover note, certificate of entry or other document evidencing the contract of insurance or its terms.</P>

<P STYLE="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">&quot;<B>protection and indemnity risks</B>&quot;
means the usual risks covered by a protection and indemnity association managed in London, including pollution risks and the proportion
(if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery
policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02) (1/11/03), clause 8 of the Institute
Time Clauses (Hulls) (1/10/83) (1/11/95) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision.</P>

<P STYLE="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">&quot;<B>war risks</B>&quot; includes
the risk of mines and all risks excluded by clauses 29, 30 or 31 of the International Hull Clauses (1/11/02), clauses 29 or 30 of the
International Hull Clauses (1/11/03), clauses 24, 25 or 26 of the Institute Time Clauses (Hulls) (1/11/95) or clauses 23, 24 or 25 of
the Institute Time Clauses (Hulls) (1/10/83) or any equivalent provision.</P>

<P STYLE="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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>1.4</B></TD><TD STYLE="text-align: justify"><B>Agreed forms of Finance Documents</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 0pt 0.5in; text-align: justify">References in Clause 1.1 (<I>Definitions</I>)
to any Finance Document being in &quot;agreed form&quot; are to that Finance Document:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">in a form attached to a certificate dated the same date as this Agreement (and signed by each Borrower
and the Facility Agent); 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">in any other form agreed in writing between each Borrower and the Facility Agent acting with the authorisation
of the Majority Lenders or, where Clause 45.2 (<I>All Lender matters</I>) applies, all the Lenders.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>1.5</B></TD><TD STYLE="text-align: justify"><B>Third party rights</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Unless expressly provided to the contrary in a Finance Document, a person who is not a Party has no right
under the Contracts (Rights of Third Parties) Act 1999 (the &quot;<B>Third Parties Act</B>&quot;) to enforce or to enjoy the benefit of
any term of this Agreement.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Subject to Clause 45.3 (<I>Other exceptions</I>) but otherwise notwithstanding any term of any Finance
Document, the consent of any person who is not a Party is not required to rescind or vary this Agreement at any time.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any Affiliate, Receiver, Delegate
or any other person described in paragraph (e)&nbsp;of Clause 14.2 (<I>Other indemnities</I>)</FONT><FONT STYLE="color: #b5082e"><STRIKE>,
Clause 31.20 (<I>Role of Reference Banks</I>), Clause 31.21 (<I>Third Party Reference Banks</I>) </STRIKE></FONT> <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&nbsp;</U></FONT>or paragraph (b)&nbsp;of
Clause 32.11 (<I>Exclusion of liability</I>) may, subject to this Clause 1.5 (<I>Third party rights</I>) and the Third Parties Act, rely
on any Clause of this Agreement which expressly confers rights on it.</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"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;2</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>The
Facility</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>The Facility</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>2.1</B></TD><TD STYLE="text-align: justify"><B>The Facility</B></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(a)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>The Lenders have already made available to the Borrowers
the loan facility under the Original Tranches on 10 May&nbsp;2021 as follows:</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(i)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Tranche A in the amount of $4,151,515.15;</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(ii)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Tranche B in the amount of $4,878,030.30;</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(iii)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Tranche C in the amount of $5,293,181.82;</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(iv)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Tranche D in the amount of $4,566,666.67;</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(v)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Tranche E in the amount of $5,189,393.94; and</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(vi)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Tranche F in the amount of $10,171,212.12.</U></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(b)</U></FONT></TD><TD STYLE="text-align: justify">Subject to the terms of this Agreement, the Lenders <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>shall
also </U></FONT>make available to the Borrowers a <FONT STYLE="color: #b5082e"><STRIKE>dollar term loan facility in six Tranches in an
aggregate amount not exceeding the Total Commitments</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>top-up
loan facility (being Tranche G) in the amount of up to $18,000,000 to be drawn in a single advance for the purpose set out in Recital
(C)</U></FONT>.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>2.2</B></TD><TD STYLE="text-align: justify"><B>Finance Parties' rights and obligations</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party
to perform its obligations under the Finance Documents does not affect the obligations of any other Party under the Finance Documents.
No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The rights of each Finance Party under or in connection with the Finance Documents are separate and independent
rights and any debt arising under the Finance Documents to a Finance Party from a Transaction Obligor is a separate and independent debt
in respect of which a Finance Party shall be entitled to enforce its rights in accordance with paragraph&nbsp;(c)&nbsp;below. The rights
of each Finance Party include any debt owing to that Finance Party under the Finance Documents and, for the avoidance of doubt, any part
of the Loan or any other amount owed by a Transaction Obligor which relates to a Finance Party's participation in the Facility or its
role under a Finance Document (including any such amount payable to the Facility Agent on its behalf) is a debt owing to that Finance
Party by that Transaction Obligor.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">A Finance Party may, except as specifically provided in the Finance Documents, separately enforce its
rights under or in connection with the Finance Documents.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>2.3</B></TD><TD STYLE="text-align: justify"><B>Borrowers' Agent</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Each Borrower by its execution of this Agreement irrevocably appoints the Parent Guarantor to act on its
behalf as its agent in relation to the Finance Documents and irrevocably authorises:</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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Parent Guarantor on its
behalf to supply all information concerning itself contemplated by this Agreement to the Finance Parties and to give all notices and instructions
(including </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>any </U></FONT>Utilisation Requests), to make such agreements
and to effect the relevant amendments, supplements and variations capable of being given, made or effected by any Borrower notwithstanding
that they may affect the Borrower, without further reference to or the consent of that Borrower; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">each Finance Party to give any notice, demand or other communication to that Borrower pursuant to the
Finance Documents to the Parent Guarantor,</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">and in each case the Borrower shall
be bound as though the Borrower itself had given the notices and instructions (including, without limitation, any Utilisation Requests)
or executed or made the agreements or effected the amendments, supplements or variations, or received the relevant notice, demand or other
communication.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Every act, omission, agreement, undertaking, settlement, waiver, amendment, supplement, variation, notice
or other communication given or made by the Parent Guarantor or given to the Parent Guarantor under any Finance Document on behalf of
a Borrower or in connection with any Finance Document (whether or not known to any Borrower) shall be binding for all purposes on that
Borrower as if that Borrower had expressly made, given or concurred with it. In the event of any conflict between any notices or other
communications of the Parent Guarantor and any Borrower, those of the Parent Guarantor shall prevail.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Purpose</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>3.1</B></TD><TD STYLE="text-align: justify"><B>Purpose</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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Borrower shall apply </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>or, in the case of the Original Tranches, have
applied </U></FONT>all amounts borrowed by it under the Facility only for the purpose stated in the preamble (<I>Background</I>) to this
Agreement.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>3.2</B></TD><TD STYLE="text-align: justify"><B>Monitoring</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 0pt 0.5in; text-align: justify">No Finance Party is bound to monitor
or verify the application of any amount borrowed pursuant to this Agreement.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Conditions of Utilisation</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>4.1</B></TD><TD STYLE="text-align: justify"><B>Initial conditions precedent</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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Borrowers may not deliver </FONT><FONT STYLE="color: #b5082e"><STRIKE>the </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>a
</U></FONT>Utilisation Request unless the Facility Agent has received all of the documents and other evidence listed in Part&nbsp;A of
Schedule 2 (<I>Conditions Precedent</I>) in form and substance satisfactory to the Facility Agent.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>4.2</B></TD><TD STYLE="text-align: justify"><B>Further conditions precedent</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 0pt 0.5in; text-align: justify">The Lenders will only be obliged to
comply with Clause 5.4 (<I>Lenders' participation</I>) if:</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">on the date of the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant
</U></FONT>Utilisation Request and on the proposed Utilisation Date and before the <FONT STYLE="color: #b5082e"><STRIKE>Loan </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant
advance </U></FONT>is made available:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">no Default is continuing or would result from the proposed Utilisation;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">the Repeating Representations to be made by each Transaction Obligor are true;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">the Parent Guarantor is in compliance with Clause 22.3 (<I>Minimum Liquidity Amount</I>); 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iv)</TD><TD STYLE="text-align: justify">no Ship has neither been sold nor become a Total Loss; 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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>in the case of the Advance under each Tranche,
</U></FONT>the Facility Agent has received on or before the <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant </U></FONT>Utilisation
Date, or is satisfied it will receive when the <FONT STYLE="color: #b5082e"><STRIKE>Loan </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Advance
</U></FONT>is made available, all of the documents and other evidence listed in Part&nbsp;B of Schedule 2 (<I>Conditions Precedent</I>)
<FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relating to that Tranche </U></FONT>in form and substance satisfactory to the
Facility Agent.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>4.3</B></TD><TD STYLE="text-align: justify"><B>Notification of satisfaction of conditions precedent</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">The Facility Agent shall notify the Borrowers and the Lenders promptly upon being satisfied as to the
satisfaction of the conditions precedent referred to in Clause 4.1 (<I>Initial conditions precedent</I>) and Clause 4.2 (<I>Further conditions
precedent</I>).</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Other than to the extent that the Majority Lenders notify the Facility Agent in writing to the contrary
before the Facility Agent gives the notification described in paragraph (a)&nbsp;above, the Lenders authorise (but do not require) the
Facility Agent to give that notification. The Facility Agent shall not be liable for any damages, costs or losses whatsoever as a result
of giving any such notification.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>4.4</B></TD><TD STYLE="text-align: justify"><B>Waiver of conditions precedent</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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Majority Lenders, at their discretion, permit the Loan to be borrowed before any of the conditions precedent referred to in Clause
4.1 (<I>Initial conditions precedent</I>) or Clause&nbsp;4.2 (<I>Further conditions precedent</I>) has been satisfied, the Borrowers shall
ensure that that condition is satisfied within five Business Days after the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant
</U></FONT>Utilisation Date or such later date as the Facility Agent, acting with the authorisation of the Majority Lenders, may agree
in writing with the Borrowers.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>4.5</B></TD><TD STYLE="text-align: justify"><B>Conditions Subsequent</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 0pt 0.5in; text-align: justify">The Borrowers undertake to deliver or
cause to be delivered to the Facility Agent the additional documents and evidence listed in Part&nbsp;C of Schedule 2 (<I>Conditions Precedent</I>)
within the timeframe specified therein in form and substance satisfactory to the Facility Agent.</P>

<P STYLE="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"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;3</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Utilisation</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Utilisation</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delivery of </B></FONT><B><FONT STYLE="color: #b5082e"><STRIKE>the
</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>a </U></FONT>Utilisation Request</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">The Borrowers may utilise the Facility by delivery to the Facility Agent of a duly completed Utilisation
Request not later than the Specified Time.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Borrowers may not deliver
more than one Utilisation Request</FONT> <FONT STYLE="color: #b5082e"><STRIKE>for the Loan.</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>in
respect of the Original Tranches and not more than one Utilisation Request in respect of Tranche G.</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(c)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>All Original Tranches shall be simultaneously drawn.</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><B><U>5.2</U></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><B><U>Completion of a Utilisation Request</U></B></FONT></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><STRIKE>5.2</STRIKE></B></FONT></TD><TD STYLE="text-align: justify"><B><STRIKE>Completion of the Utilisation Request</STRIKE></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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><STRIKE>The
</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Each </U></FONT>Utilisation Request is irrevocable and will
not be regarded as having been duly completed unless:</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the proposed Utilisation Date
is a Business Day within the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant </U></FONT>Availability Period;</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the currency and amount of </FONT><FONT STYLE="color: #b5082e"><STRIKE>the
</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>a </U></FONT>Utilisation comply with Clause 5.3 (<I>Currency
and amount</I>);</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">all applicable deductible items have been completed; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">the proposed Interest Period complies with Clause 9 (<I>Interest Periods</I>).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>5.3</B></TD><TD STYLE="text-align: justify"><B>Currency and amount</B></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The currency specified in </FONT><FONT STYLE="color: #b5082e"><STRIKE>the
</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>a </U></FONT>Utilisation Request must be dollars.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount of the proposed </FONT><FONT STYLE="color: #b5082e"><STRIKE>Loan
</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Advance </U></FONT>must be an amount which is not more than<FONT STYLE="color: #b5082e"><STRIKE>the
lower of (i)&nbsp;the Total Commitments </STRIKE></FONT><STRIKE><FONT STYLE="color: #2c6234">and (ii)&nbsp;52.5 per cent. of the aggregate
of the Initial Market Value of the </FONT><FONT STYLE="color: #b5082e">Ships.</FONT></STRIKE><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>:</U></FONT></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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(i)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>in
respect of the Advance under the Original Tranches, the </U></FONT><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">lesser of
(i)&nbsp;$34,250,000 </FONT></U><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">and (ii)&nbsp;52.5 per cent. of the aggregate
of the Initial Market Value of the </FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">Original Ships; and</FONT></U></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(ii)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>in respect of the Advance under the Tranche G, the lesser
of (i)&nbsp;$18,000,000 and (ii)&nbsp;62.5 per cent. of the Initial Market Value of Ship G.</U></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount of the proposed </FONT><FONT STYLE="color: #b5082e"><STRIKE>Loan
</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Advance </U></FONT>must be an amount which is not more than
the Available Facility.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>5.4</B></TD><TD STYLE="text-align: justify"><B>Lenders' participation</B></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the conditions set out in
this Agreement have been met, each Lender shall make its participation in </FONT><FONT STYLE="color: #b5082e"><STRIKE>the Loan </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>each
Advance </U></FONT>available by the <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant </U></FONT>Utilisation Date through
its Facility Office.</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="break-before: page; 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>

<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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The amount of each Lender's participation in the Loan will be equal to the proportion borne by its Available
Commitment to the Available Facility immediately before making the Loan.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">The Facility Agent shall notify each Lender of the amount of the Loan and the amount of its participation
in the Loan by the Specified Time.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>5.5</B></TD><TD STYLE="text-align: justify"><B>Cancellation of Commitments</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 0pt 0.5in; text-align: justify">The Commitments in respect of any Tranche
which are unutilised at the end of the Availability Period shall then be cancelled.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>5.6</B></TD><TD STYLE="text-align: justify"><B>Retentions and payment to third parties</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 0pt 0.5in; text-align: justify">The Borrowers irrevocably authorise
the Facility Agent:</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to deduct from the proceeds
of the Loan any fees then payable to the Finance Parties in accordance with Clause 11 (<I>Fees</I>), any solicitors fees and disbursements
together with any applicable VAT and any other items listed as deductible items in the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant
</U></FONT>Utilisation Request and to apply them in payment of the items to which they relate; 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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">on the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant
</U></FONT>Utilisation Date, to pay to, or for the account of, the Borrowers the balance (after any deduction made in accordance with
paragraph (a)&nbsp;above) of the amounts which the Facility Agent receives from the Lenders in respect of the <FONT STYLE="color: #b5082e"><STRIKE>Loan</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant
Advance</U></FONT>. That payment shall be made in like funds as the Facility Agent received from the Lenders in respect of the Loan to
the account of the Existing Facility Agent under the Existing Facility Agreement which the Borrowers specify in the <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant
</U></FONT>Utilisation Request for that part of the Loan used to refinance the Existing Indebtedness and the balance to the account of
the Borrowers.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>5.7</B></TD><TD STYLE="text-align: justify"><B>Disbursement of Advance to third party</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 0pt 0.5in; text-align: justify">Payment by the Facility Agent under
Clause 5.6 (<I>Retentions and payment to third parties</I>) to a person other than a Borrower shall constitute the making of the Loan
and the Borrowers shall at that time become indebted, as principal and direct obligors, to each Lender in an amount equal to that Lender's
participation in the Loan.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>5.8</B></TD><TD STYLE="text-align: justify"><B>Prepositioning of funds</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 0pt 0.5in; text-align: justify">If the Lenders, at the request of the
Borrowers and on terms acceptable to all the Lenders and in their absolute discretion, preposition funds with any bank, each Borrower
and the Parent Guarantor:</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">agree to pay interest on the
amount of the funds so prepositioned at the rate described in Clause 8.1 (<I>Calculation of interest</I>) on the basis of successive interest
periods of one day and so that interest shall be paid together with the first payment of interest on the Loan after the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant
</U></FONT>Utilisation Date or, if such Utilisation Date does not occur, within three Business Days of demand by the Facility Agent; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">shall, without duplication, indemnify each Finance Party against any costs, loss or liability it may incur
in connection with such arrangement.</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"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;4</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Repayment,
Prepayment and Cancellation</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>6</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Repayment</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>6.1</B></TD><TD STYLE="text-align: justify"><B>Repayment of Loan</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 0pt 0.5in; text-align: justify">The Borrowers shall repay the Loan 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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Tranche A by:</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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">20 equal consecutive quarterly instalments, each in an amount of $151,515.15 (each a &quot;<B>Tranche
A Amortising Instalment</B>&quot; and collectively, the &quot;<B>Tranche A Amortising Instalments</B>&quot;); 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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a balloon instalment in the
amount of </FONT>$1,121,212.10 (the &quot;<B>Balloon Instalment A</B>&quot; and together with the Tranche A Amortising Instalments, shall
each be a &quot;<B>Repayment Instalment A</B>&quot; and collectively, the &quot;<B>Repayment Instalments A</B>&quot;);</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Tranche B by:</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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">20 equal consecutive quarterly instalments, each in an amount of $178,030.30 (each a &quot;<B>Tranche
B Amortising Instalment</B>&quot; and collectively, the &quot;<B>Tranche B Amortising Instalments</B>&quot;); 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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a balloon instalment in the
amount of </FONT>$1,317,424.25 (the &quot;<B>Balloon Instalment B</B>&quot; and together with the Tranche B Amortising Instalments, shall
each be a &quot;<B>Repayment Instalment B</B>&quot; and collectively, the &quot;<B>Repayment Instalments B</B>&quot;);</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Tranche C by:</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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">20 equal consecutive quarterly instalments, each in an amount of $193,181.82 (each a &quot;<B>Tranche
C Amortising Instalment</B>&quot; and collectively, the &quot;<B>Tranche C Amortising Instalments</B>&quot;); 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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a balloon instalment in the
amount of </FONT>$1,429,545.47 (the &quot;<B>Balloon Instalment C</B>&quot; and together with the Tranche C Amortising Instalments, shall
each be a &quot;<B>Repayment Instalment C</B>&quot; and collectively, the &quot;<B>Repayment Instalments C</B>&quot;);</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">Tranche D by:</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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">20 equal consecutive quarterly instalments, each in an amount of $166,666.67 (each a &quot;<B>Tranche
D Amortising Instalment</B>&quot; and collectively, the &quot;<B>Tranche D Amortising Instalments</B>&quot;); 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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a balloon instalment in the
amount of </FONT>$1,233,333.32 (the &quot;<B>Balloon Instalment D</B>&quot; and together with the Tranche D Amortising Instalments, shall
each be a &quot;<B>Repayment Instalment D</B>&quot; and collectively, the &quot;<B>Repayment Instalments D</B>&quot;);</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="break-before: page; 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>

<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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">Tranche E by:</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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">20 equal consecutive quarterly instalments, each in an amount of $189,393.94 (each a &quot;<B>Tranche
E Amortising Instalment</B>&quot; and collectively, the &quot;<B>Tranche E Amortising Instalments</B>&quot;); 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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a balloon instalment in the
amount of </FONT>$1,401,515.14 (the &quot;<B>Balloon Instalment E</B>&quot; and together with the Tranche E Amortising Instalments, shall
each be a &quot;<B>Repayment Instalment E</B>&quot; and collectively, the &quot;<B>Repayment Instalments E</B>&quot;);</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: 0pt"></TD><TD STYLE="width: 35.45pt">(f)</TD><TD STYLE="text-align: justify">Tranche F by:</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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">20 equal consecutive quarterly instalments, each in an amount of $371,212.12 (each a &quot;<B>Tranche
F <FONT STYLE="color: #2c6234"><STRIKE>Amortising Instalment</STRIKE></FONT></B><FONT STYLE="color: #2c6234"><STRIKE>&quot; and together
with Tranche A Amortising Instalments, Tranche B Amortising Instalments, Tranche C Amortising Instalments, Tranche D Amortising Instalments</STRIKE></FONT><STRIKE><FONT STYLE="color: #b5082e">and
Tranche E </FONT><FONT STYLE="color: #2c6234">Amortising Instalments, the &quot;<B>Amortising Instalments</B>&quot; and each an &quot;<B>Amortising
Instalment</B>&quot;); and </FONT></STRIKE><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><B><U>Amortising Instalment</U></B><U>&quot;
and collectively, the &quot;<B>Tranche F Amortising Instalments</B>&quot;); and</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(ii)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>a balloon instalment in the amount of $2,746,969.72 (the
&quot;<B>Balloon Instalment F</B>&quot; and together with the Tranche F Amortising Instalments, shall each be a &quot;<B>Repayment Instalment
F</B>&quot; and collectively, the &quot;<B>Repayment Instalments F</B>&quot;);</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(g)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Tranche G by:</U></FONT></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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(i)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>15
equal consecutive quarterly instalments, each in an amount of $375,000 (each a &quot;<B>Tranche G </B></U></FONT><U><B><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">Amortising
Instalment</FONT></B><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">&quot; and together with Tranche A Amortising Instalments,
Tranche B Amortising Instalments, Tranche C Amortising Instalments, Tranche D Amortising Instalments</FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">,
Tranche E Amortising Instalments and Tranche F </FONT></U><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">Amortising Instalments,
the &quot;<B>Amortising Instalments</B>&quot; and each an &quot;<B>Amortising Instalment</B>&quot;); and</FONT></U></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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a balloon instalment in the
amount of </FONT>$<FONT STYLE="color: #b5082e"><STRIKE>2,746,969.72 </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>12,375,000
</U></FONT>(the &quot;<B>Balloon Instalment <FONT STYLE="color: #b5082e"><STRIKE>F</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>G</U></FONT></B>&quot;
and together with the Tranche <FONT STYLE="color: #b5082e"><STRIKE>F </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>G
</U></FONT>Amortising Instalments, shall each be a &quot;<B>Repayment Instalment <FONT STYLE="color: #b5082e"><STRIKE>F</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>G</U></FONT></B>&quot;
and together with Repayment <FONT STYLE="color: #b5082e"><STRIKE>Instalment </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Instalments
</U></FONT>A, Repayment <FONT STYLE="color: #b5082e"><STRIKE>Instalment </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Instalments
</U></FONT>B, Repayment <FONT STYLE="color: #b5082e"><STRIKE>Instalment </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Instalments
</U></FONT>C, Repayment <FONT STYLE="color: #b5082e"><STRIKE>Instalment D </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Instalments
D, Repayment Instalments E </U></FONT>and Repayment <FONT STYLE="color: #b5082e"><STRIKE>Instalment E</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Instalments
F</U></FONT>, the &quot;<B>Repayment Instalments</B>&quot;);</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(h)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(g)</STRIKE></FONT>The first Amortizing Instalment of each <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Original
</U></FONT>Tranche shall be repaid on the date falling three Months after the <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant
</U></FONT>Utilisation Date <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>and the first Amortising Instalment of Tranche
G shall be repaid on the next Repayment Date in respect of the Original Tranches following the Utilisation Date of Tranche G </U></FONT>and
subsequently at three Monthly intervals thereafter with the last Amortizing Instalment of each Tranche being repayable together with the
relevant Balloon Instalment of that Tranche on the Termination 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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>6.2</B></TD><TD STYLE="text-align: justify"><B>Effect of cancellation and prepayment on scheduled repayments</B></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the </FONT><FONT STYLE="color: #b5082e"><STRIKE>Borrower
cancels </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Borrowers cancel </U></FONT>the whole or any part of
any Available Commitment in accordance with Clause 7.6 (<I>Right of repayment and cancellation in relation to a single Lender</I>) or
if the Available Commitment of any Lender is cancelled under Clause 7.1 (<I>Illegality</I>) then the Repayment Instalments falling after
that cancellation will reduce in inverse order of maturity by the amount of the Available Commitments so cancelled.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the </FONT><FONT STYLE="color: #b5082e"><STRIKE>Borrower
cancels </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Borrowers cancel </U></FONT>the whole or any part of
any Available Commitment in accordance with Clause 7.2 (<I>Automatic cancellation</I>) or if the whole or part of any Commitment is cancelled
pursuant to Clause 5.5 (<FONT STYLE="color: #b5082e"><I><STRIKE>5.5Cancellation </STRIKE></I></FONT><I><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Cancellation
</U></FONT>of Commitments</I>), the Repayment Instalments for each Repayment Date falling after that cancellation will reduce in inverse
order of maturity by the amount of the Commitments so cancelled.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">If any part of the Loan is repaid or prepaid in accordance with Clause 7.6 (<I>Right of repayment and
cancellation in relation to a single Lender</I>) or Clause 7.1 (<I>Illegality</I>) then the Repayment Instalments for each Repayment Date
falling after that repayment or prepayment will reduce in inverse order of maturity by the amount of the Loan repaid or prepaid.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">If any part of the Loan is prepaid in accordance with Clause 7.3 (<I>Voluntary prepayment of Loan</I>),
Clause 7.4 (<I>Mandatory prepayment on sale or Total Loss</I>) or Clause 7.5 (<I>Mandatory prepayment of Hedging Prepayment Proceeds</I>)
then the amount of the Repayment Instalments for each Repayment Date falling after that repayment or prepayment will reduce in inverse
order of maturity by the amount of the Loan repaid or prepaid.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>6.3</B></TD><TD STYLE="text-align: justify"><B>Termination Date</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 0pt 0.5in; text-align: justify">On the Termination Date, the Borrowers
shall additionally pay to the Facility Agent for the account of the Finance Parties all other sums then accrued and owing under the Finance
Documents.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>6.4</B></TD><TD STYLE="text-align: justify"><B>Reborrowing</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 0pt 0.5in; text-align: justify">No Borrower may reborrow any part of
the Facility which is repaid.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>7</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Prepayment and Cancellation</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>7.1</B></TD><TD STYLE="text-align: justify"><B>Illegality</B></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If it becomes unlawful in any
applicable jurisdiction for a Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation
in an Advance or the Loan or </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>to determine or charge interest rates based
upon Adjusted Term SOFR or Term SOFR or </U></FONT>it becomes unlawful for any Affiliate of a Lender for that Lender to do so:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">that Lender shall promptly notify the Facility Agent upon becoming aware of that event;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">upon the Facility Agent notifying the Borrowers, the Available Commitment of that Lender will be immediately
cancelled; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">the Borrowers shall prepay that Lender's participation in the Loan on the last day of the Interest Period
for the Loan occurring after the Facility Agent has notified the Borrowers or, if earlier, the date specified by the Lender in the notice
delivered to the Facility Agent (being no earlier than the last day of any applicable grace period permitted by law) and that Lender's
corresponding Commitment shall be immediately cancelled in the amount of the participation prepaid.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">If it becomes unlawful for a Lender to perform any of its obligations as contemplated by this Agreement
or to fund or maintain its participation in the Loan due to:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">Sanctions (including in each case, without limitation, (A)&nbsp;the non-existence or cessation of legality,
validity, binding effect or enforceability of a provision of a Finance Document and (B)&nbsp;the presence of any circumstances resulting
in the imposition of any civil, administrative or criminal measures on a Lender) and/or contrary to, or declared by any Sanctions Authority
to be contrary to, Sanctions for any Affiliate of a Lender for that Lender to do so; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">without prejudice to the generality of the preceding paragraph, any Transaction Obligor or any other member
of the Group being or becoming a Prohibited Person which would result in a breach of Sanctions by a Lender:</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: 72pt"></TD><TD STYLE="width: 34.3pt">(A)</TD><TD STYLE="text-align: justify">to the extent permitted by applicable law, that Lender shall promptly notify the Borrowers through the
Facility Agent upon becoming aware of that event;</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: 72pt"></TD><TD STYLE="width: 34.3pt">(B)</TD><TD STYLE="text-align: justify">such Lender's Commitment will be cancelled on the date (the &quot;<B>Sanctions Cancellation Date</B>&quot;)
falling 30 days after the date on which the Facility Agent has notified the Borrowers, which it shall do promptly upon receipt of a notification
from the Lender; 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: 72pt"></TD><TD STYLE="width: 34.3pt">(C)</TD><TD STYLE="text-align: justify">the Borrowers shall repay that Lender's participation in the Loan on the last day of the Interest Period
for the Loan occurring after the Sanctions Cancellation Date or, if earlier, the date specified by the Lender in the notice delivered
to the Facility Agent (being no later than the earlier of (x)&nbsp;the Sanctions Cancellation Date and (y)&nbsp;the last day of any applicable
grace period permitted by law) and that Lender's corresponding Commitment shall be cancelled in the amount of the participation prepaid.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>7.2</B></TD><TD STYLE="text-align: justify"><B>Automatic cancellation</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 0pt 0.5in; text-align: justify">The unutilised Commitment (if any) of
each Lender shall be automatically cancelled at close of business on the date on which the Loan is made available without penalty or prepayment
fee.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>7.3</B></TD><TD STYLE="text-align: justify"><B>Voluntary prepayment of Loan</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Subject to paragraph (b)&nbsp;below, the Borrowers may, if they give the Facility Agent not less than
five Business Days' (or such shorter period as the Majority Lenders may agree) prior notice, prepay the whole or any part of the Loan
(but, if in part, being an amount that reduces the amount of the Loan by a minimum amount of $1,000,000).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Loan may only be prepaid
after the last day of the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant </U></FONT>Availability Period (or,
if earlier, the day on which the Available Facility is zero).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>7.4</B></TD><TD STYLE="text-align: justify"><B>Mandatory prepayment on sale or Total Loss</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">If a Ship is sold (without prejudice to paragraph (a)&nbsp;of Clause 23.12 (<I>Disposals</I>)) or becomes
a Total Loss, the Borrowers shall on the Relevant Date prepay the Tranche applicable to that Ship in full.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">On the Relevant Date, the Borrowers shall also prepay such part of the Loan as shall eliminate any shortfall
arising if the ratio set out in Clause 25 (<I>Loan to value ratio</I>) were applied immediately following the payment referred to in paragraph
(a)&nbsp;above.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Provided that no Event of Default has occurred and is continuing, any remaining proceeds of the sale or
Total Loss of a Ship after the prepayments referred to in paragraph (a)&nbsp;and paragraph (b)&nbsp;above have been made together with
all other amounts that are payable on any such prepayment pursuant to the Finance Documents shall be paid to the Borrower that owned the
relevant Ship.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">In this Clause 7.4 (<I>Mandatory prepayment on sale or Total Loss</I>):</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">&quot;<B>Relevant Date</B>&quot; means:</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="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(a)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(i)</STRIKE></FONT>in the case of a sale of a Ship, on the date on
which the sale is completed by delivery of that Ship to the buyer of that Ship; 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="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(b)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(ii)</STRIKE></FONT>in the case of a Total Loss of a Ship, on the
earlier of:</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"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(i)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(A)</STRIKE></FONT>the date falling 90 days after the Total Loss
Date; 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"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(ii)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(B)</STRIKE></FONT>the date of receipt by the Security Agent of the
proceeds of insurance relating to such Total Loss.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>7.5</B></TD><TD STYLE="text-align: justify"><B>Mandatory prepayment of Hedging Prepayment Proceeds</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 0pt 0.5in; text-align: justify">Any Hedging Prepayment Proceeds arising
as a result of any cancellation or prepayment under this Agreement shall, following payment into the relevant Earnings Account in accordance
with Clause 26.2 (<I>Payment of Earnings</I>), be applied on the last day of the next Interest Period which ends after such payment in
prepayment of the Loan.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>7.6</B></TD><TD STYLE="text-align: justify"><B>Right of repayment and cancellation in relation to a single Lender</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">If:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">any sum payable to any Lender by a Transaction Obligor is required to be increased under paragraph (c)&nbsp;of
Clause 12.2 (<I>Tax gross-up</I>) or under that clause as incorporated by reference or in full in any other Finance Document; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">any Lender claims indemnification from a Borrower under Clause 12.3 (<I>Tax indemnity</I>) or Clause 13.1
(<I>Increased costs</I>),</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">the Borrowers may whilst the circumstance
giving rise to the requirement for that increase or indemnification continues give the Facility Agent notice of cancellation of the Commitment
of that Lender and its intention to procure the repayment of that Lender's participation in the Loan.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">On receipt of a notice of cancellation referred to in paragraph (a)&nbsp;above, the Commitment of that
Lender shall immediately be reduced to zero.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">On the last day of each Interest Period which ends after the Borrowers have given notice of cancellation
under paragraph (a)&nbsp;above in relation to a Lender (or, if earlier, the date specified by the Borrowers in that notice), the Borrowers
shall repay that Lender's participation in the Loan.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>7.7</B></TD><TD STYLE="text-align: justify"><B>Restrictions</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Any notice of cancellation or prepayment given by any Party under this Clause 7 (<I>Prepayment and Cancellation</I>)
shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant
cancellation or prepayment is to be made, the amount of that cancellation or prepayment and, if relevant, the part of the Loan to be prepaid
or cancelled.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid
and amounts (if any) payable under the Hedging Agreements in connection with that prepayment and, subject to the fee provided for in Clause
11.3 (<I>Prepayment fee</I>) and any Break Costs, without premium or penalty.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">No Borrower may reborrow any part of the Facility which is prepaid.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">No Borrower shall repay or prepay all or any part of the Loan or cancel all or any part of the Commitments
except at the times and in the manner expressly provided for in this Agreement.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">No amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(f)</TD><TD STYLE="text-align: justify">If the Facility Agent receives a notice under this Clause 7 (<I>Prepayment and Cancellation</I>) it shall
promptly forward a copy of that notice to either the Borrowers or the affected Lenders and/or Hedge Counterparties, as appropriate.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(g)</TD><TD STYLE="text-align: justify">If all or part of any Lender's participation in the Loan is repaid or prepaid, an amount of that Lender's
Commitment (equal to the amount of the participation which is repaid or prepaid) will be deemed to be cancelled on the date of repayment
or prepayment.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>7.8</B></TD><TD STYLE="text-align: justify"><B>Application of prepayments</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 0pt 0.5in; text-align: justify">Any prepayment of any part of the Loan
(other than a prepayment pursuant to Clause 7.1 (<I>Illegality</I>) or Clause 7.6 (<I>Right of repayment and cancellation in relation
to a single Lender</I>)) shall be applied pro rata to each Lender's participation in that part of the Loan.</P>

<P STYLE="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"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;5</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Costs
of Utilisation</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>8</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Interest</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>8.1</B></TD><TD STYLE="text-align: justify"><B>Calculation of interest</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 0pt 0.5in; text-align: justify">The rate of interest on the Loan or
any part of the Loan for each Interest Period is the percentage rate per annum which is the aggregate 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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>applicable
</U></FONT>Margin; 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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(b)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>LIBOR.</STRIKE></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(b)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Adjusted Term SOFR.</U></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>8.2</B></TD><TD STYLE="text-align: justify"><B>Payment of interest</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 0pt 0.5in; text-align: justify">The Borrowers shall pay accrued interest
on the Loan or any part of the Loan quarterly in arrears (each an &quot;<B>Interest Payment Date</B>&quot;).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>8.3</B></TD><TD STYLE="text-align: justify"><B>Default interest</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">If a Transaction Obligor fails to pay any amount payable by it under a Finance Document other than a Hedging
Agreement on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and
after judgment) at a rate which, subject to paragraph (b)&nbsp;below, is two per cent. per annum higher than the rate which would have
been payable if the Unpaid Sum had, during the period of non-payment, constituted part of the Loan in the currency of the Unpaid Sum for
successive Interest Periods, each of a duration selected by the Facility Agent. Any interest accruing under this Clause 8.3 (<I>Default
interest</I>) shall be immediately payable by the Obligors on demand by the Facility Agent.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">If an Unpaid Sum consists of all or part of the Loan which became due on a day which was not the last
day of an Interest Period relating to the Loan or that part of the Loan:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">the first Interest Period for that Unpaid Sum shall have a duration equal to the unexpired portion of
the current Interest Period relating to the Loan or that part of the Loan; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">the rate of interest applying to that Unpaid Sum during that first Interest Period shall be two per cent.
per annum higher than the rate which would have applied if that Unpaid Sum had not become due.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum at the end
of each Interest Period applicable to that Unpaid Sum but will remain immediately due and payable.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>8.4</B></TD><TD STYLE="text-align: justify"><B>Notification of rates of interest</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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><STRIKE>(a)</STRIKE></FONT>The
Facility Agent shall promptly notify the Lenders and the Borrowers of the determination of a rate of interest under this 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(b)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>The Facility Agent shall promptly notify the Borrower of each Funding Rate relating to the Loan,
any part of the Loan or any Unpaid Sum.</STRIKE></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>8.5</B></TD><TD STYLE="text-align: justify"><B>Hedging</B></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On or before the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant
</U></FONT>Utilisation Date, the Borrowers shall enter into Hedging Agreements and shall after that date maintain such Hedging Agreements
in accordance with this Clause 8.5 (<I>Hedging</I>).</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The aggregate notional amount of the transactions in respect of the Hedging Agreements shall be at least
100 per cent. of the aggregate amount of the Loan.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Each Hedging Agreement shall:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">be secured by <I>pari passu </I>Security with this Agreement;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">be with a Hedge Counterparty;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">be for a term ending on the Termination 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iv)</TD><TD STYLE="text-align: justify">have settlement dates coinciding with the Interest Payment Dates;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(v)</TD><TD STYLE="text-align: justify">be based on an ISDA Master Agreement and otherwise in form and substance satisfactory to the Facility
Agent; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(vi)</TD><TD STYLE="text-align: justify">provide that the Termination Currency (as defined in the relevant Hedging Agreement) shall be dollars.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">The rights of each Borrower under the Hedging Agreements and any Hedge Counterparty Guarantee shall be
charged or assigned by way of security under a Hedging Agreement Security.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">The parties to each Hedging Agreement must comply with the terms of that Hedging Agreement.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(f)</TD><TD STYLE="text-align: justify">Neither a Hedge Counterparty nor a Borrower may amend, supplement, extend or waive the terms of any Hedging
Agreement or Hedge Counterparty Guarantee without the consent of the Security Agent.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(g)</TD><TD STYLE="text-align: justify">Paragraph (f)&nbsp;above shall not apply to an amendment, supplement or waiver that is administrative
and mechanical in nature and does not give rise to a conflict with any provision of this Agreement or the Hedging Agreement Security.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(h)</TD><TD STYLE="text-align: justify">If, at any time, the aggregate notional amount of the transactions in respect of the Hedging Agreements
exceeds or, as a result of any repayment or prepayment under this Agreement, will exceed the Loan at that time, the Borrowers must promptly
notify the Facility Agent and must, at the request of the Facility Agent, reduce the aggregate notional amount of those transactions by
an amount and in a manner satisfactory to the Facility Agent so that it no longer exceeds or will not exceed the Loan then or that will
be outstanding.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(i)</TD><TD STYLE="text-align: justify">Any reductions in the aggregate notional amount of the transactions in respect of the Hedging Agreements
in accordance with paragraph (h)&nbsp;above will be apportioned as between those transactions <I>pro rata</I>.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(j)</TD><TD STYLE="text-align: justify">Paragraph (h)&nbsp;above shall not apply to any transactions in respect of any Hedging Agreement under
which no Borrower has any actual or contingent indebtedness.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(k)</TD><TD STYLE="text-align: justify">The Facility Agent must make a request under paragraph (h)&nbsp;above if so required by a Hedge Counterparty.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(l)</TD><TD STYLE="text-align: justify">Neither a Hedge Counterparty nor a Borrower may terminate or close out any transactions in respect of
any Hedging Agreement (in whole or in part) except:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">in accordance with paragraphs (h)-(k)&nbsp;above;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">on the occurrence of an Illegality (as such expression is defined in the relevant Hedging Agreement);</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">in the case of termination or closing out by a Hedge Counterparty, if the Facility Agent serves notice
under sub-paragraph (ii)&nbsp;of paragraph (a)&nbsp;of Clause 28.19 (<I>Acceleration</I>) or, having served notice under sub-paragraph
(iii)&nbsp;of paragraph (a)&nbsp;of Clause 28.19 (<I>Acceleration</I>), makes a 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iv)</TD><TD STYLE="text-align: justify">in the case of any other termination or closing out by a Hedge Counterparty or a Borrower, with the consent
of the Facility Agent; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(v)</TD><TD STYLE="text-align: justify">if the Secured Liabilities (other than in respect of the Hedging Agreements) have been irrevocably and
unconditionally paid and discharged in full;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(m)</TD><TD STYLE="text-align: justify">If a Hedge Counterparty or a Borrower terminates or closes out a transaction in respect of a Hedging Agreement
(in whole or in part) in accordance with sub-paragraphs (ii), or (in the case of a Hedge Counterparty only) (iii)&nbsp;of paragraph (l)&nbsp;above,
it shall promptly notify the Facility Agent of that termination or close out.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(n)</TD><TD STYLE="text-align: justify">If a Hedge Counterparty is entitled to terminate or close out any transaction in respect of any Hedging
Agreement under sub-paragraph (iii)&nbsp;of paragraph (l)&nbsp;above, such Hedge Counterparty shall promptly terminate or close out such
transaction following a request to do so by the Security Agent.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(o)</TD><TD STYLE="text-align: justify">A Hedge Counterparty may only suspend making payments under a transaction in respect of a Hedging Agreement
if a Borrower is in breach of its payment obligations under any transaction in respect of that Hedging Agreement.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(p)</TD><TD STYLE="text-align: justify">Each Hedge Counterparty consents to, and acknowledges notices of, the charging or assigning by way of
security by each Borrower pursuant to the relevant Hedging Agreement Security of its rights under the Hedging Agreements to which it is
party in favour of the Security Agent.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(q)</TD><TD STYLE="text-align: justify">Any such charging or assigning by way of security is without prejudice to, and after giving effect to,
the operation of any payment or close-out netting in respect of any amounts owing under any Hedging Agreement.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(r)</TD><TD STYLE="text-align: justify">The Security Agent shall not be liable for the performance of any of a Borrower's obligations under a
Hedging Agreement.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(s)</TD><TD STYLE="text-align: justify">No Borrower or Hedge Counterparty shall assign any of its rights or transfer any of its rights or obligations
under a Hedging Agreement or permit a change of Hedge Counterparty Guarantor without the consent of the Security Agent.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>9</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Interest Periods</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>9.1</B></TD><TD STYLE="text-align: justify"><B>Interest Periods</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Each Interest Period will be three Months.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An Interest Period in respect
of </FONT><FONT STYLE="color: #b5082e"><STRIKE>the Loan </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>a Tranche
</U></FONT>or any part of the Loan shall not extend beyond the Termination 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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The first Interest Period for
</FONT><FONT STYLE="color: #b5082e"><STRIKE>the Loan </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>each Tranche
</U></FONT>shall start on the Utilisation Date <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant to that Tranche </U></FONT>and
each subsequent Interest Period shall start on the last day of the preceding Interest Period.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>The Loan </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Each
Tranche </U></FONT>shall have one Interest Period only at any time.</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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(e)</U></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>No
                                            Interest Period can be selected in respect of a tenor that has ceased to be available in
                                            accordance with Clause </U></FONT><FONT STYLE="color: Black">45.4</FONT> <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(<I>Benchmark
                                            Replacement setting</I>).</U></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>9.2</B></TD><TD STYLE="text-align: justify"><B>Non-Business Days</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 0pt 0.5in; text-align: justify">If an Interest Period would otherwise
end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there
is one) or the preceding Business Day (if there is not).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>10</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Changes to the Calculation of Interest</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Unavailability of </B></FONT><B><FONT STYLE="color: #b5082e"><STRIKE>Screen
Rate</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Term SOFR</U></FONT></B></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Interpolated </I></FONT><I><FONT STYLE="color: #b5082e"><STRIKE>Screen
Rate</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Term SOFR</U></FONT></I>: If no <FONT STYLE="color: #b5082e"><STRIKE>Screen
Rate </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Term SOFR </U></FONT>is available <FONT STYLE="color: #b5082e"><STRIKE>for
LIBOR </STRIKE></FONT>for the Interest Period of the Loan or any part of the Loan, the applicable <FONT STYLE="color: #b5082e"><STRIKE>LIBOR
</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Reference Rate </U></FONT>shall be the Interpolated <FONT STYLE="color: #b5082e"><STRIKE>Screen
Rate </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Term SOFR </U></FONT>for a period equal in length to the
Interest Period of the Loan or that part of the Loan.</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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(b)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><I><STRIKE>Reference Bank Rate</STRIKE></I><STRIKE>: If no Screen Rate is available for LIBOR for:</STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(i)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>dollars; or</STRIKE></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(b)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><I><U>Historic
Term SOFR</U></I><U>: If no Term SOFR is available for </U></FONT><FONT STYLE="color: #b5082e"><STRIKE>(ii)</STRIKE></FONT>the Interest
Period of the Loan or any part of the Loan and it is not possible to calculate the Interpolated <FONT STYLE="color: #b5082e"><STRIKE>Screen
Rate</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Term SOFR by 17:00 New York time on the relevant Quotation
Day</U></FONT>, the applicable <FONT STYLE="color: #b5082e"><STRIKE>LIBOR </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Reference
Rate </U></FONT>shall be the <FONT STYLE="color: #b5082e"><STRIKE>Reference Bank Rate as of the Specified Time and </STRIKE></FONT><STRIKE><FONT STYLE="color: #2c6234">for
a period equal in length to the Interest Period of the Loan or that part of the Loan.</FONT></STRIKE><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Historic
Term SOFR for the Loan or that part of the Loan.</U></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(c)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><I><U>Interpolated
Historic Term SOFR</U></I></FONT><I><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">: </FONT></U></I><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">If
paragraph </FONT></U>(b)<U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"> above applies but no </FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">Historic Term SOFR is available
for the Interest Period of the Loan or any part of the Loan, the applicable Reference Rate shall be the Interpolated Historic Term SOFR
</FONT></U><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">for a period equal in length to the Interest Period of the Loan
or that part of the Loan.</FONT></U></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(d)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><I><STRIKE>Cost
                                            of funds</STRIKE></I></FONT><STRIKE><FONT STYLE="color: #2c6234">: If paragraph (b)&nbsp;above
                                            applies but no </FONT><FONT STYLE="color: #b5082e">Reference Bank Rate is available for dollars
                                            or the relevant Interest Period there shall be no LIBOR </FONT></STRIKE><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><I><U>Base
                                            Rate</U></I><U>: If paragraph </U></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</Font><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&nbsp;above
                                            applies but it is not possible to calculate the Interpolated Historic Term SOFR, there shall
                                            be no Reference Rate </U></FONT>for the Loan or that part of the Loan (as applicable)
                                            and Clause <FONT STYLE="color: #b5082e"><STRIKE>10.4 </STRIKE></FONT>10.3<FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&nbsp;
                                            </U></FONT>(<FONT STYLE="color: #b5082e"><STRIKE>(c)&#9;<I>Cost of funds</I></STRIKE></FONT><I><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Base
                                            Rate</U></FONT></I>) shall apply to the Loan or that part of the Loan for that Interest Period.</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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><STRIKE>10.2</STRIKE></B></FONT></TD><TD STYLE="text-align: justify"><B><STRIKE>Calculation of Reference Bank Rate</STRIKE></B></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(a)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>Subject to paragraph (b)&nbsp;below, if LIBOR is to be determined on the basis of a Reference
Bank Rate but a Reference Bank does not supply a quotation by the Specified Time, the Reference Bank Rate shall be calculated on the basis
of the quotations of the remaining Reference Banks.</STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(b)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>If at or about noon on the Quotation Day none or only one of the Reference Banks supplies a quotation,
there shall be no Reference Bank Rate for the relevant Interest Period.</STRIKE></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><B><U>10.2</U></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><B><STRIKE>10.3</STRIKE></B></FONT><B>Market disruption</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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
before close of business in London on the Quotation Day for the relevant Interest Period</FONT> <FONT STYLE="color: #b5082e"><STRIKE>&nbsp;</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>,
</U></FONT>the Facility Agent receives notification from a Lender or Lenders (whose participations in the Loan or the relevant part of
the Loan exceed <FONT STYLE="color: #b5082e"><STRIKE>50 </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>30
</U></FONT>per cent. of the Loan or <FONT STYLE="color: #b5082e"><STRIKE>the relevant </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>that
</U></FONT>part of the Loan as appropriate) that <FONT STYLE="color: #b5082e"><STRIKE>the </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>its
</U></FONT>cost <FONT STYLE="color: #b5082e"><STRIKE>to it of funding </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>of
funds relating to </U></FONT>its participation in the Loan or that part of the Loan <FONT STYLE="color: #b5082e"><STRIKE>from whatever
source it may reasonably select </STRIKE></FONT>would be in excess of <FONT STYLE="color: #b5082e"><STRIKE>LIBOR </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Adjusted
Term SOFR </U></FONT>then Clause <FONT STYLE="color: #b5082e"><STRIKE>10.4 </STRIKE></FONT>10.3<FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&nbsp;
</U></FONT>(<FONT STYLE="color: #b5082e"><I><STRIKE>Cost of funds</STRIKE></I></FONT><I><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Base
Rate</U></FONT></I>) shall apply to the Loan or that part of the Loan (as applicable) for the relevant Interest Period.</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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><STRIKE>10.4</STRIKE></B></FONT></TD><TD STYLE="text-align: justify"><B><STRIKE>Cost of funds</STRIKE></B></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><B><U>10.3</U></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><B><U>Base Rate</U></B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If this Clause </FONT><FONT STYLE="color: #b5082e"><STRIKE>10.4
</STRIKE></FONT>10.3<FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&nbsp;</U></FONT>(<FONT STYLE="color: #b5082e"><I><STRIKE>Cost
of funds</STRIKE></I></FONT><I><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Base Rate</U></FONT></I>) applies, the rate
of interest on the Loan or the relevant part of the Loan for the relevant Interest Period shall be the percentage rate per annum which
is the sum of:</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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>applicable
</U></FONT>Margin; 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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(ii)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>the rate notified to the Facility Agent by that Lender as soon as practicable and in any event
before interest is due to be paid in respect of that Interest Period to be that which expresses as a percentage rate per annum the cost
to the relevant Lender of funding its participation in the Loan or that part of the Loan from whatever source it may reasonably select.</STRIKE></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(ii)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>the Base Rate from time to time.</U></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If this Clause </FONT><FONT STYLE="color: #b5082e"><STRIKE>10.4
</STRIKE></FONT>10.3<FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&nbsp;</U></FONT>(<FONT STYLE="color: #b5082e"><I><STRIKE>Cost
of funds</STRIKE></I></FONT><I><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Base Rate</U></FONT></I>) applies and<FONT STYLE="color: #b5082e"><STRIKE>,
subject to Clause 45.4 (<I>Benchmark Replacement setting</I>), </STRIKE></FONT> the Facility Agent or the Borrowers so require, the Facility
Agent and the Borrowers shall enter into negotiations (for a period of not more than 30 days) with a view to agreeing a substitute basis
for determining the rate of interest or (as the case may be) an alternative basis for funding.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Subject to Clause 45.4 (<I>Benchmark Replacement setting</I>), any substitute or alternative basis agreed
pursuant to paragraph (b)&nbsp;above shall, with the prior consent of all the Lenders and the Borrowers, be binding on all Parties.</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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(d)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>If paragraph (e)&nbsp;below does not apply and any rate notified to the Facility Agent under sub-paragraph
(ii)&nbsp;of paragraph (a)&nbsp;above is less than zero, the relevant rate shall be deemed to be zero.</STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(e)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>If this Clause &lrm;10.4 (<I>Cost of funds</I>) applies pursuant to Clause &lrm;10.3 (<I>Market
disruption</I>) and:</STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(i)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>a Lender's Funding Rate is less than LIBOR; or</STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(ii)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>a Lender does not supply a quotation by the time specified in sub-paragraph &lrm;(ii)&nbsp;of
paragraph (a)&nbsp;above,</STRIKE></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; color: #b5082e"><STRIKE>the cost to
that Lender of funding its participation in the Loan or the relevant part of the Loan for that Interest Period shall be deemed, for the
purposes of paragraph (a)&nbsp;above, to be LIBOR.</STRIKE></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><B><U>10.4</U></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><B><STRIKE>10.5</STRIKE></B></FONT><B>Break Costs</B></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Borrowers shall, within
three Business Days of demand by a Finance Party, pay to that Finance Party its Break Costs attributable to all or any part of the Loan
or Unpaid Sum being paid by a Borrower on a day </FONT><FONT STYLE="color: #b5082e"><STRIKE>other than </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>prior
to </U></FONT>the last day of an Interest Period for the Loan, the relevant part of the Loan or that Unpaid Sum.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each Lender shall, as soon as
reasonably practicable after a demand by the Facility Agent, provide a certificate confirming the amount of its Break Costs for any Interest
Period in </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>respect of </U></FONT>which they <FONT STYLE="color: #b5082e"><STRIKE>accrue</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>become,
or may become payable</U></FONT>.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>11</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Fees</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>11.1</B></TD><TD STYLE="text-align: justify"><B>Commitment fee</B></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Borrowers shall pay quarterly
in arrears to the Facility Agent (for the account of each Lender) a fee equal to one per cent. of any unutilised Lender's Available Commitment</FONT>
<FONT STYLE="color: #b5082e"><STRIKE>commencing on the </STRIKE></FONT><STRIKE><FONT STYLE="color: #2c6234">date of this Agreement and
ending on the earlier of (</FONT><FONT STYLE="color: #b5082e">i)&nbsp;the Utilisation Date and (ii</FONT><FONT STYLE="color: #2c6234">)&nbsp;the
expiry of the Availability Period.</FONT></STRIKE><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>:</U></FONT></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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(i)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>in
relation to the Commitments in respect of each Original Tranche, commencing on the original </U></FONT><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">date
of this Agreement and ending on the earlier of (</FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">a)&nbsp;the Utilisation
Date of each Original Tranche and (b)&nbsp;the expiry of the Availability Period; and</FONT></U></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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(ii)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>in
relation to the Commitments in respect of Tranche G, commencing on the date of the Deed of Accession, Amendment and Restatement and ending
on the earlier of (a)&nbsp;the Utilisation Date in respect of Tranche G and (b</U></FONT><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">)&nbsp;the
expiry of the Availability Period.</FONT></U></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paragraph (a)&nbsp;shall not
apply if the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant </U></FONT>Utilisation Date <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>in
respect of an Original Tranche </U></FONT>occurs within seven days of the date of this Agreement <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>or,
in respect of Tranche G, within seven days of the Effective Date</U></FONT>.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>11.2</B></TD><TD STYLE="text-align: justify"><B>Upfront fee</B></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(a)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>The Borrowers have paid to the Facility Agent an upfront
fee in the amount equal to 1.25 per cent. of the aggregate Total Commitments in respect of the Original Tranches.</U></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(b)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(a)</STRIKE></FONT>The Borrowers shall pay to the Facility Agent
an upfront fee in the amount equal to <FONT STYLE="color: #b5082e"><STRIKE>1.25 </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>1.00
</U></FONT>per cent. of the Total Commitments <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>in respect of Tranche G</U></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>

<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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(c)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(b)</STRIKE></FONT>The upfront fee <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>in
each of paragraph</U></FONT> (a)&nbsp;<FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>and </U></FONT>(b)&nbsp;<FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>above </U></FONT>shall be payable on the earlier of (i)&nbsp;the <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant
</U></FONT>Utilisation Date and (ii)&nbsp;the expiry of the <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant </U></FONT>Availability
Period.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>11.3</B></TD><TD STYLE="text-align: justify"><B>Prepayment fee</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Subject to paragraph (c)&nbsp;below, the Borrowers must pay to the Facility Agent for each Lender a prepayment
fee on the date of prepayment of all or any part of the Loan.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The amount of the prepayment fee is:</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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if the prepayment occurs on
or before the first anniversary of the Utilisation Date</FONT> <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>of a Tranche</U></FONT>,
two per cent. of the amount prepaid;</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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if the prepayment occurs after
the first anniversary but on or before the second anniversary of the Utilisation Date</FONT> <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>of
a Tranche</U></FONT>, one per cent. of the amount prepaid.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">No prepayment fee shall be payable under this Clause if the prepayment is made under Clause 7.1 (<I>Illegality</I>),
Clause 7.4 (<I>Mandatory prepayment on sale or Total Loss</I>), Clause 7.5 (<I>Mandatory prepayment of Hedging Prepayment Proceeds</I>)<I>,</I>
Clause 7.6 (<I>Right of repayment and cancellation in relation to a single Lender</I>), sub-paragraph (i)&nbsp;of paragraph (c)&nbsp;of
Clause 22.5 (<I>Debt Service Coverage Ratio</I>), sub-paragraph (iv)&nbsp;of paragraph (b)&nbsp;of Clause 23.18 (<I>Dividends</I>), Clause
25.6 (<I>Prepayment Mechanism</I>) and 29.2 (<I>Conditions of assignment or transfer</I>).</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"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;6</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Additional
Payment Obligations</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>12</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Tax Gross Up and Indemnities</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>12.1</B></TD><TD STYLE="text-align: justify"><B>Definitions</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">In this Agreement:</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">&quot;<B>Protected Party</B>&quot; means
a Finance Party which is or will be subject to any liability, or required to make any payment, for or on account of Tax in relation to
a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance Document.</P>

<P STYLE="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">&quot;<B>Tax Credit</B>&quot; means
a credit against, relief or remission for, or repayment of any 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 0pt 0.5in; text-align: justify">&quot;<B>Tax Deduction</B>&quot; means
a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction.</P>

<P STYLE="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">&quot;<B>Tax Payment</B>&quot; means
either the increase in a payment made by an Obligor to a Finance Party under Clause 12.2 (<I>Tax gross-up</I>) or a payment under Clause
12.3 (<I>Tax indemnity</I>).</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Unless a contrary indication appears, in this Clause 12 (<I>Tax Gross Up and Indemnities</I>) reference
to &quot;determines&quot; or &quot;determined&quot; means a determination made in the absolute discretion of the person making the determination.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">This Clause 12 (<I>Tax Gross Up and Indemnities</I>) shall not apply to any Hedging Agreement.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>12.2</B></TD><TD STYLE="text-align: justify"><B>Tax gross-up</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction
is required by law.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The Borrowers shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there
is any change in the rate or the basis of a Tax Deduction) notify the Facility Agent accordingly. Similarly, a Lender shall notify the
Facility Agent on becoming so aware in respect of a payment payable to that Lender. If the Facility Agent receives such notification from
a Lender it shall notify the Borrowers and that Obligor.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that
Obligor shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have
been due if no Tax Deduction had been required.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any
payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">Within 30 days of making either a Tax Deduction or any payment required in connection with that Tax Deduction,
the Obligor making that Tax Deduction shall deliver to the Facility Agent for the Finance Party entitled to the payment evidence reasonably
satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant
taxing authority.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>12.3</B></TD><TD STYLE="text-align: justify"><B>Tax indemnity</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">The Obligors shall (within three Business Days of demand by the Facility Agent) pay to a Protected Party
an amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly or indirectly) suffered
for or on account of Tax by that Protected Party in respect of a Finance Document.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Paragraph (a)&nbsp;above shall not apply:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">with respect to any Tax assessed on a Finance Party:</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">(A)</TD><TD STYLE="text-align: justify">under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction
(or jurisdictions) in which that Finance Party is treated as resident for tax purposes; 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: 1in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">under the law of the jurisdiction in which that Finance Party's Facility Office is located in respect
of amounts received or receivable in that jurisdiction,</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 1in; text-align: justify">if that Tax is imposed on or calculated
by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by that Finance Party; or</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">to the extent a loss, liability or cost:</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">(A)</TD><TD STYLE="text-align: justify">is compensated for by an increased payment under Clause 12.2 (<I>Tax gross-up</I>); 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: 1in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">relates to a FATCA Deduction required to be made by a Party.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">A Protected Party making, or intending to make, a claim under paragraph (a)&nbsp;above shall promptly
notify the Facility Agent of the event which will give, or has given, rise to the claim, following which the Facility Agent shall notify
the Obligors.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">A Protected Party shall, on receiving a payment from an Obligor under this Clause 12.3 (<I>Tax indemnity</I>),
notify the Facility Agent.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>12.4</B></TD><TD STYLE="text-align: justify"><B>Tax Credit</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 0pt 0.5in; text-align: justify">If an Obligor makes a Tax Payment and
the relevant Finance Party determines 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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax
Payment or to a Tax Deduction in consequence of which that Tax Payment was received; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">that Finance Party has obtained and utilised that Tax Credit,</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">the Finance Party shall pay an amount
to the Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have
been in had the Tax Payment not been required to be made by the Obligor.</P>

<P STYLE="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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>12.5</B></TD><TD STYLE="text-align: justify"><B>Stamp taxes</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 0pt 0.5in; text-align: justify">The Obligors shall pay and, within three
Business Days of demand, indemnify each Secured Party against any cost, loss or liability which that Secured Party incurs in relation
to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>12.6</B></TD><TD STYLE="text-align: justify"><B>VAT</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">All amounts expressed to be payable under a Finance Document by any Party to a Finance Party which (in
whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable
on that supply, and accordingly, subject to paragraph (b)&nbsp;below, if VAT is or becomes chargeable on any supply made by any Finance
Party to any Party under a Finance Document and such Finance Party is required to account to the relevant tax authority for the VAT, that
Party must pay to such Finance Party (in addition to and at the same time as paying any other consideration for such supply) an amount
equal to the amount of the VAT (and such Finance Party must promptly provide an appropriate VAT invoice to that Party).</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">If VAT is or becomes chargeable on any supply made by any Finance Party (the &quot;<B>Supplier</B>&quot;)
to any other Finance Party (the &quot;<B>Recipient</B>&quot;) under a Finance Document, and any Party other than the Recipient (the &quot;<B>Relevant
Party</B>&quot;) is required by the terms of any Finance Document to pay an amount equal to the consideration for that supply to the Supplier
(rather than being required to reimburse or indemnify the Recipient in respect of that consideration):</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">(where the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant
Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the amount of the VAT. The
Recipient must (where this sub-paragraph (i)&nbsp;applies) promptly pay to the Relevant Party an amount equal to any credit or repayment
the Recipient receives from the relevant tax authority which the Recipient reasonably determines relates to the VAT chargeable on that
supply; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">(where the Recipient is the person required to account to the relevant tax authority for the VAT) the
Relevant Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT chargeable on that
supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from the relevant
tax authority in respect of that VAT.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost or
expense, that Party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such cost or expense,
including such part of it as represents VAT, save to the extent that such Finance Party reasonably determines that it is entitled to credit
or repayment in respect of such VAT from the relevant tax authority.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">Any reference in this Clause 12.6 (<I>VAT</I>) to any Party shall, at any time when that Party is treated
as a member of a group or unity (or fiscal unity) for VAT purposes, include (where appropriate and unless the context otherwise requires)
a reference to the person who is treated at that time as making the supply, or (as appropriate) receiving the supply, under the grouping
rules&nbsp;provided for in Article&nbsp;11 of Council Directive 2006/112/EC (or as implemented by the relevant member state of the European
Union or equivalent provisions imposed elsewhere) so that a reference to a Party shall be construed as a reference to that Party or the
relevant group or unity (or fiscal unity) of which that Party is a member for VAT purposes at the relevant time or the relevant representative
member (or representative or head) of that group or unity at the relevant time (as the case may be).</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"></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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">In relation to any supply made by a Finance Party to any Party under a Finance Document, if reasonably
requested by such Finance Party, that Party must promptly provide such Finance Party with details of that Party's VAT registration and
such other information as is reasonably requested in connection with such Finance Party's VAT reporting requirements in relation to such
supply.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>12.7</B></TD><TD STYLE="text-align: justify"><B>FATCA Information</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Subject to paragraph (c)&nbsp;below, each Party shall, within ten Business Days of a reasonable request
by another Party:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">confirm to that other Party whether it is:</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">(A)</TD><TD STYLE="text-align: justify">a FATCA Exempt Party; 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: 1in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">not a FATCA Exempt Party; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">supply to that other Party such forms, documentation and other information relating to its status under
FATCA as that other Party reasonably requests for the purposes of that other Party's compliance with FATCA; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">supply to that other Party such forms, documentation and other information relating to its status as that
other Party reasonably requests for the purposes of that other Party's compliance with any other law, regulation or exchange of information
regime.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">If a Party confirms to another Party pursuant to sub-paragraph (i)&nbsp;of paragraph (a)&nbsp;above that
it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that Party shall
notify that other Party reasonably promptly.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Paragraph (a)&nbsp;above shall not oblige any Finance Party to do anything and sub-paragraph (iii)&nbsp;of
paragraph (a)&nbsp;above shall not oblige any other Party to do anything which would or might in its reasonable opinion constitute a breach
of:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">any law or 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">any fiduciary duty; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">any duty of confidentiality.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation
or other information requested in accordance with sub-paragraphs (i)&nbsp;or (ii)&nbsp;of paragraph (a)&nbsp;above (including, for the
avoidance of doubt, where paragraph (c)&nbsp;above applies), then such Party shall be treated for the purposes of the Finance Documents
(and payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation,
forms, documentation or other information.</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="break-before: page; 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>

<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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>12.8</B></TD><TD STYLE="text-align: justify"><B>Withholding certificate etc.</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Each Lender shall:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">where that Lender is an Original Lender, on the date of this Agreement;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">where that Lender is a New Lender (as defined in Clause 29.1 (<I>Assignments and transfers by the Lenders</I>)),
on the relevant Transfer Date; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">within ten Business Days of the date of a request from the Facility Agent,</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">supply to the Facility Agent:</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: 72pt"></TD><TD STYLE="width: 34.3pt">(A)</TD><TD STYLE="text-align: justify">a withholding certificate on Form&nbsp;W-8,&nbsp;IRS Form&nbsp;W-9 or any other relevant form (including,
for the avoidance of doubt, forms required in connection with tax laws other than in the US); 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: 72pt"></TD><TD STYLE="width: 34.3pt">(B)</TD><TD STYLE="text-align: justify">any withholding statement or other document, authorisation or waiver as the Facility Agent may require
to certify or establish the status of such Lender under FATCA or that other law or 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The Facility Agent shall provide any withholding certificate, withholding statement, document, authorisation
or waiver it receives from a Lender pursuant to paragraph (a)&nbsp;above to the Borrowers.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If any withholding certificate,
withholding statement, document, authorisation or waiver provided to the Facility Agent by a Lender pursuant to paragraph </FONT>&lrm;(a)&nbsp;above
is or becomes materially inaccurate or incomplete, that Lender shall promptly update it and provide such updated withholding certificate,
withholding statement, document, authorisation or waiver to the Facility Agent unless it is unlawful for the Lender to do so (in which
case the Lender shall promptly notify the Facility Agent). The Facility Agent shall provide any such updated withholding certificate,
withholding statement, document, authorisation or waiver to the Borrowers.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">The Facility Agent may rely on any withholding certificate, withholding statement, document, authorisation
or waiver it receives from a Lender pursuant to paragraph (a)&nbsp;or (c)&nbsp;above without further verification. The Facility Agent
shall not be liable for any action taken by it under or in connection with paragraphs (a), (b)&nbsp;or (c)&nbsp;above.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>12.9</B></TD><TD STYLE="text-align: justify"><B>FATCA Deduction</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection
with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction
or otherwise compensate the recipient of the payment for that FATCA Deduction.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any
change in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the payment and, in addition, shall notify
each Obligor and the Facility Agent and the Facility Agent shall notify the other Finance Parties.</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="break-before: page; 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>

<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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>13</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Increased Costs</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>13.1</B></TD><TD STYLE="text-align: justify"><B>Increased costs</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Subject to Clause 13.3 (<I>Exceptions</I>), the Borrowers shall, within three Business Days of a demand
by the Facility Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any
of its Affiliates as a result of:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">the introduction of or any change in (or in the interpretation, administration or application of) any
law or regulation; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">compliance with any law or regulation made,</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">in each case after the date of this
Agreement; or</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">the implementation, application of or compliance with Basel III or CRD IV or any law or regulation that
implements or applies Basel III or CRD IV.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">In this Agreement:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">&quot;<B>Basel III</B>&quot; means:</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">(A)</TD><TD STYLE="text-align: justify">the agreements on capital requirements, a leverage ratio and liquidity standards contained in &quot;Basel
III: A global regulatory framework for more resilient banks and banking systems&quot;, &quot;Basel III: International framework for liquidity
risk measurement, standards and monitoring&quot; and &quot;Guidance for national authorities operating the countercyclical capital buffer&quot;
published by the Basel Committee on Banking Supervision in December&nbsp;2010, each as amended, supplemented or restated;</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">(B)</TD><TD STYLE="text-align: justify">the rules&nbsp;for global systemically important banks contained in &quot;Global systemically important
banks: assessment methodology and the additional loss absorbency requirement - Rules&nbsp;text&quot; published by the Basel Committee
on Banking Supervision in November&nbsp;2011, as amended, supplemented or restated; 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">(C)</TD><TD STYLE="text-align: justify">any further guidance or standards published by the Basel Committee on Banking Supervision relating to
&quot;Basel III&quot;.</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">&quot;<B>CRD IV</B>&quot; means:</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">(A)</TD><TD STYLE="text-align: justify">Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June&nbsp;2013 on prudential
requirements for credit institutions and investment firms and amending regulation (EU) No.&nbsp;648/2012, as amended by Regulation (EU)
2019/876;</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">(B)</TD><TD STYLE="text-align: justify">Directive 2013/36/EU of the European Parliament and of the Council of 26 June&nbsp;2013 on access to the
activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC
and repealing Directives 2006/48/EC and 2006/49/EC, as amended by Directive (EU) 2019/878; 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">(C)</TD><TD STYLE="text-align: justify">any other law or regulation which implements Basel III.</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">&quot;<B>Increased Costs</B>&quot; means:</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">(A)</TD><TD STYLE="text-align: justify">a reduction in the rate of return from the Facility or on a Finance Party's (or its Affiliate's) overall
capital;</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">(B)</TD><TD STYLE="text-align: justify">an additional or increased cost; 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: 1in"></TD><TD STYLE="width: 0.5in">(C)</TD><TD STYLE="text-align: justify">a reduction of any amount due and payable under any Finance Document,</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 1in; text-align: justify">which is incurred or suffered by a Finance
Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitment or funding
or performing its obligations under any Finance Document.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Notwithstanding anything in this Clause above to the contrary, the Dodd-Frank Wall Street Reform and Consumer
Protection Act, and all requests, rules, guidelines and directives promulgated thereunder, are deemed to have been introduced or adopted
after the date of this Agreement, regardless of the date enacted or adopted.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>13.2</B></TD><TD STYLE="text-align: justify"><B>Increased cost claims</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">A Finance Party intending to make a claim pursuant to Clause 13.1 (<I>Increased costs</I>) shall notify
the Facility Agent of the event giving rise to the claim, following which the Facility Agent shall promptly notify the Borrowers.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Each Finance Party shall, as soon as practicable after a demand by the Facility Agent, provide a certificate
confirming the amount of its Increased 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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>13.3</B></TD><TD STYLE="text-align: justify"><B>Exceptions</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 0pt 0.5in; text-align: justify">Clause 13.1 (<I>Increased costs</I>)
does not apply to the extent any Increased Cost is:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">attributable to a Tax Deduction required by law to be made by an Obligor;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">attributable to a FATCA Deduction required to be made by a Party;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">compensated for by Clause 12.3 (<I>Tax indemnity</I>) (or would have been compensated for under Clause
12.3 (<I>Tax indemnity</I>) but was not so compensated solely because any of the exclusions in paragraph (b)&nbsp;of Clause 12.3 (<I>Tax
indemnity</I>) applied);</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation;
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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">incurred by a Hedge Counterparty in its capacity as such.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>14</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Other Indemnities</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>14.1</B></TD><TD STYLE="text-align: justify"><B>Currency indemnity</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">If any sum due from an Obligor under the Finance Documents (a &quot;<B>Sum</B>&quot;), or any order, judgment
or award given or made in relation to a Sum, has to be converted from the currency (the &quot;<B>First Currency</B>&quot;) in which that
Sum is payable into another currency (the &quot;<B>Second Currency</B>&quot;) for the purpose of:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">making or filing a claim or proof against that Obligor; or</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,</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">that Obligor shall, as an independent
obligation, on demand, indemnify each Secured Party to which that Sum is due against any cost, loss or liability arising out of or as
a result of the conversion including any discrepancy between (A)&nbsp;the rate of exchange used to convert that Sum from the First Currency
into the Second Currency and (B)&nbsp;the rate or rates of exchange available to that person at the time of its receipt of that Sum.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents
in a currency or currency unit other than that in which it is expressed to be payable.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">This Clause 14.1 (<I>Currency indemnity</I>) does not apply to any sum due to a Hedge Counterparty in
its capacity as such.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>14.2</B></TD><TD STYLE="text-align: justify"><B>Other indemnities</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Each Obligor shall, on demand, indemnify each Secured Party against any cost, loss or liability incurred
by it (acting reasonably) as a result of:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">the occurrence of any Event of Default;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">a failure by a Transaction Obligor to pay any amount due under a Finance Document on its due date, including
without limitation, any cost, loss or liability arising as a result of Clause 34 (<I>Sharing among the Finance Parties</I>);</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">funding, or making arrangements to fund, its participation in an Advance requested by the Borrowers in
a Utilisation Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other than by reason
of default or negligence by that Secured Party alone); 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iv)</TD><TD STYLE="text-align: justify">the Loan (or part of the Loan) not being prepaid in accordance with a notice of prepayment given by the
Borrowers.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Each Obligor shall, on demand, indemnify each Finance Party, each Affiliate of a Finance Party and each
officer or employee of a Finance Party or its Affiliate (each such person for the purposes of this Clause 14.2 (<I>Other indemnities</I>)
an &quot;<B>Indemnified Person</B>&quot;), against any cost, loss or liability (including, without limitation, for negligence or any other
category of liability whatsoever) incurred by that Indemnified Person pursuant to or in connection with any litigation, arbitration or
administrative proceedings or regulatory enquiry, in connection with or arising out of the entry into and the transactions contemplated
by the Finance Documents, having the benefit of any Security constituted by the Finance Documents or which relates to the condition or
operation of, or any incident occurring in relation to, any Ship unless such cost, loss or liability is caused by the gross negligence
or wilful misconduct of that Indemnified Person.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Without limiting, but subject to any limitations set out in paragraph (b)&nbsp;above, the indemnity in
paragraph (b)&nbsp;above shall cover any cost, loss or liability incurred by each Indemnified Person in any jurisdiction:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">arising or asserted under or in connection with any law relating to safety at sea, the ISM Code, any Environmental
Law or any Sanctions; or</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">in connection with any Environmental Claim.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">Each Obligor agrees that no Finance Party shall have any liability to any Obligor whether in tort, contract
or otherwise for losses suffered by any Obligor in connection with, arising out of or in any way related to the transactions contemplated
and the relationship established by any of the Finance Documents, or any act, omission or event occurring in connection therewith, unless
it is determined in a final non-appealable judgment by a court of a competent jurisdiction that such losses resulted from the gross negligence
or wilful misconduct of the party from which recovery is sought. No Finance Party shall be liable for any damages arising from the use
of others of any information or other materials obtained through 'intralinks' or other similar information transmission systems in connection
with any of the Finance Documents and in no event shall any Finance Party be liable for any loss of profits, goodwill, reputation, business
opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not that Finance Party has
been advised of the possibility of such loss or damages.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">Any Affiliate or any officer or employee of a Finance Party or of any of its Affiliates may rely on this
Clause 14.2 (<I>Other indemnities</I>) subject to Clause 1.5 (<I>Third party rights</I>) and the provisions of the Third Parties Act.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>14.3</B></TD><TD STYLE="text-align: justify"><B>Indemnity to the Facility Agent</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 0pt 0.5in; text-align: justify">Each Obligor shall, on demand, indemnify
the Facility Agent against:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">any cost, loss or liability incurred by the Facility Agent (acting reasonably) as a result of:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">investigating any event which it reasonably believes is a Default; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct
and appropriately authorised; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as
permitted under the Finance Documents; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">any cost, loss or liability (including, without limitation, for negligence or any other category of liability
whatsoever) incurred by the Facility Agent (otherwise than by reason of the Facility Agent's gross negligence or wilful misconduct) or,
in the case of any cost, loss or liability pursuant to Clause 35.11 (<I>Disruption to Payment Systems etc.</I>) notwithstanding the Facility
Agent's negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the
Facility Agent in acting as Facility Agent under the Finance Documents.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>14.4</B></TD><TD STYLE="text-align: justify"><B>Indemnity to the Security Agent</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Each Obligor shall, on demand, indemnify the Security Agent and every Receiver and Delegate against any
cost, loss or liability (including, without limitation, for negligence or any other category of liability whatsoever) incurred by any
of them:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">in relation to or as a result of:</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">(A)</TD><TD STYLE="text-align: justify">any failure by a Borrower to comply with its obligations under Clause 16 (<I>Costs and Expenses</I>);</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: 1in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct
and appropriately authorised;</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">(C)</TD><TD STYLE="text-align: justify">the taking, holding, protection or enforcement of the Finance Documents and the Transaction Security;</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">(D)</TD><TD STYLE="text-align: justify">the exercise of any of the rights, powers, discretions, authorities and remedies vested in the Security
Agent and each Receiver and Delegate by the Finance Documents or by law;</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">(E)</TD><TD STYLE="text-align: justify">any default by any Transaction Obligor in the performance of any of the obligations expressed to be assumed
by it in the Finance Documents;</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">(F)</TD><TD STYLE="text-align: justify">any action by any Transaction Obligor which vitiates, reduces the value of, or is otherwise prejudicial
to, the Transaction Security; 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">(G)</TD><TD STYLE="text-align: justify">instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as
permitted under the Finance Documents.</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">acting as Security Agent, Receiver or Delegate under the Finance Documents or which otherwise relates
to any of the Security Property or the performance of the terms of this Agreement or the other Finance Documents (otherwise, in each case,
than by reason of the relevant Security Agent's, Receiver's or Delegate's gross negligence or wilful misconduct).</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The Security Agent and every Receiver and Delegate may, in priority to any payment to the Secured Parties,
indemnify itself out of the Security Assets in respect of, and pay and retain, all sums necessary to give effect to the indemnity in this
Clause 14.4 (<I>Indemnity to the Security Agent</I>) and shall have a lien on the Transaction Security and the proceeds of the enforcement
of the Transaction Security for all monies payable to it.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>15</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Mitigation by the Finance Parties</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>15.1</B></TD><TD STYLE="text-align: justify"><B>Mitigation</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Each Finance Party shall, in consultation with the Borrowers, take all reasonable steps to mitigate any
circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of
Clause 7.1 (<I>Illegality</I>), Clause&nbsp;12 (<I>Tax Gross Up and Indemnities</I>), Clause 13 (<I>Increased Costs</I>) or including
(but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Paragraph (a)&nbsp;above does not in any way limit the obligations of any Transaction Obligor under the
Finance Documents.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>15.2</B></TD><TD STYLE="text-align: justify"><B>Limitation of liability</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Each Obligor shall, on demand, indemnify each Finance Party for all costs and expenses reasonably incurred
by that Finance Party as a result of steps taken by it under Clause 15.1 (<I>Mitigation</I>).</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">A Finance Party is not obliged to take any steps under Clause 15.1 (<I>Mitigation</I>) if either:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">a Default has occurred and is continuing; or</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>16</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Costs and Expenses</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>16.1</B></TD><TD STYLE="text-align: justify"><B>Transaction expenses</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 0pt 0.5in; text-align: justify">The Obligors shall, on demand, pay the
Facility Agent and the Security Agent the amount of all documented costs and expenses (including legal fees) incurred by any Secured Party,
and approved the Borrowers in advance, in connection with the negotiation, preparation, printing, execution, syndication and perfection
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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">this Agreement and any other documents referred to in this Agreement or in a Security Document; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">any other Finance Documents executed after the date of this Agreement.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>16.2</B></TD><TD STYLE="text-align: justify"><B>Amendment costs</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 0pt 0.5in; text-align: justify">If:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">a Transaction Obligor requests an amendment, waiver or consent; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">an amendment is required either pursuant to Clause 35.9 (<I>Change of currency</I>) or as contemplated
in Clause 45.4 (<I>Benchmark Replacement setting</I>); 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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">a Transaction Obligor requests, and the Security Agent agrees to, the release of all or any part of the
Security Assets from the Transaction Security,</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">the Obligors shall, on demand, reimburse
each of the Facility Agent and the Security Agent for the amount of all costs and expenses (including legal fees) reasonably incurred
by each Secured Party in responding to, evaluating, negotiating or complying with that request or requirement.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>16.3</B></TD><TD STYLE="text-align: justify"><B>Enforcement and preservation costs</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 0pt 0.5in; text-align: justify">The Obligors shall, on demand, pay to
each Secured Party the amount of all costs and expenses (including legal fees) incurred by that Secured Party in connection with the enforcement
of, or the preservation of any rights (in which case, such costs and expenses (including legal fees) shall be documented) under, any Finance
Document or the Transaction Security and with any proceedings instituted by or against that Secured Party as a consequence of it entering
into a Finance Document, taking or holding the Transaction Security, or enforcing those 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: center"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;7</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Guarantees
and Joint and Several Liability of Borrowers</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>17</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Guarantee and Indemnity &ndash; Parent Guarantor</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>17.1</B></TD><TD STYLE="text-align: justify"><B>Guarantee and indemnity</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 0pt 0.5in; text-align: justify">The Parent Guarantor irrevocably and
unconditionally:</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">guarantees to each Finance Party
punctual performance by each Transaction Obligor other than the Parent Guarantor of all such other Transaction Obligor's obligations under
the Finance Documents</FONT> provided that such guarantee shall not include any Excluded Hedging Obligations of the Parent Guarantor;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">undertakes with each Finance Party that whenever a Transaction Obligor other than the Parent Guarantor
does not pay any amount when due under or in connection with any Finance Document, the Parent Guarantor shall immediately on demand pay
that amount as if it were the principal obligor; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid
or illegal, it will, as an independent and primary obligation, indemnify that Finance Party immediately on demand against any cost, loss
or liability it incurs as a result of a Transaction Obligor other than the Parent Guarantor not paying any amount which would, but for
such unenforceability, invalidity or illegality, have been payable by it under any Finance Document on the date when it would have been
due. The amount payable by the Parent Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause
17 (<I>Guarantee and Indemnity &ndash; Parent Guarantor</I>) if the amount claimed had been recoverable on the basis of a guarantee.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>17.2</B></TD><TD STYLE="text-align: justify"><B>Continuing guarantee</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 0pt 0.5in; text-align: justify">This guarantee is a continuing guarantee
and will extend to the ultimate balance of sums payable by any Transaction Obligor under the Finance Documents, regardless of any intermediate
payment or discharge in whole or in part.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>17.3</B></TD><TD STYLE="text-align: justify"><B>Reinstatement</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 0pt 0.5in; text-align: justify">If any discharge, release or arrangement
(whether in respect of the obligations of any Transaction Obligor or any security for those obligations or otherwise) is made by a Secured
Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency,
liquidation, administration or otherwise, without limitation, then the liability of the Parent Guarantor under this Clause 17 (<I>Guarantee
and Indemnity &ndash; Parent Guarantor</I>) will continue or be reinstated as if the discharge, release or arrangement had not occurred.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>17.4</B></TD><TD STYLE="text-align: justify"><B>Waiver of defences</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 0pt 0.5in; text-align: justify">The obligations of the Parent Guarantor
under this Clause 17 (<I>Guarantee and Indemnity &ndash; Parent Guarantor</I>) and in respect of any Transaction Security will not be
affected or discharged by an act, omission, matter or thing which, but for this Clause 17.4 (<I>Waiver of defences</I>), would reduce,
release or prejudice any of its obligations under this Clause 17 (<I>Guarantee and Indemnity &ndash; Parent Guarantor</I>) or in respect
of any Transaction Security (without limitation and whether or not known to it or any Secured Party) 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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">any time, waiver or consent granted to, or composition with, any Transaction Obligor or other 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"></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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">the release of any other Transaction Obligor or any other person under the terms of any composition or
arrangement with any creditor of any member of the Group;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect or
delay in perfecting, or refusal or neglect to take up or enforce, or delay in taking or enforcing any rights against, or security over
assets of, any Transaction Obligor or other person or any non-presentation or non-observance of any formality or other requirement in
respect of any instrument or any failure to realise the full value of any security;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">any incapacity or lack of power, authority or legal personality of or dissolution or change in the members
or status of a Transaction Obligor or any other person;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more
onerous) or replacement of any Finance Document or any other document or security including, without limitation, any change in the purpose
of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document
or security;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(f)</TD><TD STYLE="text-align: justify">any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document
or any other document or security; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(g)</TD><TD STYLE="text-align: justify">any insolvency or similar proceedings.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>17.5</B></TD><TD STYLE="text-align: justify"><B>Immediate recourse</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 0pt 0.5in; text-align: justify">The Parent Guarantor waives any right
it may have of first requiring any Secured Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights
or security or claim payment from any person (including without limitation to commence any proceedings under any Finance Document or to
enforce any Transaction Security) before claiming or commencing proceedings under this Clause 17 (<I>Guarantee and Indemnity &ndash; Parent
Guarantor</I>). This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>17.6</B></TD><TD STYLE="text-align: justify"><B>Appropriations</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 0pt 0.5in; text-align: justify">Until all amounts which may be or become
payable by the Transaction Obligors under or in connection with the Finance Documents have been irrevocably paid in full, each Secured
Party (or any trustee or agent on its behalf) may:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">refrain from applying or enforcing any other moneys, security or rights held or received by that Secured
Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it
sees fit (whether against those amounts or otherwise) and the Parent Guarantor shall not be entitled to the benefit of the same; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">hold in an interest-bearing suspense account any moneys received from the Parent Guarantor or on account
of the Parent Guarantor's liability under this Clause 17 (<I>Guarantee and Indemnity &ndash; Parent Guarantor</I>).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>17.7</B></TD><TD STYLE="text-align: justify"><B>Deferral of Parent Guarantor's rights</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 0pt 0.5in; text-align: justify">All rights which the Parent Guarantor
at any time has (whether in respect of this guarantee, a mortgage or any other transaction) against any Borrower, any other Transaction
Obligor or their respective assets shall be fully subordinated to the rights of the Secured Parties under the Finance Documents and until
the end of the Security Period and unless the Facility Agent otherwise directs, the Parent Guarantor will not exercise any rights which
it may have (whether in respect of any Finance Document to which it is a Party or any other transaction) by reason of performance by it
of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 17 (<I>Guarantee
and Indemnity &ndash; Parent Guarantor</I>):</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">to be indemnified by a Transaction Obligor;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">to claim any contribution from any third party providing security for, or any other guarantor of, any
Transaction Obligor's obligations under the Finance Documents;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights
of the Secured Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the
Finance Documents by any Secured Party;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">to bring legal or other proceedings for an order requiring any Transaction Obligor to make any payment,
or perform any obligation, in respect of which the Parent Guarantor has given a guarantee, undertaking or indemnity under Clause 17.1
(<I>Guarantee and indemnity</I>);</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">to exercise any right of set-off against any Transaction Obligor; and/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: 0pt"></TD><TD STYLE="width: 35.45pt">(f)</TD><TD STYLE="text-align: justify">to claim or prove as a creditor of any Transaction Obligor in competition with any Secured Party.</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">If the Parent Guarantor receives any
benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary
to enable all amounts which may be or become payable to the Secured Parties by the Transaction Obligors under or in connection with the
Finance Documents to be repaid in full on trust for the Secured Parties and shall promptly pay or transfer the same to the Facility Agent
or as the Facility Agent may direct for application in accordance with Clause 35 (<I>Payment Mechanics</I>).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>17.8</B></TD><TD STYLE="text-align: justify"><B>Additional security</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 0pt 0.5in; text-align: justify">This guarantee and any other Security
given by the Parent Guarantor is in addition to and is not in any way prejudiced by, and shall not prejudice, any other guarantee or Security
or any other right of recourse now or subsequently held by any Secured Party or any right of set-off or netting or right to combine accounts
in connection with the Finance Documents.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>17.9</B></TD><TD STYLE="text-align: justify"><B>Applicability of provisions of Guarantee to other Security</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 0pt 0.5in; text-align: justify">Clauses 17.2 (<I>Continuing guarantee</I>),
17.3 (<I>Reinstatement</I>), 17.4 (<I>Waiver of defences</I>), 17.5 (<I>Immediate recourse</I>), 17.6 (<I>Appropriations</I>), 17.7 (<I>Deferral
of Parent Guarantor's rights</I>) and 17.8 (<I>Additional security</I>) shall apply, with any necessary modifications, to any Security
which the Parent Guarantor creates (whether at the time at which it signs this Agreement or at any later time) to secure the Secured Liabilities
or any part 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"></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>18</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Joint and Several Liability of the Borrowers</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>18.1</B></TD><TD STYLE="text-align: justify"><B>Joint and several liability</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 0pt 0.5in; text-align: justify">All liabilities and obligations of the
Borrowers under this Agreement shall, whether expressed to be so or not, be joint and several.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>18.2</B></TD><TD STYLE="text-align: justify"><B>Waiver of defences</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 0pt 0.5in; text-align: justify">The liabilities and obligations of a
Borrower shall not be impaired by:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">this Agreement being or later becoming void, unenforceable or illegal as regards any other Borrower;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">any Lender or the Security Agent entering into any rescheduling, refinancing or other arrangement of any
kind with any other Borrower;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">any Lender or the Security Agent releasing any other Borrower or any Security created by a Finance Document;
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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">any time, waiver or consent granted to, or composition with any other Borrower or other person;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">the release of any other Borrower or any other person under the terms of any composition or arrangement
with any creditor of any member of the Group;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(f)</TD><TD STYLE="text-align: justify">the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect,
take up or enforce, any rights against, or security over assets of, any other Borrower or other person or any non-presentation or non-observance
of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(g)</TD><TD STYLE="text-align: justify">any incapacity or lack of power, authority or legal personality of or dissolution or change in the members
or status of any other Borrower or any other person;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(h)</TD><TD STYLE="text-align: justify">any amendment, novation, supplement, extension, restatement (however fundamental, and whether or not more
onerous) or replacement of a Finance Document or any other document or security including, without limitation, any change in the purpose
of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document
or security;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(i)</TD><TD STYLE="text-align: justify">any unenforceability, illegality or invalidity of any obligation or any person under any Finance Document
or any other document or security; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(j)</TD><TD STYLE="text-align: justify">any insolvency or similar proceedings.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>18.3</B></TD><TD STYLE="text-align: justify"><B>Principal Debtor</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 0pt 0.5in; text-align: justify">Each Borrower declares that it is and
will, throughout the Security Period, remain a principal debtor for all amounts owing under this Agreement and the Finance Documents and
no Borrower shall, in any circumstances, be construed to be a surety for the obligations of any other Borrower under this 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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    <DIV STYLE="break-before: page; 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>

<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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>18.4</B></TD><TD STYLE="text-align: justify"><B>Borrower restrictions</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Subject to paragraph (b)&nbsp;below, during the Security Period no Borrower shall:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">claim any amount which may be due to it from any other Borrower whether in respect of a payment made under,
or matter arising out of, this Agreement or any Finance Document, or any matter unconnected with this Agreement or any Finance Document;
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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">take or enforce any form of security from any other Borrower for such an amount, or in any way seek to
have recourse in respect of such an amount against any asset of any other Borrower; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">set off such an amount against any sum due from it to any other Borrower; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iv)</TD><TD STYLE="text-align: justify">prove or claim for such an amount in any liquidation, administration, arrangement or similar procedure
involving any other Borrower; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(v)</TD><TD STYLE="text-align: justify">exercise or assert any combination of the foregoing.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">If during the Security Period, the Facility Agent, by notice to a Borrower, requires it to take any action
referred to in paragraph (a)&nbsp;above in relation to any other Borrower, that Borrower shall take that action as soon as practicable
after receiving the Facility Agent's notice.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>18.5</B></TD><TD STYLE="text-align: justify"><B>Deferral of Borrowers' rights</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 0pt 0.5in; text-align: justify">Until all amounts which may be or become
payable by the Borrowers under or in connection with the Finance Documents have been irrevocably paid in full and unless the Facility
Agent otherwise directs, no Borrower will exercise any rights which it may have by reason of performance by it of its obligations under
the Finance Documents:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">to be indemnified by any other Borrower; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">to claim any contribution from any other Borrower in relation to any payment made by it under the Finance
Documents.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>19</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Guarantee and Indemnity &ndash; Hedge Guarantors</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>19.1</B></TD><TD STYLE="text-align: justify"><B>Guarantee and indemnity</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 0pt 0.5in; text-align: justify">Each Hedge Guarantor irrevocably and
unconditionally jointly and severally:</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">guarantees to each Hedge Counterparty
punctual performance by each Borrower of all that Borrower's obligations under the Hedging Agreements</FONT> provided that such guarantee
shall not include any Excluded Hedging Obligations of such Hedge Guarantor;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">undertakes with each Hedge Counterparty that whenever a Borrower does not pay any amount when due under
or in connection with any Hedging Agreement, that Hedge Guarantor shall immediately on demand pay that amount as if it were the principal
obligor; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">agrees with each Hedge Counterparty that if any obligation guaranteed by it is or becomes unenforceable,
invalid or illegal, it will, as an independent and primary obligation, indemnify that Hedge Counterparty immediately on demand against
any cost, loss or liability it incurs as a result of a Borrower not paying any amount which would, but for such unenforceability, invalidity
or illegality, have been payable by it under any Hedging Agreement on the date when it would have been due. The amount payable by a Hedge
Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause 19 (<I>Guarantee and Indemnity &ndash;
Hedge Guarantors</I>) if the amount claimed had been recoverable on the basis of a guarantee.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>19.2</B></TD><TD STYLE="text-align: justify"><B>Continuing guarantee</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 0pt 0.5in; text-align: justify">This guarantee is a continuing guarantee
and will extend to the ultimate balance of sums payable by any Borrower under the Hedging Agreements, regardless of any intermediate payment
or discharge in whole or in part.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>19.3</B></TD><TD STYLE="text-align: justify"><B>Reinstatement</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 0pt 0.5in; text-align: justify">If any discharge, release or arrangement
(whether in respect of the obligations of any Borrower or any security for those obligations or otherwise) is made by a Secured Party
in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation,
administration or otherwise, without limitation, then the liability of each Hedge Guarantor under this Clause 19 (<I>Guarantee and Indemnity
&ndash; Hedge Guarantors</I>) will continue or be reinstated as if the discharge, release or arrangement had not occurred.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>19.4</B></TD><TD STYLE="text-align: justify"><B>Waiver of defences</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 0pt 0.5in; text-align: justify">The obligations of each Hedge Guarantor
under this Clause 19 (<I>Guarantee and Indemnity &ndash; Hedge Guarantors</I>) and in respect of any Transaction Security will not be
affected or discharged by an act, omission, matter or thing which, but for this Clause 19.4 (<I>Waiver of defences</I>), would reduce,
release or prejudice any of its obligations under this Clause 19 (<I>Guarantee and Indemnity &ndash; Hedge Guarantors</I>) or in respect
of any Transaction Security (without limitation and whether or not known to it or any Secured Party) 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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">any time, waiver or consent granted to, or composition with, any Transaction Obligor or other person;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">the release of any other Transaction Obligor or any other person under the terms of any composition or
arrangement with any creditor of any member of the Group;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect or
delay in perfecting, or refusal or neglect to take up or enforce, or delay in taking or enforcing any rights against, or security over
assets of, any Transaction Obligor or other person or any non-presentation or non-observance of any formality or other requirement in
respect of any instrument or any failure to realise the full value of any security;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">any incapacity or lack of power, authority or legal personality of or dissolution or change in the members
or status of a Transaction Obligor or any other person;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more
onerous) or replacement of any Finance Document or any other document or security including, without limitation, any change in the purpose
of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document
or security;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(f)</TD><TD STYLE="text-align: justify">any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document
or any other document or security; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(g)</TD><TD STYLE="text-align: justify">any insolvency or similar proceedings.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>19.5</B></TD><TD STYLE="text-align: justify"><B>Immediate recourse</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 0pt 0.5in; text-align: justify">Each Hedge Guarantor waives any right
it may have of first requiring any Secured Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights
or security or claim payment from any person (including without limitation to commence any proceedings under any Finance Document or to
enforce any Transaction Security) before claiming or commencing proceedings under this Clause 19 (<I>Guarantee and Indemnity &ndash; Hedge
Guarantors</I>). This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>19.6</B></TD><TD STYLE="text-align: justify"><B>Appropriations</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 0pt 0.5in; text-align: justify">Until all amounts which may be or become
payable by the Borrowers under or in connection with the Hedging Agreements have been irrevocably paid in full, each Secured Party (or
any trustee or agent on its behalf) may:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">refrain from applying or enforcing any other moneys, security or rights held or received by that Secured
Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it
sees fit (whether against those amounts or otherwise) and no Hedge Guarantor shall be entitled to the benefit of the same; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">hold in an interest-bearing suspense account any moneys received from any Hedge Guarantor or on account
of any Hedge Guarantor's liability under this Clause 19 (<I>Guarantee and Indemnity &ndash; Hedge Guarantors</I>).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>19.7</B></TD><TD STYLE="text-align: justify"><B>Deferral of Hedge Guarantors' rights</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 0pt 0.5in; text-align: justify">All rights which each Hedge Guarantor
at any time has (whether in respect of this guarantee, a mortgage or any other transaction) against any Borrower, any other Transaction
Obligor or their respective assets shall be fully subordinated to the rights of the Secured Parties under the Finance Documents and until
the end of the Security Period and unless the Facility Agent otherwise directs, no Hedge Guarantor will exercise any rights which it may
have (whether in respect of any Finance Document to which it is a Party or any other transaction) by reason of performance by it of its
obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 19 (<I>Guarantee
and Indemnity &ndash; Hedge Guarantors</I>):</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">to be indemnified by a Transaction Obligor;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">to claim any contribution from any third party providing security for, or any other guarantor of, any
Transaction Obligor's obligations under the Finance Documents;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights
of the Secured Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the
Finance Documents by any Secured Party;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">to bring legal or other proceedings for an order requiring any Transaction Obligor to make any payment,
or perform any obligation, in respect of which any Hedge Guarantor has given a guarantee, undertaking or indemnity under Clause 19 (<I>Guarantee
and Indemnity &ndash; Hedge Guarantors</I>);</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">to exercise any right of set-off against any Transaction Obligor; and/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: 0pt"></TD><TD STYLE="width: 35.45pt">(f)</TD><TD STYLE="text-align: justify">to claim or prove as a creditor of any Transaction Obligor in competition with any Secured Party.</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">If a Hedge Guarantor receives any benefit,
payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable
all amounts which may be or become payable to the Secured Parties by the Transaction Obligors under or in connection with the Finance
Documents to be repaid in full on trust for the Secured Parties and shall promptly pay or transfer the same to the Facility Agent or as
the Facility Agent may direct for application in accordance with Clause 35 (<I>Payment Mechanics</I>).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>19.8</B></TD><TD STYLE="text-align: justify"><B>Additional security</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 0pt 0.5in; text-align: justify">This guarantee and any other Security
given by a Hedge Guarantor is in addition to and is not in any way prejudiced by, and shall not prejudice, any other guarantee or Security
or any other right of recourse now or subsequently held by any Secured Party or any right of set-off or netting or right to combine accounts
in connection with the Finance Documents.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>19.9</B></TD><TD STYLE="text-align: justify"><B>Keepwell</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 0pt 0.5in; text-align: justify">Each Obligor that is a Qualified ECP
Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as
may be needed from time to time by each other Obligor to honor all of such other Obligor's obligations under this Clause 19 (<I>Guarantee
and Indemnity &ndash; Hedge Guarantors</I>), or (as the case may be) Clause 17 (<I>Guarantee and Indemnity &ndash; Parent Guarantor</I>),
in respect of the Hedging Obligations guaranteed hereby (provided that each Obligor that provides such undertaking shall be liable under
this Clause 19.11 (<I>Applicability of provisions of Guarantee to other Security</I>) only for the maximum amount of such liability that
can be hereby incurred without rendering its obligations under this Clause 19.11 (<I>Applicability of provisions of Guarantee to other
Security</I>), or otherwise under Clause 19 (<I>Guarantee and Indemnity &ndash; Hedge Guarantors</I>) or (as the case may be) Clause 17
(<I>Guarantee and Indemnity &ndash; Parent Guarantor</I>), voidable under applicable law relating to fraudulent conveyance or fraudulent
transfer, and not for any greater amount). Each Obligor intends that this Clause 19.9 (<I>Keepwell</I>) constitutes, and this Clause 19.9
(<I>Keepwell</I>) shall be deemed to constitute, a &quot;keepwell, support, or other agreement&quot; for the benefit of each other Obligor
for all purposes of Section&nbsp;1a(18)(A)(v)(II)&nbsp;of the Commodity Exchange Act.</P>

<P STYLE="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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>19.10</B></TD><TD STYLE="text-align: justify"><B>Acknowledgement regarding any supported QFCs</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">To the extent that the Finance Documents provide support, through a guarantee or otherwise, for Hedging
Agreements or any other agreement or instrument that is a QFC (such support, &quot;<B>QFC Credit Support</B>&quot; and each such QFC a
&quot;<B>Supported QFC</B>&quot;), the Parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit
Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection
Act (together with the regulations promulgated thereunder, the &quot;<B>U.S. Special Resolution Regimes</B>&quot;) in respect of such
Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Finance Documents and any Supported
QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United
States):</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">In the event a Covered Entity that is party to a Supported QFC (each, a &quot;<B>Covered Party</B>&quot;)
becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC
Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property
securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would
be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation
and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or
a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the
Finance Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered
Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution
Regime if the Supported QFC and the Finance Documents were governed by the laws of the United States or a state of the United States.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(b)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(ii)</STRIKE></FONT>For the purposes of this Clause 19.10 (<I>Acknowledgement
regarding any supported QFCs</I>) the following terms have the following meanings:</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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(i)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(A)</STRIKE></FONT>&quot;<B>BHC Act Affiliate</B>&quot; of a party
means an &quot;affiliate&quot; (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.</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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(ii)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(B)</STRIKE></FONT>&quot;<B>Covered Entity</B>&quot; means any of
the following:</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: 72pt"></TD><TD STYLE="width: 34.3pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(A)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(1)</STRIKE></FONT>&quot;covered entity&quot; as that term is defined
in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b);</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: 72pt"></TD><TD STYLE="width: 34.3pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(B)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(2)</STRIKE></FONT>a &quot;covered bank&quot; as that term is defined
in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); 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: 72pt"></TD><TD STYLE="width: 34.3pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(C)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(3)</STRIKE></FONT>a &quot;covered FSI&quot; as that term is defined
in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b).</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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(iii)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(C)</STRIKE></FONT>&quot;<B>Default Right</B>&quot; has the meaning
assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81, 47.2 or 382.1, as 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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(iv)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(D)</STRIKE></FONT>&quot;<B>QFC</B>&quot; has the meaning assigned
to the term &quot;qualified financial contract&quot; in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>19.11</B></TD><TD STYLE="text-align: justify"><B>Applicability of provisions of Guarantee to other Security</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 0pt 0.5in; text-align: justify">Clauses 19.2 (<I>Continuing guarantee</I>),
19.3 (<I>Reinstatement</I>), 19.4 (<I>Waiver of defences</I>), 19.5 (<I>Immediate recourse</I>), 19.6 (<I>Appropriations</I>), 19.7 (<I>Deferral
of Hedge Guarantors' rights</I>) and 19.8 (<I>Additional security</I>) shall apply, with any necessary modifications, to any Security
which a Hedge Guarantor creates (whether at the time at which it signs this Agreement or at any later time) to secure the Secured Liabilities
or any part 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"></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"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;8</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Representations,
Undertakings and Events of Default</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>20</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Representations</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.1</B></TD><TD STYLE="text-align: justify"><B>General</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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
respective Obligor makes the representations and warranties set out in this Clause 20 (<I>Representations</I>) to each Finance Party on
the date of this Agreement</FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>, or as the case may be in respect of Borrower
G, on the Effective Date</U></FONT>.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.2</B></TD><TD STYLE="text-align: justify"><B>Status</B></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is a limited liability company
(in the case of Borrower E) or corporation (in the case of Borrower A, Borrower B, Borrower C, Borrower D, Borrower F</FONT><FONT STYLE="color: #b5082e"><STRIKE> </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>,
Borrower G </U></FONT>and the Parent Guarantor), duly incorporated and validly existing in good standing under the law of its Original
Jurisdiction.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">It and each Transaction Obligor has the power to own its assets and carry on its business as it is being
conducted.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.3</B></TD><TD STYLE="text-align: justify"><B>Share capital and ownership</B></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrower A is authorised to
issue 500 </FONT>bearer and/or registered shares with no par value, all of which have been issued in registered form and are fully paid
and non-assessable.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrower B is authorised to
issue 500 </FONT>bearer and/or registered shares with no par value, all of which have been issued in registered form and are fully paid
and non-assessable.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrower C is authorised to
issue 500 </FONT>bearer and/or registered shares with no par value, all of which have been issued in registered form and are fully paid
and non-assessable.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrower D is authorised to
issue 500 </FONT>bearer and/or registered shares with no par value, all of which have been issued in registered form and are fully paid
and non-assessable.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">Borrower E has an authorised share capital divided into 1,200 shares of Euro 1.00 each, all of which shares
have been issued fully paid.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrower F is authorised to
issue 500 </FONT>registered shares with no par value, all of which have been issued in registered form and are fully paid and non-assessable.</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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(g)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Borrower G is authorised to issue 500 registered shares
with no par value, all of which have been issued in registered form and are fully paid and non-assessable.</U></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(h)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(g)</STRIKE></FONT>The legal title to and beneficial interest in
the shares in each Borrower is held by the Parent Guarantor free of any Security (other than Permitted Security) or any other claim.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(i)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(h)</STRIKE></FONT>None of the shares in any Borrower is subject
to any option to purchase, pre-emption rights or similar rights.</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="break-before: page; 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>

<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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.4</B></TD><TD STYLE="text-align: justify"><B>Binding obligations</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 0pt 0.5in; text-align: justify">Subject to the Legal Reservations, the
obligations expressed to be assumed by it in each Transaction Document to which it is a party are legal, valid, binding and enforceable
obligations.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.5</B></TD><TD STYLE="text-align: justify"><B>Validity, effectiveness and ranking of Security</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Each Finance Document to which it is a party does now or, as the case may be, will upon execution and
delivery create, subject to the Legal Reservations and the Perfection Requirements, the Security it purports to create over any assets
to which such Security, by its terms, relates, and such Security will, when created or intended to be created, be valid and effective.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">No third party has or will have any Security (except for Permitted Security) over any assets that are
the subject of any Transaction Security granted by it.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Subject to the Legal Reservations and Perfection Requirements, the Transaction Security granted by it
to the Security Agent or any other Secured Party has or will when created or intended to be created have first ranking priority or such
other priority it is expressed to have in the Finance Documents and is not subject to any prior ranking or <I>pari passu</I> ranking Security.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">No concurrence, consent or authorisation of any person is required for the creation of or otherwise in
connection with any Transaction Security.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.6</B></TD><TD STYLE="text-align: justify"><B>Non-conflict with other obligations</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 0pt 0.5in; text-align: justify">The entry into and performance by it
of, and the transactions contemplated by, each Transaction Document to which it is a party do not and will not conflict with:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">any law or regulation applicable to it;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">the constitutional documents of any Transaction Obligor; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">any agreement or instrument binding upon any Transaction Obligor or any Transaction Obligor's assets or
constitute a default or termination event (however described) under any such agreement or instrument.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.7</B></TD><TD STYLE="text-align: justify"><B>Power and authority</B></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It has or, as the case may be,
will have by the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant </U></FONT>Utilisation Date the power to enter
into, perform and deliver, and has taken or, as the case may be will take by the <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant
</U></FONT>Utilisation Date, all necessary action to authorise:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">its entry into, performance and delivery of, each Transaction Document to which it is or will be a party
and the transactions contemplated by those Transaction Documents;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">in the case of Borrower A, its registration of Ship A under its Approved Flag;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">in the case of Borrower B, its registration of Ship B under its Approved Flag;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iv)</TD><TD STYLE="text-align: justify">in the case of Borrower C, its registration of Ship C under its Approved Flag;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(v)</TD><TD STYLE="text-align: justify">in the case of Borrower D, its registration of Ship D under its Approved Flag;</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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the case of Borrower E, its
registration of Ship E under its Approved Flag;</FONT><FONT STYLE="color: #b5082e"><STRIKE>and</STRIKE></FONT></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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the case of Borrower F, its
registration of Ship F under its Approved Flag</FONT><FONT STYLE="color: #b5082e"><STRIKE>,</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>;
and</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(viii)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>in the case of Borrower G, its registration of Ship G under
its Approved Flag.</U></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">No limit on its powers will be exceeded as a result of the borrowing, granting of security or giving of
guarantees or indemnities contemplated by the Transaction Documents to which it is a party.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.8</B></TD><TD STYLE="text-align: justify"><B>Validity and admissibility in evidence</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 0pt 0.5in; text-align: justify">All Authorisations required or desirable:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Transaction
Documents to which it is a party; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">to make the Transaction Documents to which it is a party admissible in evidence in its Relevant Jurisdictions,</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">have been obtained or effected and are
in full force and effect.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.9</B></TD><TD STYLE="text-align: justify"><B>Governing law and enforcement</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Subject to the Legal Reservations, the choice of governing law of each Transaction Document to which it
is a party will be recognised and enforced in its Relevant Jurisdictions.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Subject to the Legal Reservations, any judgment obtained in relation to a Transaction Document to which
it is a party in the jurisdiction of the governing law of that Transaction Document will be recognised and enforced in its Relevant Jurisdictions.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.10</B></TD><TD STYLE="text-align: justify"><B>Insolvency</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 0pt 0.5in; text-align: justify">No:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">corporate action, legal proceeding or other procedure or step described in paragraph (a)&nbsp;of Clause
28.8 (<I>Insolvency proceedings</I>); 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">creditors' process described in Clause 28.9 (<I>Creditors' process</I>),</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">has been taken or, to its knowledge,
threatened in relation to a member of the Group; and none of the circumstances described in Clause 28.7 (<I>Insolvency</I>) applies to
a member of the Group.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.11</B></TD><TD STYLE="text-align: justify"><B>No filing or stamp taxes</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 0pt 0.5in; text-align: justify">Under the laws of its Relevant Jurisdictions
it is not necessary that the Finance Documents to which it is a party be registered, filed, recorded, notarised or enrolled with any court
or other authority in that jurisdiction or that any stamp, registration, notarial or similar Taxes or fees be paid on or in relation to
the Finance Documents to which it is a party or the transactions contemplated by those Finance Documents except:</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">registration of each Mortgage
</FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>and each Mortgage Addendum (as applicable) </U></FONT>at the registry
of the Approved Flag applicable to the relevant Ship; 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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">registration of the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Shares
Security and the Supplemental </U></FONT>Shares Security of Borrower E at the Malta Business Registry pursuant to Regulation 37 (2)&nbsp;(Form&nbsp;G).</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">which registration, filings and taxes
and fees (if any) will be made and paid promptly after the date of the relevant Finance Documents.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.12</B></TD><TD STYLE="text-align: justify"><B>Deduction of Tax</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 0pt 0.5in; text-align: justify">It is not required to make any Tax Deduction
from any payment it may make under any Finance Document to which it is a party.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.13</B></TD><TD STYLE="text-align: justify"><B>No default</B></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Event of Default and, on
the date of this Agreement and on the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant </U></FONT>Utilisation
Date, no Default is continuing or is reasonably expected to result from the making of any Utilisation or the entry into, the performance
of, or any transaction contemplated by, any Transaction Document.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">No other event or circumstance is outstanding which constitutes a default or a termination event (however
described) under any other agreement or instrument which is binding on it or to which its assets are subject which might have a Material
Adverse Effect.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.14</B></TD><TD STYLE="text-align: justify"><B>No misleading information</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Any factual information provided by any Transaction Obligor for the purposes of this Agreement was true
and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The financial projections contained in any such information have been prepared on the basis of recent
historical information and on the basis of reasonable assumptions.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Nothing has occurred or been omitted from any such information and no information has been given or withheld
that results in any such information being untrue or misleading in any material respect.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.15</B></TD><TD STYLE="text-align: justify"><B>Financial Statements</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Its Original Financial Statements were prepared in accordance with IFRS consistently applied.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Its Original Financial Statements fairly present of its financial condition as at the end of the relevant
financial year and its results of operations during the relevant financial year (consolidated in the case of the Parent Guarantor).</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">There has been no material adverse change in its assets, business or financial condition (or the assets,
business or consolidated financial condition of the Group, in the case of the Parent Guarantor) since 30 December&nbsp;2020.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">Its most recent financial statements delivered pursuant to Clause 21.2 (<I>Financial statements</I>):</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">have been prepared in accordance with Clause 21.4 (<I>Requirements as to financial statements</I>); 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">fairly present its financial condition as at the end of the relevant financial year and operations during
the relevant financial year (consolidated in the case of the Parent Guarantor).</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">Since the date of the most recent financial statements delivered pursuant to Clause 21.2 (<I>Financial
statements</I>) there has been no material adverse change in its business, assets or financial condition (or the business or consolidated
financial condition of the Group, in the case of the Guarantor).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.16</B></TD><TD STYLE="text-align: justify"><B>Pari passu ranking</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 0pt 0.5in; text-align: justify">Its payment obligations under the Finance
Documents to which it is a party rank at least <I>pari passu</I> with the claims of all its other unsecured and unsubordinated creditors,
except for obligations mandatorily preferred by law applying to companies generally.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.17</B></TD><TD STYLE="text-align: justify"><B>No proceedings pending or threatened</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">No litigation, arbitration or administrative proceedings or investigations (including proceedings or investigations
relating to any alleged or actual breach of the ISM Code or of the ISPS Code) of or before any court, arbitral body or agency which, if
adversely determined, might reasonably be expected to have a Material Adverse Effect have (to the best of its knowledge and belief (having
made due and careful enquiry)) been started or threatened against it or any Approved Manager.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">No judgment or order of a court, arbitral tribunal or other tribunal or any order or sanction of any governmental
or other regulatory body which might reasonably be expected to have a Material Adverse Effect has (to the best of its knowledge and belief
(having made due and careful enquiry)) been made against it or any Approved Manager.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.18</B></TD><TD STYLE="text-align: justify"><B>Valuations</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">All information supplied by it or on its behalf to an Approved Valuer for the purposes of a valuation
delivered to the Facility Agent in accordance with this Agreement was true and accurate as at the date it was supplied or (if appropriate)
as at the date (if any) at which it is stated to be given.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">It has not omitted to supply any information to an Approved Valuer which, if disclosed, would adversely
affect any valuation prepared by such Approved Valuer.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">There has been no change to the factual information provided pursuant to paragraph (a)&nbsp;above in relation
to any valuation between the date such information was provided and the date of that valuation which, in either case, renders that information
untrue or misleading in any material respect.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.19</B></TD><TD STYLE="text-align: justify"><B>No breach of laws</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 0pt 0.5in; text-align: justify">It has not (and no other Transaction
Obligor has) breached any law or regulation which breach has or is reasonably likely to have a Material Adverse Effect.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.20</B></TD><TD STYLE="text-align: justify"><B>No Charter</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 0pt 0.5in; text-align: justify">No Ship is subject to any Charter other
than a Permitted Charter.</P>

<P STYLE="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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.21</B></TD><TD STYLE="text-align: justify"><B>Compliance with Environmental Laws</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 0pt 0.5in; text-align: justify">All Environmental Laws relating to the
ownership, operation and management of each Ship and the business of each Transaction Obligor (as now conducted and as reasonably anticipated
to be conducted in the future) and the terms of all Environmental Approvals have been complied with.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.22</B></TD><TD STYLE="text-align: justify"><B>No Environmental Claim</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 0pt 0.5in; text-align: justify">No Environmental Claim has been made
or threatened against any Transaction Obligor or any Ship.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.23</B></TD><TD STYLE="text-align: justify"><B>No Environmental Incident</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 0pt 0.5in; text-align: justify">No Environmental Incident has occurred
and no person has claimed that an Environmental Incident has occurred.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.24</B></TD><TD STYLE="text-align: justify"><B>ISM and ISPS Code compliance</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 0pt 0.5in; text-align: justify">All requirements of the ISM Code and
the ISPS Code as they relate to each Borrower, each Approved Manager and each Ship have been complied with.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.25</B></TD><TD STYLE="text-align: justify"><B>Taxes paid</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">It is not materially overdue in the filing of any Tax returns and it is not overdue in the payment of
any amount in respect of Tax.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">No claims or investigations are being, or are reasonably likely to be, made or conducted against it with
respect to Taxes.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.26</B></TD><TD STYLE="text-align: justify"><B>Financial Indebtedness</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 0pt 0.5in; text-align: justify">No Borrower has any Financial Indebtedness
outstanding other than Permitted Financial Indebtedness.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.27</B></TD><TD STYLE="text-align: justify"><B>Overseas companies</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 0pt 0.5in; text-align: justify">No Transaction Obligor has delivered
particulars, whether in its name stated in the Finance Documents or any other name, of any UK Establishment to the Registrar of Companies
as required under the Overseas Regulations or, if it has so registered, it has provided to the Facility Agent sufficient details to enable
an accurate search against it to be undertaken by the Lenders at the Companies Registry.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.28</B></TD><TD STYLE="text-align: justify"><B>Good title to assets</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 0pt 0.5in; text-align: justify">It has good, valid and marketable title
to, or valid leases or licences of, and all appropriate Authorisations to use, the assets necessary to carry on its business as presently
conducted.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.29</B></TD><TD STYLE="text-align: justify"><B>Ownership</B></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant
</U></FONT>Utilisation Date<FONT STYLE="color: #b5082e"><STRIKE> </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>, </U></FONT>each Borrower will be the sole legal
and beneficial owner of its Ship, its Earnings and its Insurances.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">With effect on and from the date of its creation or intended creation, each Transaction Obligor will be
the sole legal and beneficial owner of any asset that is the subject of any Transaction Security created or intended to be created by
such Transaction Obligor.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">The constitutional documents of each Transaction Obligor do not and could not restrict or inhibit any
transfer of the shares of the Borrowers on creation or enforcement of the security conferred by the Security Documents.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.30</B></TD><TD STYLE="text-align: justify"><B>Centre of main interests and establishments</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 0pt 0.5in; text-align: justify">For the purposes of The Council of the
European Union Regulation No.&nbsp;2015/848 on Insolvency Proceedings (recast)(the &quot;Regulation&quot;), its centre of main interest
(as that term is used in Article&nbsp;3(1)&nbsp;of the Regulation) is situated in Greece and it has no &quot;establishment&quot; (as that
term is used in Article&nbsp;2(10)&nbsp;of the Regulation) in any other jurisdiction.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.31</B></TD><TD STYLE="text-align: justify"><B>Place of business</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 0pt 0.5in; text-align: justify">No Transaction Obligor has a place of
business in any country other than Greece and its head office functions are carried out at 128 Vouliagmenis Avenue, 166 74 Glyfada, Greece.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.32</B></TD><TD STYLE="text-align: justify"><B>No employee or pension arrangements</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">No Borrower has any employees or any liabilities under any pension scheme.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Within the last six years, no Transaction Obligor nor any ERISA Affiliate has sponsored, maintained or
was obligated to contribute to any 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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">No Transaction Obligor is deemed to be an entity whose underlying assets constitute &quot;plan assets&quot;
within the meaning of 29 C.F.R. Section&nbsp;2510.3-101, as modified by Section&nbsp;3(42) of ERISA.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">The execution and delivery of this Agreement and the consummation of the transactions hereunder will not
involve any non-exempt &quot;prohibited transaction&quot; for purposes of Section&nbsp;406 of ERISA or Section&nbsp;4975 of the Code.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.33</B></TD><TD STYLE="text-align: justify"><B>Sanctions</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Neither any Transaction Obligor nor any other member of the Group nor any of their respective Subsidiaries,
directors or officers (nor to the Borrowers' best knowledge, none of any such person's employees or agents):</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">is a Prohibited Person;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">has violated or is violating any Sanctions;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">has received notice of or is aware of any claim, action, suit, proceeding or investigation against it
with respect to Sanctions by any Sanctions Authority; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iv)</TD><TD STYLE="text-align: justify">is knowingly engaged in any activity that would reasonably be expected to result in such person being
designated as a Prohibited Person</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Each of the Transaction Obligors has implemented and maintains in effect a Sanctions compliance policy
which, in accordance with the recommendations of the Sanctions Advisory, is designed to ensure compliance by each such Transaction Obligor,
its Subsidiaries and their respective directors, officers, employees and agents with Sanctions.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.34</B></TD><TD STYLE="text-align: justify"><B>US Tax Obligor</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 0pt 0.5in; text-align: justify">No Transaction Obligor is a US Tax Obligor.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.35</B></TD><TD STYLE="text-align: justify"><B>Margin Regulations; Investment Company Act</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">No Obligor is engaged, nor will it engage in the business of extending credit for the purpose of purchasing
or carrying margin stock (within the meaning of Regulation U issued by the Board of Governors of the Federal Reserve System of the United
States), and no proceeds of any Advance will be used to buy or carry any margin stock or to extend credit to others for the purpose of
buying or carrying any margin stock.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">No Transaction Obligor is nor is it required to be registered as an &quot;investment company&quot; under
the United States of America Investment Company Act of 1940.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.36</B></TD><TD STYLE="text-align: justify"><B>Anti-bribery</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 0pt 0.5in; text-align: justify">No part of the proceeds of the Loan
will be used, directly or indirectly, for any payments to any government official or employee, political party, official of a political
party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or
obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.37</B></TD><TD STYLE="text-align: justify"><B>Eligible Contract Participant</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 0pt 0.5in; text-align: justify">If it is a party to a Hedging Agreement,
it is an &quot;eligible contract participant&quot; under the Commodity Exchange Act or any regulations promulgated thereunder.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.38</B></TD><TD STYLE="text-align: justify"><B>Patriot Act</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 0pt 0.5in; text-align: justify">To the extent applicable each Obligor
is in compliance with (i)&nbsp;the Trading with the Enemy Act, and each of the foreign assets control regulations of the United States
Treasury Department (31 CFR, Subtitle B, Chapter V) and any other enabling legislation or executive order relating thereto and (ii)&nbsp;the
PATRIOT Act.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>20.39</B></TD><TD STYLE="text-align: justify"><B>Repetition</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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Repeating Representations are deemed to be made by each Obligor by reference to the facts and circumstances then existing on the date
of the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant </U></FONT>Utilisation Request and the first day of
each Interest Period.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>21</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Information Undertakings</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>21.1</B></TD><TD STYLE="text-align: justify"><B>General</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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undertakings in this Clause 21 (<I>Information Undertakings</I>) remain in force throughout the Security Period </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>or
as the case may be in respect of Borrower G, as and from the Effective Date, </U></FONT>unless the Facility Agent, acting with the authorisation
of the Majority Lenders (or, where specified, all the Lenders), may otherwise permit.</P>

<P STYLE="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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>21.2</B></TD><TD STYLE="text-align: justify"><B>Financial statements</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 0pt 0.5in; text-align: justify">The respective Obligors shall supply
to the Facility Agent in sufficient copies for all the Lenders:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">as soon as they become available, but in any event within 120 days after the end of each of the Parent
Guarantor's financial years, the audited consolidated financial statements of the Parent Guarantor for that financial year;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">as soon as they become available, but in any event within 90 days after the end of the Borrowers' Fiscal
Quarter their respective unaudited balance sheet, income statement and cash flow statements presented on an aggregate 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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">as soon as they become available, but in any event within 75 days after the end of the Parent Guarantor's
Fiscal Quarter, the consolidated unaudited financial statements for that Fiscal Quarter of the Parent Guarantor;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">as soon as possible, but in any event within 30 days after the end of each financial year of each Borrower,
a budget in a format approved by the Facility Agent which shows all anticipated income and expenditure in respect of each Ship during
the next financial year of that Borrower; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">after the end of each Fiscal Quarter, the bank account statements in relation to each of the Greek Accounts.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>21.3</B></TD><TD STYLE="text-align: justify"><B>Compliance Certificate and DSCR Certificate</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">The Parent Guarantor shall supply to the Facility Agent, with each set of financial statements delivered
pursuant to paragraphs (a)&nbsp;and (c)&nbsp;of Clause 21.2 (<I>Financial statements</I>):</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">a Compliance Certificate, setting out (in reasonable detail) computations as to compliance with Clause
22 (<I>Financial Covenants</I>) as at the date as at which those financial statements were drawn up and the balance standing to the credit
of each Greek Account; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">if a Distribution is made pursuant to Clause 22.5 (<I>Debt Service Coverage Ratio</I>), a DSCR Certificate,
setting out (in reasonable detail) computations as to compliance with Clauses 22.5 (<I>Debt Service Coverage Ratio) </I>and 23.18 (<I>Dividends</I>)
as at the date at which those financial statements were drawn up.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Each Compliance Certificate and each DSCR Certificate shall be signed by one director or, as the case
may be, officer of the Parent Guarantor.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>21.4</B></TD><TD STYLE="text-align: justify"><B>Requirements as to financial statements</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Each set of financial statements delivered by an Obligor pursuant to Clause 21.2 (<I>Financial statements</I>)
shall be certified by a director of the relevant company as giving a true and fair view (if audited) or fairly presenting (if unaudited)
its financial condition and operations as at the date as at which those financial statements were drawn up.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The Obligors shall procure that each set of financial statements delivered pursuant to Clause 21.2 (<I>Financial
statements</I>) is prepared using IFRS, accounting practices and financial reference periods consistent with those applied in the preparation
of the Original Financial Statements for the Parent Guarantor unless, in relation to any set of financial statements, it notifies the
Facility Agent that there has been a change in IFRS, the accounting practices or reference periods and its auditors (or, if appropriate,
the auditors of that Obligor) deliver to the Facility Agent:</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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a description of any change
necessary for those financial statements to reflect the IFRS, accounting practices and reference periods upon which the Parent Guarantor's</FONT>
<FONT STYLE="color: #b5082e"><STRIKE>Financial Statements </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>financial
statements </U></FONT>were prepared; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">sufficient information, in form and substance as may be reasonably required by the Facility Agent, to
enable the Lenders to determine whether Clause 22 (<I>Financial Covenants</I>) has been complied with and make an accurate comparison
between the financial position indicated in those financial statements and the Parent Guarantor's Original Financial Statements.</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">Any reference in this Agreement to those
financial statements shall be construed as a reference to those financial statements as adjusted to reflect the basis upon which the Original
Financial Statements were prepared.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>21.5</B></TD><TD STYLE="text-align: justify"><B>DAC6</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">In this Clause 21.5 (<I>DAC6</I>), &quot;<B>DAC6</B>&quot; means the Council Directive of 25 May&nbsp;2018
(2018/822/EU) amending Directive 2011/16/EU or any replacement legislation applicable in the United Kingdom.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The Borrowers shall supply to the Facility Agent (in sufficient copies for all the Lenders, if the Facility
Agent so requests):</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">promptly upon the making of such analysis or the obtaining of such advice, any analysis made or advice
obtained on whether any transaction contemplated by the Transaction Documents or any transaction carried out (or to be carried out) in
connection with any transaction contemplated by the Transaction Documents contains a hallmark as set out in Annex IV of DAC6; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">promptly upon the making of such reporting and to the extent permitted by applicable law and regulation,
any reporting made to any governmental or taxation authority by or on behalf of any member of the Group or by any adviser to such member
of the Group in relation to DAC6 or any law or regulation which implements DAC6 and any unique identification number issued by any governmental
or taxation authority to which any such report has been made (if available).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>21.6</B></TD><TD STYLE="text-align: justify"><B>Information: miscellaneous</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 0pt 0.5in; text-align: justify">Each Obligor shall supply to the Facility
Agent (in sufficient copies for all the Lenders, if the Facility Agent so requests):</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">promptly after the Facility Agent's demand all documents dispatched by it to its shareholders (or any
class of them) or its creditors generally at the same time as they are dispatched;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings
or investigations (including proceedings or investigations relating to any actual breach of the ISM Code or of the ISPS Code) which are
current or pending against any Transaction Obligor, and which might, if adversely determined, have a Material Adverse Effect;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">as soon as practicable upon becoming aware of any fact indicating that it or any other Transaction Obligor
or any other member of the Group may be in breach, or be exposed to a breach, of Sanctions, provided that the notification as such does
not constitute a breach of mandatory law applicable to it;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">promptly upon becoming aware of them, the details of any judgment or order of a court, arbitral body or
agency which is made against any member of the Group and which might have a Material Adverse Effect;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">promptly, its constitutional documents where these have been amended or varied;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(f)</TD><TD STYLE="text-align: justify">promptly, such further information and/or documents regarding:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">each Ship, goods transported on each Ship, its Earnings and its Insurances;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">the Security 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">compliance of the Transaction Obligors with the terms of the Finance Documents;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iv)</TD><TD STYLE="text-align: justify">the financial condition, business and operations of any member of the Group; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(v)</TD><TD STYLE="text-align: justify">the Greek Accounts,</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">as any Finance Party (through the Facility
Agent) may reasonably request; and</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: 0pt"></TD><TD STYLE="width: 35.45pt">(g)</TD><TD STYLE="text-align: justify">promptly, such further information and/or documents as any Finance Party (through the Facility Agent)
may reasonably request so as to enable such Finance Party to comply with any laws applicable to it or as may be required by any regulatory
authority.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>21.7</B></TD><TD STYLE="text-align: justify"><B>Notification of Default</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Each Obligor shall notify the Facility Agent of any Default (and the steps, if any, being taken to remedy
it) promptly upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already been provided by another
Obligor).</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Promptly upon a request by the Facility Agent, each Borrower shall supply to the Facility Agent a certificate
signed by two of its directors or senior officers on its behalf certifying that no Default is continuing (or if a Default is continuing,
specifying the Default and the steps, if any, being taken to remedy it).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>21.8</B></TD><TD STYLE="text-align: justify"><B>Use of websites</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Each Obligor may satisfy its obligation under the Finance Documents to which it is a party to deliver
any information in relation to those Lenders (the &quot;<B>Website Lenders</B>&quot;) which accept this method of communication by posting
this information onto an electronic website designated by the Borrowers and the Facility Agent (the &quot;<B>Designated Website</B>&quot;)
if:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">the Facility Agent expressly agrees (after consultation with each of the Lenders) that it will accept
communication of the information by this method;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">both the relevant Obligor and the Facility Agent are aware of the address of and any relevant password
specifications for the Designated Website; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">the information is in a format previously agreed between the relevant Obligor and the Facility Agent.</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">If any Lender (a &quot;<B>Paper Form&nbsp;Lender</B>&quot;)
does not agree to the delivery of information electronically then the Facility Agent shall notify the Obligors accordingly and each Obligor
shall supply the information to the Facility Agent (in sufficient copies for each Paper Form&nbsp;Lender) in paper form. In any event
each Obligor shall supply the Facility Agent with at least one copy in paper form of any information required to be provided by it.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The Facility Agent shall supply each Website Lender with the address of and any relevant password specifications
for the Designated Website following designation of that website by the Obligors or any of them and the Facility Agent.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">An Obligor shall promptly upon becoming aware of its occurrence notify the Facility Agent if:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">the Designated Website cannot be accessed due to technical failure;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">the password specifications for the Designated Website change;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">any new information which is required to be provided under this Agreement is posted onto the Designated
Website;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iv)</TD><TD STYLE="text-align: justify">any existing information which has been provided under this Agreement and posted onto the Designated Website
is amended; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(v)</TD><TD STYLE="text-align: justify">if that Obligor becomes aware that the Designated Website or any information posted onto the Designated
Website is or has been infected by any electronic virus or similar software.</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">If an Obligor notifies the Facility
Agent under sub-paragraph (i)&nbsp;or (v)&nbsp;of paragraph (c)&nbsp;above, all information to be provided by the Obligors under this
Agreement after the date of that notice shall be supplied in paper form.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">Any Website Lender may request, through the Facility Agent, one paper copy of any information required
to be provided under this Agreement which is posted onto the Designated Website. The Obligors shall comply with any such request within
10 Business Days.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>21.9</B></TD><TD STYLE="text-align: justify"><B>&quot;Know your customer&quot; checks</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">If:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">the introduction of or any change in (or in the interpretation, administration or application of) any
law or regulation made after the date of this Agreement;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">any change in the status of a Transaction Obligor (or of a Holding Company of a Transaction Obligor) (including,
without limitation, a change of ownership of a Transaction Obligor or of a Holding Company of a Transaction Obligor) after the date of
this Agreement; or</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement
to a party that is not a Lender prior to such assignment or transfer,</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">obliges a Finance Party (or, in the
case of sub-paragraph (iii)&nbsp;above, any prospective new Lender) to comply with &quot;know your customer&quot; or similar identification
procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request
of any Finance Party supply, or procure the supply of, such documentation and other evidence as is reasonably requested by a Servicing
Party (for itself or on behalf of any other Finance Party) or any Lender (for itself or, in the case of the event described in sub-paragraph
(iii)&nbsp;above, on behalf of any prospective new Lender) in order for such Finance Party or, in the case of the event described in sub-paragraph
(iii)&nbsp;above, any prospective new Lender to carry out and be satisfied it has complied with all necessary &quot;know your customer&quot;
or other similar checks under all applicable laws and regulations, including without limitation Sanctions, pursuant to the transactions
contemplated in the Finance Documents including, without limitation, obtaining, verifying and recording certain information and documentation
that will allow the Facility Agent and each of the Lenders to identify each Transaction Obligor in accordance with the requirements of
the PATRIOT Act.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Each Lender shall promptly upon the request of a Servicing Party supply, or procure the supply of, such
documentation and other evidence as is reasonably requested by the Servicing Party (for itself) in order for that Servicing Party to carry
out and be satisfied it has complied with all necessary &quot;know your customer&quot; or other similar checks under all applicable laws
and regulations, including without limitation Sanctions, pursuant to the transactions contemplated in the Finance Documents including,
without limitation, obtaining, verifying and recording certain information and documentation that will allow the Facility Agent and each
of the Lenders to identify each Transaction Obligor in accordance with the requirements of the PATRIOT Act.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>22</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Financial Covenants</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>22.1</B></TD><TD STYLE="text-align: justify"><B>Definitions</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 0pt 0.5in; text-align: justify">In this Clause 22 (<I>Financial Covenants</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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;</FONT><B>Consolidated
Funded Debt</B>&quot; means, in respect of the Parent Guarantor, on a consolidated basis, all Financial Indebtedness for the relevant
accounting period and in accordance with IFRS consistently applied.</P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;</FONT><B>Debt
Service</B>&quot; means, for any period, an amount equal to the sum 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">(a)</TD><TD STYLE="text-align: justify">the aggregate amount of the cash portion of Interest Expense of the Parent Guarantor during that period;
plus</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">(b)</TD><TD STYLE="text-align: justify">any fixed dividend (whether in cash or in kind) paid on or in respect of its preferred shares (other than
any Management Preferred Dividends); plus</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">(c)</TD><TD STYLE="text-align: justify">the aggregate amount of any repayment instalments at the Parent Guarantor level during that period.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;</FONT><B>Debt
Service Coverage Ratio</B>&quot; means, for any period, the ratio 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">(a)</TD><TD STYLE="text-align: justify">the aggregate EBITDA of the Parent Guarantor for that period; to</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">(b)</TD><TD STYLE="text-align: justify">the Debt Service for such period.</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">&quot;<B>DSCR Testing Date</B>&quot;
has the meaning given to it in Clause 22.5 (<I>Debt Service Coverage Ratio</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"></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;</FONT><B>EBITDA</B>&quot;
means, in relation to the Parent Guarantor for any period, an amount equal to:</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: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the net income of </FONT>the
Parent Guarantor for such period as determined in accordance with IFRS;</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 1in; text-align: justify">minus</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">(b)</TD><TD STYLE="text-align: justify">the sum of (without double counting):</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 income tax credit for such period;</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 interest income for such period;</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">any gain from any extraordinary item for such period;</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">the aggregate net gain or loss during such period arising from the sale, exchange or other disposition
of any capital asset by the Parent Guarantor (including any fixed assets, whether tangible or intangible, all inventory sold in conjunction
with the disposition of fixed assets and all securities); 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">(v)</TD><TD STYLE="text-align: justify">any other non-cash gains that have been added in determining the net income of the Parent Guarantor for
such period,</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 1in; text-align: justify">in each case to the extent included in
the calculation of the net income of the Parent Guarantor for such period as determined in accordance with IFRS; plus</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">(c)</TD><TD STYLE="text-align: justify">the sum of (without double counting):</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 provision for income taxes during such period;</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">Interest Expense for such period;</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">any loss from any extraordinary item for such period; 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">depreciation and amortization for such period,</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 1in; text-align: justify">in each case to the extent included in
the calculation of the net income of the Parent Guarantor for such period as determined in accordance with IFRS,</P>

<P STYLE="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">and, for the purposes of this definition,
the following items shall be excluded in determining the net income of the Parent Guarantor:</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: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">any restoration to income of any contingency reserve, except to the extent that provision for such reserve
was made out of income accrued during such period;</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 write-up of any asset; 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">(iii)</TD><TD STYLE="text-align: justify">any net gain arising from the acquisition of any securities, or the extinguishment, under IFRS, of any
Financial Indebtedness of the Parent Guarantor.</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">&quot;<B>Group Vessel</B>&quot; means
each vessel which is owned by a member of the Group.</P>

<P STYLE="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 0pt 0.5in; text-align: justify">&quot;<B>Interest Expense</B>&quot;
means, in relation to the Parent Guarantor for any period, the aggregate interest expense (whether cash or non-cash) of the Parent Guarantor
determined in accordance with IFRS for that period, including interest expense with respect to the Consolidated Funded Debt of the Parent
Guarantor.</P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;</FONT><B>Market
Value Adjusted Total Assets</B>&quot; means, in respect of the Parent Guarantor at any period, the Total Assets adjusted to reflect the
Market Value of all Group Vessels (by substituting the book value of each Group Vessel as specified in the relevant <FONT STYLE="color: #b5082e"><STRIKE>Accounting
Information </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>accounting information most recently provided pursuant
to the terms of this Agreement </U></FONT>with the Market Value of that Group Vessel) as of the relevant <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>testing
date in the relevant </U></FONT>Compliance <FONT STYLE="color: #b5082e"><STRIKE>Date</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Certificate</U></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 0pt 0.5in; text-align: justify">&quot;<B>Maximum Leverage Ratio</B>&quot;
means, as at any date, the ratio 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">(a)</TD><TD STYLE="text-align: justify">the sum of Consolidated Funded Debt and Short-Term Liabilities; to</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">(b)</TD><TD STYLE="text-align: justify">Market Value Adjusted Total Assets.</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">&quot;<B>Short-Term Liabilities</B>&quot;
means, at any date, the value of short-term liabilities of the Parent Guarantor and its Subsidiaries, on a consolidated basis, calculated
on the basis of IFRS;</P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;</FONT><B>Total
Assets&quot;</B> means, as at any date, the value of the total assets of the Parent Guarantor and its Subsidiaries, on a consolidated
basis, calculated on the basis of IFRS.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>22.2</B></TD><TD STYLE="text-align: justify"><B>Minimum Cash Reserve</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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Borrowers shall maintain in the Cash Reserve Account, on and from the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant
</U></FONT>Utilisation Date and at all times thereafter during the Security Period, a credit balance of not less than $500,000 for each
Mortgaged Ship (the &quot;<B>Minimum Cash Reserve</B>&quot;).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>22.3</B></TD><TD STYLE="text-align: justify"><B>Minimum Liquidity Amount</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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
all times during the Security Period from and after the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant </U></FONT>Utilisation
Date:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">the Borrowers shall ensure that the aggregate amount of all cash on deposit in the Earnings Accounts which
in each case is legally and beneficially owned by the Borrower free of any restriction on withdrawal or transfer and unencumbered by any
Security other than pursuant to the Finance Documents is equal to at least $150,000 in respect of each Mortgaged Ship then subject to
a Mortgage; 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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Parent Guarantor shall at
all times maintain, on a consolidated basis, cash in an amount of</FONT> not less than $150,000 for each Group Vessel (other than the
Ships), which for the avoidance of doubt, excludes any amounts standing to the credit of the Maintenance Reserve Account and the minimum
liquidity amount set out in paragraph (a)&nbsp;above, to be legally and beneficially owned by the owner of that Group Vessel (other than
the Ships), such cash to be free of any restriction or withdrawal or transfer and unencumbered by any Security.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>22.4</B></TD><TD STYLE="text-align: justify"><B>Maximum Leverage Ratio</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">The Parent Guarantor shall ensure that, at all times during the Security Period, the Maximum Leverage
Ratio is 0.75:1.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The financial covenant set out in paragraph (a)&nbsp;above shall be tested semi-annually commencing on
the Fiscal Quarter ending 30 June&nbsp;2021 and by reference to the financial statements of the Parent Guarantor delivered pursuant to
paragraph (a)&nbsp;and (c)&nbsp;of Clause 21.2 (<I>Financial Statements</I>) and each Compliance Certificate delivered pursuant to Clause
21.3 (<I>Compliance Certificate and DSCR Certificate</I>).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>22.5</B></TD><TD STYLE="text-align: justify"><B>Debt Service Coverage Ratio</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">In the event that the Parent Guarantor makes a Distribution (other than, for the avoidance of doubt, a
Management Preferred Dividend which is permitted pursuant to the provisions of paragraph (c)&nbsp;of Clause 23.18 (<I>Dividends</I>))
and subject to this Clause 22.5 (<I>Debt Service Coverage Ratio</I>), the Obligors shall ensure that, on or after such Distribution and
throughout the remainder of the Security Period, the Debt Service Coverage Ratio shall be at least 1.15:1.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The financial covenant set out in paragraph (a)&nbsp;above shall be tested:</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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">commencing at the time a Distribution
is to be made (if such Distribution is made within the first calendar year of </FONT><FONT STYLE="color: #b5082e"><STRIKE>the </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>any
</U></FONT>Utilisation Date) on an aggregate basis of the Fiscal Quarter to date; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">thereafter, at the end of each Period,</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
reference to the financial statements of the Borrowers and/or the Parent Guarantor delivered pursuant to paragraphs (a)&nbsp;(c)&nbsp;of
Clause 21.2 (<I>Financial Statements</I>) for the relevant Fiscal Quarter or, as the case may be, for the relevant preceding Period (each
a &quot;<B>DSCR Testing Date</B>&quot;) provided that such Declaration can only be made at the end of a Fiscal Quarter (together to the
provision of the DSCR Certificate delivered pursuant to Clause 21.3 (<I>Compliance Certificate and DSCR Certificate</I>)</FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>)</U></FONT>.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If any determination of the
Debt Service Coverage Ratio requirement set out in this Clause 22.5 <I>(Debt Service Coverage Ratio</I>) shows that the minimum Debt Service
Coverage Ratio has not been maintained (the &quot;<B>Shortfall</B>&quot;) the Parent Guarantor shall be entitled to rectify such Shortfall,
within </FONT>7 Business Days after the delivery of the relevant DSCR Certificate and the determination of the Shortfall (if any) (the
&quot;<B>Final Cure Date</B>&quot;), by making a cash payment:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">to be applied by the Borrowers in prepayment of the Loan (the &quot;<B>Loan Principle Cure Amount&quot;</B>)
in inverse order of maturity first against Balloon Instalment and thereafter against the then outstanding Repayment Instalments and provide
the Facility Agent on the Business Day immediately following such prepayment with DSCR Certificate setting out (in reasonable detail)
computations evidencing compliance with the Debt Service Coverage Ratio as at the Quarter End Date such covenant was breached and recalculated
on the same basis; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">to be deposited in the Cash Reserve Account (the &quot;<B>Deposit Cure Amount</B>&quot;) and the Borrowers
shall provide the Facility Agent on the Business Day immediately following such deposit with a DSCR Certificate setting out (in reasonable
detail) computations evidencing compliance as at that date with the Debt Service Coverage Ratio as at the relevant Quarter End Date such
covenant was breached and recalculated on the same basis,</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 0pt 0.5in; text-align: justify">in each case in a total amount sufficient
to eliminate the Shortfall (the &quot;<B>Cure Option</B>&quot;).</P>

<P STYLE="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">Any Loan Principle Cure Amount or Deposit
Cure Amount shall be deemed to increase EBITDA on a dollar for dollar basis in respect of the Fiscal Quarter in which the Shortfall occurred
only for the purpose of ensuring compliance with the minimum Debt Service Coverage Ratio.</P>

<P STYLE="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">Any failure for any reason to cure in
accordance with this sub-paragraphs (i)&nbsp;or (ii)&nbsp;above by the Final Cure Date shall constitute an immediate Event of Default.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">The Borrowers and/or the Parent Guarantor may only exercise the Cure Option no more than twice in any
12- month period and no more than five times in aggregate during the Security Period.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">If, after giving effect to the foregoing re-calculations, the Parent Guarantor is in compliance with the
financial covenant set out in this Clause 22.5 (<I>Debt Service Coverage Ratio</I>), the Borrowers and the Parent Guarantor shall be deemed
to have satisfied such financial covenant as at the relevant date of determination and the Shortfall shall be deemed to be rectified.
If, on any subsequent date on which the Debt Service Coverage Ratio is tested pursuant to this Clause 22.5 (<I>Debt Service Coverage Ratio</I>),
the minimum Debt Service Coverage Ratio has been maintained, any Deposit Cure Amount may be released to the Parent Guarantor twelve months
after the relevant Final Cure Date if, and in a maximum amount that would ensure that, the minimum Debt Service Coverage Ratio would still
be maintained when re-calculated for the same period after giving effect to the release of such Deposit Cure Amount <B>Provided that</B>
no Default has occurred and is continuing at any relevant time or will result from such release.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>23</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>General Undertakings</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>23.1</B></TD><TD STYLE="text-align: justify"><B>General</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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undertakings in this Clause 23 (<I>General Undertakings</I>) remain in force throughout the Security Period </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>or
as the case may be in respect of Borrower G, as and from the Effective Date, </U></FONT>except as the Facility Agent, acting with the
authorisation of the Majority Lenders (or, where specified, all the Lenders) may otherwise permit (and in relation to paragraph (c)&nbsp;of
Clause 23.18 (<I>Dividends</I>) the Facility Agent's consent shall not to be unreasonably withheld).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>23.2</B></TD><TD STYLE="text-align: justify"><B>Authorisations</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 0pt 0.5in; text-align: justify">Each Obligor shall, and shall procure
that each other Transaction Obligor will, promptly:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">obtain, comply with and do all that is necessary to maintain in full force and effect; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">supply certified copies to the Facility Agent of,</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">any Authorisation required under any
law or regulation of a Relevant Jurisdiction or the state of the Approved Flag at any time of each Ship to enable it to:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">perform its obligations under the Transaction Documents to which it is a party;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">ensure the legality, validity, enforceability or admissibility in evidence in any Relevant Jurisdiction
or in the state of the Approved Flag at any time of each Ship, of any Transaction Document to which it is a party; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">own and operate each Ship (in the case of the Borrowers).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>23.3</B></TD><TD STYLE="text-align: justify"><B>Compliance with laws</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 0pt 0.5in; text-align: justify">Each Obligor shall, and shall procure
that each other Transaction Obligor will, comply in all respects with all laws and regulations to which it may be subject, if failure
so to comply has or is reasonably likely to have a Material Adverse Effect including (i)&nbsp;the Trading with the Enemy Act and each
of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V) and any other enabling
legislation or executive order thereto and (ii)&nbsp;the PATRIOT Act.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>23.4</B></TD><TD STYLE="text-align: justify"><B>Environmental compliance</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 0pt 0.5in; text-align: justify">Each Obligor shall, and shall procure
that each other Transaction Obligor will:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">comply with all Environmental Laws;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">obtain, maintain and ensure compliance with all requisite Environmental Approvals;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">implement procedures to monitor compliance with and to prevent liability under any Environmental 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 0pt 0.5in; text-align: justify">where failure to do so has or is reasonably
likely to have a Material Adverse Effect.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>23.5</B></TD><TD STYLE="text-align: justify"><B>Environmental Claims</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 0pt 0.5in; text-align: justify">Each Obligor shall, and shall procure
that each other Transaction Obligor will, (through the Parent Guarantor) promptly upon becoming aware of the same, inform the Facility
Agent in writing 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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">any Environmental Claim against any Transaction Obligor which is current, pending or threatened; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">any facts or circumstances which are reasonably likely to result in any Environmental Claim being commenced
or threatened against any Transaction Obligor,</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">where the claim, if determined against
that Transaction Obligor, has or is reasonably likely to have a Material Adverse Effect.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>23.6</B></TD><TD STYLE="text-align: justify"><B>Taxation</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Each Obligor shall, and shall procure that each other Transaction Obligor will, pay and discharge all
Taxes imposed upon it or its assets within the time period allowed without incurring penalties unless and only to the extent that:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">such payment is being contested in good faith;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">adequate reserves are maintained for those Taxes and the costs required to contest them and both have
been disclosed in its latest financial statements delivered to the Facility Agent under Clause 21.2 (<I>Financial statements</I>); 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">such payment can be lawfully withheld.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">No Obligor change its residence for Tax purposes.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>23.7</B></TD><TD STYLE="text-align: justify"><B>Overseas companies</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 0pt 0.5in; text-align: justify">Each Obligor shall, and shall procure
that each other Transaction Obligor will, promptly inform the Facility Agent if it delivers to the Registrar particulars required under
the Overseas Regulations of any UK Establishment and it shall comply with any directions given to it by the Facility Agent regarding the
recording of any Transaction Security on the register which it is required to maintain under The Overseas Companies (Execution of Documents
and Registration of Charges) Regulations 2009.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>23.8</B></TD><TD STYLE="text-align: justify"><B>No change to centre of main interests</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 0pt 0.5in; text-align: justify">No Obligor shall change the location
of its centre of main interest (as that term is used in Article&nbsp;3(1)&nbsp;of the Regulation) from that stated in relation to it in
Clause 20.30 (<I>Centre of main interests and establishments</I>) and it will create no &quot;<B>establishment</B>&quot; (as that term
is used in Article&nbsp;2(10)&nbsp;of the Regulation) in any other jurisdiction.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>23.9</B></TD><TD STYLE="text-align: justify"><B>Pari passu ranking</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 0pt 0.5in; text-align: justify">Each Obligor shall, and shall procure
that each other Transaction Obligor will, ensure that at all times any unsecured and unsubordinated claims of a Finance Party against
it under the Finance Documents rank at least <I>pari passu</I> with the claims of all its other unsecured and unsubordinated creditors
except those creditors whose claims are mandatorily preferred by laws of general application to companies.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>23.10</B></TD><TD STYLE="text-align: justify"><B>Title</B></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">From the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant
</U></FONT>Utilisation Date, each Borrower shall hold the legal title to, and own the entire beneficial interest in its Ship, its Earnings
and its Insurances.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">With effect on and from its creation or intended creation, each Obligor shall hold the legal title to,
and own the entire beneficial interest in any other assets the subject of any Transaction Security created or intended to be created by
such Obligor.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>23.11</B></TD><TD STYLE="text-align: justify"><B>Negative pledge</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">No Obligor shall, and the Obligors shall procure that no other Transaction Obligor will, create or permit
to subsist any Security over any of its assets which are, in the case of Transaction Obligors other than the Borrowers, the subject of
the Security created or intended to be created by the Finance Documents.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">No Borrower shall:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to
or re-acquired by an Obligor;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">sell, transfer or otherwise dispose of any of its receivables on recourse terms;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">enter into any arrangement under which money or the benefit of a bank or other account may be applied,
set-off or made subject to a combination of accounts; or</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="break-before: page; 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>

<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: 36pt"></TD><TD STYLE="width: 34.9pt">(iv)</TD><TD STYLE="text-align: justify">enter into any other preferential arrangement having a similar effect,</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">in circumstances where the arrangement
or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Paragraphs (a)&nbsp;and (b)&nbsp;above do not apply to any Permitted Security.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>23.12</B></TD><TD STYLE="text-align: justify"><B>Disposals</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">No Borrower shall enter into a single transaction or a series of transactions (whether related or not)
and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset (including without limitation any Ship,
its Earnings or its Insurances).</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Paragraph (a)&nbsp;above does not apply to any Charter as all Charters are subject to Clause 24.16 (<I>Restrictions
on chartering, appointment of managers etc.</I>).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>23.13</B></TD><TD STYLE="text-align: justify"><B>Merger</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 0pt 0.5in; text-align: justify">No Obligor shall, and the Obligors shall
procure that no other Transaction Obligor will, enter into any amalgamation, demerger, merger, consolidation or corporate reconstruction
except for, in respect of the Parent Guarantor only, any amalgamation, demerger, merger, consolidation or corporate reconstruction which
results in the Parent Guarantor being the surviving entity and which does not have or is not reasonably likely to have a Material Adverse
Effect. For the avoidance of doubt a stock split or a reverse stock split pertaining to the share capital of the Parent Guarantor is permissible
without the consent of any of the Secured Parties.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>23.14</B></TD><TD STYLE="text-align: justify"><B>Change of business</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">The Parent Guarantor shall procure that no substantial change is made to the general nature of the business
of the Parent Guarantor or of any Transaction Obligor from that carried on at the date of this Agreement.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">No Borrower shall engage in any business other than the ownership and operation of its Ship.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>23.15</B></TD><TD STYLE="text-align: justify"><B>Financial Indebtedness</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 0pt 0.5in; text-align: justify">No Borrower shall incur or permit to
be outstanding any Financial Indebtedness except Permitted Financial Indebtedness.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>23.16</B></TD><TD STYLE="text-align: justify"><B>Expenditure</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 0pt 0.5in; text-align: justify">No Borrower shall incur any expenditure,
except for expenditure reasonably incurred in the ordinary course of owning, operating, insuring, maintaining and repairing its Ship and
the administration of the Borrowers.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>23.17</B></TD><TD STYLE="text-align: justify"><B>Share capital</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 0pt 0.5in; text-align: justify">No Borrower shall:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">purchase, cancel, redeem or retire its issued shares or share capital, as the case may be;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">increase or reduce its authorised share capital or increase or reduce the number of shares that it is
authorised to issue or change the par value of such shares or create any new class of 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"></P>

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    <DIV STYLE="break-before: page; 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>

<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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">issue any further shares except to the Parent Guarantor and provided such new shares are made subject
to the terms of the Shares Security applicable to that Borrower immediately upon the issue of such new shares in a manner satisfactory
to the Security Agent and the terms of that Shares Security are complied with;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">appoint any further director, officer or secretary of that Borrower (unless the provisions of the Shares
Security applicable to that Borrower are complied with).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>23.18</B></TD><TD STYLE="text-align: justify"><B>Dividends</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">The Parent Guarantor shall not:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">declare, repay, distribute, make or pay any dividend (in cash) on or in respect of its common share capital
(or any class of its common share capital);</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">redeem, repurchase, defease, retire or repay any of its common share capital or resolve to do so,</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 1in; text-align: justify">(each a &quot;<B>Distribution</B>&quot;).</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Paragraph (a)&nbsp;above shall not apply provided that:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">no Event of Default has occurred or the making of the Distribution would result in the occurrence of an
Event of Default;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">the Net LTV is less than 60 per cent. before the making of the Distribution;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">the Parent Guarantor is in compliance with Clause 22.5 (<I>Debt Service Coverage Ratio</I>); 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iv)</TD><TD STYLE="text-align: justify">for each dollar amount of the Distribution the Borrowers prepay the Loan in such equal amount to be applied
against the Repayment Instalments falling after that prepayment in inverse order of maturity by the amount of the Loan prepaid.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Notwithstanding paragraphs (a)&nbsp;and (b)&nbsp;of this Clause 23.18 <I>(Dividends)</I>, the Parent Guarantor
shall be entitled to declare, make or pay any Management Preferred Dividends in an amount of up to $500,000 per annum <B>Provided that</B>
no Event of Default has occurred or the declaration, making or payment of such Management Preferred Dividends would result in the occurrence
of an Event of Default.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">The Borrowers shall be permitted to:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">make Distributions or declare, repay, distribute, make or pay any charge, fee or other distribution (or
interest on any unpaid dividend, charge, fee or other distribution);</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">pay any management, advisory or other fee to or to the order of any of its shareholders; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">repay or distribute any share premium reserve,</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 1in; text-align: justify">(collectively, the &quot;<B>Borrower's
Distribution</B>&quot;),</P>

<P STYLE="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">in, each case, <B>Provided that</B>
no Event of Default has occurred and is continuing or would result from such Borrower's Distribution.</P>

<P STYLE="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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>23.19</B></TD><TD STYLE="text-align: justify"><B>Other transactions</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 0pt 0.5in; text-align: justify">No Borrower shall:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">be the creditor in respect of any loan or any form of credit to any person other than another Transaction
Obligor and where such loan or form of credit is Permitted Financial Indebtedness;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">give or allow to be outstanding any guarantee or indemnity to or for the benefit of any person in respect
of any obligation of any other person or enter into any document under which that Borrower assumes any liability of any other person other
than any guarantee or indemnity given under the Finance Documents.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">enter into any material agreement other than:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">the Transaction Documents;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">any other agreement expressly allowed under any other term of this Agreement (including, without limitation,
in respect of any Permitted Financial Indebtedness); 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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">enter into any transaction on terms which are, in any respect, less favourable to that Obligor than those
which it could obtain in a bargain made at arms' length; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">acquire any shares or other securities other than US or UK Treasury bills and certificates of deposit
issued by major North American or European banks.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>23.20</B></TD><TD STYLE="text-align: justify"><B>Unlawfulness, invalidity and ranking; Security imperilled</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 0pt 0.5in; text-align: justify">No Obligor shall, and the Obligors shall
procure that no other Transaction Obligor will, do (or fail to do) or cause or permit another person to do (or omit to do) anything which
is likely to:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">make it unlawful for a Transaction Obligor to perform any of its obligations under the Transaction Documents;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">cause any obligation of a Transaction Obligor under the Transaction Documents to cease to be legal, valid,
binding or enforceable;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">cause any Transaction Document to cease to be in full force and effect;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">cause any Transaction Security to rank after, or lose its priority to, any other Security; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">imperil or jeopardise the Transaction Security.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>23.21</B></TD><TD STYLE="text-align: justify"><B>Employees and ERISA compliance</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 0pt 0.5in; text-align: justify">No Borrower shall employ any individuals
(other than the master and crew members of the Ship owned or to be owned by it). No Obligor nor any ERISA Affiliate shall sponsor, maintain
or become obligated to contribute to any Plan. Each Borrower shall provide prompt written notice to the Facility Agent in the event that
that Borrower becomes aware that any Obligor or any ERISA Affiliate has incurred or is reasonably likely to incur any liability with respect
to any Plan, that, individually or in the aggregate with any other such liability, would be reasonably expected to have a Material Adverse
Effect.</P>

<P STYLE="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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>23.22</B></TD><TD STYLE="text-align: justify"><B>Books and records</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 0pt 0.5in; text-align: justify">Each Obligor will keep proper books
of record and account which will be accurate in all material respects and in which full, true and correct entries in accordance with IFRS
will be made of all dealings or transactions in relation to its business and activities.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>23.23</B></TD><TD STYLE="text-align: justify"><B>Sanctions</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">No Obligor shall, and shall not suffer, permit or authorize any other Transaction Obligor or any other
member of the Group to, directly or indirectly, use, lend, make payments of, contribute or otherwise make available, all or any part of
the proceeds of the Loan or other transaction(s)&nbsp;contemplated by this Agreement to fund any trade, business or other 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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">involving or for the benefit of any Prohibited Person or any subsidiary or joint venture partner of any
Prohibited Person (whether at the time of such funding 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">in any country or territory, that at the time of such funding is a Sanctioned Country; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">in any other manner that would result in a violation of Sanctions by any Transaction Obligor, any other
member of the Group or any Finance Party.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Each Obligor will, and will ensure that any other Transaction Obligor and any other member of the Group
will:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">ensure that no person that is a Prohibited Person will have any legal or beneficial interest in any funds
repaid or remitted by any Transaction Obligor to a Lender in connection with the Loan or any part of the Loan;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">not fund all or any part of any payment or repayment under the Loan out of proceeds derived from any activity
with a Prohibited Person or in or with a Sanctioned Country;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">not fund all or any part of any payment or repayment under the Loan out of proceeds derived from transactions
which would be prohibited by Sanctions or would otherwise cause any Finance Party, any Transaction Obligor or any other member of the
Group to be in breach of Sanctions; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iv)</TD><TD STYLE="text-align: justify">procure that no proceeds from activities or business with a Prohibited Person or in or with a Sanctioned
Country are credited to any Earnings Account or any other Account.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Each Obligor shall (and shall procure that each other Transaction Obligor and each other member of the
Group shall) maintain in effect a Sanctions compliance policy which, in accordance with the recommendations of the Sanctions Advisory,
is designed to ensure compliance by each such person and their respective directors, officers, employees and agents with Sanctions. Without
limitation on the foregoing, such Sanctions compliance policy shall procure that each Transaction Obligor, each other member of the Group
and their respective directors, officers, employees and agents shall, where 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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">conduct their activities in a manner consistent with Sanctions;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">have sufficient resources in place to ensure execution of and compliance with their own Sanctions policies
by their personnel, e.g., direct hires, contractors, and staff;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">ensure Subsidiaries and Affiliates comply with the relevant policies, as 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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<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: 36pt"></TD><TD STYLE="width: 34.9pt">(iv)</TD><TD STYLE="text-align: justify">have relevant controls in place to monitor automatic identification system (AIS) transponders;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(v)</TD><TD STYLE="text-align: justify">have controls in place to screen and assess onboarding or offloading cargo in areas they determine to
present a high risk;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(vi)</TD><TD STYLE="text-align: justify">have controls to assess authenticity of bills of lading, as necessary; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(vii)</TD><TD STYLE="text-align: justify">have controls in place consistent with the Sanctions Advisory.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">Each Obligor shall procure that each other Transaction Obligor and each other member of the Group will
comply in all respects with Sanctions.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">No Obligor nor any other Transaction Obligor nor any other member of the Group shall be a Prohibited Person.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(f)</TD><TD STYLE="text-align: justify">The representations and covenants in Clause 23.23 (<I>Sanctions</I>), paragraphs (a)&nbsp;through (e)&nbsp;of
this Clause 23.23 (<I>Sanctions</I>), Clause 24.10 (<I>Compliance with laws etc</I>.) (solely as relates to Sanctions) and Clause 24.12
(<I>Sanctions and Ship trading</I>) (collectively, the &quot;<B>Sanctions Clauses</B>&quot;) shall not apply to any Lender that informs
the Facility Agent that it is subject to Council Regulation (EC) No.&nbsp;2271/96 of 22 November&nbsp;1996 (&quot;<B>EU Blocking Regulation</B>&quot;)
or Section&nbsp;7 of the German Foreign Trade Ordinance (&sect; 7 Au&szlig;enwirtschaftsverordnung) or a similar applicable anti-boycott
statute (together with the EU Blocking Regulation and Section&nbsp;7 of the of the German Foreign Trade Ordinance, and any similar successor
EU law, the &quot;<B>Anti Boycott Regulations</B>&quot;), to the extent that compliance with the Sanctions Clauses would violate some
or all of the Anti Boycott Regulations.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(g)</TD><TD STYLE="text-align: justify">Restricted Lender:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">In connection with any amendment, waiver, determination or direction relating to the Sanctions Clauses
of which a Lender does not have the benefit because such benefit would result in a violation by the lender of any Anti Boycott Regulations
(each a &quot;<B>Restricted Lender</B>&quot;), the Commitment or participation in the Loan, as applicable, of that Restricted Lender will,
subject to paragraph (ii)&nbsp;below, be excluded for the purpose of determining whether the consent of the Majority Lenders has been
obtained or whether the determination or direction by the Majority Lenders has been made or given.</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">The Facility Agent is only permitted to exclude the Commitment or participation in the Loan of a Lender
pursuant to paragraph (i)&nbsp;above for the purpose of determining whether the consent of the Majority Lenders has been obtained or whether
the determination or direction by the Majority Lenders has been made, if following the Facility Agent's request for such consent, determination
or direction by the Majority Lenders the respective Lender notifies the Facility Agent that it is a Restricted Lender for such purpose.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>23.24</B></TD><TD STYLE="text-align: justify"><B>Further assurance</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Each Obligor shall, and shall procure that each other Transaction Obligor will, promptly, and in any event
within the time period specified by the Security Agent do all such acts (including procuring or arranging any registration, notarisation
or authentication or the giving of any notice) or execute or procure execution of all such documents (including assignments, transfers,
mortgages, charges, notices, instructions, acknowledgments, proxies and powers of attorney), as the Security Agent may specify (and in
such form as the Security Agent may require in favour of the Security Agent or its nominee(s)):</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">to create, perfect, vest in favour of the Security Agent or protect the priority of the Security or any
right of any kind created or intended to be created under or evidenced by the Finance Documents (which may include the execution of a
mortgage, charge, assignment or other Security over all or any of the assets which are, or are intended to be, the subject of the Transaction
Security) or for the exercise of any rights, powers and remedies of any of the Secured Parties provided by or pursuant to the Finance
Documents or by 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"></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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">to confer on the Security Agent or confer on the Secured Parties Security over any property and assets
of that Transaction Obligor located in any jurisdiction equivalent or similar to the Security intended to be conferred by or pursuant
to the Finance Documents;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">to facilitate or expedite the realisation and/or sale of, the transfer of title to or the grant of, any
interest in or right relating to the assets which are, or are intended to be, the subject of the Transaction Security or to exercise any
power specified in any Finance Document in respect of which the Security has become enforceable; and/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: 36pt"></TD><TD STYLE="width: 34.9pt">(iv)</TD><TD STYLE="text-align: justify">to enable or assist the Security Agent to enter into any transaction to commence, defend or conduct any
proceedings and/or to take any other action relating to any item of the Security Property.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Each Obligor shall, and shall procure that each other Transaction Obligor will, take all such action as
is available to it (including making all filings and registrations) as may be necessary for the purpose of the creation, perfection, protection
or maintenance of any Security conferred or intended to be conferred on the Security Agent or the Secured Parties by or pursuant to the
Finance Documents.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">At the same time as an Obligor delivers to the Security Agent any document executed by itself or another
Transaction Obligor pursuant to this Clause 23.24 (<I>Further assurance</I>), that Obligor shall deliver, or shall procure that such other
Transaction Obligor will deliver, to the Security Agent a certificate signed by two of that Obligor's or Transaction Obligor's directors
or officers which shall:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">set out the text of a resolution of that Obligor's or Transaction Obligor's directors specifically authorising
the execution of the document specified by the Security Agent; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">state that either the resolution was duly passed at a meeting of the directors validly convened and held,
throughout which a quorum of directors entitled to vote on the resolution was present, or that the resolution has been signed by all the
directors or officers and is valid under that Obligor's or Transaction Obligor's articles of association or other constitutional documents.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>23.25</B></TD><TD STYLE="text-align: justify"><B>Subordination of liabilities under a Permitted Inter-Company Loan</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Each Borrower and the Parent Guarantor agree that the Permitted Inter-Company Loan Liabilities are postponed
and subordinated to the Secured Liabilities.</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="break-before: page; 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>

<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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">A Borrower or the Parent Guarantor may make any Payments in respect of the Permitted Inter-Company Loan
Liabilities then due <B>Provided that</B> no Event of Default has occurred and is continuing or would result from such Payment.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>24</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>General Ship Undertakings</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>24.1</B></TD><TD STYLE="text-align: justify"><B>General</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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undertakings in this Clause 24 (<I>General Ship Undertakings</I>) remain in force on and from the date of this Agreement<FONT STYLE="color: #b5082e"><STRIKE>&nbsp;</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>,
or as the case may be in respect of Borrower G, as and from the Effective Date, </U></FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
throughout the rest of the Security Period except as the Facility Agent, acting with the authorisation of the Majority Lenders (or, where
specified, all the Lenders) may otherwise permit.</FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>24.2</B></TD><TD STYLE="text-align: justify"><B>Ships' names and registration</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 0pt 0.5in; text-align: justify">Each Borrower shall, in respect of the
Ship owned by it:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">keep that Ship registered in its name under the Approved Flag from time to time at its port of registration;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">not do or allow to be done anything as a result of which such registration might be suspended, cancelled
or imperilled;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">not enter into any dual flagging arrangement in respect of that Ship; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">not change the name of that Ship,</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>provided
that</B></FONT> any change of flag (including the Permitted Re-flagging) of a Ship shall be subject to:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">that Ship remaining subject to Security securing the Secured Liabilities created by a first priority or
preferred ship mortgage on that Ship and, if appropriate, a first priority deed of covenant collateral to that mortgage (or equivalent
first priority Security) on substantially the same terms as the Mortgage on that Ship and (if applicable) related Deed of Covenant and
on such other terms and in such other form as the Facility Agent, acting with the authorisation of the Lenders, shall approve or require;
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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">the execution of such other documentation amending and supplementing the Finance Documents as the Facility
Agent, acting with the authorisation of the Lenders, shall approve or require.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>24.3</B></TD><TD STYLE="text-align: justify"><B>Repair and classification</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 0pt 0.5in; text-align: justify">Each Borrower shall keep the Ship owned
by it in a good and safe condition and state of repair:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">consistent with first class ship ownership and management practice; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">so as to maintain the Approved Classification free of overdue major recommendations and conditions affecting
that Ship's class.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>24.4</B></TD><TD STYLE="text-align: justify"><B>Classification society undertaking</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 0pt 0.5in; text-align: justify">If required by the Facility Agent in
writing each Borrower shall, in respect of the Ship owned by it, instruct the relevant Approved Classification Society (and procure that
the Approved Classification Society undertakes with the Security Agent):</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">to send to the Security Agent (with a copy to the Borrowers), following receipt of a written request from
the Security Agent, certified true copies of all original class records held by the Approved Classification Society in relation to that
Ship;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">to allow the Security Agent (or its agents), at any time and from time to time, to inspect the original
class and related records of that Borrower and that Ship at the offices of the Approved Classification Society and to take copies of them;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">to notify the Security Agent promptly in writing if the Approved Classification Society:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">receives notification from that Borrower or any person that that Ship's Approved Classification Society
is to be changed; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">becomes aware of any facts or matters which may result in or have resulted in a change, suspension, discontinuance,
withdrawal or expiry of that Ship's class under the rules&nbsp;or terms and conditions of that Borrower or that Ship's membership of the
Approved Classification Society;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">following receipt of a written request from the Security Agent:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">to confirm that that Borrower is not in default of any of its contractual obligations or liabilities to
the Approved Classification Society, including confirmation that it has paid in full all fees or other charges due and payable to the
Approved Classification Society; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">to confirm that that Borrower is in default of any of its contractual obligations or liabilities to the
Approved Classification Society, to specify to the Security Agent in reasonable detail the facts and circumstances of such default, the
consequences of such default, and any remedy period agreed or allowed by the Approved Classification Society.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>24.5</B></TD><TD STYLE="text-align: justify"><B>Modifications</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 0pt 0.5in; text-align: justify">No Borrower shall make any modification
or repairs to, or replacement of, any Ship or equipment installed on it which would or might materially alter the structure, type or performance
characteristics of that Ship or materially reduce its value.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>24.6</B></TD><TD STYLE="text-align: justify"><B>Removal and installation of parts</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Subject to paragraph (b)&nbsp;below, no Borrower shall remove any material part of any Ship, or any item
of equipment installed on any Ship unless:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">the part or item so removed is forthwith replaced by a suitable part or item which is in the same condition
as or better condition than the part or item removed;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">the replacement part or item is free from any Security in favour of any person other than the Security
Agent; 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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    <DIV STYLE="break-before: page; 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>

<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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">the replacement part or item becomes, on installation on that Ship, the property of that Borrower and
subject to the security constituted by the Mortgage on that Ship and (if applicable) the related Deed of Covenant.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">A Borrower may install:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">equipment owned by a third party if the equipment can be removed without any risk of damage to the Ship
owned by that Borrower; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">scrubbers or other equipment installed to comply with regulatory requirements applicable to the Ship owned
by that Borrower.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>24.7</B></TD><TD STYLE="text-align: justify"><B>Surveys</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 0pt 0.5in; text-align: justify">Each Borrower shall submit the Ship
owned by it regularly to all periodic or other surveys which may be required for classification purposes and, if so required by the Facility
Agent acting on the instructions of the Majority Lenders, provide the Facility Agent, with copies of all survey reports.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>24.8</B></TD><TD STYLE="text-align: justify"><B>Inspection</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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Borrower shall, at its own reasonable cost and expense, permit the Security Agent (acting through surveyors or other persons appointed
by it for that purpose) to board the Ship owned by it with reasonable </FONT>advance notice by the Security Agent at all reasonable times,
but in any event without delaying or interfering with that Ship's operation, loading or unloading, to inspect its condition or to satisfy
themselves about proposed or executed repairs and shall afford all proper facilities for such inspections, <B>provided that</B> so long
as (i)&nbsp;no Event of Default or (ii)&nbsp;any casualty to that Ship which is or is likely to be or to become a Major Casualty has occurred,
each Borrower shall not be obliged to pay any costs and expenses in respect of more than one inspection of its Ship in any calendar year.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>24.9</B></TD><TD STYLE="text-align: justify"><B>Prevention of and release from arrest</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Each Borrower shall, in respect of the Ship owned by it, promptly discharge:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable against
that Ship, its Earnings or its Insurances;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">all Taxes, dues and other amounts charged in respect of that Ship, its Earnings or its Insurances; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">all other outgoings whatsoever in respect of that Ship, its Earnings or its Insurances.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Each Borrower shall immediately upon receiving notice of the arrest of the Ship owned by it or of its
detention in exercise or purported exercise of any lien or claim, initiate and subsequently take all steps necessary to procure its release
by providing bail or otherwise as the circumstances may require.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>24.10</B></TD><TD STYLE="text-align: justify"><B>Compliance with laws etc.</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 0pt 0.5in; text-align: justify">Each Borrower shall:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">comply, or procure compliance with all laws or regulations:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">relating to its business generally; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">relating to the Ship owned by it, its ownership, employment, operation, management and registration,</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">including, but not limited to, the ISM
Code, the ISPS Code, all Environmental Laws, all Sanctions and the laws of the Approved Flag;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">obtain, comply with and do all that is necessary to maintain in full force and effect any Environmental
Approvals; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">without limiting paragraph (a)&nbsp;above, not employ the Ship owned by it nor allow its employment, operation
or management in any manner contrary to any law or regulation including but not limited to the ISM Code, the ISPS Code, all Environmental
Laws and Sanctions (or which would be contrary to Sanctions if Sanctions were binding on each Transaction Obligor).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>24.11</B></TD><TD STYLE="text-align: justify"><B>ISPS Code</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 0pt 0.5in; text-align: justify">Without limiting paragraph (a)&nbsp;of
Clause 24.10 (<I>Compliance with laws etc.</I>), each Borrower shall:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">procure that the Ship owned by it and the company responsible for that Ship's compliance with the ISPS
Code comply with the ISPS Code; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">maintain an ISSC for that Ship; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">notify the Facility Agent promptly in writing of any actual or threatened withdrawal, suspension, cancellation
or modification of the ISSC.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>24.12</B></TD><TD STYLE="text-align: justify"><B>Sanctions and Ship trading</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 0pt 0.5in; text-align: justify">Without limiting Clause 24.10 (<I>Compliance
with laws etc.</I>), each Borrower shall procure:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">that the Ship owned by it shall not be used by or for the benefit of a Prohibited Person;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">that such Ship shall not be used in trading to or from a Sanctioned Country or otherwise in any manner
contrary to Sanctions (or which could be contrary to Sanctions if Sanctions were binding on each Transaction Obligor); 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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">that such Ship shall not be traded in any manner which would trigger the operation of any sanctions limitation
or exclusion clause (or similar) in the Insurances.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>24.13</B></TD><TD STYLE="text-align: justify"><B>Trading in war zones or excluded areas</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 0pt 0.5in; text-align: justify">No Borrower shall cause or permit any
Ship to enter or trade to any zone which is declared a war zone by any government or by that Ship's war risks insurers or which is otherwise
excluded from the scope of coverage of the obligatory insurances unless:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">the prior written consent of the Security Agent acting on the instructions of the Majority Lenders has
been given; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">that Borrower has (at its expense) effected any special, additional or modified insurance cover which
the relevant Ship's war risk insurers may require <B>provided that</B> such insurance cover is also acceptable to the Security Agent.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>24.14</B></TD><TD STYLE="text-align: justify"><B>Provision of information</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 0pt 0.5in; text-align: justify">Without prejudice to 21.6 (<I>Information:
miscellaneous</I>) each Borrower shall, in respect of the Ship owned by it, promptly provide the Facility Agent with any written information
which it requests regarding:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">that Ship, its employment, position and engagements;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">the Earnings and payments and amounts due to its master and crew;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">any expenditure incurred, or likely to be incurred, in connection with the operation, maintenance or repair
of that Ship and any payments made by it in respect of that Ship;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">any towages and salvages; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">its compliance, the Approved Manager's compliance and the compliance of that Ship with the ISM Code and
the ISPS Code,</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">and, upon the Facility Agent's request,
promptly provide copies of any current Charter relating to that Ship, of any current guarantee of any such Charter, the Ship's Safety
Management Certificate and any relevant Document of Compliance.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>24.15</B></TD><TD STYLE="text-align: justify"><B>Notification of certain events</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 0pt 0.5in; text-align: justify">Each Borrower shall, in respect of the
Ship owned by it, promptly notify the Facility Agent by fax, confirmed forthwith by letter, 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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">any casualty to that Ship which is or is likely to be or to become a Major Casualty;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">any occurrence as a result of which that Ship has become or is, by the passing of time or otherwise, likely
to become a Total Loss;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">any requisition of that Ship for hire;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">any requirement, condition or recommendation made in relation to that Ship by any insurer, classification
society, Approved Flag or PSC or by any competent authority which is not immediately complied with;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">any arrest or detention of that Ship or any exercise or purported exercise of any lien on that Ship or
the Earnings;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(f)</TD><TD STYLE="text-align: justify">any intended dry docking of that Ship;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(g)</TD><TD STYLE="text-align: justify">any Environmental Claim made against that Borrower or in connection with that Ship, or any Environmental
Incident;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(h)</TD><TD STYLE="text-align: justify">any claim for breach of the ISM Code or the ISPS Code being made against that Borrower, an Approved Manager
or otherwise in connection with that Ship; or</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: 0pt"></TD><TD STYLE="width: 35.45pt">(i)</TD><TD STYLE="text-align: justify">any other matter, event or incident, actual or threatened, the effect of which will or could lead to the
ISM Code or the ISPS Code not being complied with,</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">and each Borrower shall keep the Facility
Agent advised in writing on a regular basis and in such detail as the Facility Agent shall require as to that Borrower's, any such Approved
Manager's or any other person's response to any of those events or matters.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>24.16</B></TD><TD STYLE="text-align: justify"><B>Restrictions on chartering, appointment of managers etc.</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">No Borrower shall, in relation to the Ship owned by it:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">let that Ship on demise charter for any period;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">enter into any time, voyage or consecutive voyage charter in respect of that Ship other than a Permitted
Charter;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">make material amendments or supplements to a Management Agreement or terminate a Management Agreement;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iv)</TD><TD STYLE="text-align: justify">appoint a manager of that Ship other than the Approved Commercial Manager and the Approved Technical Manager
or agree to any material alteration to the terms of an Approved Manager's appointment;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(v)</TD><TD STYLE="text-align: justify">de activate or lay up that Ship; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(vi)</TD><TD STYLE="text-align: justify">put that Ship into the possession of any person for the purpose of work being done upon it in an amount
exceeding or likely to exceed $750,000 (or the equivalent in any other currency) unless that person has first given to the Security Agent
and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work
or for any other reason.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">For the purposes of sub-paragraph (iii)&nbsp;and (iv)&nbsp;of paragraph (a)&nbsp;of this Clause 24.16
(<I>Restrictions on chartering, appointment of managers etc.)</I>, &quot;material amendments or supplements&quot; and &quot;material alteration&quot;
shall include, without limitation, a change to (i)&nbsp;the management fee, (ii)&nbsp;the parties to the Management Agreement, (iii)&nbsp;the
duration, the scope of the services provided under the Management Agreement and the terms of its termination and (iv)&nbsp;the governing
law and jurisdiction provision.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>24.17</B></TD><TD STYLE="text-align: justify"><B>Notice of Mortgage</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 0pt 0.5in; text-align: justify">Each Borrower shall keep the relevant
Mortgage registered against the Ship owned by it as a valid first priority or preferred (as the case may be) mortgage, carry on board
that Ship a certified copy of the relevant Mortgage and place and maintain in a conspicuous place in the navigation room and the master's
cabin of that Ship a framed printed notice stating that that Ship is mortgaged by that Borrower to the Security Agent.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>24.18</B></TD><TD STYLE="text-align: justify"><B>Sharing of Earnings</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 0pt 0.5in; text-align: justify">No Borrower shall enter into any agreement
or arrangement for the sharing of any Earnings other than for the purposes of this 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>

<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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>24.19</B></TD><TD STYLE="text-align: justify"><B>Ship tracking</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 0pt 0.5in; text-align: justify">Each Borrower hereby acknowledges the
Finance Parties' right to use any means (including utilising commercial ship-tracking software) that are reasonably necessary or appropriate
to track each Ship</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>24.20</B></TD><TD STYLE="text-align: justify"><B>Notification of compliance</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 0pt 0.5in; text-align: justify">Each Borrower shall promptly provide
the Facility Agent upon its request with evidence (in such form as the Facility Agent requires) that it is complying with this Clause
24 (<I>General Ship Undertakings</I>).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>25</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Loan to value ratio</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>25.1</B></TD><TD STYLE="text-align: justify"><B>Maximum allowed required loan to value ratio</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Clause 25.2 (<I>Provision of additional security; prepayment</I>) applies if the Facility Agent notifies
the Borrowers that the Net LTV is above the Relevant Percentage.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">In this Clause 25.1 (<I>Maximum allowed required loan to value ratio</I>), &quot;<B>Relevant Percentage</B>&quot;
means:</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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">on and from the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant
</U></FONT>Utilisation Date until the date falling 18 months after the <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant
</U></FONT>Utilisation Date, 75 per cent.; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">at all times thereafter during the Security Period, 70 per cent,</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">in each case, expressed as a percentage
of the aggregate of the Loan and any exposure under the Hedging Agreement.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>25.2</B></TD><TD STYLE="text-align: justify"><B>Provision of additional security; prepayment</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">If the Facility Agent serves a notice on the Borrowers under Clause 25.1 (<I>Maximum allowed required
loan to value ratio</I>), the Borrowers shall, on or before the date falling 15 Business Days after the date (the &quot;<B>Prepayment
Date</B>&quot;) on which the Facility Agent's notice is served, prepay such part of the Loan as shall eliminate the shortfall.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">A Borrower may, instead of making a prepayment as described in paragraph (a)&nbsp;above, provide, or ensure
that a third party has provided, additional security which, in the opinion of the Facility Agent acting on the instructions of the Majority
Lenders:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">has a net realisable value at least equal to the shortfall; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">is documented in such terms as the Facility Agent may approve or require,</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">before the Prepayment Date; and conditional
upon such security being provided in such manner, it shall satisfy such prepayment obligation.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>25.3</B></TD><TD STYLE="text-align: justify"><B>Value of additional vessel security</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 0pt 0.5in; text-align: justify">The net realisable value of any additional
security which is provided under Clause 25.2 (<I>Provision of additional security; prepayment</I>) and which consists of Security over
a vessel shall be the Market Value of the vessel concerned.</P>

<P STYLE="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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>25.4</B></TD><TD STYLE="text-align: justify"><B>Valuations binding</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 0pt 0.5in; text-align: justify">Any valuation under this Clause 25 (<I>Loan
to value ratio</I>) shall be binding and conclusive as regards each Borrower.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>25.5</B></TD><TD STYLE="text-align: justify"><B>Provision of information</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Each Borrower shall promptly provide the Facility Agent and any shipbroker acting under this Clause 25
(<I>Loan to value ratio</I>) with any information which the Facility Agent or the shipbroker may request for the purposes of the valuation.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">If a Borrower fails to provide the information referred to in paragraph (a)&nbsp;above by the date specified
in the request, the valuation may be made on any basis and assumptions which the shipbroker or the Facility Agent considers prudent.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>25.6</B></TD><TD STYLE="text-align: justify"><B>Prepayment mechanism</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 0pt 0.5in; text-align: justify">Any prepayment pursuant to Clause 25.2
(<I>Provision of additional security; prepayment</I>) shall be made in accordance with the relevant provisions of Clause 7 (<I>Prepayment
and Cancellation</I>) and shall be treated as a voluntary prepayment pursuant to Clause 7.3 (<I>Voluntary prepayment of Loan</I>) without
the application of any prepayment fee.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>25.7</B></TD><TD STYLE="text-align: justify"><B>Provision of valuations</B></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Facility Agent may, at the
Borrowers' cost and expense, obtain a valuation of a Ship and any other vessel over which additional Security has been created in accordance
with Clause 25.3 (<I>Value of additional vessel security</I>), from an Approved Valuer selected by the Facility Agent, to enable the Facility
Agent to determine the Market Value of that Ship not more than </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">10</FONT>
days before the <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant </U></FONT>Utilisation Date and, for the purposes
of Clause 25.1 (<FONT STYLE="color: #b5082e"><I><STRIKE>Minimum Required Loan </STRIKE></I></FONT><I><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Maximum
allowed required loan </U></FONT>to value <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>ratio</U></FONT></I>) on two occasions
in each year on 30 June&nbsp;and 31 December&nbsp;at the same time as the relevant Compliance Certificate is provided in accordance with
Clause 21.3 (<I>Compliance Certificate <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>and DSCR Certificate</U></FONT></I>).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the occurrence of an Event
of Default</FONT> or at any time where a prepayment is to be made pursuant to Clause 7.4 (<I>Mandatory Prepayment on sale or Total Loss</I>)
or on a Distribution of the Parent Guarantor pursuant to Clause 23.18 (<I>Dividends</I>), the Facility Agent shall be entitled to obtain
(acting on the instructions of the Majority Lenders) at any time at that Borrower's expense valuations of a Ship and any other vessel
over which additional Security has been created in accordance with Clause 25.2 (<I>Provision of additional security; prepayment</I>),
from Approved Valuers selected by the Facility Agent (acting on the instructions of the Majority Lenders), showing the Market Value of
that Ship and each such vessel.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>25.8</B></TD><TD STYLE="text-align: justify"><B>Release of additionally security</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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Net LTV set out in Clause 25.1 (<I>Maximum allowed required loan to value ratio</I>) at any relevant time exceeds the Relevant Percentage
and the Borrowers have previously provided additional security pursuant to this Clause &lrm;&lrm;25 (<I>Loan to value ratio</I>), the
Facility Agent will, after receiving a notice from the Borrower to do so and so long as the financial statements provided pursuant to
Clause 21.2 (<I>Financial statements</I></FONT>) reflect that the Relevant Percentage has been maintained for a consecutive period of
at least 6 Months, subject to being indemnified to its satisfaction against the cost of doing so, release any such additional security
to the Borrowers <B>Provided that</B> (i)&nbsp;no Event of Default has occurred or will result from such release and (ii)&nbsp;the relevant
ratio shall continue to be no more than the Relevant Percentage at the relevant time immediately following such release.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>26</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Accounts, application of Earnings and Hedge Receipts</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>26.1</B></TD><TD STYLE="text-align: justify"><B>Accounts</B></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each Borrower shall open and
maintain throughout the Security Period its Earnings Account with the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant
</U></FONT>Earnings Account Bank.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The Parent Guarantor shall open and maintain throughout the Security Period the Maintenance Reserve Account
and the Cash Reserve Account with the Account Bank.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On or after the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant
</U></FONT>Utilisation Date, no Borrower may, without the prior consent of the Facility Agent (such consent not to be unreasonably withheld),
maintain any bank account other than (i)&nbsp;its Earnings Account and (ii)&nbsp;in the case of Borrower A, Borrower C and Borrower F,
its Greek Account.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">The Borrowers further undertake that the amounts:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">transferred or to be transferred to the Greek Accounts on a monthly basis shall not exceed $30,000, in
aggregate, in respect of all Greek Accounts; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">standing to the credit of the Greek Accounts at the end of the relevant Fiscal Quarter shall not exceed
the amount of $50,000, in aggregate, at any given time.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>26.2</B></TD><TD STYLE="text-align: justify"><B>Payment of Earnings</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 0pt 0.5in; text-align: justify">Each Borrower shall ensure 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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">subject only to the provisions
of the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>General Assignment and the Supplemental </U></FONT>General Assignment
to which it is a party, all the Earnings in respect of the Ship owned by it are paid in to its Earnings Account; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">all Hedge Receipts are paid in to its Earnings Account.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>26.3</B></TD><TD STYLE="text-align: justify"><B>Dry Docking and Special Survey Reserves</B></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant
</U></FONT>Utilisation Date, each Borrower shall deposit in its Maintenance Reserve Account the relevant Maintenance Reserve Amount. Thereafter,
each Borrower shall deposit the relevant Maintenance Reserve Amount on the last day of each Fiscal Quarter as set out in Schedule 7 (<I>Dry
Docking and Special Reserves Table</I>), for the purpose of building-up a maintenance reserve amount relating to forthcoming dry dock
and for special or intermediate survey (the &quot;<B>Dry-Dock</B>&quot;) and the installation of BWTS on the Ship owned by it as outlined
in the financial projections delivered by the Borrower which is the owner of that Ship pursuant to paragraph (d)&nbsp;of Clause 21.2 <I>(Financial
Statements)</I>.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Each Borrower shall provide the Facility Agent, at the time of arrival at the relevant shipyard, written
notice of its Ship's arrival at the relevant shipyard for the forthcoming Dry-Dock together with a budget and an estimate of the costs
anticipated to be incurred by that Borrower in relation to its Ship. Such notice shall provide that the Dry Docking and Special Survey
Fees to be released to that Borrower and/or the Parent Guarantor in full by no later than five days after the arrival of that Ship in
the relevant shipyard for application towards payment of the Dry-Dock costs and expenses as specified in the budget and estimate provided
by the relevant Borrower. The Facility Agent shall release the Dry Docking and Special Reserve Fees in accordance with this Clause 26.3
<B>provided that </B>no Event of Default has occurred and is continuing or will result from such release.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Following application by each Borrower of the relevant Dry Docking and Special Survey Fees, the relevant
Borrower shall provide the Facility Agent with evidence of payment of the Dry-Dock costs together with any invoices relating to the Ship
owned by it as soon as they become available.</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">In this Clause 26.3, &quot;<B>Dry Docking
and Special Survey Fees</B>&quot; means, in relation to a Borrower, the aggregate amount standing to the credit of the Maintenance Reserve
Account at any time.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>26.4</B></TD><TD STYLE="text-align: justify"><B>Interest accrued on Cash Reserve Account and Maintenance Reserve Accounts</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 0pt 0.5in; text-align: justify">Any credit balance on the Cash Reserve
Account or a Maintenance Reserve Account shall bear interest at the rate from time to time offered by the Account Bank to its customers
for dollar deposits of similar amounts and for periods similar to those for which such balances appear to the Account Bank likely to remain
on the Cash Reserve Account or that Maintenance Reserve Account.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>26.5</B></TD><TD STYLE="text-align: justify"><B>Release of accrued interest</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 0pt 0.5in; text-align: justify">Interest accruing under Clause 26.4
(<I>Interest accrued on Cash Reserve Account and Maintenance Reserve Accounts</I>) shall be credited to the relevant Account and shall
be released to the Parent Guarantor or relevant Borrower (as applicable) at the end of the Security Period.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>26.6</B></TD><TD STYLE="text-align: justify"><B>Location of Accounts</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 0pt 0.5in; text-align: justify">Each Obligor shall promptly:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">comply with any requirement of the Facility Agent as to the location or relocation of its any Account;
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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">execute any documents which the Facility Agent specifies to create or maintain in favour of the Security
Agent Security over (and/or rights of set-off, consolidation or other rights in relation to) any Account.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>27</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Insurance Undertakings</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>27.1</B></TD><TD STYLE="text-align: justify"><B>General</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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undertakings in this Clause 27 (<I>Insurance Undertakings</I>) remain in force from the date of this Agreement<FONT STYLE="color: Red"><STRIKE>&nbsp;</STRIKE></FONT></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>,
or as the case may be in respect of Borrower G and Ship G, as and from the Effective Date, </U></FONT>throughout the rest of the Security
Period except as the Facility Agent, acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders) may
otherwise permit.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>27.2</B></TD><TD STYLE="text-align: justify"><B>Maintenance of obligatory insurances</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 0pt 0.5in; text-align: justify">Each Borrower shall keep the Ship owned
by it insured at its expense against:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">fire and usual marine risks (including hull and machinery and excess risks);</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">war risks;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">protection and indemnity risks; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">any other risks against which the Facility Agent acting on the instructions of the Majority Lenders considers,
having regard to practices and other circumstances prevailing at the relevant time, it would be reasonable for that Borrower to insure
and which are specified by the Facility Agent by notice to that Borrower.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>27.3</B></TD><TD STYLE="text-align: justify"><B>Terms of obligatory insurances</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 0pt 0.5in; text-align: justify">Each Borrower shall effect such insurances:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">in dollars;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least
the greater of:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">120 per cent. of the Tranche relating to the Ship owned by it; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">the Market Value of that Ship;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover
from time to time available under basic protection and indemnity club entry and in the international marine insurance market;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">in the case of protection and indemnity risks, in respect of the full tonnage of its Ship;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">on approved terms customary in major marine insurance markets; 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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">through insurance brokers and insurance companies with ccurrent rating by A.M.&nbsp;Best Company or S&amp;P
of at least &quot;A-&quot;,&quot;VII&quot; including protection and indemnity risks associations or war risks association of recognized
reputation and responsibility in the 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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>27.4</B></TD><TD STYLE="text-align: justify"><B>Further protections for the Finance Parties</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 0pt 0.5in; text-align: justify">In addition to the terms set out in
Clause 27.3 (<I>Terms of obligatory insurances</I>), each Borrower shall procure that the obligatory insurances effected by it shall:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">subject always to paragraph (b), name that Borrower as the sole named insured unless the interest of every
other named insured is limited:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">in respect of any obligatory insurances for hull and machinery and war risks;</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">(A)</TD><TD STYLE="text-align: justify">to any provable out-of-pocket expenses that it has incurred and which form part of any recoverable claim
on underwriters; 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">(B)</TD><TD STYLE="text-align: justify">to any third party liability claims where cover for such claims is provided by the policy (and then only
in respect of discharge of any claims made against it); 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">in respect of any obligatory insurances for protection and indemnity risks, to any recoveries it is entitled
to make by way of reimbursement following discharge of any third party liability claims made specifically against it;</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">and every other named insured has undertaken
in writing to the Security Agent (in such form as it requires) that any deductible shall be apportioned between that Borrower and every
other named insured in proportion to the gross claims made or paid by each of them and that it shall do all things necessary and provide
all documents, evidence and information to enable the Security Agent to collect or recover any moneys which at any time become payable
in respect of the obligatory insurances;</P>

<P STYLE="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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">whenever the Facility Agent requires, name (or be amended to name) the Security Agent as additional named
insured for its rights and interests, warranted no operational interest and with full waiver of rights of subrogation against the Security
Agent, but without the Security Agent being liable to pay (but having the right to pay) premiums, calls or other assessments in respect
of such insurance;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">name the Security Agent as loss payee with such directions for payment as the Facility Agent may specify;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">provide that all payments by or on behalf of the insurers under the obligatory insurances to the Security
Agent shall be made without set off, counterclaim or deductions or condition whatsoever;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">provide that the obligatory insurances shall be primary without right of contribution from other insurances
which may be carried by the Security Agent or any other Finance Party; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(f)</TD><TD STYLE="text-align: justify">provide that the Security Agent may make proof of loss if that Borrower fails to do so.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>27.5</B></TD><TD STYLE="text-align: justify"><B>Renewal of obligatory insurances</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 0pt 0.5in; text-align: justify">Each Borrower shall:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">at least 14 days before the expiry of any obligatory insurance effected by it:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">notify the Facility Agent of the Approved Brokers (or other insurers) and any protection and indemnity
or war risks association through or with which it proposes to renew that obligatory insurance and of the proposed terms of renewal; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">obtain the Facility Agents' approval to the matters referred to in sub-paragraph (i)&nbsp;above;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">at least 14 days before the expiry of any obligatory insurance, renew that obligatory insurance in accordance
with the Facility Agent's approval pursuant to paragraph (a)&nbsp;above; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">procure that the Approved Brokers and/or the approved war risks and protection and indemnity associations
with which such a renewal is effected shall promptly after the renewal notify the Facility Agent in writing of the terms and conditions
of the renewal.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>27.6</B></TD><TD STYLE="text-align: justify"><B>Copies of policies; letters of undertaking</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 0pt 0.5in; text-align: justify">Each Borrower shall ensure that the
Approved Brokers provide the Security Agent upon its request with:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify"><I>pro forma</I> copies of all policies relating to the obligatory insurances which they are to effect
or renew; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">a letter or letters or undertaking in a form required by the Facility Agent and including undertakings
by the Approved Brokers that:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of
assignment complying with the provisions of Clause 27.4 (<I>Further protections for the Finance Parties</I>);</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">they will hold such policies, and the benefit of such insurances, to the order of the Security Agent in
accordance with such loss payable clause;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">they will advise the Security Agent immediately of any material change to the terms of the obligatory
insurances and notify the Security Agent 14 days prior to policy cancellation for non-payment;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iv)</TD><TD STYLE="text-align: justify">they will, if they have not received notice of renewal instructions from the relevant Borrower or its
agents, notify the Security Agent not less than 14 days before the expiry of the obligatory insurances;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(v)</TD><TD STYLE="text-align: justify">if they receive instructions to renew the obligatory insurances, they will promptly notify the Facility
Agent of the terms of the instructions;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(vi)</TD><TD STYLE="text-align: justify">they will not set off against any sum recoverable in respect of a claim relating to the Ship owned by
that Borrower under such obligatory insurances any premiums or other amounts due to them or any other person whether in respect of that
Ship or otherwise, they waive any lien on the policies, or any sums received under them, which they might have in respect of such premiums
or other amounts and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(vii)</TD><TD STYLE="text-align: justify">they will arrange for a separate policy to be issued in respect of the Ship owned by that Borrower forthwith
upon being so requested by the Facility Agent.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>27.7</B></TD><TD STYLE="text-align: justify"><B>Copies of certificates of entry</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 0pt 0.5in; text-align: justify">Each Borrower shall ensure that any
protection and indemnity and/or war risks associations in which the Ship owned by it is entered provide the Security Agent with:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">a certified copy of the certificate of entry for that Ship;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">a letter or letters of undertaking in such form as may be required by the Facility Agent acting on the
instructions of Majority Lenders; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">a certified copy of each certificate of financial responsibility for pollution by oil or other Environmentally
Sensitive Material issued by the relevant certifying authority in relation to that Ship.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>27.8</B></TD><TD STYLE="text-align: justify"><B>Deposit of original policies</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 0pt 0.5in; text-align: justify">Each Borrower shall ensure that all
policies relating to obligatory insurances effected by it are deposited with the Approved Brokers through which the insurances are effected
or renewed.</P>

<P STYLE="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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>27.9</B></TD><TD STYLE="text-align: justify"><B>Payment of premiums</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 0pt 0.5in; text-align: justify">Each Borrower shall punctually pay all
premiums or other sums payable in respect of the obligatory insurances effected by it and produce all relevant receipts when so required
by the Facility Agent or the Security Agent.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>27.10</B></TD><TD STYLE="text-align: justify"><B>Guarantees</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 0pt 0.5in; text-align: justify">Each Borrower shall ensure that any
guarantees required by a protection and indemnity or war risks association are promptly issued and remain in full force and effect.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>27.11</B></TD><TD STYLE="text-align: justify"><B>Compliance with terms of insurances</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">No Borrower shall do or omit to do (nor permit to be done or not to be done) any act or thing which would
or might render any obligatory insurance invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance
repayable in whole or in part.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Without limiting paragraph (a)&nbsp;above, each Borrower shall:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">take all necessary action and comply with all requirements which may from time to time be applicable to
the obligatory insurances, and (without limiting the obligation contained in sub-paragraph (iii)&nbsp;of paragraph (b)&nbsp;of Clause
27.6 (<I>Copies of policies; letters of undertaking</I>)) ensure that the obligatory insurances are not made subject to any exclusions
or qualifications to which the Facility Agent has not given its prior approval;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">not make any changes relating to the classification or classification society or manager or operator of
the Ship owned by it approved by the underwriters of the obligatory insurances;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">make (and promptly supply copies to the Facility Agent of) all quarterly or other voyage declarations
which may be required by the protection and indemnity risks association in which the Ship owned by it is entered to maintain cover for
trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other
applicable legislation); 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iv)</TD><TD STYLE="text-align: justify">not employ the Ship owned by it, nor allow it to be employed, otherwise than in conformity with the terms
and conditions of the obligatory insurances, without first obtaining the consent of the insurers and complying with any requirements (as
to extra premium or otherwise) which the insurers specify.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>27.12</B></TD><TD STYLE="text-align: justify"><B>Alteration to terms of insurances</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 0pt 0.5in; text-align: justify">No Borrower shall make or agree to any
alteration to the terms of any obligatory insurance or waive any right relating to any obligatory insurance.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>27.13</B></TD><TD STYLE="text-align: justify"><B>Settlement of claims</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 0pt 0.5in; text-align: justify">Each Borrower shall:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">not settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for a Major
Casualty; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">do all things necessary and provide all documents, evidence and information to enable the Security Agent
to collect or recover any moneys which at any time become payable in respect of the obligatory insurances.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>27.14</B></TD><TD STYLE="text-align: justify"><B>Provision of copies of communications</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 0pt 0.5in; text-align: justify">Each Borrower shall provide the Security
Agent, at the time of each such communication, with copies of all written communications between that Borrower and:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">the Approved Brokers;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">the approved protection and indemnity and/or war risks associations; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">the approved insurance companies and/or underwriters,</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">which relate directly or indirectly
to:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">that Borrower's obligations relating to the obligatory insurances including, without limitation, all requisite
declarations and payments of additional premiums or calls; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">any credit arrangements made between that Borrower and any of the persons referred to in paragraphs (a)&nbsp;or
(b)&nbsp;above relating wholly or partly to the effecting or maintenance of the obligatory insurances.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>27.15</B></TD><TD STYLE="text-align: justify"><B>Provision of information</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 0pt 0.5in; text-align: justify">Each Borrower shall promptly provide
the Facility Agent (or any persons which it may designate) with any information which the Facility Agent (or any such designated person)
requests for the purpose 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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">obtaining or preparing any report from an independent marine insurance broker as to the adequacy of the
obligatory insurances effected or proposed to be effected; and/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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">effecting, maintaining or renewing any such insurances as are referred to in Clause 27.16 (<I>Mortgagee's
interest and additional perils insurances</I>) or dealing with or considering any matters relating to any such insurances,</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">and the Borrowers shall, forthwith upon
demand, indemnify the Security Agent in respect of all fees and other expenses incurred by or for the account of the Security Agent in
connection with any such report as is referred to in paragraph (a)&nbsp;above.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>27.16</B></TD><TD STYLE="text-align: justify"><B>Mortgagee's interest and additional perils insurances</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">The Security Agent shall be entitled from time to time to effect, maintain and renew a mortgagee's interest
marine insurance and a mortgagee's interest additional perils insurance in such amounts, on such terms, through such insurers and generally
in such manner as the Security Agent may from time to time consider appropriate.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The Borrowers shall upon demand fully indemnify the Security Agent in respect of all premiums and other
expenses which are incurred in connection with or with a view to effecting, maintaining or renewing any insurance referred to in paragraph
(a)&nbsp;above or dealing with, or considering, any matter arising out of any such insurance.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>28</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Events of Default</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>28.1</B></TD><TD STYLE="text-align: justify"><B>General</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 0pt 0.5in; text-align: justify">Each of the events or circumstances
set out in this Clause 28 (<I>Events of Default</I>) is an Event of Default except for Clause 28.19 (<I>Acceleration</I>) and Clause 28.20
(<I>Enforcement of security</I>).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>28.2</B></TD><TD STYLE="text-align: justify"><B>Non-payment</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 0pt 0.5in; text-align: justify">A Transaction Obligor does not pay on
the due date any amount payable pursuant to a Finance Document at the place at and in the currency in which it is expressed to be payable
unless:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">its failure to pay is caused by:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">administrative or technical error; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">a Disruption Event; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">payment is made within five Business Days of its due 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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>28.3</B></TD><TD STYLE="text-align: justify"><B>Specific obligations</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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
breach occurs of Clause 4.4 (<I>Waiver of conditions precedent</I>), Clause 22 (<I>Financial Covenants</I>), Clause 23.10 (<I>Title</I>),
Clause 23.11 (<I>Negative pledge</I>), Clause 23.20 (<I>Unlawfulness, invalidity and ranking; Security imperilled</I>), </FONT>Clause
23.23 (<I>Sanctions</I>), Clause 24.12 (<I>Sanctions and Ship trading</I>), Clause 27.2 (<I>Maintenance of obligatory insurances</I>),
Clause 27.3 (<I>Terms of obligatory insurances</I>), Clause 27.5 (<I>Renewal of obligatory insurances</I>) or, save to the extent such
breach is a failure to pay and therefore subject to Clause 28.2 (<I>Non-payment</I>), Clause 25 (<I>Loan to value ratio</I>), Clause 24.3
(<I>Repair and Classification</I>).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>28.4</B></TD><TD STYLE="text-align: justify"><B>Other obligations</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">A Transaction Obligor does not comply with any provision of the Finance Documents (other than those referred
to in Clause 28.2 (<I>Non-payment</I>) and Clause 28.3 (<I>Specific obligations</I>)).</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">No Event of Default under paragraph (a)&nbsp;above will occur if the failure to comply is capable of remedy
and is remedied within five Business Days of the Facility Agent giving notice to the Borrowers or (if earlier) any Transaction Obligor
becoming aware of the failure to comply.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>28.5</B></TD><TD STYLE="text-align: justify"><B>Misrepresentation</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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
representation or statement made or deemed to be made by a Transaction Obligor in the Finance Documents or any other document delivered
by or on behalf of any Transaction Obligor under or in connection with any Finance Document is or proves to have been incorrect or misleading
when made or deemed to be made unless the relevant representation or statement can be repeated within </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">five</FONT>
Business Days of the date on which the Facility Agent notifies the Borrower of it not being true and accurate and on the date of such
repetition it is not incorrect or misleading in any respect.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>28.6</B></TD><TD STYLE="text-align: justify"><B>Cross default</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Any Financial Indebtedness of any Transaction Obligor is not paid when due nor within any originally applicable
grace period.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Any Financial Indebtedness of any Transaction Obligor is declared to be or otherwise becomes due and payable
prior to its specified maturity as a result of an event of default (however described).</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Any commitment for any Financial Indebtedness of any Transaction Obligor is cancelled or suspended by
a creditor of any Transaction Obligor as a result of an event of default (however described).</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">Any creditor of any Transaction Obligor becomes entitled to declare any Financial Indebtedness of any
Transaction Obligor due and payable prior to its specified maturity as a result of an event of default (however described).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Event of Default will occur
under this Clause 28.6 (<I>Cross default</I>) in respect of a person other than a Borrower if the aggregate amount of Financial Indebtedness
or commitment for Financial Indebtedness falling within paragraphs (a)&nbsp;to (d)&nbsp;above is less than $</FONT>1,000,000 (or its equivalent
in any other currency).</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: 0pt"></TD><TD STYLE="width: 35.45pt">(f)</TD><TD STYLE="text-align: justify">No Event of Default will occur under paragraph (a)&nbsp;of this Clause 28.6 (<I>Cross default</I>) in
respect of a Borrower if the Financial Indebtedness is Permitted Trade Debt.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>28.7</B></TD><TD STYLE="text-align: justify"><B>Insolvency</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">An Obligor:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">is unable or admits inability to pay its debts as they fall due;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">is deemed to, or is declared to, be unable to pay its debts under applicable law;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">suspends or threatens to suspend making payments on any of its debts; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iv)</TD><TD STYLE="text-align: justify">by reason of actual or anticipated financial difficulties, commences negotiations with one or more of
its creditors (excluding any Finance Party in its capacity as such) with a view to rescheduling any of its indebtedness.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The value of the assets of any Obligor is less than its liabilities (taking into account contingent and
prospective liabilities).</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">A moratorium is declared in respect of any indebtedness of any Obligor. If a moratorium occurs, the ending
of the moratorium will not remedy any Event of Default caused by that moratorium.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>28.8</B></TD><TD STYLE="text-align: justify"><B>Insolvency proceedings</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Any corporate action, legal proceedings or other procedure or step is taken in relation to:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration
or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any Obligor;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">a composition, compromise, assignment or arrangement with any creditor of any Obligor;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">the appointment of a liquidator, receiver, administrator, administrative receiver, compulsory manager
or other similar officer in respect of any Obligor or any of its assets; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iv)</TD><TD STYLE="text-align: justify">enforcement of any Security over any assets of any Obligor,</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">or any analogous procedure or step is
taken in any jurisdiction.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Paragraph (a)&nbsp;above shall not apply to any winding-up petition which is frivolous or vexatious and
is discharged, stayed or dismissed within 14 days of commencement.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>28.9</B></TD><TD STYLE="text-align: justify"><B>Creditors' process</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 0pt 0.5in; text-align: justify">Any expropriation, attachment, sequestration,
distress or execution (or any analogous process in any jurisdiction) affects any asset or assets of an Obligor (other than an arrest or
detention of a Ship referred to in Clause 28.14 (<I>Arrest</I>)).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>28.10</B></TD><TD STYLE="text-align: justify"><B>Change of Control</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">The shares (or any part thereof) of the Parent Guarantor cease to be quoted on the Nasdaq Capital Market
or any other Nasdaq Market Tier or any other internationally recognised stock exchange acceptable to the Facility Agent (acting on the
instructions of the Majority Lenders).</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Each Borrower is not or ceases to be a 100 per cent. directly owned Subsidiary of the Parent Guarantor.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">After the date of this Agreement any person or group of persons acting in concert gains control of the
Parent Guarantor other than the Disclosed Persons.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">For the purpose of paragraph (c)&nbsp;above &quot;control&quot; means the power (whether by way of ownership
of shares, proxy, contract, agency or otherwise) to:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">cast, or control the casting of, more than 50 per cent. of the maximum number of votes that might be cast
at a general meeting of the Parent Guarantor; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">appoint or remove all, or the majority, of the directors or other equivalent officers of the Parent Guarantor;
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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">give directions with respect to the operating and financial policies of the Parent Guarantor with which
the directors or other equivalent officers of the Parent Guarantor are obliged to comply.</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">For the purpose of paragraph (c)&nbsp;above
&quot;<B>acting in concert</B>&quot; means a group of persons who, pursuant to an agreement or understanding (whether formal or informal),
actively co-operate, through the acquisition directly or indirectly of shares in the Parent Guarantor by any of them, either directly
or indirectly, to obtain or consolidate control of the Parent Guarantor.</P>

<P STYLE="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">&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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>28.11</B></TD><TD STYLE="text-align: justify"><B>Unlawfulness, invalidity and ranking</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">It is or becomes unlawful for a Transaction Obligor to perform any of its obligations under the Finance
Documents.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Any obligation of a Transaction Obligor under the Finance Documents is not or ceases to be legal, valid,
binding or enforceable.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Any Finance Document ceases to be in full force and effect or to be continuing or is or purports to be
determined or any Transaction Security is alleged by a party to it (other than a Finance Party) to be ineffective.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">Any Transaction Security proves to have ranked after, or loses its priority to, any other Security.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>28.12</B></TD><TD STYLE="text-align: justify"><B>Security imperilled</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 0pt 0.5in; text-align: justify">Any Security created or intended to
be created by a Finance Document is in any way imperilled or in jeopardy.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>28.13</B></TD><TD STYLE="text-align: justify"><B>Cessation of business</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 0pt 0.5in; text-align: justify">Any Transaction suspends or ceases to
carry on (or threatens to suspend or cease to carry on) all or a material part of its business.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>28.14</B></TD><TD STYLE="text-align: justify"><B>Arrest</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 0pt 0.5in; text-align: justify">Any arrest of a Ship or its detention
in the exercise or the purported exercise of any lien or claim unless it is redelivered to the full control of the relevant Borrower within:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">30 days if that Ship is off-hire; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">45 days of that Ship is on-hire,</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">of such arrest or detention.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>28.15</B></TD><TD STYLE="text-align: justify"><B>Expropriation</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 0pt 0.5in; text-align: justify">The authority or ability of any member
of the Group to conduct its business is limited or wholly or substantially curtailed by any seizure, expropriation, nationalisation, intervention,
restriction or other action by or on behalf of any governmental, regulatory or other authority or other person in relation to any member
of the Group or any of its assets other than:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">an arrest or detention of a Ship referred to in Clause 28.14 (<I>Arrest</I>); 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">any Requisition.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>28.16</B></TD><TD STYLE="text-align: justify"><B>Repudiation and rescission of agreements</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 0pt 0.5in; text-align: justify">A Transaction Obligor (or any other
relevant party) rescinds or purports to rescind or repudiates or purports to repudiate a Transaction Document or any of the Transaction
Security or evidences an intention to rescind or repudiate a Transaction Document or any Transaction 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"></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>28.17</B></TD><TD STYLE="text-align: justify"><B>Litigation</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 0pt 0.5in; text-align: justify">Any litigation, arbitration or administrative
proceedings or investigations of, or before, any court, arbitral body or agency are started or any judgment or order of a court, arbitral
body or agency is made, in relation to any of the Transaction Documents or the transactions contemplated in any of the Transaction Documents
or against any Transaction Obligor or its assets which has or is reasonably likely to have a Material Adverse Effect.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>28.18</B></TD><TD STYLE="text-align: justify"><B>Material adverse change</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 0pt 0.5in; text-align: justify">Any event or circumstance occurs which
has or is reasonably likely to have a Material Adverse Effect.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>28.19</B></TD><TD STYLE="text-align: justify"><B>Acceleration</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 0pt 0.5in; text-align: justify">On and at any time after the occurrence
of an Event of Default which is continuing the Facility Agent may, and shall if so directed by the Majority Lenders:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">by notice to the Borrowers:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">cancel the Available Commitment of each Lender, whereupon they shall immediately be cancelled;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">declare that all or part of the Loan, together with accrued interest, and all other amounts accrued or
outstanding under the Finance Documents be immediately due and payable, whereupon it shall become immediately due and payable; and/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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">declare that all or part of the Loan be payable on demand, whereupon it shall immediately become payable
on demand by the Facility Agent acting on the instructions of the Majority Lenders; and/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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">exercise or direct the Security Agent to exercise any or all of its rights, remedies, powers or discretions
under the Finance Documents,</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">and the Facility Agent may serve notices
under sub-paragraphs (i), (ii)&nbsp;or (iii)&nbsp;of paragraph (a)&nbsp;above simultaneously or on different dates and any Servicing Party
may take any action referred to in paragraph (b)&nbsp;above or Clause 28.20 (<I>Enforcement of security</I>) if no such notice is served
or simultaneously with or at any time after the service of any of such notice.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>28.20</B></TD><TD STYLE="text-align: justify"><B>Enforcement of security</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 0pt 0.5in; text-align: justify">On and at any time after the occurrence
of an Event of Default which is continuing the Security Agent may, and shall if so directed by the Majority Lenders, take any action which,
as a result of the Event of Default or any notice served under Clause 28.19 (<I>Acceleration</I>), the Security Agent is entitled to take
under any Finance Document or any applicable law or regulation.</P>

<P STYLE="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="break-before: page; 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"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;9</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Changes
to Parties</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>29</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Changes to the Lenders</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>29.1</B></TD><TD STYLE="text-align: justify"><B>Assignments and transfers by the Lenders</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 0pt 0.5in; text-align: justify">Subject to this Clause 29 (<I>Changes
to the Lenders</I>), a Lender (the &quot;<B>Existing Lender</B>&quot;) may:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">assign any of its rights; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">transfer by novation any of its rights and 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 0pt 0.5in; text-align: justify">under the Finance Documents to another
bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making,
purchasing or investing in loans, securities or other financial assets (the &quot;<B>New Lender</B>&quot;) without the Borrowers consent
and at no cost of the Borrowers unless an Event of Default has occurred and is continuing.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>29.2</B></TD><TD STYLE="text-align: justify"><B>Conditions of assignment or transfer</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Prior notice of assignment or transfer pursuant to Clause 29.1 (<I>Assignments and transfers by the Lenders</I>)
stating the assignment or transfer consideration agreed between the Existing Lender and the New Lender (the &quot;<B>Loan Transfer Price</B>&quot;),
shall be given by the relevant Existing Lender to the Borrowers and the Obligors shall have the right to prepay within 30 days of such
notification to the Facility Agent an amount equal to the Loan Transfer Price and following such prepayment shall extinguish the Obligors'
obligations with respect to such part of the Loan.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Unless otherwise provided in this Clause 29.2 (<I>Conditions of assignment or transfer</I>), any prepayment
made pursuant to paragraph (a)&nbsp;above shall be made in accordance with the relevant provisions of Clause 7 (<I>Prepayment and Cancellation</I>)
and shall be treated as a voluntary prepayment pursuant to Clause 7.3 (<I>Voluntary prepayment of Loan</I>). For the avoidance of doubt,
paragraph (b)&nbsp;of Clause 7.3 (<I>Voluntary prepayment of Loan</I>) shall not apply and there will be no prepayment fee for such prepayment.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Should the Obligors not make the prepayment in accordance with paragraph (a)&nbsp;above then the remaining
provisions of this Clause 29 (<I>Changes to the Lenders</I>) shall apply.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">An assignment will only be effective on:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">receipt by the Facility Agent (whether in the Assignment Agreement or otherwise) of written confirmation
from the New Lender (in form and substance satisfactory to the Facility Agent) that the New Lender will assume the same obligations to
the other Secured Parties as it would have been under if it had been an Original Lender; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">performance by the Facility Agent of all necessary &quot;know your customer&quot; or other similar checks
under all applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the Facility Agent shall
promptly notify to the Existing Lender and the New Lender.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">Each Obligor on behalf of itself and each Transaction Obligor agrees that all rights and interests (present,
future or contingent) which the Existing Lender has under or by virtue of the Finance Documents are assigned to the New Lender absolutely,
free of any defects in the Existing Lender's title and of any rights or equities which the Borrower or any other Transaction Obligor had
against the Existing Lender.</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-indent: 219.75pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 219.75pt">&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: 0pt"></TD><TD STYLE="width: 35.45pt">(f)</TD><TD STYLE="text-align: justify">A transfer will only be effective if the procedure set out in Clause 29.5 (<I>Procedure for transfer</I>)
is complied with.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(g)</TD><TD STYLE="text-align: justify">If:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes
its Facility Office; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">as a result of circumstances existing at the date the assignment, transfer or change occurs, a Transaction
Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 12 (<I>Tax
Gross Up and Indemnities</I>) or under that clause as incorporated by reference or in full in any other Finance Document or Clause 13
(<I>Increased Costs</I>),</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">then the New Lender or Lender acting
through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender
acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred. This paragraph (g)&nbsp;shall
not apply in respect of an assignment or transfer made in the ordinary course of the primary syndication of the Facility.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(h)</TD><TD STYLE="text-align: justify">Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms, for
the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any amendment or waiver that has been approved
by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer or
assignment becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing
Lender would have been had it remained a Lender.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>29.3</B></TD><TD STYLE="text-align: justify"><B>Assignment or transfer fee</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 0pt 0.5in; text-align: justify">The New Lender shall, on the date upon
which an assignment or transfer takes effect, pay to the Facility Agent (for its own account) a fee of $5,000.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>29.4</B></TD><TD STYLE="text-align: justify"><B>Limitation of responsibility of Existing Lenders</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes
no responsibility to a New Lender for:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">the legality, validity, effectiveness, adequacy or enforceability of the Transaction Documents, the Transaction
Security or any other documents;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">the financial condition of any Transaction Obligor;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">the performance and observance by any Transaction Obligor of its obligations under the Transaction Documents
or any other documents; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iv)</TD><TD STYLE="text-align: justify">the accuracy of any statements (whether written or oral) made in or in connection with any Transaction
Document or any other document,</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">and any representations or warranties
implied by law are excluded.</P>

<P STYLE="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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Each New Lender confirms to the Existing Lender and the other Finance Parties and the Secured Parties
that it:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">has made (and shall continue to make) its own independent investigation and assessment of the financial
condition and affairs of each Transaction Obligor and its related entities in connection with its participation in this Agreement and
has not relied exclusively on any information provided to it by the Existing Lender or any other Finance Party in connection with any
Transaction Document or the Transaction Security; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">will continue to make its own independent appraisal of the creditworthiness of each Transaction Obligor
and its related entities throughout the Security Period.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Nothing in any Finance Document obliges an Existing Lender to:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned
or transferred under this Clause 29 (<I>Changes to the Lenders</I>); 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">support any losses directly or indirectly incurred by the New Lender by reason of the non-performance
by any Transaction Obligor of its obligations under the Transaction Documents 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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>29.5</B></TD><TD STYLE="text-align: justify"><B>Procedure for transfer</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Subject to the conditions set out in Clause 29.2 (<I>Conditions of assignment or transfer</I>), a transfer
is effected in accordance with paragraph (c)&nbsp;below when the Facility Agent executes an otherwise duly completed Transfer Certificate
delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to paragraph (b)&nbsp;below as soon as reasonably
practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with this Agreement and delivered
in accordance with this Agreement, execute that Transfer Certificate.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The Facility Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing
Lender and the New Lender once it is satisfied it has complied with all necessary &quot;know your customer&quot; or other similar checks
under all applicable laws and regulations in relation to the transfer to such New Lender.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Subject to Clause 29.9 (<I>Pro rata interest settlement</I>), on the Transfer 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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights
and obligations under the Finance Documents and in respect of the Transaction Security, each of the Transaction Obligors and the Existing
Lender shall be released from further obligations towards one another under the Finance Documents and in respect of the Transaction Security
and their respective rights against one another under the Finance Documents and in respect of the Transaction Security shall be cancelled
(being the &quot;<B>Discharged Rights and Obligations</B>&quot;);</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">each of the Transaction Obligors and the New Lender shall assume obligations towards one another and/or
acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Transaction Obligor and
the New Lender have assumed and/or acquired the same in place of that Transaction Obligor and the Existing Lender;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">the Facility Agent, the Security Agent, the New Lender and other Lenders shall acquire the same rights
and assume the same obligations between themselves and in respect of the Transaction Security as they would have acquired and assumed
had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and
to that extent the Facility Agent, the Security Agent, and the Existing Lenders shall each be released from further obligations to each
other under the Finance Documents; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iv)</TD><TD STYLE="text-align: justify">the New Lender shall become a Party as a &quot;Lender&quot;.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>29.6</B></TD><TD STYLE="text-align: justify"><B>Procedure for assignment</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Subject to the conditions set out in Clause 29.2 (<I>Conditions of assignment or transfer</I>) an assignment
may be effected in accordance with paragraph (c)&nbsp;below when the Facility Agent executes an otherwise duly completed Assignment Agreement
delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to paragraph (b)&nbsp;below, as soon as reasonably
practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement
and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The Facility Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing
Lender and the New Lender once it is satisfied it has complied with all necessary &quot;know your customer&quot; or other similar checks
under all applicable laws and regulations in relation to the assignment to such New Lender.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Subject to Clause 29.9 (<I>Pro rata interest settlement</I>), on the Transfer 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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents and
in respect of the Transaction Security expressed to be the subject of the assignment in the Assignment Agreement;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">the Existing Lender will be released from the obligations (the &quot;<B>Relevant Obligations</B>&quot;)
expressed to be the subject of the release in the Assignment Agreement (and any corresponding obligations by which it is bound in respect
of the Transaction Security); 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">the New Lender shall become a Party as a &quot;Lender&quot; and will be bound by obligations equivalent
to the Relevant Obligations.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">Lenders may utilise procedures other than those set out in this Clause 29.6 (<I>Procedure for assignment</I>)
to assign their rights under the Finance Documents (but not, without the consent of the relevant Transaction Obligor or unless in accordance
with Clause 29.5 (<I>Procedure for transfer</I>), to obtain a release by that Transaction Obligor from the obligations owed to that Transaction
Obligor by the Lenders nor the assumption of equivalent obligations by a New Lender) <B>provided that</B> they comply with the conditions
set out in Clause 29.2 (<I>Conditions of assignment or transfer</I>).</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="break-before: page; 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>

<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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>29.7</B></TD><TD STYLE="text-align: justify"><B>Copy of Transfer Certificate or Assignment Agreement to Borrowers</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 0pt 0.5in; text-align: justify">The Facility Agent shall, as soon as
reasonably practicable after it has executed a Transfer Certificate or an Assignment Agreement, send to the Borrowers a copy of that Transfer
Certificate or Assignment Agreement.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>29.8</B></TD><TD STYLE="text-align: justify"><B>Security over Lenders' rights</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 0pt 0.5in; text-align: justify">In addition to the other rights provided
to Lenders under this Clause 29 (<I>Changes to the Lenders</I>), each Lender may without consulting with or obtaining consent from any
Transaction Obligor, at any time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all
or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">any charge, assignment or other Security to secure obligations to a federal reserve or central bank; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">any charge, assignment or other Security granted to any holders (or trustee or representatives of holders)
of obligations owed, or securities issued, by that Lender as security for those obligations or securities,</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">except that no such charge, assignment
or Security shall:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary
of the relevant charge, assignment or Security for the Lender as a party to any of the Finance Documents; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">require any payments to be made by a Transaction Obligor other than or in excess of, or grant to any person
any more extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>29.9</B></TD><TD STYLE="text-align: justify"><B>Pro rata interest settlement</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">If the Facility Agent has notified the Lenders that it is able to distribute interest payments on a &quot;<I>pro
rata</I> basis&quot; to Existing Lenders and New Lenders then (in respect of any transfer pursuant to Clause 29.5 (<I>Procedure for transfer</I>)
or any assignment pursuant to Clause 29.6 (<I>Procedure for assignment</I>) the Transfer Date of which, in each case, is after the date
of such notification and is not on the last day of an Interest Period):</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">any interest or fees in respect of the relevant participation which are expressed to accrue by reference
to the lapse of time shall continue to accrue in favour of the Existing Lender up to but excluding the Transfer Date (&quot;<B>Accrued
Amounts</B>&quot;) and shall become due and payable to the Existing Lender (without further interest accruing on them) on the last day
of the current Interest Period (or, if the Interest Period is longer than six Months, on the next of the dates which falls at six Monthly
intervals after the first day of that Interest Period); 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">the rights assigned or transferred by the Existing Lender will not include the right to the Accrued Amounts,
so that, for the avoidance of doubt:</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">(A)</TD><TD STYLE="text-align: justify">when the Accrued Amounts become payable, those Accrued Amounts will be payable to the Existing Lender;
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">(B)</TD><TD STYLE="text-align: justify">the amount payable to the New Lender on that date will be the amount which would, but for the application
of this Clause 29.9 (<I>Pro rata interest settlement</I>), have been payable to it on that date, but after deduction of the Accrued Amounts.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">In this Clause 29.9 (<I>Pro rata interest settlement</I>) references to &quot;Interest Period&quot; shall
be construed to include a reference to any other period for accrual of fees.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">An Existing Lender which retains the right to the Accrued Amounts pursuant to this Clause 29.9 (<I>Pro
rata interest settlement</I>) but which does not have a Commitment shall be deemed not to be a Lender for the purposes of ascertaining
whether the agreement of any specified group of Lenders has been obtained to approve any request for a consent, waiver, amendment or other
vote of Lenders under the Finance Documents.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>30</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Changes to the Transaction Obligors</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>30.1</B></TD><TD STYLE="text-align: justify"><B>Assignment or transfer by Transaction Obligors</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 0pt 0.5in; text-align: justify">No Transaction Obligor may assign any
of its rights or transfer any of its rights or obligations under the Finance Documents.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>30.2</B></TD><TD STYLE="text-align: justify"><B>Release of security</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">If a disposal of any asset subject to security created by a Security Document is made in the following
circumstances:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">the disposal is permitted by the terms of any Finance Document;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">the Majority Lenders agree to the disposal;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">the disposal is being made at the request of the Security Agent in circumstances where any security created
by the Security Documents has become enforceable; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iv)</TD><TD STYLE="text-align: justify">the disposal is being effected by enforcement of a Security Document,</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">the Security Agent may release the asset(s)&nbsp;being
disposed of from any security over those assets created by a Security Document. However, the proceeds of any disposal (or an amount corresponding
to them) must be applied in accordance with the requirements of the Finance Documents (if any).</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">If the Security Agent is satisfied that a release is allowed under this Clause 30.2 (<I>Release of security</I>)
(at the request and expense of the Borrowers) each Finance Party must enter into any document and do all such other things which are reasonably
required to achieve that release. Each other Finance Party irrevocably authorises the Security Agent to enter into any such document.
Any release will not affect the obligations of any other Transaction Obligor under the Finance Documents.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>30.3</B></TD><TD STYLE="text-align: justify"><B>Additional Subordinated Creditors</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">The Borrowers may request that any person becomes a Subordinated Creditor, with the prior approval of
the Facility Agent, by delivering to the Facility Agent:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">a duly executed Subordination Agreement;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">a duly executed Subordinated Debt Security; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">such constitutional documents, corporate authorisations and other documents and matters as the Facility
Agent may reasonably require, in form and substance satisfactory to the Facility Agent, to verify that the person's obligations are legally
binding, valid and enforceable and to satisfy any applicable legal and regulatory requirements.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">A person referred to in paragraph (a)&nbsp;above will become a Subordinated Creditor on the date the Security
Agent enters into the Subordination Agreement and the Subordinated Debt Security delivered under paragraph (a)&nbsp;above.</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"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;10</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>The
Finance Parties</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>31</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>The Facility Agent</B></FONT><B><FONT STYLE="text-transform: uppercase; color: #b5082e"><STRIKE>and
the Reference Banks</STRIKE></FONT></B></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>31.1</B></TD><TD STYLE="text-align: justify"><B>Appointment of the Facility Agent</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Each of the Lenders and the Hedge Counterparties appoints the Facility Agent to act as its agent under
and in connection with the Finance Documents.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Each of the Lenders and the Hedge Counterparties authorises the Facility Agent to perform the duties,
obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Facility Agent
under, or in connection with, the Finance Documents together with any other incidental rights, powers, authorities and discretions.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>31.2</B></TD><TD STYLE="text-align: justify"><B>Instructions</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">The Facility Agent shall:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right,
power, authority or discretion vested in it as Facility Agent in accordance with any instructions given to it by:</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">(A)</TD><TD STYLE="text-align: justify">all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; 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">(B)</TD><TD STYLE="text-align: justify">in all other cases, the Majority Lenders; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with sub-paragraph
(i)&nbsp;above (or, if this Agreement stipulates the matter is a decision for any other Finance Party or group of Finance Parties, in
accordance with instructions given to it by that Finance Party or group of Finance Parties).</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The Facility Agent shall be entitled to request instructions, or clarification of any instruction, from
the Majority Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Finance Party or group of
Finance Parties, from that Finance Party or group of Finance Parties) as to whether, and in what manner, it should exercise or refrain
from exercising any right, power, authority or discretion and the Facility Agent may refrain from acting unless and until it receives
any such instructions or clarification that it has requested.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Save in the case of decisions stipulated to be a matter for any other Finance Party or group of Finance
Parties under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to
the Facility Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding
on all Finance Parties.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">Paragraph (a)&nbsp;above shall not apply:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">where a contrary indication appears in a Finance Document;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">where a Finance Document requires the Facility Agent to act in a specified manner or to take a specified
action;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">in respect of any provision which protects the Facility Agent's own position in its personal capacity
as opposed to its role of Facility Agent for the relevant Finance Parties.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">If giving effect to instructions given by the Majority Lenders would in the Facility Agent's opinion have
an effect equivalent to an amendment or waiver referred to in Clause 45 (<I>Amendments and Waivers</I>), the Facility Agent shall not
act in accordance with those instructions unless consent to it so acting is obtained from each Party (other than the Facility Agent) whose
consent would have been required in respect of that amendment or waiver.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(f)</TD><TD STYLE="text-align: justify">In exercising any discretion to exercise a right, power or authority under the Finance Documents where
it has not received any instructions as to the exercise of that discretion the Facility Agent shall do so having regard to the interests
of all the Finance Parties.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(g)</TD><TD STYLE="text-align: justify">The Facility Agent may refrain from acting in accordance with any instructions of any Finance Party or
group of Finance Parties until it has received any indemnification and/or security that it may in its discretion require (which may be
greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability
(together with any applicable VAT) which it may incur in complying with those instructions.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(h)</TD><TD STYLE="text-align: justify">Without prejudice to the remainder of this Clause 31.2 (<I>Instructions</I>), in the absence of instructions,
the Facility Agent shall not be obliged to take any action (or refrain from taking action) even if it considers acting or not acting to
be in the best interests of the Finance Parties. The Facility Agent may act (or refrain from acting) as it considers to be in the best
interest of the Finance Parties.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(i)</TD><TD STYLE="text-align: justify">The Facility Agent is not authorised to act on behalf of a Finance Party (without first obtaining that
Finance Party's consent) in any legal or arbitration proceedings relating to any Finance Document. This paragraph (i)&nbsp;shall not apply
to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Security Documents or
enforcement of the Transaction Security or Security Documents.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>31.3</B></TD><TD STYLE="text-align: justify"><B>Duties of the Facility Agent</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">The Facility Agent's duties under the Finance Documents are solely mechanical and administrative in nature.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Subject to paragraph (c)&nbsp;below, the Facility Agent shall promptly forward to a Party the original
or a copy of any document which is delivered to the Facility Agent for that Party by any other Party.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without prejudice to Clause
29.7 (<I>Copy of Transfer Certificate or Assignment Agreement to </I></FONT><I><FONT STYLE="color: #b5082e"><STRIKE>Borrower</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Borrowers</U></FONT></I>),
paragraph (b)&nbsp;above shall not apply to any Transfer Certificate or any Assignment Agreement.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">Except where a Finance Document specifically provides otherwise, the Facility Agent is not obliged to
review or check the adequacy, accuracy or completeness of any document it forwards to another Party.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">If the Facility Agent receives notice from a Party referring to any Finance Document, describing a Default
and stating that the circumstance described is a Default, it shall promptly notify the other Finance Parties.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(f)</TD><TD STYLE="text-align: justify">If the Facility Agent is aware of the non-payment of any principal, interest, commitment fee or other
fee payable to a Finance Party (other than the Facility Agent or the Security Agent) under this Agreement, it shall promptly notify the
other Finance Parties.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(g)</TD><TD STYLE="text-align: justify">The Facility Agent shall have only those duties, obligations and responsibilities expressly specified
in the Finance Documents to which it is expressed to be a party (and no others shall be implied).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>31.4</B></TD><TD STYLE="text-align: justify"><B>No fiduciary duties</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Nothing in any Finance Document constitutes the Facility Agent as a trustee or fiduciary of any other
person.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The Facility Agent shall not be bound to account to other Finance Party for any sum or the profit element
of any sum received by it for its own account.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>31.5</B></TD><TD STYLE="text-align: justify"><B>Application of receipts</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 0pt 0.5in; text-align: justify">Except as expressly stated to the contrary
in any Finance Document, any moneys which the Facility Agent receives or recovers in its capacity as Facility Agent shall be applied by
the Facility Agent in accordance with Clause 35.5 (<I>Application of receipts; partial payments</I>).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>31.6</B></TD><TD STYLE="text-align: justify"><B>Business with the Group</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 0pt 0.5in; text-align: justify">The Facility Agent may accept deposits
from, lend money to, and generally engage in any kind of banking or other business with, any member of the Group.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>31.7</B></TD><TD STYLE="text-align: justify"><B>Rights and discretions</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">The Facility Agent may:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">rely on any representation, communication, notice or document believed by it to be genuine, correct and
appropriately authorised;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">assume that:</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">(A)</TD><TD STYLE="text-align: justify">any instructions received by it from the Majority Lenders, any Finance Parties or any group of Finance
Parties are duly given in accordance with the terms of the Finance Documents; 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">(B)</TD><TD STYLE="text-align: justify">unless it has received notice of revocation, that those instructions have not been revoked; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">rely on a certificate from any person:</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">(A)</TD><TD STYLE="text-align: justify">as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge
of that person; 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: 1in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">to the effect that such person approves of any particular dealing, transaction, step, action or thing,</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 1in; text-align: justify">as sufficient evidence that that is the
case and, in the case of paragraph (A)&nbsp;above, may assume the truth and accuracy of that certificate.</P>

<P STYLE="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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The Facility Agent may assume (unless it has received notice to the contrary in its capacity as agent
for the Finance Parties) that:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">no Default has occurred (unless it has actual knowledge of a Default arising under Clause 28.2 (<I>Non-payment</I>));</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">any right, power, authority or discretion vested in any Party or any group of Finance Parties has not
been exercised; 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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any notice or request made by
any Borrower (other than the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant </U></FONT>Utilisation Request)
is made on behalf of and with the consent and knowledge of all the Transaction Obligors.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">The Facility Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers,
surveyors or other professional advisers or experts.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">Without prejudice to the generality of paragraph (c)&nbsp;above or paragraph (e)&nbsp;below, the Facility
Agent may at any time engage and pay for the services of any lawyers to act as independent counsel to the Facility Agent (and so separate
from any lawyers instructed by the Lenders) if the Facility Agent in its reasonable opinion deems this to be desirable.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">The Facility Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors
or other professional advisers or experts (whether obtained by the Facility Agent or by any other Party) and shall not be liable for any
damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(f)</TD><TD STYLE="text-align: justify">The Facility Agent may act in relation to the Finance Documents and the Security Property through its
officers, employees and agents and shall not:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">be liable for any error of judgment made by any such person; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission
or default on the part of any 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 0pt 0.5in; text-align: justify">unless such error or such loss was directly
caused by the Facility Agent's gross negligence or wilful misconduct.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(g)</TD><TD STYLE="text-align: justify">Unless a Finance Document expressly provides otherwise the Facility Agent may disclose to any other Party
any information it reasonably believes it has received as agent under the Finance Documents.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(h)</TD><TD STYLE="text-align: justify">Notwithstanding any other provision of any Finance Document to the contrary, the Facility Agent is not
obliged to do or omit to do anything if it would or might, in its reasonable opinion, constitute a breach of any law or regulation or
a breach of a fiduciary duty or duty of confidentiality.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(i)</TD><TD STYLE="text-align: justify">Notwithstanding any provision of any Finance Document to the contrary, the Facility Agent is not obliged
to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities
or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity
against, or security for, such risk or liability is not reasonably assured to it.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>31.8</B></TD><TD STYLE="text-align: justify"><B>Responsibility for documentation</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 0pt 0.5in; text-align: justify">The Facility Agent is not responsible
nor liable for:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Facility
Agent, the Security Agent, a Transaction Obligor or any other person in, or in connection with, any Transaction Document or the transactions
contemplated in the Transaction Documents or any other agreement, arrangement or document entered into, made or executed in anticipation
of, under or in connection with any Transaction Document;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document or the Security
Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with,
any Transaction Document or the Security Property; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">any determination as to whether any information provided or to be provided to any Finance Party or Secured
Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing
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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>31.9</B></TD><TD STYLE="text-align: justify"><B>No duty to monitor</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 0pt 0.5in; text-align: justify">The Facility Agent shall not be bound
to enquire:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">whether or not any Default has occurred;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">as to the performance, default or any breach by any Transaction Obligor of its obligations under any Transaction
Document; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">whether any other event specified in any Transaction Document has occurred.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>31.10</B></TD><TD STYLE="text-align: justify"><B>Exclusion of liability</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Without limiting paragraph (b)&nbsp;below (and without prejudice to paragraph (e)&nbsp;of Clause&nbsp;35.11
(<I>Disruption to Payment Systems etc.</I>) or any other provision of any Finance Document excluding or limiting the liability of the
Facility Agent), the Facility Agent will not be liable (including, without limitation, for negligence or any other category of liability
whatsoever) for:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising
as a result of taking or not taking any action under or in connection with any Transaction Document or the Security Property, unless directly
caused by its gross negligence or wilful misconduct;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection
with, any Transaction Document, the Security Property or any other agreement, arrangement or document entered into, made or executed in
anticipation of, under or in connection with, any Transaction Document or the Security Property; 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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any shortfall which arises on
the enforcement or realisation of the Security Property;</FONT><FONT STYLE="color: #b5082e"><STRIKE>or</STRIKE></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(iv)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>any damages, costs or losses to any person, any diminution
in value, or any other liability whatsoever arising as a result of:</U></FONT></TD></TR></TABLE>

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

<P STYLE="text-indent: 71.9pt; color: blue; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(A)</U></FONT> <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;any Benchmark Replacement implemented pursuant to &lrm;Clause 45.4 (<I>Benchmark Replacement setting</I>); or</U></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; text-indent: 71.9pt; color: blue; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(B)</U></FONT> <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the selection and implementation of any Conforming Changes,</U></FONT></P>



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

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

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    <DIV STYLE="break-before: page; 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(v)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>including, without limitation, whether the composition or
characteristics of any Benchmark Replacement will be similar to, or produce the same value or economic equivalence of the relevant Benchmark
or have the same volume or liquidity as did the relevant Benchmark before its discontinuance or unavailability; or</U></FONT></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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(vi)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(iv)</STRIKE></FONT>without prejudice to the generality of paragraphs
(i)&nbsp;to <FONT STYLE="color: #b5082e"><STRIKE>(iii</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(iv</U></FONT>)&nbsp;above,
any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of:</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">(A)</TD><TD STYLE="text-align: justify">any act, event or circumstance not reasonably within its control; 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: 1in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">the general risks of investment in, or the holding of assets in, any jurisdiction,</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 1in; text-align: justify">including (in each case and without limitation)
such damages, costs, losses, diminution in value or liability arising as a result of nationalisation, expropriation or other governmental
actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of
transactions or the value of assets (including any Disruption Event); breakdown, failure or malfunction of any third party transport,
telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes
or industrial action.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">No Party other than the Facility Agent may take any proceedings against any officer, employee or agent
of the Facility Agent in respect of any claim it might have against the Facility Agent or in respect of any act or omission of any kind
by that officer, employee or agent in relation to any Transaction Document or any Security Property and any officer, employee or agent
of the Facility Agent may rely on this paragraph (b)&nbsp;subject to Clause 1.5 (<I>Third party rights</I>) and the provisions of the
Third Parties Act.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">The Facility Agent will not be liable for any delay (or any related consequences) in crediting an account
with an amount required under the Finance Documents to be paid by the Facility Agent if the Facility Agent has taken all necessary steps
as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system
used by the Facility Agent for that purpose.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">Nothing in this Agreement shall oblige the Facility Agent to carry out:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">any &quot;know your customer&quot; or other checks in relation to any person; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">any check on the extent to which any transaction contemplated by this Agreement might be unlawful for
any Finance Party,</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">on behalf of any Finance Party and each
Finance Party confirms to the Facility Agent that it is solely responsible for any such checks it is required to carry out and that it
may not rely on any statement in relation to such checks made by the Facility Agent.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">Without prejudice to any provision of any Finance Document excluding or limiting the Facility Agent's
liability, any liability (including, without limitation, for negligence or any other category of liability whatsoever) of the Facility
Agent arising under or in connection with any Transaction Document or the Security Property shall be limited to the amount of actual loss
which has been finally judicially determined to have been suffered (as determined by reference to the date of default of the Facility
Agent or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or
circumstances known to the Facility Agent at any time which increase the amount of that loss. In no event shall the Facility Agent be
liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or
consequential damages, whether or not the Facility Agent has been advised of the possibility of such loss or damages.</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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(f)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>The Facility Agent may select information sources or services
in its reasonable discretion to ascertain the Base Rate, Adjusted Term SOFR, Term SOFR, or any other Benchmark, in each case pursuant
to the terms of this Agreement, and shall have no liability to the Borrowers, any Lender or any other person or entity for damages of
any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in
tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided
by any such information source or service, unless directly caused by the Facility Agent's gross negligence or wilful misconduct.</U></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>31.11</B></TD><TD STYLE="text-align: justify"><B>Lenders' indemnity to the Facility Agent</B></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each Lender shall (in proportion
to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior
to their reduction to zero) indemnify the Facility Agent, within three Business Days of demand, against any cost, loss or liability (including,
without limitation, for negligence or any other category of liability whatsoever) incurred by the Facility Agent (otherwise than by reason
of the Facility Agent's gross negligence or wilful misconduct) or, in the case of any cost, loss or liability pursuant to Clause 35.11
(<I>Disruption to Payment Systems etc.</I>) notwithstanding the Facility Agent's negligence, gross negligence or any other category of
liability whatsoever but not including any claim based on the fraud of the Facility Agent</FONT><FONT STYLE="color: #b5082e"><STRIKE>)
</STRIKE></FONT> in acting as Facility Agent under the Finance Documents (unless the Facility Agent has been reimbursed by a Transaction
Obligor pursuant to a Finance Document).</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Subject to paragraph (c)&nbsp;below, the Borrowers shall immediately on demand reimburse any Lender for
any payment that Lender makes to the Facility Agent pursuant to paragraph (a)&nbsp;above.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Paragraph (b)&nbsp;above shall not apply to the extent that the indemnity payment in respect of which
the Lender claims reimbursement relates to a liability of the Facility Agent to an Obligor.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>31.12</B></TD><TD STYLE="text-align: justify"><B>Resignation of the Facility Agent</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">The Facility Agent may resign and appoint one of its Affiliates as successor by giving notice to the other
Finance Parties and the Borrowers.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Alternatively, the Facility Agent may resign by giving 30 days' notice to the other Finance Parties and
the Borrowers, in which case the Majority Lenders may appoint a successor Facility Agent.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">If the Majority Lenders have not appointed a successor Facility Agent in accordance with paragraph (b)&nbsp;above
within 20 days after notice of resignation was given, the retiring Facility Agent may appoint a successor Facility Agent.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Facility Agent wishes
to resign because (acting reasonably) it has concluded that it is no longer appropriate for it to remain as agent and the Facility Agent
is entitled to appoint a successor Facility Agent under paragraph (c)&nbsp;above, the Facility Agent may (if it concludes (acting reasonably)
that it is necessary to do so in order to persuade the proposed successor Facility Agent to become a party to this Agreement as Facility
Agent) agree with the proposed successor Facility Agent amendments to this Clause 31 (<I>The Facility Agent</I></FONT><I> <FONT STYLE="color: #b5082e"><STRIKE>and
the Reference Banks</STRIKE></FONT></I>) and any other term of this Agreement dealing with the rights or obligations of the Facility Agent
consistent with then current market practice for the appointment and protection of corporate trustees together with any reasonable amendments
to the agency fee payable under this Agreement which are consistent with the successor Facility Agent's normal fee rates and those amendments
will bind the Parties.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">The retiring Facility Agent shall make available to the successor Facility Agent such documents and records
and provide such assistance as the successor Facility Agent may reasonably request for the purposes of performing its functions as Facility
Agent under the Finance Documents. The Borrowers shall, within three Business Days of demand, reimburse the retiring Facility Agent for
the amount of all costs and expenses (including legal fees) properly incurred by it in making available such documents and records and
providing such assistance.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(f)</TD><TD STYLE="text-align: justify">The Facility Agent's resignation notice shall only take effect upon the appointment of a successor.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the appointment of a successor,
the retiring Facility Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations
under paragraph (e)&nbsp;above) but shall remain entitled to the benefit of Clause 14.3 (<I>Indemnity to the Facility Agent</I>) and this
Clause 31 (<I>The Facility Agent</I></FONT><I> <FONT STYLE="color: #b5082e"><STRIKE>and the Reference Banks</STRIKE></FONT></I>) and any
other provisions of a Finance Document which are expressed to limit or exclude its liability (or to indemnify it) in acting as Facility
Agent. Any fees for the account of the retiring Facility Agent shall cease to accrue from (and shall be payable on) that date<FONT STYLE="color: #b5082e"><STRIKE>)</STRIKE></FONT>.
Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such
successor had been an original Party.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(h)</TD><TD STYLE="text-align: justify">The Majority Lenders may, by notice to the Facility Agent, require it to resign in accordance with paragraph
(b)&nbsp;above. In this event, the Facility Agent shall resign in accordance with paragraph (b)&nbsp;above.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(i)</TD><TD STYLE="text-align: justify">The consent of any Borrower (or any other Transaction Obligor) is not required for an assignment or transfer
of rights and/or obligations by the Facility Agent.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>31.13</B></TD><TD STYLE="text-align: justify"><B>Confidentiality</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">In acting as Facility Agent for the Finance Parties, the Facility Agent shall be regarded as acting through
its agency division which shall be treated as a separate entity from any other of its divisions or departments.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">If information is received by a division or department of the Facility Agent other than the division or
department responsible for complying with the obligations assumed by it under the Finance Documents, that information may be treated as
confidential to that division or department, and the Facility Agent shall not be deemed to have notice of it nor shall it be obliged to
disclose such information to any Party.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Notwithstanding any other provision of any Finance Document to the contrary, the Facility Agent is not
obliged to disclose to any other person (i)&nbsp;any confidential information or (ii)&nbsp;any other information if the disclosure would,
or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty.</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="break-before: page; 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>

<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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>31.14</B></TD><TD STYLE="text-align: justify"><B>Relationship with the other Finance Parties</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Subject to Clause 29.9 (<I>Pro rata interest settlement</I>), the Facility Agent may treat the person
shown in its records as Lender or Hedge Counterparty at the opening of business (in the place of the Facility Agent's principal office
as notified to the Finance Parties from time to time) as the Lender acting through its Facility Office or, as the case may be, the Hedge
Counterparty:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">entitled to or liable for any payment due under any Finance Document on that day; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">entitled to receive and act upon any notice, request, document or communication or make any decision or
determination under any Finance Document made or delivered on that day,</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">unless it has received not less than
five Business Days' prior notice from that Lender or Hedge Counterparty to the contrary in accordance with the terms of this Agreement.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Each Finance Party shall supply the Facility Agent with any information that the Security Agent may reasonably
specify (through the Facility Agent) as being necessary or desirable to enable the Security Agent to perform its functions as Security
Agent.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Any Lender may by notice to the Facility Agent appoint a person to receive on its behalf all notices,
communications, information and documents to be made or despatched to that Lender under the Finance Documents. Such notice shall contain
the address, fax number and (where communication by electronic mail or other electronic means is permitted under Clause 38.5 (<I>Electronic
communication</I>)) electronic mail address and/or any other information required to enable the transmission of information by that means
(and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated as a notification
of a substitute address, fax number, electronic mail address (or such other information), department and officer by that Lender for the
purposes of Clause 38.2 (<I>Addresses</I>) and sub-paragraph (ii)&nbsp;of paragraph (a)&nbsp;of Clause 38.5 (<I>Electronic communication</I>)
and the Facility Agent shall be entitled to treat such person as the person entitled to receive all such notices, communications, information
and documents as though that person were that Lender.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>31.15</B></TD><TD STYLE="text-align: justify"><B>Credit appraisal by the Finance Parties</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 0pt 0.5in; text-align: justify">Without affecting the responsibility
of any Transaction Obligor for information supplied by it or on its behalf in connection with any Transaction Document, each Finance Party
confirms to the Facility Agent that it has been, and will continue to be, solely responsible for making its own independent appraisal
and investigation of all risks arising under, or in connection with, any Transaction Document including but not limited to:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">the financial condition, status and nature of each member of the Group;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document, the Security
Property and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Transaction Document or the Security Property;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">whether that Finance Party has recourse, and the nature and extent of that recourse, against any Party
or any of its respective assets under, or in connection with, any Transaction Document, the Security Property, the transactions contemplated
by the Transaction Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under
or in connection with any Transaction Document or the Security Property;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">the adequacy, accuracy or completeness of any information provided by the Facility Agent, any Party or
by any other person under, or in connection with, any Transaction Document, the transactions contemplated by any Transaction Document
or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction
Document; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">the right or title of any person in or to or the value or sufficiency of any part of the Security Assets,
the priority of any of the Transaction Security or the existence of any Security affecting the Security 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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>31.16</B></TD><TD STYLE="text-align: justify"><B>Facility Agent's management time</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 0pt 0.5in; text-align: justify">Any amount payable to the Facility Agent
under Clause 14.3 (<I>Indemnity to the Facility Agent</I>), Clause 16 (<I>Costs and Expenses</I>) and Clause 31.11 (<I>Lenders' indemnity
to the Facility Agent</I>) shall include the cost of utilising the Facility Agent's management time or other resources and will be calculated
on the basis of such reasonable daily or hourly rates as the Facility Agent may notify to the Borrowers and the other Finance Parties,
and is in addition to any fee paid or payable to the Facility Agent under Clause 11 (<I>Fees</I>).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>31.17</B></TD><TD STYLE="text-align: justify"><B>Deduction from amounts payable by the Facility Agent</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 0pt 0.5in; text-align: justify">If any Party owes an amount to the Facility
Agent under the Finance Documents, the Facility Agent may, after giving notice to that Party, deduct an amount not exceeding that amount
from any payment to that Party which the Facility Agent would otherwise be obliged to make under the Finance Documents and apply the amount
deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having
received any amount so deducted.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>31.18</B></TD><TD STYLE="text-align: justify"><B>Reliance and engagement letters</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 0pt 0.5in; text-align: justify">Each Secured Party confirms that the
Facility Agent has authority to accept on its behalf (and ratifies the acceptance on its behalf of any letters or reports already accepted
by the Facility Agent) the terms of any reliance letter or engagement letters or any reports or letters provided by accountants, auditors
or providers of due diligence reports in connection with the Finance Documents or the transactions contemplated in the Finance Documents
and to bind it in respect of those, reports or letters and to sign such letters on its behalf and further confirms that it accepts the
terms and qualifications set out in such letters.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>31.19</B></TD><TD STYLE="text-align: justify"><B>Full freedom to enter into transactions</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 0pt 0.5in; text-align: justify">Without prejudice to Clause 31.6 (<I>Business
with the Group</I>) or any other provision of a Finance Document and notwithstanding any rule&nbsp;of law or equity to the contrary, the
Facility Agent shall be absolutely entitled:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">to enter into and arrange banking, derivative, investment and/or other transactions of every kind with
or affecting any Transaction Obligor or any person who is party to, or referred to in, a Finance Document (including, but not limited
to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent and/or
security agent for, and/or participating in, other facilities to such Transaction Obligor or any person who is party to, or referred to
in, a Finance Document);</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">to deal in and enter into and arrange transactions relating to:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">any securities issued or to be issued by any Transaction Obligor or any other person; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">any options or other derivatives in connection with such securities; 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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to provide advice or other services
to any Borrower or any person who is a party to, or referred to in, a Finance Document</FONT><FONT STYLE="color: #b5082e"><STRIKE>,</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>;
and</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(d)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>to engage in transactions that may affect the calculation
of any Benchmark Replacement and/or any relevant adjustments to it without any consideration of the interests of, or liability to, any
Transaction Obligor or any other Party,</U></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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and,
in particular, the Facility Agent shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all
such transactions and in connection with all other matters covered by paragraphs (a), (b)</FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>,
(c</U></FONT>)&nbsp;and (<FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>d</U></FONT>)<FONT STYLE="color: #b5082e"><STRIKE>c</STRIKE></FONT>
above, to use (subject only to insider dealing legislation) any information or opportunity, howsoever acquired by it, to pursue its own
interests exclusively, to refrain from disclosing such dealings, transactions or other matters or any information acquired in connection
with them and to retain for its sole benefit all profits and benefits derived from the dealings transactions or other matters.</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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><STRIKE>31.20</STRIKE></B></FONT></TD><TD STYLE="text-align: justify"><B><STRIKE>Role of Reference Banks</STRIKE></B></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(a)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>No Reference Bank is under any obligation to provide a quotation or any other information to the
Facility Agent.</STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(b)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>No Reference Bank will be liable for any action taken by it under or in connection with any Finance
Document, or for any Reference Bank Quotation, unless directly caused by its gross negligence or wilful misconduct.</STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(c)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>No Party (other than the relevant Reference Bank) may take any proceedings against any officer,
employee or agent of any Reference Bank in respect of any claim it might have against that Reference Bank or in respect of any act or
omission of any kind by that officer, employee or agent in relation to any Finance Document, or to any Reference Bank Quotation, and any
officer, employee or agent of each Reference Bank may rely on this Clause 31.20 (<I>Role of Reference Banks</I>) subject to Clause 1.5
(<I>Third party rights</I>) and the provisions of the Third Parties Act.</STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><STRIKE>31.21</STRIKE></B></FONT></TD><TD STYLE="text-align: justify"><B><STRIKE>Third Party Reference Banks</STRIKE></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 0pt 0.5in; text-align: justify; color: #b5082e"><STRIKE>A Reference
Bank which is not a Party may rely on Clause 31.20 (<I>Role of Reference Banks</I>), Clause 45.3 (<I>Other exceptions</I>) and Clause
47 (<I>Confidentiality of Funding Rates and Reference Bank Quotations</I>) subject to Clause 1.5 (<I>Third party rights</I>) and the provisions
of the Third Parties Act.</STRIKE></P>

<P STYLE="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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>32</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>The Security Agent</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.1</B></TD><TD STYLE="text-align: justify"><B>Trust</B></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>The
                                            </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Subject
                                            to Clause </U></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">32.37</FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><I><U>&nbsp;(Swiss
                                            security agreement matters)</U></I><U> the </U></FONT>Security Agent declares that
                                            it holds the Security Property on trust for the Secured Parties on the terms contained in
                                            this Agreement and shall deal with the Security Property in accordance with this Clause 32
                                            (<I>The Security Agent</I>) and the other provisions of the Finance Documents.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Each other Finance Party authorises the Security Agent to perform the duties, obligations and responsibilities
and to exercise the rights, powers, authorities and discretions specifically given to the Security Agent under, or in connection with,
the Finance Documents together with any other incidental rights, powers, authorities and discretions.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.2</B></TD><TD STYLE="text-align: justify"><B>Parallel Debt (Covenant to pay the Security Agent)</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Each Obligor irrevocably and unconditionally undertakes to pay to the Security Agent its Parallel Debt
which shall be amounts equal to, and in the currency or currencies of, its Corresponding Debt.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The Parallel Debt of an Obligor:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">shall become due and payable at the same time as its Corresponding Debt;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">is independent and separate from, and without prejudice to, its Corresponding Debt.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">For purposes of this Clause 32.2 (<I>Parallel Debt (Covenant to pay the Security Agent)</I>), the Security
Agent:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">is the independent and separate creditor of each Parallel Debt;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">acts in its own name and not as agent, representative or trustee of the Finance Parties and its claims
in respect of each Parallel Debt shall not be held on trust; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">shall have the independent and separate right to demand payment of each Parallel Debt in its own name
(including, without limitation, through any suit, execution, enforcement of security, recovery of guarantees and applications for and
voting in any kind of insolvency proceeding).</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">The Parallel Debt of an Obligor shall be:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">decreased to the extent that its Corresponding Debt has been irrevocably and unconditionally paid or discharged;
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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">increased to the extent that its Corresponding Debt has increased,</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 1in; text-align: justify">and the Corresponding Debt of an Obligor
shall be decreased to the extent that its Parallel Debt has been irrevocably and unconditionally paid or discharged,</P>

<P STYLE="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">in each case provided that the Parallel
Debt of an Obligor shall never exceed its Corresponding Debt.</P>

<P STYLE="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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">All amounts received or recovered by the Security Agent in connection with this Clause 32.2 (<I>Parallel
Debt (Covenant to pay the Security Agent)</I>) to the extent permitted by applicable law, shall be applied in accordance with Clause 35.5
(<I>Application of receipts; partial payments</I>).</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: 0pt"></TD><TD STYLE="width: 35.45pt">(f)</TD><TD STYLE="text-align: justify">This Clause 32.2 (<I>Parallel Debt (Covenant to pay the Security Agent)</I>) shall apply, with any necessary
modifications, to each Finance Document.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.3</B></TD><TD STYLE="text-align: justify"><B>Enforcement through Security Agent only</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 0pt 0.5in; text-align: justify">The Secured Parties shall not have any
independent power to enforce, or have recourse to, any of the Transaction Security or to exercise any right, power, authority or discretion
arising under the Security Documents except through the Security Agent.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.4</B></TD><TD STYLE="text-align: justify"><B>Instructions</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">The Security Agent shall:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right,
power, authority or discretion vested in it as Security Agent in accordance with any instructions given to it by:</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">(A)</TD><TD STYLE="text-align: justify">all Lenders (or the Facility Agent on their behalf) if the relevant Finance Document stipulates the matter
is an all Lender decision; 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">(B)</TD><TD STYLE="text-align: justify">in all other cases, the Majority Lenders (or the Facility Agent on their behalf); 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with sub-paragraph
(i)&nbsp;above (or if this Agreement stipulates the matter is a decision for any other Finance Party or group of Finance Parties, in accordance
with instructions given to it by that Finance Party or group of Finance Parties).</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The Security Agent shall be entitled to request instructions, or clarification of any instruction, from
the Majority Lenders (or the Facility Agent on their behalf) (or, if the relevant Finance Document stipulates the matter is a decision
for any other Finance Party or group of Finance Parties, from that Finance Party or group of Finance Parties) as to whether, and in what
manner, it should exercise or refrain from exercising any right, power, authority or discretion and the Security Agent may refrain from
acting unless and until it receives any such instructions or clarification that it has requested.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Save in the case of decisions stipulated to be a matter for any other Finance Party or group of Finance
Parties under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to
the Security Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding
on all Finance Parties.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">Paragraph (a)&nbsp;above shall not apply:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">where a contrary indication appears in a Finance Document;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">where a Finance Document requires the Security Agent to act in a specified manner or to take a specified
action;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">in respect of any provision which protects the Security Agent's own position in its personal capacity
as opposed to its role of Security Agent for the relevant Secured Parties.</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iv)</TD><TD STYLE="text-align: justify">in respect of the exercise of the Security Agent's discretion to exercise a right, power or authority
under any of:</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">(A)</TD><TD STYLE="text-align: justify">Clause 32.28 (<I>Application of receipts</I>);</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">(B)</TD><TD STYLE="text-align: justify">Clause 32.29 (<I>Permitted Deductions</I>); 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">(C)</TD><TD STYLE="text-align: justify">Clause 32.30 (<I>Prospective liabilities</I>).</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">If giving effect to instructions given by the Majority Lenders would in the Security Agent's opinion have
an effect equivalent to an amendment or waiver referred to in Clause 45 (<I>Amendments and Waivers</I>), the Security Agent shall not
act in accordance with those instructions unless consent to it so acting is obtained from each Party (other than the Security Agent) whose
consent would have been required in respect of that amendment or waiver.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(f)</TD><TD STYLE="text-align: justify">In exercising any discretion to exercise a right, power or authority under the Finance Documents where
either:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">it has not received any instructions as to the exercise of that discretion; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">the exercise of that discretion is subject to sub-paragraph (iv)&nbsp;of paragraph (d)&nbsp;above,</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">the Security Agent shall do so having
regard to the interests of all the Secured Parties.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(g)</TD><TD STYLE="text-align: justify">The Security Agent may refrain from acting in accordance with any instructions of any Finance Party or
group of Finance Parties until it has received any indemnification and/or security that it may in its discretion require (which may be
greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability
(together with any applicable VAT) which it may incur in complying with those instructions.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(h)</TD><TD STYLE="text-align: justify">Without prejudice to the remainder of this Clause 32.4 (<I>Instructions</I>), in the absence of instructions,
the Security Agent may (but shall not be obliged to) take such action in the exercise of its powers and duties under the Finance Documents
as it considers in its discretion to be appropriate.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(i)</TD><TD STYLE="text-align: justify">The Security Agent is not authorised to act on behalf of a Finance Party (without first obtaining that
Finance Party's consent) in any legal or arbitration proceedings relating to any Finance Document. This paragraph (i)&nbsp;shall not apply
to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Security Documents or
enforcement of the Transaction Security or Security Documents.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.5</B></TD><TD STYLE="text-align: justify"><B>Duties of the Security Agent</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">The Security Agent's duties under the Finance Documents are solely mechanical and administrative in nature.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The Security Agent shall promptly forward to a Party the original or a copy of any document which is delivered
to the Security Agent for that Party by any other Party.</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="break-before: page; 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>

<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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Except where a Finance Document specifically provides otherwise, the Security Agent is not obliged to
review or check the adequacy, accuracy or completeness of any document it forwards to another Party.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">If the Security Agent receives notice from a Party referring to any Finance Document, describing a Default
and stating that the circumstance described is a Default, it shall promptly notify the other Finance Parties.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">The Security Agent shall have only those duties, obligations and responsibilities expressly specified
in the Finance Documents to which it is expressed to be a party (and no others shall be implied).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.6</B></TD><TD STYLE="text-align: justify"><B>No fiduciary duties</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Nothing in any Finance Document constitutes the Security Agent as an agent, trustee or fiduciary of any
Transaction Obligor.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The Security Agent shall not be bound to account to any other Secured Party for any sum or the profit
element of any sum received by it for its own account.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.7</B></TD><TD STYLE="text-align: justify"><B>Business with the Group</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 0pt 0.5in; text-align: justify">The Security Agent may accept deposits
from, lend money to, and generally engage in any kind of banking or other business with, any member of the Group.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.8</B></TD><TD STYLE="text-align: justify"><B>Rights and discretions</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">The Security Agent may:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">rely on any representation, communication, notice or document believed by it to be genuine, correct and
appropriately authorised;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">assume that:</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">(A)</TD><TD STYLE="text-align: justify">any instructions received by it from the Majority Lenders, any Finance Parties or any group of Finance
Parties are duly given in accordance with the terms of the Finance Documents;</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">(B)</TD><TD STYLE="text-align: justify">unless it has received notice of revocation, that those instructions have not been revoked;</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">(C)</TD><TD STYLE="text-align: justify">if it receives any instructions to act in relation to the Transaction Security, that all applicable conditions
under the Finance Documents for so acting have been satisfied; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">rely on a certificate from any person:</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">(A)</TD><TD STYLE="text-align: justify">as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge
of that person; 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: 1in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">to the effect that such person approves of any particular dealing, transaction, step, action or thing,</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 1in; text-align: justify">as sufficient evidence that that is the
case and, in the case of paragraph (A)&nbsp;above, may assume the truth and accuracy of that certificate.</P>

<P STYLE="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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The Security Agent shall be entitled to carry out all dealings with the other Finance Parties through
the Facility Agent and may give to the Facility Agent any notice or other communication required to be given by the Security Agent to
any Finance Party.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">The Security Agent may assume (unless it has received notice to the contrary in its capacity as security
agent for the Secured Parties) that:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">no Default has occurred;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">any right, power, authority or discretion vested in any Party or any group of Finance Parties has not
been exercised; 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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any notice or request made by
any Borrower (other than the </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>relevant </U></FONT>Utilisation Request)
is made on behalf of and with the consent and knowledge of all the Transaction Obligors.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">The Security Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers,
surveyors or other professional advisers or experts.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">Without prejudice to the generality of paragraph (c)&nbsp;above or paragraph (f)&nbsp;below, the Security
Agent may at any time engage and pay for the services of any lawyers to act as independent counsel to the Security Agent (and so separate
from any lawyers instructed by the Facility Agent or the Lenders) if the Security Agent in its reasonable opinion deems this to be desirable.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(f)</TD><TD STYLE="text-align: justify">The Security Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors
or other professional advisers or experts (whether obtained by the Security Agent or by any other Party) and shall not be liable for any
damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(g)</TD><TD STYLE="text-align: justify">The Security Agent may act in relation to the Finance Documents and the Security Property through its
officers, employees and agents and shall not:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">be liable for any error of judgment made by any such person; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission
or default on the part of any 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 0pt 0.5in; text-align: justify">unless such error or such loss was directly
caused by the Security Agent's gross negligence or wilful misconduct.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(h)</TD><TD STYLE="text-align: justify">Unless a Finance Document expressly provides otherwise the Security Agent may disclose to any other Party
any information it reasonably believes it has received as security agent under the Finance Documents.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(i)</TD><TD STYLE="text-align: justify">Notwithstanding any other provision of any Finance Document to the contrary, the Security Agent is not
obliged to do or omit to do anything if it would or might, in its reasonable opinion, constitute a breach of any law or regulation or
a breach of a fiduciary duty or duty of confidentiality.</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="break-before: page; 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>

<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: 0pt"></TD><TD STYLE="width: 35.45pt">(j)</TD><TD STYLE="text-align: justify">Notwithstanding any provision of any Finance Document to the contrary, the Security Agent is not obliged
to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities
or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity
against, or security for, such risk or liability is not reasonably assured to it.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.9</B></TD><TD STYLE="text-align: justify"><B>Responsibility for documentation</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 0pt 0.5in; text-align: justify">None of the Security Agent, any Receiver
or Delegate is responsible or liable for:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Facility
Agent, the Security Agent, a Transaction Obligor or any other person in, or in connection with, any Transaction Document or the transactions
contemplated in the Transaction Documents or any other agreement, arrangement or document entered into, made or executed in anticipation
of, under or in connection with any Transaction Document;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document or the Security
Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with,
any Transaction Document or the Security Property; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">any determination as to whether any information provided or to be provided to any Secured Party is non-public
information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing 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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.10</B></TD><TD STYLE="text-align: justify"><B>No duty to monitor</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 0pt 0.5in; text-align: justify">The Security Agent shall not be bound
to enquire:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">whether or not any Default has occurred;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">as to the performance, default or any breach by any Transaction Obligor of its obligations under any Transaction
Document; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">whether any other event specified in any Transaction Document has occurred.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.11</B></TD><TD STYLE="text-align: justify"><B>Exclusion of liability</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Without limiting paragraph (b)&nbsp;below (and without prejudice to any other provision of any Finance
Document excluding or limiting the liability of the Security Agent or any Receiver or Delegate), none of the Security Agent nor any Receiver
or Delegate will be liable (including, without limitation, for negligence or any other category of liability whatsoever) for:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising
as a result of taking or not taking any action under or in connection with any Transaction Document or the Security Property, unless directly
caused by its gross negligence or wilful misconduct;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection
with, any Transaction Document, the Security Property or any other agreement, arrangement or document entered into, made or executed in
anticipation of, under or in connection with, any Transaction Document or the Security Property; or</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">any shortfall which arises on the enforcement or realisation of the Security Property; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iv)</TD><TD STYLE="text-align: justify">without prejudice to the generality of paragraphs (i)&nbsp;to (iii)&nbsp;above, any damages, costs or
losses to any person, any diminution in value or any liability whatsoever arising as a result of:</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">(A)</TD><TD STYLE="text-align: justify">any act, event or circumstance not reasonably within its control; 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: 1in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">the general risks of investment in, or the holding of assets in, any jurisdiction,</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 1in; text-align: justify">including (in each case and without limitation)
such damages, costs, losses, diminution in value or liability arising as a result of nationalisation, expropriation or other governmental
actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of
transactions or the value of assets (including any Disruption Event); breakdown, failure or malfunction of any third party transport,
telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes
or industrial action.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">No Party other than the Security Agent, that Receiver or that Delegate (as applicable) may take any proceedings
against any officer, employee or agent of the Security Agent, a Receiver or a Delegate in respect of any claim it might have against the
Security Agent, a Receiver or a Delegate or in respect of any act or omission of any kind by that officer, employee or agent in relation
to any Transaction Document or any Security Property and any officer, employee or agent of the Security Agent, a Receiver or a Delegate
may rely on this paragraph (b)&nbsp;subject to Clause 1.5 (<I>Third party rights</I>) and the provisions of the Third Parties Act.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">The Security Agent will not be liable for any delay (or any related consequences) in crediting an account
with an amount required under the Finance Documents to be paid by the Security Agent if the Security Agent has taken all necessary steps
as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system
used by the Security Agent for that purpose.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">Nothing in this Agreement shall oblige the Security Agent to carry out:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">any &quot;know your customer&quot; or other checks in relation to any person; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">any check on the extent to which any transaction contemplated by this Agreement might be unlawful for
any Finance Party,</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">on behalf of any Finance Party and each
Finance Party confirms to the Security Agent that it is solely responsible for any such checks it is required to carry out and that it
may not rely on any statement in relation to such checks made by the Security Agent.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">Without prejudice to any provision of any Finance Document excluding or limiting the liability of the
Security Agent or any Receiver or Delegate, any liability (including, without limitation, for negligence or any other category of liability
whatsoever) of the Security Agent or any Receiver or Delegate arising under or in connection with any Transaction Document or the Security
Property shall be limited to the amount of actual loss which has been finally judicially determined to have been suffered (as determined
by reference to the date of default of the Security Agent, Receiver or Delegate or, if later, the date on which the loss arises as a result
of such default) but without reference to any special conditions or circumstances known to the Security Agent, any Receiver or Delegate
at any time which increase the amount of that loss. In no event shall the Security Agent, any Receiver or Delegate be liable for any loss
of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages,
whether or not the Security Agent, the Receiver or Delegate has been advised of the possibility of such loss or damages.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.12</B></TD><TD STYLE="text-align: justify"><B>Lenders' indemnity to the Security Agent</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are
then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Security Agent and every
Receiver, within three Business Days of demand, against any cost, loss or liability (including, without limitation, for negligence or
any other category of liability whatsoever) incurred by any of them (otherwise than by reason of the Security Agent's or Receiver's gross
negligence or wilful misconduct) in acting as Security Agent or Receiver under the Finance Documents (unless the Security Agent or Receiver
has been reimbursed by a Transaction Obligor pursuant to a Finance Document).</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Subject to paragraph (c)&nbsp;below, the Borrowers shall immediately on demand reimburse any Lender for
any payment that Lender makes to the Security Agent pursuant to paragraph (a)&nbsp;above.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Paragraph (b)&nbsp;above shall not apply to the extent that the indemnity payment in respect of which
the Lender claims reimbursement relates to a liability of the Security Agent to an Obligor.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.13</B></TD><TD STYLE="text-align: justify"><B>Resignation of the Security Agent</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">The Security Agent may resign and appoint one of its Affiliates as successor by giving notice to the other
Finance Parties and the Borrowers.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Alternatively, the Security Agent may resign by giving 30 days' notice to the other Finance Parties and
the Borrowers, in which case the Majority Lenders may appoint a successor Security Agent.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">If the Majority Lenders have not appointed a successor Security Agent in accordance with paragraph (b)&nbsp;above
within 20 days after notice of resignation was given, the retiring Security Agent may appoint a successor Security Agent.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">The retiring Security Agent shall make available to the successor Security Agent such documents and records
and provide such assistance as the successor Security Agent may reasonably request for the purposes of performing its functions as Security
Agent under the Finance Documents. The Borrowers shall, within three Business Days of demand, reimburse the retiring Security Agent for
the amount of all costs and expenses (including legal fees) properly incurred by it in making available such documents and records and
providing such assistance.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">The Security Agent's resignation notice shall only take effect upon:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">the appointment of a successor; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">the transfer, by way of a document expressed as a deed, of all the Security Property to that successor.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(f)</TD><TD STYLE="text-align: justify">Upon the appointment of a successor, the retiring Security Agent shall be discharged, by way of a document
executed as a deed, from any further obligation in respect of the Finance Documents (other than its obligations under paragraph (b)&nbsp;of
Clause 32.25 (<I>Winding up of trust</I>) and paragraph (d)&nbsp;above) but shall remain entitled to the benefit of Clause 14.4 (<I>Indemnity
to the Security Agent</I>) and this Clause 32 (<I>The Security Agent</I>) and any other provisions of a Finance Document which are expressed
to limit or exclude its liability (or to indemnify it) in acting as Security Agent. Any fees for the account of the retiring Security
Agent shall cease to accrue from (and shall be payable on) that date. Any successor and each of the other Parties shall have the same
rights and obligations amongst themselves as they would have had if such successor had been an original Party.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(g)</TD><TD STYLE="text-align: justify">The Majority Lenders may, by notice to the Security Agent, require it to resign in accordance with paragraph
(b)&nbsp;above. In this event, the Security Agent shall resign in accordance with paragraph (b)&nbsp;above.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(h)</TD><TD STYLE="text-align: justify">The consent of any Borrower (or any other Transaction Obligor) is not required for an assignment or transfer
of rights and/or obligations by the Security Agent.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.14</B></TD><TD STYLE="text-align: justify"><B>Confidentiality</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">In acting as Security Agent for the Finance Parties, the Security Agent shall be regarded as acting through
its trustee division which shall be treated as a separate entity from any other of its divisions or departments.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">If information is received by a division or department of the Security Agent other than the division or
department responsible for complying with the obligations assumed by it under the Finance Documents, that information may be treated as
confidential to that division or department, and the Security Agent shall not be deemed to have notice of it nor shall it be obliged to
disclose such information to any Party.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Notwithstanding any other provision of any Finance Document to the contrary, the Security Agent is not
obliged to disclose to any other person (i)&nbsp;any confidential information or (ii)&nbsp;any other information if the disclosure would,
or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.15</B></TD><TD STYLE="text-align: justify"><B>Credit appraisal by the Finance Parties</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 0pt 0.5in; text-align: justify">Without affecting the responsibility
of any Transaction Obligor for information supplied by it or on its behalf in connection with any Transaction Document, each Finance Party
confirms to the Security Agent that it has been, and will continue to be, solely responsible for making its own independent appraisal
and investigation of all risks arising under, or in connection with, any Transaction Document including but not limited to:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">the financial condition, status and nature of each member of the Group;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document, the Security
Property and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Transaction Document or the Security Property;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">whether that Finance Party has recourse, and the nature and extent of that recourse, against any Party
or any of its respective assets under, or in connection with, any Transaction Document, the Security Property, the transactions contemplated
by the Transaction Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under
or in connection with any Transaction Document or the Security Property;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">the adequacy, accuracy or completeness of any information provided by the Security Agent, any Party or
by any other person under, or in connection with, any Transaction Document, the transactions contemplated by any Transaction Document
or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction
Document; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">the right or title of any person in or to or the value or sufficiency of any part of the Security Assets,
the priority of any of the Transaction Security or the existence of any Security affecting the Security 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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.16</B></TD><TD STYLE="text-align: justify"><B>Security Agent's management time</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Any amount payable to the Security Agent under Clause 14.4 (<I>Indemnity to the Security Agent</I>), Clause
16 (<I>Costs and Expenses</I>) and Clause 32.12 (<I>Lenders' indemnity to the Security Agent</I>) shall include the cost of utilising
the Security Agent's management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as
the Security Agent may notify to the Borrowers and the other Finance Parties, and is in addition to any fee paid or payable to the Security
Agent under Clause 11 (<I>Fees</I>).</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Without prejudice to paragraph (a)&nbsp;above, in the event of:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">a Default;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">the Security Agent being requested by a Transaction Obligor or the Majority Lenders to undertake duties
which the Security Agent and the Borrowers agree to be of an exceptional nature or outside the scope of the normal duties of the Security
Agent under the Finance Documents; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">the Security Agent and the Borrowers agreeing that it is otherwise appropriate in the circumstances,</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">the Borrowers shall pay to the Security
Agent any additional remuneration (together with any applicable VAT) that may be agreed between them or determined pursuant to paragraph
(c)&nbsp;below.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">If the Security Agent and the Borrowers fail to agree upon the nature of the duties, or upon the additional
remuneration referred to in paragraph (b)&nbsp;above or whether additional remuneration is appropriate in the circumstances, any dispute
shall be determined by an investment bank (acting as an expert and not as an arbitrator) selected by the Security Agent and approved by
the Borrowers or, failing approval, nominated (on the application of the Security Agent) by the President for the time being of the Law
Society of England and Wales (the costs of the nomination and of the investment bank being payable by the Borrowers) and the determination
of any investment bank shall be final and binding upon the Parties.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.17</B></TD><TD STYLE="text-align: justify"><B>Reliance and engagement letters</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 0pt 0.5in; text-align: justify">Each Secured Party confirms that the
Security Agent has authority to accept on its behalf (and ratifies the acceptance on its behalf of any letters or reports already accepted
by the Security Agent) the terms of any reliance letter or engagement letters or any reports or letters provided by accountants, auditors
or providers of due diligence reports in connection with the Finance Documents or the transactions contemplated in the Finance Documents
and to bind it in respect of those, reports or letters and to sign such letters on its behalf and further confirms that it accepts the
terms and qualifications set out in such letters.</P>

<P STYLE="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">&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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.18</B></TD><TD STYLE="text-align: justify"><B>No responsibility to perfect Transaction Security</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 0pt 0.5in; text-align: justify">The Security Agent shall not be liable
for any failure to:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">require the deposit with it of any deed or document certifying, representing or constituting the title
of any Transaction Obligor to any of the Security 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">obtain any licence, consent or other authority for the execution, delivery, legality, validity, enforceability
or admissibility in evidence of any Finance Document or the Transaction Security;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">register, file or record or otherwise protect any of the Transaction Security (or the priority of any
of the Transaction Security) under any law or regulation or to give notice to any person of the execution of any Finance Document or of
the Transaction Security;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">take, or to require any Transaction Obligor to take, any step to perfect its title to any of the Security
Assets or to render the Transaction Security effective or to secure the creation of any ancillary Security under any law or regulation;
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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">require any further assurance in relation to any Finance Document.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.19</B></TD><TD STYLE="text-align: justify"><B>Insurance by Security Agent</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">The Security Agent shall not be obliged:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">to insure any of the Security 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">to require any other person to maintain any insurance; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">to verify any obligation to arrange or maintain insurance contained in any Finance Document,</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iv)</TD><TD STYLE="text-align: justify">and the Security Agent shall not be liable for any damages, costs or losses to any person as a result
of the lack of, or inadequacy of, any such insurance.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Where the Security Agent is named on any insurance policy as an insured party, it shall not be liable
for any damages, costs or losses to any person as a result of its failure to notify the insurers of any material fact relating to the
risk assumed by such insurers or any other information of any kind, unless the Majority Lenders request it to do so in writing and the
Security Agent fails to do so within 14 days after receipt of that request.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.20</B></TD><TD STYLE="text-align: justify"><B>Custodians and nominees</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 0pt 0.5in; text-align: justify">The Security Agent may appoint and pay
any person to act as a custodian or nominee on any terms in relation to any asset of the trust as the Security Agent may determine, including
for the purpose of depositing with a custodian this Agreement or any document relating to the trust created under this Agreement and the
Security Agent shall not be responsible for any loss, liability, expense, demand, cost, claim or proceedings incurred by reason of the
misconduct, omission or default on the part of any person appointed by it under this Agreement or be bound to supervise the proceedings
or acts of any person.</P>

<P STYLE="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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.21</B></TD><TD STYLE="text-align: justify"><B>Delegation by the Security Agent</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Each of the Security Agent, any Receiver and any Delegate may, at any time, delegate by power of attorney
or otherwise to any person for any period, all or any right, power, authority or discretion vested in it in its capacity as such.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">That delegation may be made upon any terms and conditions (including the power to sub delegate) and subject
to any restrictions that the Security Agent, that Receiver or that Delegate (as the case may be) may, in its discretion, think fit in
the interests of the Secured Parties.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">No Security Agent, Receiver or Delegate shall be bound to supervise, or be in any way responsible for
any damages, costs or losses incurred by reason of any misconduct, omission or default on the part of any such delegate or sub delegate.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.22</B></TD><TD STYLE="text-align: justify"><B>Additional Security Agents</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">The Security Agent may at any time appoint (and subsequently remove) any person to act as a separate trustee
or as a co-trustee jointly with it:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">if it considers that appointment to be in the interests of the Secured Parties; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">for the purposes of conforming to any legal requirement, restriction or condition which the Security Agent
deems to be relevant; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">for obtaining or enforcing any judgment in any jurisdiction,</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">and the Security Agent shall give prior
notice to the Borrowers and the Finance Parties of that appointment.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Any person so appointed shall have the rights, powers, authorities and discretions (not exceeding those
given to the Security Agent under or in connection with the Finance Documents) and the duties, obligations and responsibilities that are
given or imposed by the instrument of appointment.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">The remuneration that the Security Agent may pay to that person, and any costs and expenses (together
with any applicable VAT) incurred by that person in performing its functions pursuant to that appointment shall, for the purposes of this
Agreement, be treated as costs and expenses incurred by the Security Agent.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.23</B></TD><TD STYLE="text-align: justify"><B>Acceptance of title</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 0pt 0.5in; text-align: justify">The Security Agent shall be entitled
to accept without enquiry, and shall not be obliged to investigate, any right and title that any Transaction Obligor may have to any of
the Security Assets and shall not be liable for or bound to require any Transaction Obligor to remedy any defect in its right or title.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.24</B></TD><TD STYLE="text-align: justify"><B>Releases</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 0pt 0.5in; text-align: justify">Upon a disposal of any of the Security
Assets pursuant to the enforcement of the Transaction Security by a Receiver, a Delegate or the Security Agent, the Security Agent is
irrevocably authorised (at the cost of the Obligors and without any consent, sanction, authority or further confirmation from any other
Secured Party) to release, without recourse or warranty, that property from the Transaction Security and to execute any release of the
Transaction Security or other claim over that asset and to issue any certificates of non-crystallisation of floating charges that may
be required or desirable.</P>

<P STYLE="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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.25</B></TD><TD STYLE="text-align: justify"><B>Winding up of trust</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 0pt 0.5in; text-align: justify">If the Security Agent, with the approval
of the Facility Agent determines 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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">all of the Secured Liabilities and all other obligations secured by the Security Documents have been fully
and finally discharged; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">no Secured Party is under any commitment, obligation or liability (actual or contingent) to make advances
or provide other financial accommodation to any Transaction Obligor pursuant to the Finance Documents,</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">then</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">the trusts set out in this Agreement shall be wound up and the Security Agent shall release, without recourse
or warranty, all of the Transaction Security and the rights of the Security Agent under each of the Security Documents; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">any Security Agent which has resigned pursuant to Clause 32.13 (<I>Resignation of the Security Agent</I>)
shall release, without recourse or warranty, all of its rights under each Security Document.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.26</B></TD><TD STYLE="text-align: justify"><B>Powers supplemental to Trustee Acts</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 0pt 0.5in; text-align: justify">The rights, powers, authorities and
discretions given to the Security Agent under or in connection with the Finance Documents shall be supplemental to the Trustee Act 1925
and the Trustee Act 2000 and in addition to any which may be vested in the Security Agent by law or regulation or otherwise.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.27</B></TD><TD STYLE="text-align: justify"><B>Disapplication of Trustee Acts</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 0pt 0.5in; text-align: justify">Section&nbsp;1 of the Trustee Act 2000
shall not apply to the duties of the Security Agent in relation to the trusts constituted by this Agreement and the other Finance Documents.
Where there are any inconsistencies between (i)&nbsp;the Trustee Acts 1925 and 2000 and (ii)&nbsp;the provisions of this Agreement and
any other Finance Document, the provisions of this Agreement and any other Finance Document shall, to the extent permitted by law and
regulation, prevail and, in the case of any inconsistency with the Trustee Act 2000, the provisions of this Agreement and any other Finance
Document shall constitute a restriction or exclusion for the purposes of the Trustee Act 2000.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.28</B></TD><TD STYLE="text-align: justify"><B>Application of receipts</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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
amounts from time to time received or recovered by the Security Agent pursuant to the terms of any Finance Document, under Clause 32.2
(<I>Parallel Debt (Covenant to pay the Security Agent</I>)) or in connection with the realisation or enforcement of all or any part of
the Security Property (for the purposes of this Clause 32 (<I>The Security Agent</I>), the &quot;<B>Recoveries</B>&quot;) shall be held
by the Security Agent on trust to apply them at any time as the Security Agent (in its discretion) sees fit, to the extent permitted by
applicable law (and subject to the remaining provisions of this Clause 32 (<I>The Security Agent</I>)</FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>)</U></FONT>,
in the following order of priority:</P>

<P STYLE="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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in discharging any sums owing
to the Security Agent (in its capacity as such) (other than pursuant to Clause 32.2 (<I>Parallel Debt (Covenant to pay the Security </I>Agent))</FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>)</U></FONT>
or any Receiver or Delegate;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">in payment or distribution to the Facility Agent, on its behalf and on behalf of the other Secured Parties,
for application towards the discharge of all sums due and payable by any Transaction Obligor under any of the Finance Documents in accordance
with Clause 35.5 (<I>Application of receipts; partial payments</I>);</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">if none of the Transaction Obligors is under any further actual or contingent liability under any Finance
Document, in payment or distribution to any person to whom the Security Agent is obliged to pay or distribute in priority to any Transaction
Obligor; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">the balance, if any, in payment or distribution to the relevant Transaction Obligor.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.29</B></TD><TD STYLE="text-align: justify"><B>Permitted Deductions</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 0pt 0.5in; text-align: justify">The Security Agent may, in its discretion:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">set aside by way of reserve amounts required to meet, and to make and pay, any deductions and withholdings
(on account of Taxes or otherwise) which it is or may be required by any applicable law to make from any distribution or payment made
by it under this Agreement; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">pay all Taxes which may be assessed against it in respect of any of the Security Property, or as a consequence
of performing its duties, or by virtue of its capacity as Security Agent under any of the Finance Documents or otherwise (other than in
connection with its remuneration for performing its duties under this Agreement).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.30</B></TD><TD STYLE="text-align: justify"><B>Prospective liabilities</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 0pt 0.5in; text-align: justify">Following enforcement of any of the
Transaction Security, the Security Agent may, in its discretion, or at the request of the Facility Agent, hold any Recoveries in an interest
bearing suspense or impersonal account(s)&nbsp;in the name of the Security Agent with such financial institution (including itself) and
for so long as the Security Agent shall think fit (the interest being credited to the relevant account) for later payment to the Facility
Agent for application in accordance with Clause 32.28 (<I>Application of receipts</I>) in respect 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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">any sum to the Security Agent, any Receiver or any Delegate; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">any part of the Secured Liabilities,</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">that the Security Agent or, in the case
of paragraph (b)&nbsp;only, the Facility Agent, reasonably considers, in each case, might become due or owing at any time in the future.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.31</B></TD><TD STYLE="text-align: justify"><B>Investment of proceeds</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 0pt 0.5in; text-align: justify">Prior to the payment of the proceeds
of the Recoveries to the Facility Agent for application in accordance with Clause 32.28 (<I>Application of receipts</I>) the Security
Agent may, in its discretion, hold all or part of those proceeds in an interest bearing suspense or impersonal account(s)&nbsp;in the
name of the Security Agent with such financial institution (including itself) and for so long as the Security Agent shall think fit (the
interest being credited to the relevant account) pending the payment from time to time of those moneys in the Security Agent's discretion
in accordance with the provisions of Clause 32.28 (<I>Application of receipts</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"></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.32</B></TD><TD STYLE="text-align: justify"><B>Currency conversion</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">For the purpose of, or pending the discharge of, any of the Secured Liabilities the Security Agent may
convert any moneys received or recovered by the Security Agent from one currency to another, at a market rate of exchange.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The obligations of any Transaction Obligor to pay in the due currency shall only be satisfied to the extent
of the amount of the due currency purchased after deducting the costs of conversion.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.33</B></TD><TD STYLE="text-align: justify"><B>Good discharge</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Any payment to be made in respect of the Secured Liabilities by the Security Agent may be made to the
Facility Agent on behalf of the Secured Parties and any payment made in that way shall be a good discharge, to the extent of that payment,
by the Security Agent.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The Security Agent is under no obligation to make the payments to the Facility Agent under paragraph (a)&nbsp;above
in the same currency as that in which the obligations and liabilities owing to the relevant Finance Party are denominated.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.34</B></TD><TD STYLE="text-align: justify"><B>Amounts received by Obligors</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 0pt 0.5in; text-align: justify">If any of the Obligors receives or recovers
any amount which, under the terms of any of the Finance Documents, should have been paid to the Security Agent, that Obligor will hold
the amount received or recovered on trust for the Security Agent and promptly pay that amount to the Security Agent for application in
accordance with the terms of this Agreement.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.35</B></TD><TD STYLE="text-align: justify"><B>Application and consideration</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 0pt 0.5in; text-align: justify">In consideration for the covenants given
to the Security Agent by each Obligor in relation to Clause 32.2 (<I>Parallel Debt (Covenant to pay the Security Agent</I>)), the Security
Agent agrees with each Obligor to apply all moneys from time to time paid by such Obligor to the Security Agent in accordance with the
foregoing provisions of this Clause 32 (<I>The Security Agent</I>).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.36</B></TD><TD STYLE="text-align: justify"><B>Full freedom to enter into transactions</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 0pt 0.5in; text-align: justify">Without prejudice to Clause 32.7 (<I>Business
with the Group</I>) or any other provision of a Finance Document and notwithstanding any rule&nbsp;of law or equity to the contrary, the
Security Agent shall be absolutely entitled:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">to enter into and arrange banking, derivative, investment and/or other transactions of every kind with
or affecting any Transaction Obligor or any person who is party to, or referred to in, a Finance Document (including, but not limited
to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent and/or
security agent for, and/or participating in, other facilities to such Transaction Obligor or any person who is party to, or referred to
in, a Finance Document);</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">to deal in and enter into and arrange transactions relating to:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">any securities issued or to be issued by any Transaction Obligor or any other person; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">any options or other derivatives in connection with such securities; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">to provide advice or other services to the Borrowers or any person who is a party to, or referred to in,
a Finance Document,</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">and, in particular, the Security Agent
shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions and in connection
with all other matters covered by paragraphs (a), (b)&nbsp;and (c)&nbsp;above, to use (subject only to insider dealing legislation) any
information or opportunity, howsoever acquired by it, to pursue its own interests exclusively, to refrain from disclosing such dealings,
transactions or other matters or any information acquired in connection with them and to retain for its sole benefit all profits and benefits
derived from the dealings transactions or other matters.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>32.37</B></TD><TD STYLE="text-align: justify"><B>Swiss security agreement matters</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 0pt 0.5in; text-align: justify">Without limiting any other rights of
the Security Agent under this Agreement or any other Finance Document:</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with respect to the Swiss law
governed account pledges and with respect to any other Swiss law governed pledge or any other Swiss law governed security agreement accessory
(<I>akzessorische</I>) in nature, each present and future Secured Party hereby authorizes the Security </FONT><FONT STYLE="color: #b5082e"><STRIKE>Trustee
</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Agent </U></FONT>(i)&nbsp;acting for itself and in the name
and for the account of such Secured Party to accept as its direct representative (<I>direkter Stellvertreter</I>) any Swiss law pledge
or any other Swiss law governed security accessory (<I>akzessorische</I>) in nature made or expressed to be made to such Secured Party,
to hold, administer and, if necessary, enforce any such pledge or other security on behalf of each relevant Secured Party which has the
benefit of such security, (ii)&nbsp;to agree as its direct representative (<I>direkter Stellvertreter</I>) to amendments and alterations
to the Swiss law governed account pledge agreements or any other Swiss law governed security agreement accessory (<I>akzessorisch</I>)
in nature, (iii)&nbsp;to effect as its direct representative (<I>direkter Stellvertreter</I>) any release of a security created under
the Swiss law governed account pledges or any other Swiss law governed security agreement accessory (<I>akzessorisch</I>) in nature in
accordance with this Agreement, and (iv)&nbsp;to exercise as its direct representative (<I>direkter Stellvertreter</I>) such other rights
granted to the Security Agent under this Agreement or under the Swiss law governed account pledges or any other Swiss law governed security
agreement accessory (<I>akzessorisch</I>) in nature; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">the Security Agent shall hold (i)&nbsp;any security interest over security constituted by a Swiss law
governed security agreement (other than the Swiss law governed account pledges and only with respect to an assignment or any other non-accessory
(<I>nicht akzessorische</I>) security) and any proceeds of such security as fiduciary (<I>treuh&auml;nderisch</I>) in its own name but
for the account of all relevant Secured Parties.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>33</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Conduct of Business by the Finance Parties</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 0pt 0.5in; text-align: justify">No provision of this Agreement will:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner
it thinks fit;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available
to it or the extent, order and manner of any claim; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any
computations in respect of Tax.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>34</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Sharing among the Finance Parties</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>34.1</B></TD><TD STYLE="text-align: justify"><B>Payments to Finance Parties</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 0pt 0.5in; text-align: justify">If a Finance Party (a &quot;<B>Recovering
Finance Party</B>&quot;) receives or recovers any amount from a Transaction Obligor other than in accordance with Clause 35 (<I>Payment
Mechanics</I>) (a &quot;<B>Recovered Amount</B>&quot;) and applies that amount to a payment due to it under the Finance Documents then:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery,
to the Facility Agent;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">the Facility Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering
Finance Party would have been paid had the receipt or recovery been received or made by the Facility Agent and distributed in accordance
with Clause 35 (<I>Payment Mechanics</I>), without taking account of any Tax which would be imposed on the Facility Agent in relation
to the receipt, recovery or distribution; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">the Recovering Finance Party shall, within three Business Days of demand by the Facility Agent, pay to
the Facility Agent an amount (the &quot;<B>Sharing Payment</B>&quot;) equal to such receipt or recovery less any amount which the Facility
Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 35.5
(<I>Application of receipts; partial payments</I>).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>34.2</B></TD><TD STYLE="text-align: justify"><B>Redistribution of payments</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 0pt 0.5in; text-align: justify">The Facility Agent shall treat the Sharing
Payment as if it had been paid by the relevant Transaction Obligor and distribute it among the Finance Parties (other than the Recovering
Finance Party) (the &quot;<B>Sharing Finance Parties</B>&quot;) in accordance with Clause 35.5 (<I>Application of receipts; partial payments</I>)
towards the obligations of that Transaction Obligor to the Sharing Finance Parties.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>34.3</B></TD><TD STYLE="text-align: justify"><B>Recovering Finance Party's rights</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 0pt 0.5in; text-align: justify">On a distribution by the Facility Agent
under Clause 34.2 (<I>Redistribution of payments</I>) of a payment received by a Recovering Finance Party from a Transaction Obligor,
as between the relevant Transaction Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment
will be treated as not having been paid by that Transaction Obligor.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>34.4</B></TD><TD STYLE="text-align: justify"><B>Reversal of redistribution</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 0pt 0.5in; text-align: justify">If any part of the Sharing Payment received
or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">each Sharing Finance Party shall, upon request of the Facility Agent, pay to the Facility Agent for the
account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an
amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that
Recovering Finance Party is required to pay) (the &quot;<B>Redistributed Amount</B>&quot;); 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">as between the relevant Transaction Obligor and each relevant Sharing Finance Party, an amount equal to
the relevant Redistributed Amount will be treated as not having been paid by that Transaction Obligor.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>34.5</B></TD><TD STYLE="text-align: justify"><B>Exceptions</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">This Clause 34 (<I>Sharing among the Finance Parties</I>) shall not apply to the extent that the Recovering
Finance Party would not, after making any payment pursuant to this Clause, have a valid and enforceable claim against the relevant Transaction
Obligor.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering
Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">it notified that other Finance Party of the legal or arbitration proceedings; 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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>(ii)</B></FONT></TD><TD STYLE="text-align: justify">that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but
did not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings.</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"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;11</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Administration</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>35</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Payment Mechanics</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>35.1</B></TD><TD STYLE="text-align: justify"><B>Payments to the Facility Agent</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">On each date on which a Transaction Obligor or a Lender is required to make a payment under a Finance
Document, that Transaction Obligor or Lender shall make an amount equal to such payment available to the Facility Agent (unless a contrary
indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Facility Agent as being
customary at the time for settlement of transactions in the relevant currency in the place of payment.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Payment shall be made to such account in the principal financial centre of the country of that currency
(or, in relation to euro, in a principal financial centre in such Participating Member State or London, as specified by the Facility Agent)
and with such bank as the Facility Agent, in each case, specifies.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>35.2</B></TD><TD STYLE="text-align: justify"><B>Distributions by the Facility Agent</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 0pt 0.5in; text-align: justify">Each payment received by the Facility
Agent under the Finance Documents for another Party shall, subject to Clause 35.3 (<I>Distributions to a Transaction Obligor</I>) and
Clause 35.4 (<I>Clawback and pre-funding</I>) be made available by the Facility Agent as soon as practicable after receipt to the Party
entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such
account as that Party may notify to the Facility Agent by not less than five Business Days' notice with a bank specified by that Party
in the principal financial centre of the country of that currency (or, in relation to euro, in the principal financial centre of a Participating
Member State or London), as specified by that Party or, in the case of an Advance, to such account of such person as may be specified
by the Borrowers in a Utilisation Request.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>35.3</B></TD><TD STYLE="text-align: justify"><B>Distributions to a Transaction Obligor</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 0pt 0.5in; text-align: justify">The Facility Agent may (with the consent
of a Transaction Obligor or in accordance with Clause 36 (<I>Set-Off</I>)) apply any amount received by it for that Transaction Obligor
in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Transaction Obligor under the
Finance Documents or in or towards purchase of any amount of any currency to be so applied.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>35.4</B></TD><TD STYLE="text-align: justify"><B>Clawback and pre-funding</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Where a sum is to be paid to the Facility Agent under the Finance Documents for another Party, the Facility
Agent is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been
able to establish to its satisfaction that it has actually received that sum.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Unless paragraph (c)&nbsp;below applies, if the Facility Agent pays an amount to another Party and it
proves to be the case that the Facility Agent had not actually received that amount, then the Party to whom that amount (or the proceeds
of any related exchange contract) was paid by the Facility Agent shall on demand refund the same to the Facility Agent together with interest
on that amount from the date of payment to the date of receipt by the Facility Agent, calculated by the Facility Agent to reflect its
cost of funds.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">If the Facility Agent has notified the Lenders that it is willing to make available amounts for the account
of the Borrowers before receiving funds from the Lenders then if and to the extent that the Facility Agent does so but it proves to be
the case that it does not then receive funds from a Lender in respect of a sum which it paid to the Borrowers:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">the Borrowers shall on demand refund it to the Facility Agent; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">the Lender by whom those funds should have been made available or, if the Lender fails to do so, the Borrowers
shall on demand pay to the Facility Agent the amount (as certified by the Facility Agent) which will indemnify the Facility Agent against
any funding cost incurred by it as a result of paying out that sum before receiving those funds from that Lender.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>35.5</B></TD><TD STYLE="text-align: justify"><B>Application of receipts; partial payments</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">If the Facility Agent receives a payment that is insufficient to discharge all the amounts then due and
payable by a Transaction Obligor under the Finance Documents, the Facility Agent shall apply that payment towards the obligations of that
Transaction Obligor under the Finance Documents in the following order:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify"><B>first</B>, in or towards payment <I>pro rata</I> of any unpaid fees, costs and expenses of, and any
other amounts owing to, the Facility Agent, the Security Agent, any Receiver or any Delegate under the Finance Documents;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify"><B>secondly</B>, in or towards payment <I>pro rata</I> of:</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">(A)</TD><TD STYLE="text-align: justify">any accrued interest and fees due but unpaid to the Lenders under this Agreement; 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">(B)</TD><TD STYLE="text-align: justify">any periodical payments (not being payments as a result of termination or closing out) due but unpaid
to the Hedge Counterparties under the Hedging Agreements;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify"><B>thirdly</B>, in or towards payment <I>pro rata</I> of:</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">(A)</TD><TD STYLE="text-align: justify">any principal due but unpaid to the Lenders under this Agreement; 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">(B)</TD><TD STYLE="text-align: justify">any payments as a result of termination or closing out due but unpaid to the Hedge Counterparties under
the Hedging Agreements; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iv)</TD><TD STYLE="text-align: justify"><B>fourthly</B>, in or towards payment <I>pro rata</I> of any other sum due but unpaid under the Finance
Documents.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The Facility Agent shall, if so directed by the Majority Lenders and the Hedge Counterparties, vary, or
instruct the Security Agent to vary (as applicable), the order set out in sub-paragraphs (ii)&nbsp;to (iv)&nbsp;of paragraph (a)&nbsp;above.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Paragraphs (a)&nbsp;and (b)&nbsp;above will override any appropriation made by a Transaction Obligor.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">Notwithstanding the foregoing, no amount received from a Hedge Guarantor or the Parent Guarantor in respect
of obligations under Clauses 17 (<I>Guarantee and Indemnity &ndash; Parent Guarantor</I>) and 19 (<I>Guarantee and Indemnity &ndash; Hedge
Guarantors</I>) shall be applied to any Excluded Hedging Obligations.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>35.6</B></TD><TD STYLE="text-align: justify"><B>No set-off by Transaction Obligors</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">All payments to be made by a Transaction Obligor under the Finance Documents shall be calculated and be
made without (and free and clear of any deduction for) set-off or counterclaim.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Paragraph (a)&nbsp;above shall not affect the operation of any payment or close-out netting in respect
of any amounts owing under any Hedging Agreement.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>35.7</B></TD><TD STYLE="text-align: justify"><B>Business Days</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Any payment under the Finance Documents which is due to be made on a day that is not a Business Day shall
be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">During any extension of the due date for payment of any principal or an Unpaid Sum under this Agreement
interest is payable on the principal or Unpaid Sum at the rate payable on the original due 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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>35.8</B></TD><TD STYLE="text-align: justify"><B>Currency of account</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Subject to paragraphs (b)&nbsp;and (c)&nbsp;below, dollars is the currency of account and payment for
any sum due from a Transaction Obligor under any Finance Document.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs,
expenses or Taxes are incurred.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Any amount expressed to be payable in a currency other than dollars shall be paid in that other currency.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>35.9</B></TD><TD STYLE="text-align: justify"><B>Change of currency</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised
by the central bank of any country as the lawful currency of that country, then:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">any reference in the Finance Documents to, and any obligations arising under the Finance Documents in,
the currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated by the Facility
Agent (after consultation with the Borrowers); 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">any translation from one currency or currency unit to another shall be at the official rate of exchange
recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or down by the Facility
Agent (acting reasonably).</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">If a change in any currency of a country occurs, this Agreement will, to the extent the Facility Agent
(acting reasonably and after consultation with the Borrowers) specifies to be necessary, be amended to comply with any generally accepted
conventions and market practice in the Relevant Interbank Market and otherwise to reflect the change in currency.</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="break-before: page; 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>

<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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>35.10</B></TD><TD STYLE="text-align: justify"><B>Currency Conversion</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">For the purpose of, or pending any payment to be made by any Servicing Party under any Finance Document,
such Servicing Party may convert any moneys received or recovered by it from one currency to another, at a market rate of exchange.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The obligations of any Transaction Obligor to pay in the due currency shall only be satisfied to the extent
of the amount of the due currency purchased after deducting the costs of conversion.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>35.11</B></TD><TD STYLE="text-align: justify"><B>Disruption to Payment Systems etc.</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 0pt 0.5in; text-align: justify">If either the Facility Agent determines
(in its discretion) that a Disruption Event has occurred or the Facility Agent is notified by a Borrower that a Disruption Event has occurred:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">the Facility Agent may, and shall if requested to do so by a Borrower, consult with the Borrowers with
a view to agreeing with the Borrowers such changes to the operation or administration of the Facility as the Facility Agent may deem necessary
in the circumstances;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">the Facility Agent shall not be obliged to consult with the Borrowers in relation to any changes mentioned
in paragraph (a)&nbsp;above if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation
to agree to such changes;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">the Facility Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph
(a)&nbsp;above but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">any such changes agreed upon by the Facility Agent and the Borrowers shall (whether or not it is finally
determined that a Disruption Event has occurred) be binding upon the Parties and any Transaction Obligors as an amendment to (or, as the
case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of Clause 45 (<I>Amendments and Waivers</I>);</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">the Facility Agent shall not be liable for any damages, costs or losses to any person, any diminution
in value or any liability whatsoever (including, without limitation for negligence, gross negligence or any other category of liability
whatsoever but not including any claim based on the fraud of the Facility Agent) arising as a result of its taking, or failing to take,
any actions pursuant to or in connection with this Clause 35.11 (<I>Disruption to Payment Systems etc.</I>); 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: 0pt"></TD><TD STYLE="width: 35.45pt">(f)</TD><TD STYLE="text-align: justify">the Facility Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d)&nbsp;above.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>36</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Set-Off</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 0pt 0.5in; text-align: justify">A Finance Party may set off any matured
obligation due from a Transaction Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party) against
any matured obligation owed by that Finance Party to that Transaction Obligor, regardless of the place of payment, booking branch or currency
of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate
of exchange in its usual course of business for the purpose of the set-off and the Finance Party shall notify the Borrowers after any
set-off as soon as possible.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 219.75pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 219.75pt">&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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>37</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Bail-In</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 0pt 0.5in; text-align: justify">Notwithstanding any other term of any
Finance Document or any other agreement, arrangement or understanding between the parties to a Finance Document, each Party acknowledges
and accepts that any liability of any party to a Finance Document under or in connection with the Finance Documents may be subject to
Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect 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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">any Bail-In Action in relation to any such liability, including (without limitation):</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued
but unpaid interest) in respect of any such liability;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">a conversion of all, or part of, any such liability into shares or other instruments of ownership that
may be issued to, or conferred on, it; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">a cancellation of any such liability; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In
Action in relation to any such liability.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>38</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Notices</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>38.1</B></TD><TD STYLE="text-align: justify"><B>Communications in writing</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 0pt 0.5in; text-align: justify">Any communication to be made under or
in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax or letter or, subject
to Clause 38.5 (<I>Electronic communication</I>), email.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>38.2</B></TD><TD STYLE="text-align: justify"><B>Addresses</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 0pt 0.5in; text-align: justify">The address and fax number (and the
department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to
be made or delivered under or in connection with the Finance Documents are:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">in the case of the Borrowers, that specified in Schedule 1 (<I>The Parties</I>);</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">in the case of each Lender, each Hedge Counterparty or any other Obligor, that specified in Schedule 1
(<I>The Parties</I>) or, if it becomes a Party after the date of this Agreement, that notified in writing to the Facility Agent on or
before the date on which it becomes a Party;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">in the case of the Facility Agent, that specified in Schedule 1 (<I>The Parties</I>); 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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">in the case of the Security Agent, that specified in Schedule 1 (<I>The Parties</I>),</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">or any substitute address, fax number
or department or officer as the Party may notify to the Facility Agent (or the Facility Agent may notify to the other Parties, if a change
is made by the Facility Agent) by not less than five Business Days' notice.</P>

<P STYLE="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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>38.3</B></TD><TD STYLE="text-align: justify"><B>Delivery</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Any communication or document made or delivered by one person to another under or in connection with the
Finance Documents will only be effective:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">if by way of fax, when received in legible form; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">if by way of letter, when it has been left at the relevant address or five Business Days after being deposited
in the post postage prepaid in an envelope addressed to it at that address,</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">and, if a particular department or officer
is specified as part of its address details provided under Clause 38.2 (<I>Addresses</I>), if addressed to that department or officer.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Any communication or document to be made or delivered to a Servicing Party will be effective only when
actually received by that Servicing Party and then only if it is expressly marked for the attention of the department or officer of that
Servicing Party specified in Schedule 1 (<I>The Parties</I>) (or any substitute department or officer as that Servicing Party shall specify
for this purpose).</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">All notices from or to a Transaction Obligor shall be sent through the Facility Agent unless otherwise
specified in any Finance Document.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">Any communication or document made or delivered to the Borrowers in accordance with this Clause will be
deemed to have been made or delivered to each of the Transaction Obligors.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">Any communication or document which becomes effective, in accordance with paragraphs (a)&nbsp;to (d)&nbsp;above,
after 5.00 p.m.&nbsp;in the place of receipt shall be deemed only to become effective on the following day.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>38.4</B></TD><TD STYLE="text-align: justify"><B>Notification of address and fax number</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 0pt 0.5in; text-align: justify">Promptly upon receipt of notification
of an address and fax number or change of address or fax number pursuant to Clause 38.2 (<I>Addresses</I>) or changing its own address
or fax number, the Facility Agent shall notify the other Parties.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>38.5</B></TD><TD STYLE="text-align: justify"><B>Electronic communication</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Any communication to be made or document to be delivered by one Party to another under or in connection
with the Finance Documents may be made or delivered by electronic mail or other electronic means (including, without limitation, by way
of posting to a secure website) if those two Parties:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">notify each other in writing of their electronic mail address and/or any other information required to
enable the transmission of information by that means; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">notify each other of any change to their address or any other such information supplied by them by not
less than five Business Days' notice.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Any such electronic communication or delivery as specified in paragraph (a)&nbsp;above to be made between
an Obligor and a Finance Party may only be made in that way to the extent that those two Parties agree that, unless and until notified
to the contrary, this is to be an accepted form of communication or delivery.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Any such electronic communication or document as specified in paragraph (a)&nbsp;above made or delivered
by one Party to another will be effective only when actually received (or made available) in readable form and in the case of any electronic
communication or document made or delivered by a Party to the Facility Agent or the Security Agent only if it is addressed in such a manner
as the Facility Agent or the Security Agent shall specify for this purpose.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">Any electronic communication or document which becomes effective, in accordance with paragraph (c)&nbsp;above,
after 5.00 p.m.&nbsp;in the place in which the Party to whom the relevant communication or document is sent or made available has its
address for the purpose of this Agreement shall be deemed only to become effective on the following day.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">Any reference in a Finance Document to a communication being sent or received or a document being delivered
shall be construed to include that communication or document being made available in accordance with this Clause 38.5 (<I>Electronic communication</I>).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>38.6</B></TD><TD STYLE="text-align: justify"><B>English language</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Any notice given under or in connection with any Finance Document must be in English.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">All other documents provided under or in connection with any Finance Document must be:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">in English; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">if not in English, and if so required by the Facility Agent, accompanied by a certified English translation
prepared by a translator approved by the Facility Agent and, in this case, the English translation will prevail unless the document is
a constitutional, statutory or other official document.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>38.7</B></TD><TD STYLE="text-align: justify"><B>Hedging Agreement</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 0pt 0.5in; text-align: justify">Notwithstanding anything in Clause 1.1
(<I>Definitions</I>), references to the Finance Documents or a Finance Document in this Clause do not include any Hedging Agreement entered
into by a Borrower with a Hedge Counterparty in connection with the Facility.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>39</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Calculations and Certificates</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>39.1</B></TD><TD STYLE="text-align: justify"><B>Accounts</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 0pt 0.5in; text-align: justify">In any litigation or arbitration proceedings
arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party are <I>prima facie</I>
evidence of the matters to which they relate.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>39.2</B></TD><TD STYLE="text-align: justify"><B>Certificates and determinations</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 0pt 0.5in; text-align: justify">Any certification or determination by
a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters
to which it relates.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>39.3</B></TD><TD STYLE="text-align: justify"><B>Day count convention</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 0pt 0.5in; text-align: justify">Any interest, commission or fee accruing
under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of
360 days or, in any case where the practice in the Relevant Interbank Market differs, in accordance with that market practice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 219.75pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 219.75pt">&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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>40</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Partial Invalidity</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 0pt 0.5in; text-align: justify">If, at any time, any provision of a
Finance Document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality,
validity or enforceability of the remaining provisions under the law of that jurisdiction nor the legality, validity or enforceability
of such provision under the law of any other jurisdiction will in any way be affected or impaired.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>41</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Remedies and Waivers</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">No failure to exercise, nor any delay in exercising, on the part of any Secured Party, any right or remedy
under a Finance Document shall operate as a waiver of any such right or remedy or constitute an election to affirm any Finance Document.
No election to affirm any Finance Document on the part of a Secured Party shall be effective unless it is in writing. No single or partial
exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and
remedies provided in each Finance Document are cumulative and not exclusive of any rights or remedies provided by law.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">No variation or amendment of a Finance Document shall be valid unless in writing and signed by or on behalf
of all the relevant Finance Parties in accordance with the provisions of Clause 45 (<I>Amendments and waivers</I>).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>42</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Entire Agreement</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">This Agreement, in conjunction with the other Finance Documents, constitutes the entire agreement between
the Parties and supersedes all previous agreements, understandings and arrangements between them, whether in writing or oral, in respect
of its subject matter.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Each Obligor acknowledges that it has not entered into this Agreement or any other Finance Document in
reliance on, and shall have no remedies in respect of, any representation or warranty that is not expressly set out in this Agreement
or in any other Finance Document.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>43</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Settlement or Discharge Conditional</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 0pt 0.5in; text-align: justify">Any settlement or discharge under any
Finance Document between any Finance Party and any Transaction Obligor shall be conditional upon no security or payment to any Finance
Party by any Transaction Obligor or any other person being set aside, adjusted or ordered to be repaid, whether under any insolvency law
or otherwise.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>44</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Irrevocable Payment</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 0pt 0.5in; text-align: justify">If the Facility Agent considers that
an amount paid or discharged by, or on behalf of, a Transaction Obligor or by any other person in purported payment or discharge of an
obligation of that Transaction Obligor to a Secured Party under the Finance Documents is capable of being avoided or otherwise set aside
on the liquidation or administration of that Transaction Obligor or otherwise, then that amount shall not be considered to have been unconditionally
and irrevocably paid or discharged for the purposes of the Finance Documents.</P>

<P STYLE="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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>45</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Amendments and Waivers</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>45.1</B></TD><TD STYLE="text-align: justify"><B>Required consents</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Subject to Clause 45.2 (<I>All Lender matters</I>) and Clause 45.3 (<I>Other exceptions</I>) any term
of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and, in the case of an amendment, the
Obligors and any such amendment or waiver will be binding on all Parties.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The Facility Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this
Clause 45 (<I>Amendments and Waivers</I>).</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Without prejudice to the generality of Clause 31.7 (<I>Rights and discretions</I>), the Facility Agent
may engage, pay for and rely on the services of lawyers in determining the consent level required for and effecting any amendment, waiver
or consent under this Agreement.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">Paragraph (c)&nbsp;of Clause 29.9 (<I>Pro rata interest settlement</I>) shall apply to this Clause 45
(<I>Amendments and Waivers</I>).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>45.2</B></TD><TD STYLE="text-align: justify"><B>All Lender matters</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 0pt 0.5in; text-align: justify">Subject to Clause 45.4 (<I>Benchmark
Replacement setting</I>), an amendment of or waiver or consent in relation to any term of any Finance Document that has the effect of
changing or which relates to:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">the definition of &quot;Majority Lenders&quot; in Clause 1.1 (<I>Definitions</I>);</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">a postponement to or extension of the date of payment of any amount under the Finance Documents;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">a reduction in the Margin or the amount of any payment of principal, interest, fees or commission payable;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">a change in currency of payment of any amount under the Finance Documents;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD STYLE="text-align: justify">an increase in any Commitment or the Total Commitments, an extension of any Availability Period or any
requirement that a cancellation of Commitments reduces the Commitments rateably under the Facility;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(f)</TD><TD STYLE="text-align: justify">a change to any Transaction Obligor other than in accordance with Clause 30 (<I>Changes to the Transaction
Obligors</I>);</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: 0pt"></TD><TD STYLE="width: 35.45pt">(g)</TD><TD STYLE="text-align: justify">any provision which expressly requires the consent of all the Lenders;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(h)</TD><TD STYLE="text-align: justify">this Clause 45 (<I>Amendments and Waivers</I>);</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any change to the preamble (Background),
Clause 2 (<I>The Facility</I>), Clause 3 (<I>Purpose</I>), Clause 5 (<I>Utilisation</I>), Clause 6.2 (<I>Effect of cancellation and prepayment
on scheduled repayments</I>), Clause 7.4 (<I>Mandatory prepayment on sale or Total Loss</I>) or Clause 7.5 (<I>Mandatory prepayment of
Hedging Prepayment Proceeds</I>), Clause 8 (<I>Interest</I>), Clause 24.10 (<I>Compliance with laws etc</I>.), Clause 24.12 (<I>Sanctions
and Ship trading</I>), Clause 26 (<I>Accounts,</I> application of Earnings <I>and Hedge Receipts</I>), Clause 29 (<I>Changes to the Lenders</I>),
Clause 34 (<I>Sharing among the Finance Parties</I>), Clause </FONT><FONT STYLE="color: #b5082e"><STRIKE>49 </STRIKE></FONT>48<FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>
</U></FONT>(<I>Governing Law</I>) or Clause <FONT STYLE="color: #b5082e"><STRIKE>50 </STRIKE></FONT>49<FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>
</U></FONT>(<I>Enforcement</I>);</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="break-before: page; 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>

<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: 0pt"></TD><TD STYLE="width: 35.45pt">(j)</TD><TD STYLE="text-align: justify">(other than as expressly permitted by the provisions of any Finance Document), the nature or scope of:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">the guarantees and indemnities granted under any of Clause 17 (<I>Guarantee and Indemnity &ndash; Parent
Guarantor</I>) or Clause 19 (<I>Guarantee and Indemnity &ndash; Hedge Guarantors</I>) or any other guarantee and indemnity forming part
of the Finance Documents;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">the joint and several liability of the Borrowers under Clause 18 (<I>Joint and Several Liability of the
Borrowers</I>);</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">the Security Assets; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(iv)</TD><TD STYLE="text-align: justify">the manner in which the proceeds of enforcement of the Transaction Security are distributed,</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 1in; text-align: justify">(except in the case of sub-paragraphs
(iii)&nbsp;and (iv)&nbsp;above, insofar as it relates to a sale or disposal of an asset which is the subject of the Transaction Security
where such sale or disposal is expressly permitted under this Agreement or any other Finance Document); or</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: 0pt"></TD><TD STYLE="width: 35.45pt">(k)</TD><TD STYLE="text-align: justify">the release or any material variation of the guarantees and indemnities granted under Clause 17 (<I>Guarantee
and Indemnity &ndash; Parent Guarantor</I>) or Clause 19 (<I>Guarantee and Indemnity &ndash; Hedge Guarantors</I>), the joint and several
liability of the Borrowers under Clause 18 (<I>Joint and Several Liability of the Borrowers</I>) or of any Transaction Security or any
guarantee, indemnity or subordination arrangement set out in a Finance Document unless permitted under this Agreement or any other Finance
Document or relating to a sale or disposal of an asset which is the subject of the Transaction Security where such sale or disposal is
expressly permitted under this Agreement or any other Finance Document,</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">shall not be made, or given, without
the prior consent of all the Lenders.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>45.3</B></TD><TD STYLE="text-align: justify"><B>Other exceptions</B></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An amendment or waiver which
relates to the rights or obligations of a Servicing Party</FONT> <FONT STYLE="color: #b5082e"><STRIKE>or a Reference Bank (each in their
capacity as such) </STRIKE></FONT>may not be effected without the consent of that Servicing Party<FONT STYLE="color: #b5082e"><STRIKE>,
that Reference Bank, as the case may be</STRIKE></FONT>.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">An amendment or waiver which relates to and would adversely affect the rights or obligations of a Hedge
Counterparty (in its capacity as such) may not be effected without the consent of that Hedge Counterparty.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">The Borrowers and the Facility Agent, or the Security Agent, as applicable, may amend or waive a term
of a Fee Letter to which they are party.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">The Hedge Counterparty and the relevant Borrower may amend, supplement or waive the terms of any Hedging
Agreement or Hedge Counterparty Guarantee if permitted by paragraph (g)&nbsp;of Clause 8.5 (<I>Hedging</I>).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>45.4</B></TD><TD STYLE="text-align: justify"><B>Benchmark Replacement setting</B></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(a)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><I><U>Benchmark Replacement: </U></I></FONT>Notwithstanding
anything to the contrary herein or in any other Finance Document <FONT STYLE="color: #b5082e"><STRIKE>(and any Hedging Agreement shall
be deemed not to be a &quot;Finance Document&quot; for purposes of this Clause: </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>,
upon </U></FONT><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">the occurrence of a Benchmark Transition Event, the </FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">Facility
Agent and the Borrower may amend this Agreement to </FONT></U><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">replace the
then-current Benchmark </FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">with a Benchmark Replacement. Any such amendment
with respect to a Benchmark Transition Event will become effective at </FONT></U><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">5:00
p.m.&nbsp;(New York City time) on the fifth </FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">(5<SUP>th</SUP>) </FONT></U><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">Business
Day after the date notice of such Benchmark Replacement is provided to the Lenders </FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">and
the Borrower </FONT></U><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">so long as the Facility Agent has not received,
by such time, written notice of objection to such </FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">amendment </FONT></U><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">from
Lenders comprising the Majority Lenders. </FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">No replacement of a Benchmark
with a Benchmark Replacement pursuant to this paragraph will occur prior to the applicable Benchmark Transition Start Date.</FONT></U></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-indent: 219.75pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 219.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(a)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><I><STRIKE>Replacing the Screen Rate</STRIKE></I><STRIKE>: On 5<SUP>th</SUP> March&nbsp;2021 the Financial
Conduct Authority (&quot;<B>FCA&quot;</B>) (the regulatory supervisor of the administrator of the Screen Rate,&nbsp;ICE Benchmark Association
Limited (&quot;<B>IBA&quot;</B>)) announced in a public statement the future cessation or loss of representativeness of overnight/Spot
Next, 1-month, 3-month, 6-month and 12-month Screen Rate tenor settings. On the earlier of:</STRIKE></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: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><STRIKE>(i)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>the date that all Available Tenors of the Screen Rate have either
</STRIKE></FONT><STRIKE><FONT STYLE="color: #2c6234">permanently or indefinitely </FONT><FONT STYLE="color: #b5082e">ceased to be provided
by IBA or have been announced by the FCA pursuant to </FONT><FONT STYLE="color: #2c6234">public statement or publication of information
</FONT><FONT STYLE="color: #b5082e">to be no longer representative; and</FONT></STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(ii)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>the Early Opt-in Effective Date,</STRIKE></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><STRIKE>if
the then-current Benchmark is the Screen Rate, the Benchmark Replacement will replace such Benchmark for all purposes hereunder and under
any Finance Document in respect of any setting of such Benchmark on such day and all subsequent settings without any amendment to, or
further action or consent of any other </STRIKE></FONT><STRIKE><FONT STYLE="color: #2c6234">party to this Agreement or any other Finance
Document</FONT><FONT STYLE="color: #b5082e">. If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable
on a quarterly basis.</FONT></STRIKE></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><STRIKE>(b)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><I><STRIKE>Replacing Future Benchmarks</STRIKE></I><STRIKE>: Upon </STRIKE></FONT><STRIKE><FONT STYLE="color: #2c6234">the
occurrence of a Benchmark Transition Event, the </FONT><FONT STYLE="color: #b5082e">Benchmark Replacement will </FONT><FONT STYLE="color: #2c6234">replace
the then-current Benchmark </FONT><FONT STYLE="color: #b5082e">for all purposes hereunder and under any Finance Document in respect of
Interest Period for the Loan or any part of the Loan at or after 5:00 p.m.&nbsp;on the fifth </FONT><FONT STYLE="color: #2c6234">Business
Day after the date notice of such Benchmark Replacement is provided to the Lenders </FONT><FONT STYLE="color: #b5082e">without any amendment
to, or further action or consent of any other party to, this Agreement or any other Finance Document </FONT><FONT STYLE="color: #2c6234">so
long as the Facility Agent has not received, by such time, written notice of objection to such </FONT><FONT STYLE="color: #b5082e">Benchmark
Replacement </FONT><FONT STYLE="color: #2c6234">from Lenders comprising the Majority Lenders. </FONT><FONT STYLE="color: #b5082e">At any
time that the administrator of the then-current Benchmark has </FONT><FONT STYLE="color: #2c6234">permanently or indefinitely</FONT> <FONT STYLE="color: #b5082e">ceased
to provide such Benchmark or such Benchmark has been announced by </FONT><FONT STYLE="color: #2c6234">the regulatory supervisor for the
administrator of such Benchmark </FONT><FONT STYLE="color: #b5082e">pursuant to </FONT><FONT STYLE="color: #2c6234">public statement or
publication of information </FONT><FONT STYLE="color: #b5082e">to be no longer representative of the underlying market and economic reality
that such Benchmark is intended to measure and that representativeness will not be restored:</FONT></STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(i)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>the Borrowers may revoke any request for a borrowing of any Advance to be made until the Borrowers'
receipt of notice from the Facility Agent that a Benchmark Replacement has replaced such Benchmark; and</STRIKE></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: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><STRIKE>(ii)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>Clause 10.4 (<I>Cost of funds</I>) shall apply in respect of any
Interest Period of the Loan or any part of the Loan commencing on or after such occurrence but before the Borrowers' receipt of notice
from the Facility Agent that a </STRIKE></FONT><STRIKE><FONT STYLE="color: #2c6234">Benchmark Replacement has replaced </FONT><FONT STYLE="color: #b5082e">such
Benchmark.</FONT></STRIKE></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="break-before: page; 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>

<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"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(b)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><I><STRIKE>Benchmark Replacement </STRIKE></I></FONT><I>Conforming Changes</I>:
In connection with the <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>use or administration of Term SOFR, or the use, administration,
adoption or </U></FONT>implementation <FONT STYLE="color: #b5082e"><STRIKE>and administration </STRIKE></FONT>of a Benchmark Replacement,
the Facility Agent will have the right to make <FONT STYLE="color: #b5082e"><STRIKE>Benchmark Replacement </STRIKE></FONT>Conforming Changes
from time to time and, notwithstanding anything to the contrary herein or in any other Finance Document, any amendments implementing such
<FONT STYLE="color: #b5082e"><STRIKE>(c)&#9;Benchmark Replacement </STRIKE></FONT>Conforming Changes will become effective without any
further action or consent of any other<FONT STYLE="color: #b5082e"><STRIKE>Party </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>party
to this Agreement or any other Finance Document</U></FONT>.</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"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(c)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(d)</STRIKE></FONT><I>Notices; Standards for Decisions and Determinations</I>:
The Facility Agent will promptly notify the <FONT STYLE="color: #b5082e"><STRIKE>Borrowers </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Borrower
</U></FONT>and the Lenders of<FONT STYLE="color: #b5082e"><STRIKE>:</STRIKE></FONT> <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(i)&nbsp;</U></FONT><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">the
implementation of any Benchmark Replacement</FONT></U><U> <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">and (ii)&nbsp;the effectiveness
of any Conforming Changes. The Facility Agent will promptly notify the Borrower of the removal or reinstatement of any tenor of a Benchmark
pursuant to paragraph (d)&nbsp;below</FONT></U><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">. Any determination, decision
or election that may be made by the Facility Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Clause 45.4 (<I>Benchmark
Replacement setting</I>), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence
of an event, circumstance or date and any decision to take or refrain from taking any action</FONT></U><U> <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">or
any selection, </FONT></U><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">will be conclusive and binding absent manifest
error and may be made in its or their sole discretion and without consent from any other </FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">party
to this Agreement or any other Finance Document</FONT></U><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">, except, in each
case, as expressly required pursuant to this Clause 45.4 (<I>Benchmark Replacement setting</I>).</FONT></U></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"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(d)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><I><U>Unavailability of Tenor of Benchmark:</U></I></FONT><U>
<FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">Notwithstanding anything to the contrary herein or in any other Finance Document,
at</FONT></U><U> <FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">any time (including in connection with the implementation
of a Benchmark Replacement)</FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">, (i)&nbsp;</FONT></U><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">if
the then-current Benchmark is a term rate (including Term SOFR</FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">)
and either (A)&nbsp;any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from
time to time as selected by the Facility Agent in its reasonable discretion or (B)&nbsp;the administrator of such Benchmark or </FONT></U><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">the
regulatory supervisor for the administrator of such Benchmark </FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">has
provided a </FONT></U><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">public statement or publication of information </FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">announcing
that any tenor for such Benchmark is not or will not be representative or in compliance with or aligned with the International Organization
of Securities Commissions (IOSCO) Principles for Financial Benchmarks, then the Facility Agent may modify the definition of &quot;Interest
Period&quot; (or any similar or analogous definition or related provisions) for any Benchmark settings at or after such time to remove
such unavailable, non-representative, non-compliant or non-aligned tenor and (ii)&nbsp;if a tenor that was removed pursuant to clause
(i)&nbsp;above either (A)&nbsp;is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement)
or (B)&nbsp;is not, or is no longer, subject to an announcement that it is not or will not be representative or in compliance with or
aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks for a Benchmark (including
a Benchmark Replacement), then the Facility Agent may modify the definition of &quot;Interest Period&quot; (or any similar or analogous
definition or related provisions) for all Benchmark settings at or after such time to reinstate </FONT></U><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">such
previously removed tenor</FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">.</FONT></U></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(e)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><I><U>Benchmark Unavailability Period:</U></I><U> Upon the
Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any pending request for
a borrowing of any Advance to be made during any Benchmark Unavailability Period.</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(f)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>The following terms shall have the following meanings:</U></FONT></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: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><STRIKE>(i)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #2c6234"><STRIKE>the implementation of any Benchmark Replacement</STRIKE></FONT><STRIKE><FONT STYLE="color: #b5082e">;
and</FONT></STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(ii)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>the effectiveness of any Benchmark Replacement Conforming Changes.</STRIKE></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #2c6234"><STRIKE>Any
determination, decision or election that may be made by the Facility Agent or, if applicable, any Lender (or group of Lenders) pursuant
to this Clause 45.4 (<I>Benchmark Replacement setting</I>), including any determination with respect to a tenor, rate or adjustment or
of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action</STRIKE></FONT><STRIKE><FONT STYLE="color: #b5082e">,
</FONT><FONT STYLE="color: #2c6234">will be conclusive and binding absent manifest error and may be made in its or their sole discretion
and without consent from any other </FONT><FONT STYLE="color: #b5082e">Party</FONT><FONT STYLE="color: #2c6234">, except, in each case,
as expressly required pursuant to this Clause 45.4 (<I>Benchmark Replacement setting</I>).</FONT></STRIKE></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><STRIKE>(e)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #2c6234"><I><STRIKE>Unavailability of Tenor of Benchmark</STRIKE></I><STRIKE>: </STRIKE></FONT><STRIKE><FONT STYLE="color: #b5082e">At
</FONT><FONT STYLE="color: #2c6234">any time (including in connection with the implementation of a Benchmark Replacement)</FONT><FONT STYLE="color: #b5082e">:</FONT></STRIKE></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: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><STRIKE>(i)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #2c6234"><STRIKE>if the then-current Benchmark is a term rate (including Term SOFR</STRIKE></FONT><STRIKE>
<FONT STYLE="color: #b5082e">or the Screen Rate), then the Facility Agent may remove any tenor of such Benchmark that is unavailable or
non-representative for Benchmark (including Benchmark Replacement) settings; and</FONT></STRIKE></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: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><STRIKE>(ii)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>the Facility Agent may reinstate any </STRIKE></FONT><STRIKE><FONT STYLE="color: #2c6234">such
previously removed tenor</FONT> <FONT STYLE="color: #b5082e">for Benchmark (including Benchmark Replacement) settings.</FONT></STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(f)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><I><STRIKE>Further action:</STRIKE></I><STRIKE> If required by the Facility Agent, the Borrowers shall
(and shall procure that each other Transaction Obligor shall) promptly enter into such confirmation or supplemental agreement to any Finance
Document as the Facility Agent may specify to be necessary or desirable to reflect the effect of any of the amendments referred to in
this Clause 45.4 (<I>Benchmark Replacement setting</I>) on such Finance Document.</STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(g)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><I><STRIKE>Benchmark replacement definitions:</STRIKE></I><STRIKE> For the purposes of this Clause 45.4
(<I>Benchmark Replacement setting</I>):</STRIKE></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Available
Tenor</B>&quot; means, as of any date of determination and with respect to the then-current Benchmark, as applicable</FONT><FONT STYLE="color: #b5082e"><STRIKE>:</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>,
(i)&nbsp;if such </U></FONT><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">Benchmark is a term rate, any tenor for such
Benchmark </FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">(or component thereof) </FONT></U><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">that
is or may be used for determining the length of an </FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">interest period
pursuant to this Agreement or (ii)&nbsp;</FONT></U><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">otherwise, any payment
period for interest calculated with reference to such Benchmark</FONT></U><U> <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">(or
component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such
Benchmark, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed
from the definition of &quot;Interest Period&quot; or related provisions pursuant to paragraph (d</FONT></U><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">)&nbsp;of
this Clause 45.4 (<I>Benchmark Replacement setting</I>)</FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">.</FONT></U></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: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><STRIKE>(a)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>if the then-current </STRIKE></FONT><STRIKE><FONT STYLE="color: #2c6234">Benchmark
is a term rate, any tenor for such Benchmark that is or may be used for determining the length of an </FONT><FONT STYLE="color: #b5082e">Interest
Period; or</FONT></STRIKE></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 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><STRIKE>(b)</STRIKE></FONT><STRIKE><FONT STYLE="color: #2c6234">otherwise,
any payment period for interest calculated with reference to such Benchmark</FONT><FONT STYLE="color: #b5082e">, as applicable, pursuant
to this Agreement as at such date.</FONT></STRIKE></P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&quot;<B>Benchmark</B>&quot;
means, initially, </FONT><FONT STYLE="color: #b5082e"><STRIKE>the Screen Rate, provided that if a replacement of the Benchmark has occurred
pursuant to this Clause 45.4 (<I>Benchmark Replacement setting</I>)</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Term
SOFR; provided that if a Benchmark Transition Event has occurred with respect to Term SOFR or the then-current Benchmark</U></FONT>, then
&quot;Benchmark&quot; means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior
benchmark rate</P>

<P STYLE="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; color: #b5082e"><STRIKE>. Any reference
to &quot;Benchmark&quot; shall include, as applicable, the published component used in the calculation thereof.<B>&quot;Benchmark Replacement&quot;</B>
means, for any Available Tenor:</STRIKE></P>

<P STYLE="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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><STRIKE>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRIKE></FONT><STRIKE><FONT STYLE="color: #b5082e">for
purposes of </FONT></STRIKE> <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>pursuant to </U></FONT>paragraph (a)&nbsp;of this
Clause 45.4 (<I>Benchmark Replacement setting</I>)<FONT STYLE="color: #b5082e"><STRIKE>, the first alternative set forth below that can
be determined by the Facility Agent: </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>.</U></FONT></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(i)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>the sum of:</STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(A)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>Term SOFR; and</STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(B)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>0.11448% (11.448 basis points) for an Available Tenor of one-month's duration, 0.26161% (26.161
basis points) for an Available Tenor of three-months' duration, and 0.42826% (42.826 basis points) for an Available Tenor of six-months'
duration, or</STRIKE></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"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Benchmark
Replacement&quot;</B> means with respect to any Benchmark Transition Event, </U></FONT>the sum 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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(A)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>Daily Simple SOFR; and</STRIKE></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><STRIKE>(B)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>the spread adjustment selected or recommended </STRIKE></FONT><STRIKE><FONT STYLE="color: #2c6234">by
the Relevant Governmental Body</FONT> <FONT STYLE="color: #b5082e">for the replacement of the tenor of the Screen Rate with a SOFR-based
rate having approximately the same length as the interest payment period specified in paragraph (a)&nbsp;of </FONT><FONT STYLE="color: #2c6234">this
Clause 45.4 (<I>Benchmark Replacement setting</I>)</FONT><FONT STYLE="color: #b5082e">; and</FONT></STRIKE></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: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><STRIKE>(b)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>for purposes of paragraph (b</STRIKE></FONT><STRIKE><FONT STYLE="color: #2c6234">)&nbsp;of
this Clause 45.4 (<I>Benchmark Replacement setting</I>)</FONT><FONT STYLE="color: #b5082e">, the sum of:</FONT></STRIKE></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><STRIKE>(i)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #2c6234"><STRIKE>the alternate benchmark rate</STRIKE></FONT><STRIKE><FONT STYLE="color: #b5082e">;
and</FONT></STRIKE></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="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(a)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>(ii)an adjustment </STRIKE></FONT><STRIKE><FONT STYLE="color: #2c6234">(which
may be a positive or negative value or zero)</FONT><FONT STYLE="color: #b5082e">, in each case, </FONT></STRIKE><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>the
alternate benchmark rate</U></FONT> that has been selected by the Facility Agent and the <FONT STYLE="color: #b5082e"><STRIKE>Borrowers
as the replacement for such Available Tenor of such Benchmark </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Borrower
</U></FONT>giving due consideration to <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(i)&nbsp;any selection or recommendation
of a replacement benchmark rate or the mechanism for determining such a rate </U></FONT><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">by
the Relevant Governmental Body </FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">or (ii)&nbsp;</FONT></U>any evolving
or then-prevailing market convention<FONT STYLE="color: #b5082e"><STRIKE>, including any applicable recommendations made by the Relevant
Governmental Body, for U.S. dollar-denominated </STRIKE></FONT> <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>for determining
a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated </U></FONT>syndicated credit facilities <FONT STYLE="color: #b5082e"><STRIKE>at
such time</STRIKE></FONT>; <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>and</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(b)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>the related Benchmark Replacement Adjustment;</U></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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>provided</U></FONT>
that, if <FONT STYLE="color: #b5082e"><STRIKE>the </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>such </U></FONT>Benchmark
Replacement as <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>so </U></FONT>determined <FONT STYLE="color: #b5082e"><STRIKE>pursuant
to paragraph (a)&nbsp;or (b)&nbsp;above </STRIKE></FONT>would be less than <FONT STYLE="color: #b5082e"><STRIKE>the Floor</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>zero</U></FONT>,
<FONT STYLE="color: #b5082e"><STRIKE>the </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>such </U></FONT>Benchmark
Replacement will be deemed to be <FONT STYLE="color: #b5082e"><STRIKE>the Floor </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>zero
</U></FONT>for the purposes of this Agreement and the other Finance Documents.</P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><STRIKE>&quot;<B>Benchmark
Replacement </B></STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Benchmark Replacement Adjustment</B>&quot;
means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment,
or method for calculating or determining such spread adjustment, </U></FONT><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">(which
may be a positive or negative value or zero)</FONT></U><U> <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">that has been selected
by the Facility Agent and the Borrower giving due consideration to:</FONT></U></P>

<P STYLE="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="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(a)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>any
selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement
of such Benchmark with the applicable Unadjusted Benchmark Replacement </U></FONT><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">by
the Relevant Governmental Body</FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">; or</FONT></U></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="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(b)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>any
evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread
adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated </U></FONT><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">syndicated
credit facilities</FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">.</FONT></U></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; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Benchmark
Replacement Date&quot;</B> means the earliest to occur of the following events with respect to the then-current Benchmark:</U></FONT></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="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(a)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>in
                                            the case of paragraph </U></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-underline-style: double">(a)</FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&nbsp;or
                                            paragraph </U></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; text-underline-style: double">(b)</FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&nbsp;of
                                            the definition of &quot;Benchmark Transition Event&quot;, the later of (i)&nbsp;the date
                                            of the </U></FONT><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">public
                                            statement or publication of information </FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">referenced
                                            therein and (ii)&nbsp;the date on which the administrator of such Benchmark (or the published
                                            component used in the calculation thereof) </FONT></U><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">permanently
                                            or indefinitely </FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">ceases
                                            to provide all Available Tenors of such Benchmark (or such component thereof); or</FONT></U></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(b)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>in
                                            the case of paragraph </U></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-underline-style: double; color: Black">(c)</FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&nbsp;of
                                            the definition of &quot;Benchmark Transition Event&quot;, the first date on which such Benchmark
                                            (or the published component used in the calculation thereof) has been determined and announced
                                            by or on behalf of the administrator of such Benchmark (or such component thereof) or the
                                            regulatory supervisor for the administrator of such Benchmark (or such component thereof)
                                            to be non-representative or non-compliant with or non-aligned with the International Organization
                                            of Securities Commissions (IOSCO) Principles for Financial Benchmarks; provided that such
                                            non-representativeness, non-compliance or non-alignment will be determined by reference to
                                            the most recent statement or publication referenced in such clause (c)&nbsp;and even if any
                                            Available Tenor of such Benchmark (or such component thereof) continues to be provided on
                                            such date.</U></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 0pt 0.5in; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>For
the avoidance of doubt, the &quot;Benchmark Replacement Date&quot; will be deemed to have occurred in the case of paragraph </U></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; text-underline-style: double; color: Black">(a)</FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&nbsp;or
paragraph </U></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; text-underline-style: double; color: Black">(b)</FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&nbsp;above
with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current
Available Tenors of such Benchmark (or the published component used in the calculation thereof).</U></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 0pt 0.5in; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Benchmark
Transition Event&quot;</B> means the occurrence of one or more of the following events with respect to the then-current Benchmark:</U></FONT></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="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(a)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>a public statement or publication of information
by or on behalf of the administrator of </U></FONT><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">such Benchmark (or the published
component used in the calculation thereof) announcing that </FONT></U><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">such
administrator has ceased or will cease </FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">to provide </FONT></U><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">all
Available Tenors of such Benchmark </FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">(or such component thereof),
</FONT></U><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">permanently or indefinitely</FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">;
provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available
Tenor of such Benchmark (or such component thereof);</FONT></U></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="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(b)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>a
public statement or publication of information by </U></FONT><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">the regulatory
supervisor for the administrator of such Benchmark</FONT></U><U> <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">(or the published
component used in the calculation thereof), the FRB</FONT></U><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">, the Federal
Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark</FONT></U><U> <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">(or
such component)</FONT></U><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">, a resolution authority with jurisdiction over
the administrator for such Benchmark </FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">(or such component) </FONT></U><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">or
a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark</FONT></U><U> <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">(or
such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available
Tenors of such Benchmark (or such component thereof) </FONT></U><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">permanently
or indefinitely</FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">; </FONT></U><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">provided
that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor
of such Benchmark</FONT></U><U> <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">(or such component thereof); or</FONT></U></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(c)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>a public statement or publication of information by or on
behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) or the regulatory supervisor
for the administrator of such Benchmark (or such component thereof) announcing that all Available Tenors of such Benchmark (or such component
thereof) are not, or as of a specified future date will not be, representative or in compliance with or aligned with the International
Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks.</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(d)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>For the avoidance of doubt, a &quot;Benchmark Transition
Event&quot; will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth
above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation
thereof).</U></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 0pt 0.5in; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Benchmark
Transition Start Date</B>&quot; means, in the case of a Benchmark Transition Event, the earlier of:</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(a)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>the applicable Benchmark Replacement Date; and</U></FONT></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; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(b)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>if such Benchmark Transition Event is a public statement
or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement
or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication,
the date of such statement or publication).</U></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 0pt 0.5in; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Benchmark
Unavailability Period</B>&quot; means, the period (if any):</U></FONT></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="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(a)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>beginning
                                            at the time that a Benchmark Replacement Date has occurred if, at such time, no </U></FONT><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">Benchmark
                                            Replacement has replaced </FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">the
                                            then-current Benchmark for all purposes hereunder and under any Finance Document in accordance
                                            with this Clause </FONT></U><FONT STYLE="font-family: Times New Roman, Times, Serif; text-underline-style: double; color: Black">45.4</FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U> (<I>Benchmark Replacement
                                            Setting</I>); and</U></FONT></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="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(b)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>ending
at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Finance Document
in accordance with </U></FONT><U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">this Clause </FONT></U>45.4<U><FONT STYLE="text-underline-style: double; color: #2c6234; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"> (<I>Benchmark Replacement
setting</I>)</FONT></U><U><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt">.</FONT></U></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"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;</U></FONT><B>Conforming
Changes&quot;</B> means, with respect to <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>either the use or administration of
Term SOFR or the use, administration, adoption or implementation of </U></FONT>any Benchmark Replacement, any technical, administrative
or operational changes (including changes to the definition of <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;Base Rate&quot;,
</U></FONT>&quot;Business Day<FONT STYLE="color: #b5082e"><STRIKE>,&quot; the definition of </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;,
&quot;U.S. Government Securities Business Day,&quot; or </U></FONT>&quot;Interest Period<FONT STYLE="color: #b5082e"><STRIKE>,&quot; </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;
or any similar or analogous definition (or the addition of a concept of &quot;interest period&quot;), </U></FONT>timing and frequency
of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices,
the applicability and length of lookback periods<FONT STYLE="color: #b5082e"><STRIKE>, the applicability of breakage provisions, </STRIKE></FONT>
and other technical, administrative or operational matters) that the Facility Agent decides may be appropriate to reflect the adoption
and implementation of <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>any </U></FONT>such <FONT STYLE="color: #b5082e"><STRIKE>Benchmark
Replacement and </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>rate or </U></FONT>to permit the <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>use
and </U></FONT>administration thereof by the Facility Agent in a manner substantially consistent with market practice (or, if the Facility
Agent decides that adoption of any portion of such market practice is not administratively feasible or <FONT STYLE="color: #b5082e"><STRIKE>if
the Facility Agent </STRIKE></FONT>determines that no market practice for the administration of <FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>any
</U></FONT>such <FONT STYLE="color: #b5082e"><STRIKE>Benchmark Replacement </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>rate
</U></FONT>exists, in such other manner of administration as the Facility Agent decides is reasonably necessary in connection with the
administration of this Agreement and the other Finance Documents).</P>

<P STYLE="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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><STRIKE>&quot;<B>Benchmark
Transition Event</B>&quot; means, with respect to any then-current Benchmark other than the Screen Rate, the occurrence of </STRIKE></FONT><STRIKE><FONT STYLE="color: #2c6234">a
public statement or publication of information by or on behalf of the administrator of </FONT><FONT STYLE="color: #b5082e">the then-current
Benchmark, </FONT><FONT STYLE="color: #2c6234">the regulatory supervisor for the administrator of such Benchmark</FONT><FONT STYLE="color: #b5082e">,
the Board of Governors of the Federal Reserve System</FONT><FONT STYLE="color: #2c6234">, the Federal Reserve Bank of New York, an insolvency
official with jurisdiction over the administrator for such Benchmark, a resolution authority with jurisdiction over the administrator
for such Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark</FONT><FONT STYLE="color: #b5082e">,
announcing or stating that:</FONT></STRIKE></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: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><STRIKE>(a)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #2c6234"><STRIKE>such administrator has ceased or will cease </STRIKE></FONT><STRIKE><FONT STYLE="color: #b5082e">on
a specified date to provide all Available Tenors of such Benchmark, </FONT><FONT STYLE="color: #2c6234">permanently or indefinitely</FONT><FONT STYLE="color: #b5082e">,
</FONT><FONT STYLE="color: #2c6234">provided that, at the time of such statement or publication, there is no successor administrator that
will continue to provide any Available Tenor of such Benchmark</FONT><FONT STYLE="color: #b5082e">; or</FONT></STRIKE></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: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><STRIKE>(b)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #2c6234"><STRIKE>all Available Tenors of such Benchmark </STRIKE></FONT><STRIKE><FONT STYLE="color: #b5082e">are
or will no longer be representative of the underlying market and economic reality that such Benchmark is intended to measure and that
representativeness will not be restored.</FONT></STRIKE></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><STRIKE>&quot;<B>Daily
Simple SOFR</B>&quot; means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by
the Facility Agent in accordance with the conventions for this rate recommended </STRIKE></FONT><STRIKE><FONT STYLE="color: #2c6234">by
the Relevant Governmental Body </FONT><FONT STYLE="color: #b5082e">for determining &quot;Daily Simple SOFR&quot; for syndicated business
loans; provided, that if the Facility Agent decides that any such convention is not administratively feasible for the Facility Agent,
then the Facility Agent may establish another convention in its reasonable discretion.</FONT></STRIKE></P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><B><STRIKE>&quot;Early
Opt-in Effective Date&quot;</STRIKE></B></FONT><STRIKE> <FONT STYLE="color: #b5082e">means, with respect to any Early Opt-in Election,
the sixth Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, so long as the Facility Agent has
not received, by </FONT><FONT STYLE="color: #2c6234">5:00 p.m.&nbsp;(New York City time) on the fifth </FONT><FONT STYLE="color: #b5082e">Business
Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election
from Lenders comprising the Majority Lenders.</FONT></STRIKE></P>

<P STYLE="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; color: #b5082e"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><STRIKE>&quot;Early
Opt-in Election&quot;</STRIKE></B></FONT><STRIKE> means the occurrence of:</STRIKE></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: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><STRIKE>(a)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><STRIKE>a notification by the Facility Agent to (or the request by the Borrowers
to the Facility Agent to notify) each of the other Parties that at least five currently outstanding U.S. dollar-denominated </STRIKE></FONT><STRIKE><FONT STYLE="color: #2c6234">syndicated
credit facilities</FONT> <FONT STYLE="color: #b5082e">at such time contain (as a result of amendment or as originally executed) a SOFR-based
rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified
in such notice and are publicly available for review), and</FONT></STRIKE></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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(b)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>the joint election by the Facility Agent and the Borrowers to trigger a fallback from the Screen
Rate and the provision by the Facility Agent of written notice of such election to the Lenders.</STRIKE></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; color: #b5082e"><STRIKE>&quot;<B>Floor&quot;</B>
means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification,
amendment or renewal of this Agreement or otherwise) with respect to the Screen Rate (it being zero as at the date of this Agreement).</STRIKE></P>

<P STYLE="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; color: #b5082e"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><STRIKE>&quot;Relevant
Governmental Body&quot;</STRIKE></B></FONT><STRIKE> means the Board of Governors of the Federal Reserve System or the Federal Reserve
Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal
Reserve Bank of New York, or any successor thereto.</STRIKE></P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><B><STRIKE>&quot;SOFR&quot;</STRIKE></B></FONT><STRIKE>
<FONT STYLE="color: #b5082e">means a rate per annum equal to the secured overnight financing rate for such Business Day published </FONT><FONT STYLE="color: #2c6234">by
the Federal Reserve Bank of New York </FONT><FONT STYLE="color: #b5082e">(or a successor administrator of </FONT><FONT STYLE="color: #2c6234">the
secured overnight financing rate</FONT><FONT STYLE="color: #b5082e">) on the website of the Federal Reserve Bank of New York, currently
at http://www.newyorkfed.org (or any successor source for the secured overnight financing rate identified as such by the administrator
of the secured overnight financing rate from time to time).</FONT></STRIKE></P>

<P STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><B><STRIKE>&quot;Term
SOFR&quot;</STRIKE></B></FONT><STRIKE> <FONT STYLE="color: #b5082e">means, for the applicable corresponding tenor, </FONT><FONT STYLE="color: #2c6234">the
forward-looking term rate based on SOFR </FONT><FONT STYLE="color: #b5082e">that has been selected or recommended by the Relevant Governmental
Body.</FONT></STRIKE></P>

<P STYLE="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; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>&quot;<B>Unadjusted
Benchmark Replacement</B>&quot; means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.</U></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>45.5</B></TD><TD STYLE="text-align: justify"><B>Obligor Intent</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 0pt 0.5in; text-align: justify">Without prejudice to the generality
of Clauses 1.2 (<I>Construction</I>), 17.4 (<I>Waiver of defences</I>), 18.2 (<I>Waiver of defences</I>) and 19.4 (<I>Waiver of defences</I>),
each Obligor expressly confirms that it intends that any guarantee contained in this Agreement or any other Finance Document and any Security
created by any Finance Document shall extend from time to time to any (however fundamental) variation, increase, extension or addition
of or to any of the Finance Documents and/or any facility or amount made available under any of the Finance Documents for the purposes
of or in connection with any of the following: business acquisitions of any nature; increasing working capital; enabling investor distributions
to be made; carrying out restructurings; refinancing existing facilities; refinancing any other indebtedness; making facilities available
to new borrowers; any other variation or extension of the purposes for which any such facility or amount might be made available from
time to time; and any fees, costs and/or expenses associated with any of the foregoing.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B>46</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Confidential Information</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>46.1</B></TD><TD STYLE="text-align: justify"><B>Confidentiality</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 0pt 0.5in; text-align: justify">Each Finance Party agrees to keep all
Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 46.2 (<I>Disclosure of
Confidential Information</I>) and Clause 46.4 (<I>Disclosure to numbering service providers</I>) and to ensure that all Confidential Information
is protected with security measures and a degree of care that would apply to its own confidential 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"></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>46.2</B></TD><TD STYLE="text-align: justify"><B>Disclosure of Confidential Information</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 0pt 0.5in; text-align: justify">Any Finance Party may disclose:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional
advisers, auditors, insurers, insurance advisors, insurance brokers, partners and Representatives such Confidential Information as that
Finance Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph
(a)&nbsp;is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive
information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain
the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">to any person:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its
rights and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed) it as Facility Agent
or Security Agent and, in each case, to any of that person's Affiliates, Related Funds, Representatives and professional advisers;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly,
any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to, one
or more Finance Documents and/or one or more Transaction Obligors and to any of that person's Affiliates, Related Funds, Representatives
and professional advisers;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">appointed by any Finance Party or by a person to whom sub-paragraph (i)&nbsp;or (ii)&nbsp;of paragraph
(b)&nbsp;above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its
behalf (including, without limitation, any person appointed under paragraph (c)&nbsp;of Clause 31.14 (<I>Relationship with the other Finance
Parties</I>));</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iv)</TD><TD STYLE="text-align: justify">who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or
indirectly, any transaction referred to in sub-paragraph (i)&nbsp;or (ii)&nbsp;of paragraph (b)&nbsp;above;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(v)</TD><TD STYLE="text-align: justify">to whom information is required or requested to be disclosed by any court of competent jurisdiction or
any governmental, banking, taxation or other regulatory authority or similar body, the rules&nbsp;of any relevant stock exchange or pursuant
to any applicable law or 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: 36pt"></TD><TD STYLE="width: 34.9pt">(vi)</TD><TD STYLE="text-align: justify">to whom information is required to be disclosed in connection with, and for the purposes of, any litigation,
arbitrations, administrative or other investigations, proceedings or disputes;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(vii)</TD><TD STYLE="text-align: justify">to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may
do so) pursuant to Clause 29.8 (<I>Security over Lenders' rights</I>);</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: 36pt"></TD><TD STYLE="width: 34.9pt">(viii)</TD><TD STYLE="text-align: justify">who is a Party, a member of the Group or any related entity of a Transaction Obligor;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ix)</TD><TD STYLE="text-align: justify">as a result of the registration of any Finance Document as contemplated by any Finance Document or any
legal opinion obtained in connection with any Finance Document; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(x)</TD><TD STYLE="text-align: justify">with the consent of the Parent Guarantor;</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">in each case, such Confidential Information
as that Finance Party shall consider appropriate if:</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: 1in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify">in relation to sub-paragraphs (i), (ii)&nbsp;and (iii)&nbsp;of paragraph (b)&nbsp;above, the person to
whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement
for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the
confidentiality of the Confidential Information;</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">(B)</TD><TD STYLE="text-align: justify">in relation to sub-paragraph (iv)&nbsp;of paragraph (b)&nbsp;above, the person to whom the Confidential
Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in
relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive
information;</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">(C)</TD><TD STYLE="text-align: justify">in relation to sub-paragraphs (v), (vi)&nbsp;and (vii)&nbsp;of paragraph (b)&nbsp;above, the person to
whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information
may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it
is not practicable so to do in the circumstances;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">to any person appointed by that Finance Party or by a person to whom sub-paragraph (i)&nbsp;or (ii)&nbsp;of
paragraph (b)&nbsp;above applies to provide administration or settlement services in respect of one or more of the Finance Documents including
without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as
may be required to be disclosed to enable such service provider to provide any of the services referred to in this paragraph (c)&nbsp;if
the service provider to whom the Confidential Information is to be given has entered in to a confidentiality agreement substantially in
the form of the LMA Master Confidentiality Undertaking for Use With Administration/ Settlement Service Providers or such other form of
confidentiality undertaking agreed between the Borrowers and the relevant Finance Party;</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: 0pt"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">to any rating agency (including its professional advisers) such Confidential Information as may be required
to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents and/or the
Transaction Obligors.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>46.3</B></TD><TD STYLE="text-align: justify"><B>DAC6</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 0pt 0.5in; text-align: justify">Nothing in any Finance Document shall
prevent disclosure of any Confidential Information or other matter to the extent that preventing that disclosure would otherwise cause
any transaction contemplated by the Finance Documents or any transaction carried out in connection with any transaction contemplated by
the Finance Documents to become an arrangement described in Part&nbsp;II A 1 of Annex IV of Directive 2011/16/EU.</P>

<P STYLE="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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>46.4</B></TD><TD STYLE="text-align: justify"><B>Disclosure to numbering service providers</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Any Finance Party may disclose to any national or international numbering service provider appointed by
that Finance Party to provide identification numbering services in respect of this Agreement, the Facility and/or one or more Transaction
Obligors the following information:</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: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">names of Transaction Obligors;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">country of domicile of Transaction Obligors;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iii)</TD><TD STYLE="text-align: justify">place of incorporation of Transaction Obligors;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(iv)</TD><TD STYLE="text-align: justify">date of this Agreement;</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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clause </FONT><FONT STYLE="color: #b5082e"><STRIKE>49
</STRIKE></FONT>48<FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U> </U></FONT>(<I>Governing Law</I>);</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: 36pt"></TD><TD STYLE="width: 34.9pt">(vi)</TD><TD STYLE="text-align: justify">the name of the Facility Agent;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(vii)</TD><TD STYLE="text-align: justify">date of each amendment and restatement of this Agreement;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(viii)</TD><TD STYLE="text-align: justify">amount of Total Commitments;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(ix)</TD><TD STYLE="text-align: justify">currency of the Facility;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(x)</TD><TD STYLE="text-align: justify">type of Facility;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(xi)</TD><TD STYLE="text-align: justify">ranking of Facility;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(xii)</TD><TD STYLE="text-align: justify">Termination Date for Facility;</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: 36pt"></TD><TD STYLE="width: 34.9pt">(xiii)</TD><TD STYLE="text-align: justify">changes to any of the information previously supplied pursuant to sub-paragraphs (i)&nbsp;to (xii)&nbsp;above;
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: 36pt"></TD><TD STYLE="width: 34.9pt">(xiv)</TD><TD STYLE="text-align: justify">such other information agreed between such Finance Party and the Borrowers,</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">to enable such numbering service provider
to provide its usual syndicated loan numbering identification services.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facility
and/or one or more Transaction Obligors by a numbering service provider and the information associated with each such number may be disclosed
to users of its services in accordance with the standard terms and conditions of that numbering service provider.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Each Obligor represents, on behalf of itself and the other Transaction Obligors, that none of the information
set out in sub-paragraphs (i)&nbsp;to (xiv)&nbsp;of paragraph (a)&nbsp;above is, nor will at any time be, unpublished price-sensitive
information.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>46.5</B></TD><TD STYLE="text-align: justify"><B>Entire agreement</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 0pt 0.5in; text-align: justify">This Clause 46 (<I>Confidential Information</I>)
constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents
regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential 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"></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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>46.6</B></TD><TD STYLE="text-align: justify"><B>Inside information</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 0pt 0.5in; text-align: justify">Each of the Finance Parties acknowledges
that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be
regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the
Finance Parties undertakes not to use any Confidential Information for any unlawful purpose.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>46.7</B></TD><TD STYLE="text-align: justify"><B>Notification of disclosure</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 0pt 0.5in; text-align: justify">Each of the Finance Parties agrees (to
the extent permitted by law and regulation) to inform the Borrowers:</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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">of the circumstances of any disclosure of Confidential Information made pursuant to sub-paragraph (v)&nbsp;of
paragraph (b)&nbsp;of Clause 46.2 (<I>Disclosure of Confidential Information</I>) except where such disclosure is made to any of the persons
referred to in that paragraph during the ordinary course of its supervisory or regulatory function; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">upon becoming aware that Confidential Information has been disclosed in breach of this Clause 46 (<I>Confidential
Information</I>).</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: 0pt"></TD><TD STYLE="width: 35.45pt"><B>46.8</B></TD><TD STYLE="text-align: justify"><B>Continuing obligations</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 0pt 0.5in; text-align: justify">The obligations in this Clause 46 (<I>Confidential
Information</I>) are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of 12 months from
the earlier 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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">the date on which all amounts payable by the Obligors under or in connection with this Agreement have
been paid in full and all Commitments have been cancelled or otherwise cease to be available; 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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">the date on which such Finance Party otherwise ceases to be a Finance Party.</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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-transform: uppercase"><B><STRIKE>47</STRIKE></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B><STRIKE>Confidentiality of Funding Rates and Reference Bank
Quotations</STRIKE></B></FONT></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><STRIKE>47.1</STRIKE></B></FONT></TD><TD STYLE="text-align: justify"><B><STRIKE>Confidentiality and disclosure</STRIKE></B></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(a)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>The Facility Agent and each Obligor agree to keep each Funding Rate (and, in the case of the Facility
Agent, each Reference Bank Quotation) confidential and not to disclose it to anyone, save to the extent permitted by paragraphs (b), (c)&nbsp;and
(d)&nbsp;below.</STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(b)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>The Facility Agent may disclose:</STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(i)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>any Funding Rate (but not, for the avoidance of doubt, any Reference Bank Quotation) to the Borrower
pursuant to Clause 8.4 (<I>Notification of rates of interest</I>); and</STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(ii)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>any Funding Rate or any Reference Bank Quotation to any person appointed by it to provide administration
services in respect of one or more of the Finance Documents to the extent necessary to enable such service provider to provide those services
if the service provider to whom that information is to be given has entered into a confidentiality agreement substantially in the form
of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality
undertaking agreed between the Facility Agent and the relevant Lender or Reference Bank, as the case may be.</STRIKE></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"></P>

<!-- Field: Split-Segment; Name: 8 -->
<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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(c)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>The Facility Agent may disclose any Funding Rate or any Reference Bank Quotation, and each Obligor
may disclose any Funding Rate, to:</STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(i)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>any of its Affiliates and any of its or their officers, directors, employees, professional advisers,
auditors, partners and Representatives, if any person to whom that Funding Rate or Reference Bank Quotation is to be given pursuant to
this sub-paragraph (i)&nbsp;is informed in writing of its confidential nature and that it may be price sensitive information except that
there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality
of that Funding Rate or Reference Bank Quotation or is otherwise bound by requirements of confidentiality in relation to it;</STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(ii)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>any person to whom information is required or requested to be disclosed by any court of competent
jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules&nbsp;of any relevant stock
exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate or Reference Bank Quotation is to be
given is informed in writing of its confidential nature and that it may be price sensitive information except that there shall be no requirement
to so inform if, in the opinion of the Facility Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the
circumstances;</STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(iii)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>any person to whom information is required to be disclosed in connection with, and for the purposes
of, any litigation, arbitration, administrative or other investigations, proceedings or disputes if the person to whom that Funding Rate
or Reference Bank Quotation is to be given is informed in writing of its confidential nature and that it may be price sensitive information
except that there shall be no requirement to so inform if, in the opinion of the Facility Agent or the relevant Obligor, as the case may
be, it is not practicable to do so in the circumstances; and</STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(iv)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>any person with the consent of the relevant Lender or Reference Bank, as the case may be.</STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(d)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>The Facility Agent's obligations in this Clause 47 (<I>Confidentiality of Funding Rates and Reference
Bank Quotations</I>) relating to Reference Bank Quotations are without prejudice to its obligations to make notifications under Clause
8.4 (<I>Notification of rates of interest</I>) <B>provided that</B> (other than pursuant to sub-paragraph (i)&nbsp;of paragraph (b)&nbsp;above)
the Facility Agent shall not include the details of any individual Reference Bank Quotation as part of any such notification.</STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><STRIKE>47.2</STRIKE></B></FONT></TD><TD STYLE="text-align: justify"><B><STRIKE>Related obligations</STRIKE></B></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(a)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>The Facility Agent and each Obligor acknowledge that each Funding Rate (and, in the case of the
Facility Agent, each Reference Bank Quotation) is or may be price sensitive information and that its use may be regulated or prohibited
by applicable legislation including securities law relating to insider dealing and market abuse and the Facility Agent and each Obligor
undertake not to use any Funding Rate or, in the case of the Facility Agent, any Reference Bank Quotation for any unlawful purpose.</STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(b)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>The Facility Agent and each Obligor agree (to the extent permitted by law and regulation) to inform
the relevant Lender or Reference Bank, as the case may be:</STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(i)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>of the circumstances of any disclosure made pursuant to sub-paragraph (ii)&nbsp;of paragraph (c)&nbsp;of
Clause 47.1 (<I>Confidentiality and disclosure</I>) except where such disclosure is made to any of the persons referred to in that paragraph
during the ordinary course of its supervisory or regulatory function; and</STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><STRIKE>(ii)</STRIKE></FONT></TD><TD STYLE="text-align: justify"><STRIKE>upon becoming aware that any information has been disclosed in breach of this Clause 47 (<I>Confidentiality
of Funding Rates and Reference Bank Quotations</I>).</STRIKE></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; color: #b5082e"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><STRIKE>47.3</STRIKE></B></FONT></TD><TD STYLE="text-align: justify"><B><STRIKE>No Event of Default</STRIKE></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 0pt 0.5in; text-align: justify; color: #b5082e"><STRIKE>No Event of
Default will occur under Clause 28.4 (<I>Other obligations</I>) by reason only of an Obligor's failure to comply with this Clause 47 (<I>Confidentiality
of Funding Rates and Reference Bank Quotations</I>).</STRIKE></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><B><U>47</U></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase; color: #b5082e"><B><STRIKE>48</STRIKE></B></FONT><B><FONT STYLE="text-transform: uppercase">Counterparts</FONT></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 0pt 0.5in; text-align: justify">Each Finance Document may be executed
in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of the Finance
Document.</P>

<P STYLE="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="break-before: page; 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-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Section&nbsp;12</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Governing
Law and Enforcement</B></FONT></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><B><U>48</U></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase; color: #b5082e"><B><STRIKE>49</STRIKE></B></FONT><B><FONT STYLE="text-transform: uppercase">Governing
Law</FONT></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 0pt 0.5in; text-align: justify">This Agreement and any non-contractual
obligations arising out of or in connection with it are governed by English 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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><B><U>49</U></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase; color: #b5082e"><B><STRIKE>50</STRIKE></B></FONT><B><FONT STYLE="text-transform: uppercase">Enforcement</FONT></B></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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><B><U>49.1</U></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><B><STRIKE>50.1</STRIKE></B></FONT><B>Jurisdiction</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Unless specifically provided in another Finance Document in relation to that Finance Document, the courts
of England have exclusive jurisdiction to settle any dispute arising out of or in connection with any Finance Document (including a dispute
regarding the existence, validity or termination of any Finance Document or any non-contractual obligation arising out of or in connection
with any Finance Document) (a &quot;<B>Dispute</B>&quot;).</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">The Obligors accept that the courts of England are the most appropriate and convenient courts to settle
Disputes and accordingly no Obligor will argue to the contrary.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To the extent allowed by law,
this Clause </FONT><FONT STYLE="color: #b5082e"><STRIKE>50.1 </STRIKE></FONT>49.1<FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>
</U></FONT>(<I>Jurisdiction</I>) is for the benefit of the Secured Parties only. As a result, no Secured Party shall be prevented from
taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Secured Parties may
take concurrent proceedings in any number of jurisdictions.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><B><U>49.2</U></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #b5082e"><B><STRIKE>50.2</STRIKE></B></FONT><B>Service of process</B></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: 0pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other than
an Obligor incorporated in England and Wales):</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: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">irrevocably appoints Saville&nbsp;&amp;
Co at their registered office for the time being, presently at </FONT>One Carey Lane, London EC2V 8AE, England as its agent for service
of process in relation to any proceedings before the English courts in connection with any Finance Document; 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: 36pt"></TD><TD STYLE="width: 34.9pt">(ii)</TD><TD STYLE="text-align: justify">agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate
the proceedings concerned.</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: 0pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">If any person appointed as an agent for service of process is unable for any reason to act as agent for
service of process, the Borrowers (on behalf of all the Obligors) must immediately (and in any event within five days of such event taking
place) appoint another agent on terms acceptable to the Facility Agent. Failing this, the Facility Agent may appoint another agent for
this purpose.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><B><U>50</U></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase; color: #b5082e"><B><STRIKE>51</STRIKE></B></FONT><B><FONT STYLE="text-transform: uppercase">Patriot
Act Notice</FONT></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 0pt 0.5in; text-align: justify">Each of the Secured Parties notifies
the Obligors that pursuant to the requirements of the PATRIOT Act and the policies and practices of the Secured Parties, each of the Secured
Parties is required to obtain, verify and record certain information and documentation that identifies each Obligor, which information
includes the name and address of each Obligor and such other information that will allow the Facility Agent and each of the Lenders to
identify each Obligor in accordance with the PATRIOT Act.</P>

<P STYLE="font: 10pt Times 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>This
Agreement has been entered into </B></FONT><B><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>and amended and restated </U></FONT>on
the <FONT STYLE="color: #b5082e"><STRIKE>date </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>dates </U></FONT>stated
at the beginning of this Agreement.</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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    <DIV STYLE="break-before: page; 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"><FONT STYLE="text-transform: uppercase"><B>Schedule
1</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>The
Parties</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: center"><FONT STYLE="text-transform: uppercase"><B>Part&nbsp;A</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>The
Obligors</B></FONT></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; width: 25%; text-align: left">Name of Borrower</TD><TD STYLE="padding-bottom: 1pt; width: 2%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 18%">Place of <BR> Incorporation</TD><TD STYLE="padding-bottom: 1pt; width: 2%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 15%; text-align: left">Registration <BR> number (or<BR> equivalent, if any)</TD><TD STYLE="padding-bottom: 1pt; width: 2%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 36%; text-align: left">Address for Communication</TD></TR>

<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DEVOCEAN MARITIME LTD.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall Islands</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24361</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Globus Shipmanagement Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">128 Vouliagmenis Avenue</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">166 74 Glyfada</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Greece</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: +30 210 9608300</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: +30 210 9608359</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">e-mail:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DOMINA MARITIME LTD.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall Islands</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40259</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Globus Shipmanagement Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">128 Vouliagmenis Avenue</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">166 74 Glyfada</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Greece</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: +30 210 9608300</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: +30 210 9608359</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">e-mail:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DULAC MARITIME S.A.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall Islands</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40253</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Globus Shipmanagement Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">128 Vouliagmenis Avenue</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">166 74 Glyfada</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Greece</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: +30 210 9608300</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: +30 210 9608359</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">e-mail:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTFUL SHIPHOLDING S.A.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall Islands</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46405</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Globus Shipmanagement Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">128 Vouliagmenis Avenue</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">166 74 Glyfada</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Greece</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: +30 210 9608300</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: +30 210 9608359</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">e-mail:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font-size: 10pt; margin: 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: top; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: left; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LONGEVITY MARITIME LIMITED</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Malta</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C 53023</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; width: 36%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Globus Shipmanagement Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">128 Vouliagmenis Avenue</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">166 74 Glyfada</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Greece</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: +30 210 9608300</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: +30 210 9608359</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">e-mail:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: left"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><B><U>SERENA MARITIME LIMITED</U></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Marshall Islands</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>105757</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>c/o
    Globus Shipmanagement Corp.</U></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>128
    Vouliagmenis Avenue</U></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>166
    74 Glyfada</U></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Greece</U></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Tel:
    +30 210 9608300</U></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Fax:
    +30 210 9608359</U></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>e-mail:</U></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><B><STRIKE>SERENA </STRIKE></B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; text-underline-style: double; color: blue"><U>SALAMINIA </U></FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif">MARITIME LIMITED</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall Islands</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><STRIKE>105757</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>107759</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Globus Shipmanagement Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">128 Vouliagmenis Avenue</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">166 74 Glyfada</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Greece</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: +30 210 9608300</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: +30 210 9608359</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">e-mail:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></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; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; width: 25%; padding-right: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name of Parent<BR>
 Guarantor</B></FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; width: 2%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; width: 18%; padding-right: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Place of<BR>
 Incorporation</B></FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; width: 2%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; width: 15%; padding-right: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registration<BR>
 number (or<BR>
 equivalent, if<BR>
 any)</B></FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; width: 2%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; width: 36%; padding-right: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Address for Communication</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GLOBUS MARITIME LIMITED</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall Islands</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44376</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Globus Shipmanagement Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">128 Vouliagmenis Avenue</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">166 74 Glyfada</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Greece</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: +30 210 9608300</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: +30 210 9608359</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">e-mail:</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; width: 25%; padding-right: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name of Hedge<BR>
Guarantor</B></FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; width: 2%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; width: 18%; padding-right: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Place of Incorporation</B></FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; width: 2%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; width: 15%; padding-right: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registration number (or equivalent, if any)</B></FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; width: 2%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; width: 36%; padding-right: 5.4pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Address for Communication</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DEVOCEAN MARITIME LTD.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall Islands</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24361</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Globus Shipmanagement Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">128 Vouliagmenis Avenue</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">166 74 Glyfada</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Greece</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: +30 210 9608300</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: +30 210 9608359</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">e-mail:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DOMINA MARITIME LTD.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall Islands</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40259</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o
    Globus Shipmanagement Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">128 Vouliagmenis Avenue</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">166
    74 Glyfada</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Greece</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: +30 210 9608300</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: +30 210 9608359</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">e-mail:
    </P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DULAC MARITIME S.A.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Marshall Islands</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40253</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Globus Shipmanagement Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">128 Vouliagmenis Avenue</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">166 74 Glyfada</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Greece</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: +30 210 9608300</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: +30 210 9608359</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">e-mail:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTFUL SHIPHOLDING S.A.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall Islands</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46405</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Globus Shipmanagement Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">128 Vouliagmenis Avenue</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">166 74 Glyfada</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Greece</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: +30 210 9608300</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: +30 210 9608359</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">e-mail:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LONGEVITY MARITIME LIMITED</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Malta</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C 53023</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Globus Shipmanagement Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">128 Vouliagmenis Avenue</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">166 74 Glyfada</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Greece</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: +30 210 9608300</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: +30 210 9608359</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">e-mail:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SERENA MARITIME LIMITED</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall Islands</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">105757</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Globus Shipmanagement Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">128 Vouliagmenis Avenue</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">166 74 Glyfada</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Greece</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: +30 210 9608300</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax: +30 210 9608359</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">e-mail:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>

<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><B><U>SALAMINIA MARITIME LIMITED</U></B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Marshall
Islands</U></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>107759</U></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>c/o
    Globus Shipmanagement Corp.</U></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>128
    Vouliagmenis Avenue</U></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>166
    74 Glyfada</U></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Greece</U></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Tel:
    +30 210 9608300</U></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Fax:
    +30 210 9608359</U></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>e-mail:</U></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->183<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Part&nbsp;B</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>The
Original Lenders</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%; padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name of Original Lender </B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 36%; padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Commitment</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Address for Communication</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(181,8,46)"><B><STRIKE>CIT BANK, N.A.</STRIKE></B></FONT><B><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>First-Citizens Bank&nbsp;&amp; Trust Company</U></FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">
    <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">$34,250,000
    </FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>(in respect of the Original Tranches)</U></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>$18,000,000
    (in respect of Tranche G)</U></FONT></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11 West 42nd Street<BR>
    New York<BR>
    New York 10036<BR>
    USA</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Email:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attention: CIT Maritime Finance</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><B><U>Total:</U></B></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><B><U>$52,250,000</U></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE HEDGE COUNTERPARTIES</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="border-bottom: Black 1pt solid; width: 49%; padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name of Hedge Counterparty</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 49%; padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Address for Communication</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><STRIKE>CIT </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><B><U>First-Citizens </U></B></FONT><B>Bank</B><FONT STYLE="color: #b5082e"><STRIKE>, N.A.</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><B><U>&nbsp;&amp; Trust Company</U></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11 West 42nd Street<BR>
    New York<BR>
    New York 10036<BR>
    USA</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Email:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attention: CIT Maritime Finance</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Part&nbsp;C</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>The
Servicing Parties</B></FONT></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="border-bottom: Black 1pt solid; width: 49%; padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name of Facility Agent</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 49%; padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Address for Communication</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><STRIKE>CIT </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><B><U>First-Citizens </U></B></FONT><B>Bank</B><FONT STYLE="color: #b5082e"><STRIKE>, N.A.</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><B><U>&nbsp;&amp; Trust Company</U></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11 West 42nd Street<BR>
    New York<BR>
    New York 10036<BR>
    USA</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Email:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attention: CIT Maritime Finance</P></TD></TR>
</TABLE>

<P STYLE="margin: 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="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name of Security Agent</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: justify; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Address for Communication</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #b5082e"><STRIKE>CIT </STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><B><U>First-Citizens </U></B></FONT><B>Bank</B><FONT STYLE="color: #b5082e"><STRIKE>, N.A.</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><B><U>&nbsp;&amp; Trust Company</U></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11 West 42nd Street<BR>
    New York<BR>
    New York 10036<BR>
    USA</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Email:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attention: CIT Maritime Finance</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule
2</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Conditions
Precedent</B></FONT></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-top: 0pt; margin-bottom: 0pt; text-align: center">[OMITTED]</P>

<P STYLE="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="break-before: page; 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"><FONT STYLE="text-transform: uppercase"><B>Schedule
3</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Utilisation
Request</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: center">[OMITTED]</P>

<P STYLE="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="break-before: page; 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"><FONT STYLE="text-transform: uppercase"><B>Schedule
4</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Form&nbsp;of
Transfer Certificate</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: center">[OMITTED]</P>

<P STYLE="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="break-before: page; 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"><FONT STYLE="text-transform: uppercase"><B>Schedule
5</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Form&nbsp;of
Assignment Agreement</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: center">[OMITTED]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 219.75pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 219.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule
6</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Form&nbsp;of
Compliance Certificate</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: center"><B>[OMITTED]</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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    <DIV STYLE="break-before: page; 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"><FONT STYLE="text-transform: uppercase"><B>Schedule
7<BR>
Dry Docking and Special Reserves Table<BR>
&quot;Maintenance Reserve Amount&quot;</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: center">[OMITTED]</P>

<P STYLE="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="break-before: page; 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"><FONT STYLE="text-transform: uppercase"><B>Schedule
8<BR>
Form&nbsp;of DCSR Certificate<BR>
Debt Service Cover Ratio</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: center">[OMITTED]</P>

<P STYLE="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="break-before: page; 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"><FONT STYLE="text-transform: uppercase"><B>Schedule
9</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Details
of the Ships</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ship name</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name <BR>
of the Borrower owner</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IMO number</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Type</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GRT</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Approved Flag </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Approved Classification Society</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 22%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Approved Classification</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Approved Commercial Manager</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 13%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Approved Technical Manager</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">m.v. &quot;RIVER GLOBE&quot;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Devocean Maritime Ltd.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<BR> <BR> </FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9464168</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bulk Carrier</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31,261</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall Islands</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nippon Kaiji Kyokai</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NS* (Bulk Carrrier-Type A) (PrimeShip-Direct Assessment&nbsp;&amp;
    Fatique Assessment)(ESP)(IWS) MNS*</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Globus Shipmanagement Corp.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Globus Shipmanagement Corp.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">m.v. &quot;SKY GLOBE&quot;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Domina Maritime Ltd.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<BR> <BR> </FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9463748</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bulk Carrier</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32,929</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall Islands</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nippon Kaiji Kyokai</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NS(CSR, BC-A, BC-XII, GRAB 20, PSPC-WBT)(ESP)(IWS)(PSCM)&nbsp; MNS,
    Strengthened for heavy cargo loading where hold nos. 2&nbsp;&amp; 4 may be empty, CHG, MPP, LSA, RCF, M0, AFS, BWM, UMS</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Globus Shipmanagement Corp.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Globus Shipmanagement Corp.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">m.v. &quot;STAR GLOBE&quot;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dulac Maritima S.A.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<BR> <BR> </FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9463750</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bulk Carrier</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32,929</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall Islands</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DNV GL</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 18px; width: 15px">
    100 A5 Bulk carrier (BC(A)&nbsp;BWM CSR DBC DG ESP Grab(20 t) Holds (2, 4) may be empty IW</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">X</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">MC
    AUT</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Globus Shipmanagement Corp.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Globus Shipmanagement Corp.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">m.v. &quot;MOON GLOBE&quot;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Artful Shipholding S.A.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9294111</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bulk Carrier</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40,485</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall Islands</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nippon Kaiji Kyokai</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NS (Bulk Carrier) (ESP)(PSCM)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MNS</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Globus Shipmanagement Corp.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Globus Shipmanagement Corp.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">m.v. &quot;SUN GLOBE&quot;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Longevity Maritime Limited</FONT><FONT STYLE="font-size: 10pt; color: red"><STRIKE>(Borrower E)</STRIKE></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9340506</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bulk Carrier</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32,387</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Malta</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bureau Veritas</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
    </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">X</FONT> <FONT STYLE="font-size: 10pt">HULL <FONT STYLE="font-family: Wingdings">X
    </FONT>MACH Bulk carrier BC-A (holds 2-4 may be empty N) ESP<BR>
    Unrestricted navigation <FONT STYLE="font-family: Wingdings">X</FONT> AUT-UMS, MON-SHAFT</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Globus Shipmanagement Corp.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 2pt 2pt 3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Globus Shipmanagement Corp.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; width: 7%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; width: 6%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; width: 6%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; width: 22%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">m.v. &quot;GALAXY GLOBE&quot;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Serena Maritime Limited</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9723629</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bulk Carrier</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44,069</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall Islands</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nippon Kaiji Kyokai</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NS(CSR, BC-A, BC-XII, GRAB 20, PSPC-WBT)(ESP)(IWS)(PSCM)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MNS Strengthened for heavy cargo loading</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">where hold nos. 2,4&nbsp;&amp; 6 may be empty</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHG, MPP, LSA, RCF, M0, AFS, BWM</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Globus Shipmanagement Corp.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Globus Shipmanagement Corp.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>m.v. &quot;ORION GLOBE&quot;</U></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Salaminia Maritime Limited</U></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>9634854</U></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Bulk Carrier</U></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>[&#9679;]</U></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Marshall Islands</U></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>[&#9679;]</U></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>[&#9679;]</U></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Globus Shipmanagement Corp.</U></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="text-underline-style: double; color: blue; border-bottom-style: double; border-bottom-width: 0.5pt; padding-bottom: 0.5pt"><U>Globus Shipmanagement Corp.</U></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="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->193<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="text-transform: uppercase"><B>Schedule
10</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Timetables</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-top: 0pt; margin-bottom: 0pt; text-align: center">[OMITTED]</P>

<P STYLE="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: 216; Value: 178 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->194<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; 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"><FONT STYLE="text-transform: uppercase"><B>Execution
Pages</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">BORROWERS</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 40%; text-align: left">SIGNED by</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 58%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">duly authorised</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">for and on behalf of</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">DEVOCEAN MARITIME LTD.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">in the presence of:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' signature:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' name:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' address:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">SIGNED by</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">duly authorised</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">for and on behalf of</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">DOMINA MARITIME LTD.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">in the presence of:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' signature:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' name:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' address:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">SIGNED by</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">duly authorised</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">for and on behalf of</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">DULAC MARITIME S.A.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">in the presence of:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' signature:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' name:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' address:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">SIGNED by</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">duly authorised</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">for and on behalf of</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">ARTFUL SHIPHOLDING S.A.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">in the presence of:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' signature:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' name:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' address:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 217; Value: 178 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->195<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; width: 40%">SIGNED by</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 58%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>

<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">duly authorised</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">for and on behalf of</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">LONGEVITY MARITIME LIMITED</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">in the presence of:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' signature:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' name:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' address:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">SIGNED by</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">duly authorised</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">for and on behalf of</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">SERENA MARITIME LIMITED</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">in the presence of:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' signature:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' name:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' address:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: blue; text-align: left; padding-bottom: 2.5pt"><U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">SIGNED by</U></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">)</U></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; text-align: left; padding-bottom: 2.5pt"><U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">duly authorised</U></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">)</U></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; text-align: left; padding-bottom: 2.5pt"><U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">for and on behalf of</U></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">)</U></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: blue; text-align: left; padding-bottom: 2.5pt"><U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">SALAMINIA MARITIME LIMITED</U></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">)</U></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; text-align: left; padding-bottom: 2.5pt"><U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">in the presence of:</U></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">)</U></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; text-align: left; padding-bottom: 2.5pt"><U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">Witness' signature:</U></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">)</U></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; text-align: left; padding-bottom: 2.5pt"><U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">Witness' name:</U></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">)</U></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; text-align: left; padding-bottom: 2.5pt"><U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">Witness' address:</U></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">)</U></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">PARENT GUARANTOR</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">SIGNED by</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">duly authorised</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">for and on behalf of</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">GLOBUS MARITIME LIMITED</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">in the presence of:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' signature:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' name:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' address:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&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: 218; Value: 178 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->196<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">HEDGE GUARANTORS</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 40%; text-align: left">SIGNED by</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 58%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">for and on behalf of</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">DEVOCEAN MARITIME LTD.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">in the presence of:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' signature:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' name:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' address:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">SIGNED by</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">duly authorised</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">for and on behalf of</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">DOMINA MARITIME LTD.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">in the presence of:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' signature:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' name:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' address:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">SIGNED by</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">duly authorised</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">for and on behalf of</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">DULAC MARITIME S.A.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">in the presence of:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' signature:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' name:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' address:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">SIGNED by</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">duly authorised</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">for and on behalf of</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">ARTFUL SHIPHOLDING S.A.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">in the presence of:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' signature:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' name:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' address:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 219; Value: 178 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->197<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; width: 40%">SIGNED by</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 58%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>

<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">duly authorised</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">for and on behalf of</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">LONGEVITY MARITIME LIMITED</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">in the presence of:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' signature:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' name:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' address:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">SIGNED by</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">duly authorised</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">for and on behalf of</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">SERENA MARITIME LIMITED</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">in the presence of:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' signature:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' name:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' address:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: blue; text-align: left; padding-bottom: 2.5pt"><U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">SIGNED by</U></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">)</U></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; text-align: left; padding-bottom: 2.5pt"><U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">duly authorised</U></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">)</U></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; text-align: left; padding-bottom: 2.5pt"><U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">for and on behalf of</U></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">)</U></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: blue; text-align: left; padding-bottom: 2.5pt"><U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">SALAMINIA MARITIME LIMITED</U></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">)</U></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; text-align: left; padding-bottom: 2.5pt"><U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">in the presence of:</U></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">)</U></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; text-align: left; padding-bottom: 2.5pt"><U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">Witness' signature:</U></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">)</U></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; text-align: left; padding-bottom: 2.5pt"><U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">Witness' name:</U></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">)</U></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; text-align: left; padding-bottom: 2.5pt"><U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">Witness' address:</U></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">)</U></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">ORIGINAL LENDERS</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">SIGNED by</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>

<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">duly authorised</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">for and on behalf of</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  </TABLE>


<P STYLE="font: 1pt Times 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: #b5082e"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><STRIKE>CIT
BANK, N.A.</STRIKE></B></FONT><STRIKE>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</STRIKE></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 40%; color: blue; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">First-Citizens
    Bank&nbsp;&amp; Trust Company</U></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 58%; color: blue; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">)</U></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">in the presence of:</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"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Witness' signature:</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"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Witness' name:</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"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Witness' address:</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"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&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"></P>

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    <DIV STYLE="break-before: page; 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">HEDGE COUNTERPARTIES</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 40%; text-align: left">SIGNED by</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 58%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">duly authorised</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">for and on behalf of</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  </TABLE>


<P STYLE="font: 1pt Times 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: #b5082e"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><STRIKE>CIT
BANK, N.A.</STRIKE></B></FONT><STRIKE>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</STRIKE></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 40%; color: blue; text-align: left; padding-bottom: 2.5pt"><U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">First-Citizens Bank&nbsp;&amp; Trust Company</U></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; color: blue; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 58%; color: blue; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">)</U></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">in the presence of:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' signature:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' name:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' address:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">FACILITY AGENT</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">SIGNED by</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">duly authorised</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">for and on behalf of</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  </TABLE>


<P STYLE="font: 1pt Times 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: #b5082e"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><STRIKE>CIT
BANK, N.A.</STRIKE></B></FONT><STRIKE>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</STRIKE></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; font: bold 10pt Times New Roman, Times, Serif; color: blue; text-align: left; padding-bottom: 2.5pt"><U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">First-Citizens Bank&nbsp;&amp; Trust Company</U></TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 58%; font: 10pt Times New Roman, Times, Serif; color: blue; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">)</U></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">in the presence of:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' signature:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' name:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' address:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">SECURITY AGENT</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">SIGNED by</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>

<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">duly authorised</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">for and on behalf of</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  </TABLE>


<P STYLE="font: 1pt Times 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: #b5082e"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><STRIKE>CIT
BANK, N.A.</STRIKE></B></FONT><STRIKE>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</STRIKE></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 40%; color: blue; text-align: left; padding-bottom: 2.5pt"><U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">First-Citizens Bank&nbsp;&amp; Trust Company</U></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; color: blue; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 58%; color: blue; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">)</U></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">in the presence of:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' signature:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' name:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Witness' address:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>COUNTERSIGNED</B> this <FONT STYLE="font-family: Times New Roman, Times, Serif">05
</FONT>day of August&nbsp;2022 for and on behalf of each of the following Transaction Obligors each of which, by its execution hereof,
confirms and acknowledges that (i)&nbsp;it has read and understood the terms and conditions of this deed of amendment and restatement
(the &quot;<B>Deed of Amendment and Restatement</B>&quot;), (ii)&nbsp;it agrees in all respects to the same and that the Finance Documents
to which it is a party shall remain in full force and effect and shall continue to stand as security for the obligations of the Borrowers
under the Facility Agreement and the other Finance Documents (each as amended, supplemented and/or restated by the Deed of Amendment
and Restatement) and (iii)&nbsp;to the extent that this confirmation creates any new Security, such Security shall be on the terms of
the Finance Documents in respect of which this confirmation is given.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 50%">/s/ Olga Lambrianidou</TD>
  <TD STYLE="text-align: justify; width: 50%">&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">for and on behalf of&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>GLOBUS SHIPMANAGEMENT CORP.</B>&nbsp;</P>

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.18
<SEQUENCE>5
<FILENAME>exhibit418.htm
<DESCRIPTION>EXHIBIT 4.18
<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: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.18</B></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">&nbsp;</FONT></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>SHIPSALE
CONTRACT</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FOR</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONSTRUCTION
AND SALE</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OF</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>One
(1)&nbsp;64,000 DWT TYPE BULK CARRIER</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(HULL
NO. S-1885)</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AMONG</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CALYPSO
SHIPHOLDING S.A.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GIANT
LINE INC.,S.A.,</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AND</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NIHON
SHIPYARD CO.,&nbsp;LTD.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>29th
April&nbsp;2022</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"></P>

<!-- Field: Page; Sequence: 1 -->
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    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INDEX</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PAGE</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 95%; text-align: left">PREAMBLE</TD>
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: right">5</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;I
&ndash; JOINT AND SEVERAL GUARANTEE</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint and Several Guarantee&#9;</FONT></TD>
                                                                                                                                                                                                                                    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;II
- DESCRIPTION AND CLASS</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description&#9;</FONT></TD>
                                                                                                                                                                                                                                    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Classification, Rules&nbsp;and Regulations&#9;</FONT></TD>
                                                                                                                                                                                                                                    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Particulars and Dimensions of VESSEL&#9;</FONT></TD>
                                                                                                                                                                                                                                    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guaranteed Trial Speed&#9;</FONT></TD>
                                                                                                                                                                                                                                    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guaranteed Fuel Oil Consumption&#9;</FONT></TD>
                                                                                                                                                                                                                                    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guaranteed Deadweight&#9;</FONT></TD>
                                                                                                                                                                                                                                    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration&#9;</FONT></TD>
                                                                                                                                                                                                                                    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subcontracting&#9;</FONT></TD>
                                                                                                                                                                                                                                    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;III
- CONTRACT PRICE AND TERMS OF PAYMENT</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract Price&#9;</FONT></TD>
                                                                                                                                                                                                                                    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currency&#9;</FONT></TD>
                                                                                                                                                                                                                                    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terms of Payment&#9;</FONT></TD>
                                                                                                                                                                                                                                    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Method of Payment&#9;</FONT></TD>
                                                                                                                                                                                                                                    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment under Dispute&#9;</FONT></TD>
                                                                                                                                                                                                                                    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepayment&#9;</FONT></TD>
                                                                                                                                                                                                                                    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ACTICLE
IV - ADJUSTMENT OF CONTRACT PRICE</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delivery&#9;</FONT></TD>
                                                                                                                                                                                                                                    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Speed&#9;</FONT></TD>
                                                                                                                                                                                                                                    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fuel Consumption&#9;</FONT></TD>
                                                                                                                                                                                                                                    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deadweight&#9;</FONT></TD>
                                                                                                                                                                                                                                    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect of Rescission&#9;</FONT></TD>
                                                                                                                                                                                                                                    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cumulative Effect&#9;</FONT></TD>
                                                                                                                                                                                                                                    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Duty To Mitigate&#9;</FONT></TD>
                                                                                                                                                                                                                                    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ACTICLE
V - APPROVAL OF PLANS AND DRAWINGS</B></FONT> <B>AND INSPECTION DURING CONSTRUCTION</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approval of Plans and Drawings&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appointment of Supervising Company&rsquo;s Supervisor&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR></TABLE>

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

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inspection by Supervisor&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BUYER&rsquo;s Representative&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;VI
- MODIFICATIONS</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Modifications of Specifications&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change in Class,&nbsp;etc.&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substitution of Materials&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;VII
&ndash; TRIALS</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weather Condition&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">How Conducted&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Method of Acceptance or Rejection&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect of Acceptance&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disposition of Surplus Consumable Stores&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Familiarization&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;VIII
- DELIVERY</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Time and Place&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When and How Effected&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Documents to be Delivered to BUYER&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tender of VESSEL&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title and Risk&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Removal of VESSEL&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;IX
- DELAYS AND EXTENSION OF TIME FOR </B></FONT><B>DELIVERY &#65288;FORCE MAJEURE&#65289;</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Causes of Delay&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of Delay&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definition of Permissible Delay&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right to Rescind for Excessive Delay&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;X
- WARRANTY OF QUALITY</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guarantee&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of Default&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remedy of Defects&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Extent of SELLERS&rsquo; Responsibility&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XI
- RESCISSION BY BUYER</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refund by SELLERS&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discharge of Obligations&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XII
- BUYER&rsquo;S DEFAULT</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definition of Default&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest of Default&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect of Default&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sale of VESSEL&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XIII
- INSURANCE</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Extent of Insurance Coverage&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application of Recovered Amount&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termination of SELLERS&rsquo; Undertaking to Insure&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XIV
- DISPUTES AND ARBITRATION</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceedings&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of Award&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entry in Court&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alteration of Delivery Date&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">ARTICLE&nbsp;XV - RIGHT OF ASSIGNMENT</TD>
    <TD STYLE="text-align: right; font: normal 10pt Times New Roman, Times, Serif">41</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XVI
- TAXES AND DUTIES</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes and Duties in Japan&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes and Duties outside Japan&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XVII
- PATENTS, TRADEMARKS, COPYRIGHTS,&nbsp;ETC.</B></FONT></P>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patents, Trademarks and Copyrights&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Plans, Specifications and Working Drawings&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XVIII
- BUYER&rsquo;S SUPPLIES</B></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Responsibility of BUYER&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Responsibility of SELLERS&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XIX
- NOTICE</B></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Address&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR></TABLE>

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

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Language&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR></TABLE>

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

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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">ARTICLE&nbsp;XX - EFFECTIVE DATE OF CONTRACT</TD>
    <TD STYLE="text-align: right; font: normal 10pt Times New Roman, Times, Serif; width: 0.5in">47</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XXI
- INTERPRETATION</B></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Laws Applicable&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discrepancies&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR></TABLE>

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

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entire Agreement&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR></TABLE>

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

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confidentiality&#9;</FONT></TD>
                                                                                                                                                                                                                                     <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR></TABLE>

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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">END OF CONTRACT</TD>
    <TD STYLE="text-align: right; font: normal 10pt Times New Roman, Times, Serif; width: 0.5in">49</TD></TR>
  </TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
CONTRACT (the &ldquo;Contract&rdquo;), made this 29th day of April, 2022 by and among Calypso Shipholding S.A., of Trust Company Complex,
Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 (hereinafter called the &ldquo;BUYER&rdquo;), the party of the first
part, GIANT LINE INC., S.A. , a corporation organized and existing under the laws of Panama, having its principal office at 53<SUP>rd
</SUP>E Street, Urbanizacion Marbella, MMG Tower, 16<SUP>th</SUP> Floor, City of Panama, the Republic of Panama (hereinafter called the
&ldquo;SELLER 1&rdquo;), the party of the second part, and NIHON SHIPYARD CO.,&nbsp;LTD., a corporation organized and existing under
the laws of Japan, having its principal office at 1-5-1, Yuraku-cho, Chiyoda-ku, Tokyo Prefecture, Japan (hereinafter called the &quot;SELLER
2&quot;), the party of the third part. SELLER 1 and SELLER 2 are collectively called the &ldquo;SELLERS&rdquo;.</FONT></P>

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<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>WITNESSETH:</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,&nbsp;IMABARI
SHIPBUILDING CO.,&nbsp;LTD., a corporation organized and existing under the laws of Japan, having its principal office at 4-52, 1-chome,
Koura-Cho,&nbsp;Imabari City, Ehime Pref., Japan (hereinafter called the &ldquo;BUILDER&rdquo;), as builder has entered into a shipbuilding
contract in the Japanese language entitled &ldquo;Zosen Keiyakusho&rdquo; with the SELLER 1 as buyer dated 28th day of June, 2021 (hereinafter
called the &ldquo;Shipbuilding Contract&rdquo;) wherein the BUILDER has agreed to <I>design, </I>build, launch, equip and complete at
the BUILDER&rsquo;s shipyard or <I>any other shipyard in Japan owned by</I> its affiliated company (hereinafter called the &ldquo;Shipyard&rdquo;)
and sell and deliver to the SELLER 1 one (1)&nbsp;64,000 DWT TYPE BULK CARRIER more fully described in Article&nbsp;II hereof (hereinafter
called the &ldquo;VESSEL&rdquo;), and the SELLER 1 has agreed to purchase the VESSEL.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
consideration of the mutual covenants herein contained, the BUYER agrees to purchase and take delivery of the VESSEL from the SELLERS
and to pay for the same, all upon the terms and conditions hereinafter set forth.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;I
&ndash; JOINT AND SEVERAL GUARANTEE</B></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Joint
                                            and Several Guarantee:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SELLERS shall each be jointly and severally liable for the obligations of each other and any obligation expressed to be that of both
under this Contract.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(End
of Article)</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;II
- DESCRIPTION AND CLASS</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
VESSEL shall have the BUILDER&rsquo;s Hull No.&nbsp;S-1885 and shall be constructed, equipped and completed in accordance with the provisions
of this Contract, the specifications and the general arrangement plan (hereinafter collectively called the &ldquo;Specifications&rdquo;)
signed by each of the parties hereto for identification and attached hereto and made an integral part hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>In
the event of an inconsistency or contradiction between the specifications and the terms and conditions of this Contract, these terms
and conditions in the Contract shall prevail. In the event of an inconsistency or contradiction between the specifications and the terms
and conditions of the other drawings/plan, the terms and conditions in the specifications shall prevail.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is agreed and understood that the SELLERS may at its discretion construct and deliver the VESSEL at a Shipyard <I>within Imabari Shipbuilding
group</I>, provided that the provisions of this Contract except the VESSEL&rsquo;s Hull Number shall not be altered thereby in any other
respects.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Classification,
                                            Rules&nbsp;and Regulations:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
VESSEL, including its machinery, equipment and out-fittings shall be <I>designed and</I> constructed in accordance with the rules&nbsp;(the
edition and amendments thereto being in force as of the date of the Shipbuilding Contract) of and under special survey of NIPPON KAIJI
KYOKAI (herein called the &ldquo;Classification Society&rdquo;) and shall be distinguished in the register by the symbol of:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 8pt; vertical-align: top; text-align: justify; width: 20%">Nippon Kaiji Kyokai (NK) Classification Characters</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; width: 3%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; width: 3%">:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; width: 74%"> NS*(CSR, BC-A, BC-XII, GRAB 20, EQ C DG, PSPC-WBT, NC) (ESP) (IWS) (HCM-GBS) (NOx-III(SCR)) / MNS*</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 8pt; vertical-align: top; text-align: justify">Descriptive Note</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> Complied with part CSR-B&amp;T of the rules for the Survey and Construction of Steel &#12288;&#12288;Ships&#12288;Strengthened for heavy
cargo loading where hold&#12288;Nos. 2&nbsp;&amp; 4 may be empty NOx-III(M/E : SCR), (G/E(Nos.1,2,3) : SCR)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 8pt; vertical-align: top; text-align: justify">Installations Characters</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">CHG, MPP, LSA, RCF, M0, AFS, BWM</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="break-before: page; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decisions
of the Classification Society as to compliance or non-compliance with the classification shall be final and binding upon both parties
hereto and confirmed with the head office of the Classification Society if required.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;The
VESSEL shall also comply with the rules, regulations and requirements of other regulatory bodies as described in the Specifications in
effect as of the date of this Contract.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
fees and charges incidental to the classification and with respect to compliance with the above referred rules, regulations and requirements
shall be for account of the SELLERS.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
VESSEL&rsquo;s classification status, and all classification and other required certificates hereunder, are to be clean and free of all
conditions, recommendations and restrictions whatsoever other than those permitted in the Specifications.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal
                                            Particulars and Dimensions of VESSEL:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
VESSEL shall have the following characteristics and dimensions:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Length
    (over all)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">about
    199.9&nbsp;&nbsp;&nbsp;m</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Length
    (between perpendiculars)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">195.00
    m</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Breadth,
    moulded</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 69%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.24m</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depth,
    moulded</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.30
    m</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designed
    loaded draft, moulded</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.30
    m</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scantling
    draft, moulded</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.52
    m</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deadweight
    at assigned loaded draft</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63,465
    MT</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
    Tonnage (by I.C.T.M.1969)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">about
    36,500</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Main
    Engine (Japanese make)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MAN
    B&amp;W 6S50ME-C9.7-HPSCR1set</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maximum
    rating</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">6,670 kW x 95.0 min<SUP>-1</SUP></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Normal
    rating</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">5,670 kW x 90.0 min<SUP>-1</SUP> (85.0% MCR)</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Flag</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">MARSHALL ISLANDS</TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Guaranteed
                                            Trial Speed:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SELLERS guarantee for the VESSEL that the mean trial speed shall be 14.60 knots with the VESSEL at the BUILDER&rsquo;s favorable draft
and trim condition at the normal output of 5,670 kW of Main Engine in quiet weather and calm sea with clean bottom of the VESSEL under
the conditions set forth in the Specifications (hereinafter called the&ldquo;Guaranteed Trial Speed&rdquo;).</FONT></P>

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

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

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    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Guaranteed
                                            Fuel Oil Consumption:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SELLERS guarantee that the fuel oil consumption of the Main Engine as determined by shop trial as specified in the Specifications, at
normal rating shall not be more than 155.2grams/kW/hour using &ldquo;A&rdquo; oil on the basis of lower calorific value of 42,700 kJ/kg
(hereinafter called the&ldquo;Guaranteed Fuel Oil Consumption&rdquo;)</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Guaranteed
                                            Deadweight:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SELLERS guarantee that the VESSEL, when completed, shall be capable of carrying a total deadweight tonnage of 63,465 metric tons at assigned
fully loaded draft (hereinafter called the &ldquo;Guaranteed Deadweight&rdquo;). The term &ldquo;Deadweight&rdquo; as used in this Contract,
shall signify the difference between the displacement at assigned fully loaded draft in sea water of 1.025 specific gravity on the basis
of hydrostatic table and the light weight of the VESSEL.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
actual deadweight of the VESSEL shall be determined by calculations made by the BUILDER and these calculations shall be based on actual
measurements of the completed VESSEL taken in the presence of and verified by the Classification Society&rsquo;s surveyor.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registration:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
VESSEL shall be registered by the BUYER at its own cost and expense under the laws of MARSHALL ISLANDS with its home port of Majuro the
time of its delivery and acceptance hereunder.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subcontracting:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SELLERS may, at its sole discretion and responsibility, subcontract any portion of the construction work of the VESSEL to any domestic
and/or overseas subcontractors including, but not limited to, the affiliated companies of the BUILDER.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of any work being subcontracted in accordance with the terms of this Contract and/or the Specifications, the SELLERS shall
remain fully and solely responsible for the work done by such subcontractors and the quality and performance and any part of the VESSEL
and the construction work subcontracted in accordance with this Contract and/or the Specifications.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(End
of Article)</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;III
- CONTRACT PRICE AND TERM OF PAYMENT</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Contract
                                            Price:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purchase price of the VESSEL is United States Dollars Thirty Seven Million (US$37,000,000.-), net receivable by the SELLERS (hereinafter
called the &ldquo;Contract Price&rdquo;), which is exclusive of the BUYER&rsquo;s Supplies as provided in Article&nbsp;XVIII hereof and
shall be subject to upward or downward adjustment, if any, as hereinafter set forth in this Contract.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as provided in this Contract, the Contract Price is not subject to any fluctuations on account of changes to the prevailing at the
time rates of wages, cost of equipment or materials or rates of currencies (such as the exchange rate between the US$ and the currency
of Japan) etc.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increases
or decreases in the Contract Price, if any, due to adjustments thereof made in accordance with the provisions of this Contract shall
be adjusted by way of addition to, or subtraction from, the last instalment of the Contract Price.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Currency:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
and all payments by the BUYER to the SELLERS under this Contract shall be made in United States Dollars.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms
                                            of Payment:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Contract Price shall be paid by the BUYER to the SELLERS in installments as follows:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 17.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1st
                                            Installment: The sum of United States Dollars Seven Million Four Hundred Thousand (US$7,400,000.-)
                                            shall be paid upon signing of this Contract.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 17.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2<SUP>nd
                                            </SUP>Installment: The sum of United States Dollars Three Million Seven Hundred Thousand
                                            (USD3,700,000.-) shall be paid by 31<SUP>th</SUP> March, 2023.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 17.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3<SUP>rd
                                            </SUP>Installment: The sum of United States Dollars Three Million Seven Hundred Thousand
                                            (US$3,700,000.-) shall be paid by 29th September, 2023.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4th
                                            Installment: The sum of United States Dollars Three Million Seven Hundred Thousand (US$3,700,000.-)
                                            shall be paid upon launching of the VESSEL.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 17.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5<SUP>th
                                            </SUP>Installment: The sum of United States Dollars Eighteen Million Five Hundred Thousand
                                            (US$18,500,000.-), plus any increase or minus any decrease due to adjustments of the Contract
                                            Price hereunder, shall be paid upon delivery <I>and acceptance </I>of the VESSEL.</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Method
                                            of Payment:</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 17.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1st
                                            Installment: Within three(3)&nbsp;banking days after signing of this Contract, the BUYER
                                            shall remit the amount of this Installment by telegraphic transfer to Mizuho Bank,&nbsp;Ltd.,
                                            Ehime Pref. Imabari Branch, Japan (hereinafter called the &ldquo;SELLER 1&rsquo;s&nbsp; Bank&rdquo;)
                                            for the account of the SELLER 1, Account No.&nbsp;No.[&#9679;] with remarks of &ldquo;Hull
                                            No.&nbsp;S-1885&rdquo;.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 17.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2nd
                                            Installment: On or before 31<SUP>th</SUP> March&nbsp;2023, the BUYER shall remit the amount
                                            of this Installment by telegraphic transfer to the SELLER 1&rsquo;s Bank for the account
                                            of the SELLER 1 with remarks &ldquo;Hull No.&nbsp;S-1885&rdquo;.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3rd
                                            Installment: On or before 29th September&nbsp;2023, the BUYER shall remit the amount of this
                                            Installment by telegraphic transfer to the SELLER 1&rsquo;s Bank for the account of the SELLER
                                            1 with remarks &ldquo;Hull No.&nbsp;S-1885&rdquo;.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4th
                                            Installment: Within three (3)&nbsp;Banking Days after receipt of the notice in writing or
                                            by facsimile from the SELLERS of launching of the VESSEL having been made, the BUYER shall
                                            remit the amount of this Installment by telegraphic transfer to the SELLER 1&rsquo;s Bank
                                            for the account of the SELLER 1 with remarks &ldquo;Hull No.&nbsp;S-1885&rdquo;.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SELLERS shall give a notice of 7 days to the BUYER regarding the expected date of Launching of the VESSEL.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 17.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5th
                                            Installment: At least two (2)&nbsp;Banking Days prior to the anticipated delivery of the
                                            VESSEL, the BUYER shall deposit cash under a conditional SWIFT payment in the SELLER 1&rsquo;s
                                            Bank covering 5th Installment as adjusted in accordance with the provisions of this Contract.
                                            Such payment shall be payable and releasable to the SELLERS upon presentation to the SELLER
                                            1&rsquo;s Bank of a copy of &ldquo;PROTOCOL OF DELIVERY AND ACCEPTANCE&rdquo; of the VESSEL
                                            executed by the BUYER and the SELLERS pursuant to Paragraph 2 of Article&nbsp;VIII hereof
                                            and (as required) by a representative of BUYER&rsquo;s financing bank <I>and copy of &ldquo;PROTOCOL
                                            OF DELIVERY AND ACCEPTANCE&rdquo; of the VESSEL executed between the BUILDER and the SELLERS.</I></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 17.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definition
                                            of Banking Days: For the purpose of this Paragraph, &ldquo;Banking Days&rdquo; means days
                                            excluding Saturday, Sunday and public holidays in Tokyo, Athens, New York, Hamburg and Zurich.</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Payment
                                            under Dispute</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
payment under this Contract shall be delayed or withheld by the BUYER on account of any dispute or disagreement of whatsoever nature
arising between the parties hereto.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Prepayment:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepayment
of any Installment due on or before delivery of the VESSEL can be made by the BUYER with prior 10 days notice addressed to SELLERS.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: right; text-indent: 437pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(End
of Article)</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;IV
- ADJUSTMENT OF CONTRACT PRICE</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Contract Price shall be subject to adjustment, as hereinafter set forth, in the event of the following contingencies (it being understood
by both parties that any reduction of the Contract Price is by way of liquidated damages and not by way of penalty):</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delivery</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 17.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
                                            adjustment shall be made and the Contract Price shall remain unchanged for the first thirty
                                            (30) days of delay in delivery of the VESSEL beyond the Delivery Date as defined in Article&nbsp;VIII
                                            hereof (ending as of twelve o&rsquo;clock midnight of the thirtieth (30th) day of delay).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 17.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            the delivery of the VESSEL is delayed more than thirty (30) days after the Delivery Date,
                                            then, in such event, beginning at twelve o&rsquo;clock midnight of the thirtieth (30th) day
                                            after the Delivery Date, the Contract Price shall be reduced by deducting the sum of US$5,000-
                                            for each day of delay thereafter.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
the total reduction in the Contract Price shall not be more than as would be the case for a delay of one hundred and twenty (120) days,
counting from midnight of the thirtieth (30th) day after the Delivery Date at the above specified rate of reduction. That is, at a total
reduction of US$600,000-.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 17.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">But,
                                            if the delay in delivery of the VESSEL should continue for period of one hundred and twenty
                                            (120) days from the thirty-first (31st) day after the Delivery Date, then in such event,
                                            and after such period has expired, the BUYER may, at its option terminate, cancel or rescind
                                            this Contract in accordance with the provisions of Article&nbsp;XI hereof. The SELLERS may,
                                            at any time after the expiration of one hundred and fifty (150) days of delay in delivery
                                            from the Delivery Date, if the BUYER has not served notice as provided in Article&nbsp;XI
                                            hereof, demand in writing that the BUYER shall make an election, in which case the BUYER
                                            shall, within twenty (20) days after such demand is received by the BUYER, notify the SELLERS
                                            of its intention either to terminate, cancel or rescind this Contract or to consent to take
                                            delivery of the VESSEL at an agreed future date; it being understood by the parties hereto
                                            that, if the VESSEL is not delivered by such future date, the BUYER shall have the same right
                                            of termination, cancelation and/or rescission upon the same terms and conditions as hereinabove
                                            provided.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 17.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                            the purpose of this Article, the delivery of the VESSEL shall be deemed to be delayed when
                                            and if the VESSEL, after taking into full account all postponements of the Delivery Date
                                            by reason of permissible delays as defined in Article&nbsp;IX and/or any other reasons under
                                            this Contract, is not delivered by the date upon which delivery is required under the terms
                                            of this Contract.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Speed:</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 17.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Contract Price shall not be affected or changed by reason of the actual speed, as determined
                                            by the trial run, being not more than three-tenths (3/10) of one (1)&nbsp;knot below the
                                            guaranteed speed of the VESSEL.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 17.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
                                            exceeding such deficiency of three-tenths (3/10) of one (1)&nbsp;knot in actual speed below
                                            the Guaranteed Trial Speed of the VESSEL, the Contract Price shall be reduced as follows:</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">More
than three-tenths (3/10) and not more than</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">four-tenths
(4/10) of a knot a total sum of US$50,000.-</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">More
than four-tenths (4/10) and not more than</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">five-tenths
(5/10) of a knot a total sum of US$100,000.-</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">More
than five-tenths (5/10) and not more than</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">six-tenths
(6/10) of a knot a total sum of US$150,000.-</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">More
than six-tenths (6/10) and not more than</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">seven-tenths
(7/10) of a knot a total sum of US$200,000.-</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">More
than seven-tenths (7/10) and not more than</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">eight-tenths
(8/10) of a knot a total sum of US$250,000.-</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">More
than eight-tenths (8/10) and not more than</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">nine-tenths
(9/10) of a knot a total sum of US$300,000.-</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">More
than nine-tenths (9/10) and not more than</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">one
(1)&nbsp;knot a total sum of US$350,000.-</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 17.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            the deficiency in actual speed of the VESSEL upon trial run is more than one (1)&nbsp;full
                                            knot below the Guaranteed Trial Speed of the VESSEL, then the BUYER may, at its option, reject
                                            the VESSEL and terminate, cancel or rescind this Contract in accordance with the provisions
                                            of Article&nbsp;XI hereof, or may accept the VESSEL at a reduction in the Contract Price
                                            as above provided for one (1)&nbsp;full knot only, that is, at a total reduction of US$350,000.</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fuel
                                            Oil Consumption:</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 17.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Contract Price shall not be affected or changed by reason of the fuel oil consumption of
                                            the VESSEL, as determined by shop trial as per the Specifications, being more than the Guaranteed
                                            Fuel Oil Consumption of the VESSEL, if such excess is not more than five percent (5%) over
                                            the Guaranteed Fuel Oil Consumption.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 17.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
                                            exceeding an excess of five percent (5%) in the actual fuel consumption over the Guaranteed
                                            Fuel Oil Consumption of the VESSEL, the Contract Price shall be reduced by the sum of US$37,000.-
                                            for each full one percent (1%) increase in fuel consumption above said five percent (5%)
                                            (fractions of one percent (1%) to be disregarded), up to a maximum of <I>ten percent (10%)
                                            </I>over the Guaranteed Fuel Oil Consumption of the VESSEL.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 17.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            such actual fuel consumption exceeds <I>ten percent (10%)</I> of the Guaranteed Fuel Oil
                                            Consumption of the VESSEL, the BUYER may, at its option, reject the VESSEL and rescind this
                                            Contract in accordance with the provisions of Article&nbsp;XI hereof, or may accept the VESSEL
                                            at a reduction in the Contract Price as above specified for <I>ten percent (10%)</I> only,
                                            that is, at a total reduction of US$185,000.-.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Deadweight:</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Contract Price shall not be affected or changed by reason of the actual deadweight of the
                                            VESSEL as determined in accordance with the Specifications, being less than the Guaranteed
                                            Deadweight of the VESSEL, if such deficiency is not more than 635 metric tons below the Guaranteed
                                            Deadweight of the VESSEL.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            the event of such deficiency is more than 635 metric tons below the Guarantee Deadweight
                                            of the VESSEL, the Contract Price shall be reduced by the sum of US$583 for each metric ton
                                            of such deficiency.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            the event of such deficiency in the actual deadweight of the VESSEL being 1,905 metric tons
                                            or more, then, the BUYER may, at its option, reject the VESSEL and rescind this Contract
                                            in accordance with the provisions of Article&nbsp;XI hereof or accept the VESSEL at a reduction
                                            in the Contract Price as above provided for 1,905 metric tons only, that is, at a total reduction
                                            of US$740,410.-.</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Effect
                                            of Rescission:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is expressly understood and agreed by the parties hereto that in any case, if the BUYER rescinds this Contract under this Article, the
BUYER shall not be entitled to any liquidated damages.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><I>6.</I></B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Cumulative
                                            Effect</I></B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
liquidated damages specified in each separate paragraph within this Article&nbsp;are independent of each other and payment of one shall
not be exclusive of the payment of another.</I></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><I>7.</I></B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Duty
                                            To Mitigate</I></B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Notwithstanding
the provisions of this Article, the SELLERS shall use best endeavours to investigate and if possible rectify the cause of an insufficiency
in speed, dead-weight or cargo cubic capacity or an excess in fuel consumption prior to delivery of the VESSEL to the BUYER. It is hereby
understood and agreed by the SELLERS that the SELLERS will seek to deliver the VESSEL by adjusting the Contract Price, if necessary,
in accordance with the provisions of this Article, only if after using its best endeavours such insufficiency or excess cannot be corrected.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(End
of Article)</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;V
- APPROVAL OF PLANS AND DRAWINGS</B></FONT></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>AND
INSPECTION DURING CONSTRUCTION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
inspection, supervision and approval of plans and drawings during the construction of the VESSEL <I>and her hull, machinery, engines,
fittings and accessories</I> shall be carried out by a Japanese <I>company providing newbuilding</I> supervising company (hereinafter
called the &ldquo;Supervising Company&rdquo;) which shall be <I>selected,</I> nominated by the SELLERS <I>and appointed by </I>at the
SELLERS&rsquo;s <I>at their</I> cost and expense.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
decision regarding the approval of plans, drawings and supervising during construction shall be made by the Supervising Company at its
sole discretion <I>in full accordance with the Specifications </I>and such decision shall not require any prior consultation with the
BUYER or approval of the BUYER.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>However
the SELLERS undertakes and assures the BUYER that the Supervisor shall carry out his inspections in accordance with the agreed inspection
procedure and schedule and usual Japanese shipbuilding practice.</I></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Approval
                                            of Plans and Drawings:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SELLERS shall cause the BUILDER to submit <I>in time </I>to the Supervising Company the plans and drawings to be submitted thereto for
its approval.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Appointment
                                            of Supervising Company&rsquo;s Supervisor&#12288;:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Supervising Company may send to and maintain at the Shipyard supervisor<I>(s)&nbsp;</I>(herein called the &ldquo;Supervisor &rdquo;)
to act in connection with approval of the plans and drawings, attendance to the tests and inspections relating to the VESSEL, its machinery,
equipment and out fitting.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Inspection
                                            by Supervisor&#12288;:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
necessary inspections of the VESSEL, its <I>hull,</I> machinery, equipment and out fittings shall be carried out by the Classification
Society, other regulatory bodies and/or an inspection team of the BUILDER throughout the entire period of construction, in order to ensure
that the construction of the VESSEL is duly performed in accordance with this Contract and the Specifications. The Supervisor shall have,
during construction of the VESSEL, the right and <I>duty</I> to attend such tests and inspections of the VESSEL, its machinery and equipment.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that the Supervisor discovers any construction or material or workmanship which is not deemed to conform to the requirements
of this Contract and/or the Specifications, the Supervisor shall promptly give the SELLERS a notice in writing as to such non-conformity.
Upon receipt of such notice from the Supervisor, the SELLERS shall cause the BUILDER to correct, at the BUILDER&rsquo;s cost, such non-conformity,
if the SELLERS agrees to his view acting reasonably but in case of disagreement the matter will be referred to the Classification Society.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Performance
Standard for Protective Coatings (PSPC) for ballast tanks required by IMO shall be applied to the VESSEL. Inspections thereto shall be
carried out by the qualified inspector(s)&nbsp;of the BUILDER and/or the qualified inspector(s)&nbsp;appointed by BUILDER, whose determination
shall be deemed final so far as the application of the PSPC to the VESSEL is concerned <I>if approved by the Classification Society.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the avoidance of doubt, the SELLERS shall be solely responsible for all aspects of construction, workmanship and completion of the Vessel
in accordance with this Contract and the Specifications.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
plans and drawings shall be in English<I>.</I></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BUYER&rsquo;s
                                            Representative:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
BUYER may appoint their one (1)&nbsp;representative as &ldquo;Observer&rdquo; who can visit the Shipyard maximum consecutive two (2)&nbsp;days
for three (3)&nbsp;times in total during construction of the Vessel for observation purpose only. The BUYER shall inform at least seven
(7)&nbsp;days prior to the SELLERS that the BUYER send the Observer to the Shipyard.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(End
of Article)</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;VI
- MODIFICATIONS</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Modifications
                                            of Specifications:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Specifications may be modified and/or changed by written agreement of the parties hereto, provided that such modifications and/or changes
or an accumulation thereof will not, in the SELLERS&rsquo; judgment, adversely affect the BUILDER&rsquo;s planning or program in relation
to the BUILDER&rsquo;s other commitments, and provided, further, that the BUYER shall first agree, before such modifications and/or changes
are carried out, to alterations in the Contract Price, the Delivery Date and other terms and conditions of this Contract and the Specifications
occasioned by or resulting from such modifications and/or changes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Such
agreement may be effected by exchange of letters signed by the authorized representatives of the parties hereto or by facsimile or e-mail
confirmed by such letters manifesting agreements of the parties hereto which shall constitute amendments to this Contract and/or the
Specifications.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Change
                                            in Class,&nbsp;etc.:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that, after the date of this Contract, any requirements as to class, or as to rules&nbsp;and regulations to which the construction
of the VESSEL is required to conform are altered or changed by the Classification Society or the other regulatory bodies authorized to
make such alterations or changes, the following provisions shall apply:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            such alterations or changes are compulsory for the VESSEL, either of the parties hereto,
                                            upon receipt of such information from the Classification Society or such other regulatory
                                            bodies, shall promptly transmit the same to the other in writing, and the SELLERS shall thereupon
                                            incorporate such alterations or changes into the construction of the VESSEL, provided that
                                            the BUYER shall first agree, to adjustments required by the SELLERS in the Contract Price,
                                            the Delivery Date and other terms and conditions of this Contract and the Specifications
                                            occasioned by or resulting from such alterations or changes.</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            such alterations or changes are not compulsory for the VESSEL, but the BUYER desires to incorporate
                                            such alterations or changes into the construction of the VESSEL, then, the BUYER shall notify
                                            the SELLERS of such intention. The SELLERS may accept such alterations or changes, provided
                                            that such alterations or changes will not, in the judgment of the BUILDER and/or the SELLERS,
                                            adversely affect the BUILDER&rsquo;s planning or program in relation to the BUILDER&rsquo;s
                                            other commitments, and provided, further, that the BUYER shall first agree to adjustments
                                            required by the SELLERS in the Contract Price, the Delivery Date and other terms and conditions
                                            of this Contract and the Specifications occasioned by or resulting from such alterations
                                            or changes.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            case the BUYER demands for change of or alterations to the plans or drawings which have already
                                            been approved by the Supervising Company, provided such alterations or changes are not compulsory
                                            for the VESSEL, the SELLERS shall have the right to reject such demand if work has already
                                            been arranged to start in accordance with the approved plans and drawings. Any alteration
                                            to the plans and drawings which have already been approved by the Supervising Company shall
                                            be regarded as modifications as specified in this Article&nbsp;and shall include adjustments
                                            of Contract Price, the Delivery Date and other terms and conditions of this contract and
                                            the Specifications.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreements
as to such alterations or changes under this Paragraph shall be made in the same manner as provided in Paragraph 1 of this Article&nbsp;for
modifications or changes to the Specifications.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Substitution
                                            of Materials:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that any of the materials required by the Specifications or otherwise under this Contract for the construction of the VESSEL
cannot be procured in time or are in short supply to maintain the Delivery Date of the VESSEL, the SELLERS may allow the BUILDER, provided
that the BUYER shall so agree in writing, to supply other materials capable of meeting the requirements of the Classification Society
and of the rules, regulations and requirements with which the construction of the VESSEL must comply. Any agreement as to such substitution
of materials shall be effected in the manner provided in paragraph 1 of this article, and shall, likewise, include alterations in the
Contract Price and other terms and conditions of this Contract occasioned by or resulting from such substitution if any.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(End
of Article)</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;VII
- TRIAL</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
BUYER shall receive from the SELLERS at least approximately <I>30 days</I> prior notice in writing or by facsimile or by email confirmed
in writing of the time and place of the trial run of the VESSEL, and the BUYER shall promptly acknowledge receipt of such notice. The
BUYER may send one Capt., one C/E., one C/O, one 1/E and one Representative (herein collectively called the &ldquo;Observers&rdquo;)
on board the VESSEL to witness such trial run for familiarization purpose only at the BUYER&rsquo;s risk and expenses. Failure in attendance
of the Observers of the BUYER at the trial run of the VESSEL for any reason whatsoever after due notice to the BUYER as above provided
shall be deemed to be a waiver by the BUYER of its right to have the Observers on board the VESSEL at the trial run, and the SELLERS
may cause the BUILDER to conduct the trial run without the Observers of the BUYER being present but with the attendance of the Supervisor
and the representative of the Classification Society, and in such case the BUYER shall be obligated to accept the VESSEL on the basis
of a certificate of the SELLERS that the VESSEL, upon trial run, is found to conform to this Contract and the Specifications.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Weather
                                            Condition:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trial run shall be carried out under the weather condition which is deemed favorable enough by the judgment of the BUILDER and/or the
SELLERS. In the event of unfavorable weather on the date specified for the trial run, the same shall take place on the first available
day thereafter that the weather condition permits. It is agreed that, if during the trial run of the VESSEL, the weather should suddenly
become so unfavorable that orderly conduct of the trial run can no longer be continued, the trial run shall be discontinued and postponed
until the first favorable day next following, unless the BUYER shall assent in writing to acceptance of the VESSEL on the trial run already
made before such discontinuance has occurred. Any delay of trial run caused by such unfavorable weather condition shall operate to postpone
the Delivery Date by the period of delay involved and such delay shall be deemed as a permissible delay in the delivery of the VESSEL&#65294;</FONT></P>

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

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

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    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>How
                                            conducted:</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
                                            expenses in connection with the trial run are to be for the account of the SELLERS and the
                                            SELLERS shall cause the BUILDER to provide at the BUILDER&rsquo;s expense the necessary crew
                                            to comply with conditions of safe navigation. The trial run shall be conducted in the manner
                                            prescribed in the Specifications, and shall prove fulfillment of the performance requirements
                                            for the trial run as set forth in the Specifications. The course of trial run shall be determined
                                            by the BUILDER.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
                                            the foregoing, lubricating oils and greases necessary for the trial run of the VESSEL shall
                                            be supplied by the BUYER at the Shipyard on the date designated by the BUILDER with a prior
                                            10 days written notice of the SELLERS to the BUYER, and the SELLERS shall pay the BUYER upon
                                            delivery of the VESSEL the cost of the quantities of lubricating oils and greases consumed
                                            during the trial run at the original purchase price. In measuring the consumed quantity,
                                            lubricating oils and greases remaining in the main engine, other machinery and their pipes,
                                            stern tube and the like, shall be excluded. The quantity of lubricating oils and greases
                                            supplied by the BUYER shall be in accordance with the instruction of the BUILDER and the
                                            SELLERS.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Method
                                            of Acceptance or Rejection:</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
                                            completion of the trial run, the SELLERS shall give the BUYER a notice by facsimile or e-mail
                                            confirmed in writing of completion of the trial run, as and if the SELLERS considers that
                                            the results of the trial run indicate conformity of the VESSEL to this Contract and the Specifications.
                                            The BUYER shall, within two (2)&nbsp;days after receipt of such notice from the SELLERS,
                                            notify the SELLERS by facsimile confirmed in writing of its acceptance or rejection of the
                                            VESSEL.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
                                            should the results of the trial run indicate that the VESSEL, or any part or equipment thereof,
                                            does not conform to the requirements of this Contract and/or the Specifications, or if the
                                            SELLERS is in agreement to non-conformity as specified in the BUYER&rsquo;s notice of rejection,
                                            then, the SELLERS shall cause the BUILDER to take necessary steps, to correct such non-conformity.
                                            Upon completion of correction of such non-conformity, the SELLERS shall give the BUYER a
                                            notice thereof by facsimile confirmed in writing. The BUYER shall, within two (2)&nbsp;days
                                            after receipt of such notice from the SELLERS, notify the SELLERS of its acceptance or rejection
                                            of the VESSEL.</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            any event that the BUYER rejects the VESSEL, the BUYER shall indicate in its notice of rejection
                                            in what respect the VESSEL, or any part or equipment thereof dose not conform to this Contract
                                            and/or the Specifications.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            the event that the BUYER fails to notify the SELLERS by facsimile or email confirmed in writing
                                            of the acceptance of or the rejection together with the reason therefor of the VESSEL within
                                            the period as provided in the above sub-paragraph (a)&nbsp;or (b), the BUYER shall be deemed
                                            to have accepted the VESSEL.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            SELLERS may dispute the rejection of the VESSEL by the BUYER under this paragraph, in which
                                            case the matter shall first be referred to judgement of the Classification Society, but if
                                            the Classification Society fails to make a judgement or cannot do so, the matter shall be
                                            submitted for final decision by arbitration in accordance with Article&nbsp;XIV hereof<I>.&#12288;The
                                            buyers shall be notified of the classification society&rsquo;s judgment and will have two
                                            (2)&nbsp;working days to either accept or reject, advising sellers on reasons of rejection.&quot;</I></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            BUYER shall not be entitled to reject the VESSEL by reason of any minor or insubstantial
                                            items, which may not affect the VESSEL&rsquo;s operation, its crew and safety, judged from
                                            the point of view of the commonly and generally acknowledged Japanese standard shipbuilding
                                            and shipping practice, as not being in conformity with the Specifications, but, in which
                                            case, the SELLERS shall not be released from the obligation to correct and/or remedy for
                                            its own account such minor or insubstantial items as soon as practicable after the delivery
                                            of the VESSEL.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Effect
                                            of Acceptance:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acceptance
of the VESSEL as above provided shall be final and binding so far as conformity of the VESSEL to this Contract and the Specifications
is concerned and shall preclude the BUYER from refusing formal delivery of the VESSEL as hereinafter provided, if the SELLERS complies
with all other procedural requirements for delivery as provided in Article&nbsp;VIII hereof.</FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Disposition
                                            of surplus Consumable stores:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should
any fuel oil, fresh water or other consumable stores furnished by the BUILDER for the trial run remain on board the VESSEL at the time
of acceptance thereof by the BUYER, the BUYER agrees to buy the same from the SELLERS at the original purchase price thereof, and payment
by the BUYER shall be effected upon delivery of the VESSEL.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Familiarization:</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
                                            to the delivery but after the sea trials, the BUYER may send their crew to the Shipyard in
                                            preparation for the delivery with the SELLERS&rsquo; and/or BUILDER&rsquo;s consent. The
                                            above mentioned Observers and crew of the BUYER shall not interfere with or obstruct in any
                                            way the BUILDER's supervision during the construction of the VESSEL and/or the building schedule
                                            of the BUILDER, but shall be given free and ready access to the VESSEL, its hull, machinery,
                                            equipment, coatings and out-fittings in the Shipyard only and in such way not to obstruct
                                            smooth construction of the VESSEL.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Observers and the crew shall at all times be deemed to be the employees of the BUYER and
                                            not of the BUILDER and the SELLERS. The BUILDER and the SELLERS shall be under no liability
                                            whatsoever to the BUYER, the Observers and the crew for personal injuries, including death,
                                            suffered during the time when he or they are on the VESSEL, or within the premises of the
                                            Shipyard, or are otherwise engaged in and about the construction of the VESSEL, unless, however,
                                            such personal injuries, including death, were caused by a gross negligence of the BUILDER
                                            and/or the SELLERS, or of any of its employees or agents or subcontractors. Nor shall the
                                            BUILDER or the SELLERS be under any liability whatsoever to the BUYER, the Observers and
                                            the crew for damage to, or loss or destruction of property in Japan of the BUYER or of the
                                            Observers and the crew, unless such damage, loss or destruction were caused by a gross negligence
                                            of the BUILDER and/or the SELLERS, or of any of its employees or agents or subcontractors.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(End
of Article)</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;VIII
&ndash; DELIVERY</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Time
                                            and Place:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
VESSEL shall be delivered by the SELLERS to the BUYER at the Shipyard or at an affiliated Japanese shipyard of the BUILDER or at the
mutually agreed place not earlier than 5th January, 2024 and not later than 31<SUP>st</SUP> March, 2024, except that, in the event of
delays in the construction of the VESSEL or any performance required under this Contract due to causes which under the terms of this
Contract permit postponement of the date for delivery, the aforementioned date for delivery of the VESSEL shall be postponed accordingly.
The aforementioned date, or such later date to which the requirement of delivery is postponed pursuant to such terms, is herein called
the&ldquo;Delivery Date&rdquo;.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>When
                                            and How Effected:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provided
that each of the SELLERS and the BUYER shall have fulfilled all of its obligations stipulated under this Contract, delivery of the VESSEL
shall be effected forthwith by the concurrent delivery by each of the parties hereto to the other of the PROTOCOL OF DELIVERY AND ACCEPTANCE,
acknowledging delivery of the VESSEL by the SELLERS and acceptance thereof by the BUYER.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Documents
                                            to be delivered to BUYER:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
delivery and acceptance of the VESSEL, the SELLERS shall deliver to the BUYER the following documents (all in English language), which
shall accompany the PROTOCOL OF DELIVERY AND ACCEPTANCE:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL
                                            OF TRIALS of the VESSEL made pursuant to the Specifications.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL
                                            OF INVENTORY of the equipment of the VESSEL, including spare parts and the like, all as specified
                                            in the Specifications.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL
                                            OF STORES OF CONSUMABLE NATURE referred to under paragraph 3 (b)&nbsp;and paragraph 6 of
                                            Article&nbsp;VII hereof, including the original purchase prices thereof.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALL
                                            CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract
                                            and the Specifications. It is agreed that if, through no fault on the part of the SELLERS,
                                            the classification certificate and/or other certificates are not available at the time of
                                            delivery of the VESSEL and only if the absence thereof does not impede the trading of the
                                            VESSEL, provisional certificate shall be accepted by the BUYER, provided that the SELLERS
                                            shall furnish the BUYER with the formal certificates as promptly as possible after such formal
                                            certificates have been issued and in any event before the expiry of such provisional certificates.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
the certificates shall be delivered in one (1)&nbsp;original to the VESSEL and two (2)&nbsp;copies to the BUYER;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DECLARATON
                                            OF WARRANTY of the SELLERS that the VESSEL is delivered to the BUYER free and clear of any
                                            claims, liens, charges, mortgages, or other encumbrances upon the BUYER&rsquo;s title thereto,
                                            and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts,
                                            taxes or charges imposed by the Japanese governmental authorities, as well as of all liabilities
                                            of the SELLERS to its subcontractors, employees and crew, and of all liabilities arising
                                            from the operation of the VESSEL in trial runs, or otherwise, prior to delivery.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DRAWINGS
                                            AND PLANS pertaining to the VESSEL as stipulated in the Specifications.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COMMERCIAL
                                            INVOICE</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BILL
                                            OF SALE duly notarized</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BUILDER&rsquo;S
                                            CERTIFICATE issued by the Shipyard duly notarized.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
other reasonable documents required by flag authority and financing bank for the registration of the VESSEL, if practicably possible.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tender
                                            of VESSEL:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the BUYER fails to take delivery of the VESSEL after completion thereof according to this Contract and the Specifications without any
justifiable reason, the SELLERS shall have the right to tender delivery of the VESSEL after compliance with all procedural requirements
as above provided.</FONT></P>

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

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

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    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title
                                            and Risk:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title
to and risk of loss of the VESSEL shall pass to the BUYER only upon delivery and acceptance thereof having been completed as stated above;
it being expressly understood that, until such delivery is effected, title to and risk of loss of the VESSEL and her equipment shall
be in the SELLERS, excepting risk of war, earthquakes and tidal waves.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Removal
                                            of VESSEL:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
BUYER shall take possession of the VESSEL immediately upon delivery and acceptance thereof and shall remove the VESSEL from the premises
of the Shipyard within three (3)&nbsp;days after delivery and acceptance thereof is effected. If the BUYER shall not remove the VESSEL
from the premises of the Shipyard within the aforesaid three (3)&nbsp;days, then, in such event the BUYER shall pay to the SELLERS the
reasonable mooring charges of the VESSEL. But the BUYER shall be obliged to remove the VESSEL from the Shipyard within ten (10)&nbsp;days
after the delivery and acceptance thereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(End
of Article)</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;IX
- DELAYS AND EXTENSION OF</B></FONT></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>TIME
FOR DELIVERY (FORCE MAJEURE)</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Causes
                                            of Delay:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If,
at any time before the actual delivery, either the construction of the VESSEL or any performance required as a prerequisite of delivery
of the VESSEL is delayed due to: Acts of God; acts of princes or rulers; requirements of government authorities; war or other hostilities
or preparation therefore; blockade; revolution, insurrections, mobilization, civil war, civil commotion or riots; vandalism; sabotages,
strikes, lockouts or other labor disturbances; labor shortage; plague or other epidemics; quarantines; flood, typhoons, hurricanes, storms
or other weather conditions not included in normal planning; earthquakes; tidal waves; fires, explosions, collisions or stranding; embargoes;
delays or failure in transportation; shortage of materials, machinery or equipment; import restrictions; inability to obtain delivery
or delays in delivery of materials <I>subject that same have been ordered in time subject that same have been ordered in time,</I> machinery
or equipment, provided that at the time of ordering the same could reasonably be expected by the SELLERS and/or the BUILDER to be delivered
in time; prolonged failure, shortage or restriction of electric current, oil or gas; defects in materials, machinery or equipment which
could not have been detected by the SELLERS using reasonable care; casting or forging rejects or the like not due to negligence; delays
caused by the Classification Society or other bodies whose documents are required; destruction of or damage to the Shipyard or works
of the BUILDER, its subcontractors or suppliers, or of or to the VESSEL or any part thereof, by any cause herein described; delays in
the SELLERS&rsquo; and/or the BUILDER&rsquo;s other commitments resulting from any causes herein described which in turn delay the construction
of the VESSEL or the BUILDER&rsquo;s performance under Shipbuilding Contract and the SELLERS&rsquo; performance under this Contract;
other causes or accidents beyond control of the BUILDER and/or the SELLERS, its subcontractors or suppliers of the nature whether or
not indicated by the forgoing words; all the forgoing irrespective of whether or not these events could be foreseen at the days of signing
this Contract; then and in any such case, the Delivery Date shall be postponed for a period of time which shall not exceed total accumulated
time of all such delays.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice
                                            of Delay:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within
ten (10)&nbsp;days after the date of occurrence of any cause of delay, on account of which the SELLERS claims that it is entitled under
this Contract to a postponement of the Delivery Date, the SELLERS shall notify the BUYER in writing or by facsimile or by email confirmed
in writing of the date such cause of delay occurred. Likewise, within ten (10)&nbsp;days after the date of ending of such cause of delay,
the SELLERS shall notify the BUYER in writing or by facsimile confirmed in writing of the date such cause of delay ended. The SELLERS
shall also notify the BUYER of the period, by which the Delivery Date is postponed by reason of such cause of delay, with all reasonable
dispatch after it has been determined. Failure of the BUYER to object to the SELLERS&rsquo; claim for postponement of the Delivery Date
within ten (10)&nbsp;days after receipt by the BUYER of such notice of claim shall be deemed to be a waiver by the BUYER of its right
to object such postponement of the Delivery Date.&nbsp;</FONT></P>

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

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

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    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Definition
                                            of Permissible Delay:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delays
on account of such causes as specified in Paragraph 1 of this Article&nbsp;and any other delays of a nature which under the terms of
this Contract permits postponement of the Delivery Date shall be understood to be permissible delays and are to be distinguished from
unauthorized delays on account which the Contract Price is subject to adjustment as provided for in Article&nbsp;IV hereof.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Right
                                            to Rescind for Excessive Delay:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the total accumulated time of all delays on account of the causes specified in Paragraph 1 of this Article, excluding delays of a nature
which under the terms of this Contract permit postponement of the Delivery Date, amounts to One Hundred and fifty (150) days or more,
then, in such event, the BUYER may terminate, cancel or rescind this Contract in accordance with the provisions of Article&nbsp;XI hereof.
The SELLERS may, at any time after the accumulated time of the aforementioned delays justifying termination, cancelation or rescission
by the BUYER, demand in writing that the BUYER shall make an election, in which case the BUYER shall, within twenty (20) days after such
demand is received by the BUYER, either notify the SELLERS of its intention to terminate, cancel or rescind this Contract, or consent
to a postponement of the Delivery Date to a specific future date; it being understood and agreed by the parties hereto that, if any further
delay occurs on account of causes justifying rescission as specified in this Article, the BUYER shall have the same right of termination,
cancelation or rescission upon the same terms as hereinabove provided.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(End
of Article)</FONT></P>

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

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

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    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;X
- WARRANTY OF QUALITY</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Guarantee:</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the provisions hereinafter set forth, the SELLERS <I>and as a condition for the BUYER taking delivery of the VESSEL</I> shall cause
the BUILDER to <I>guarantee</I> to remedy, free of charge to the BUYER, any defects in the VESSEL which are due to defective material
and/or <I>poor</I> workmanship and/or <I>defective construction, whether or not such defects and/or physical damage affect the seaworthiness
or the class of the Vesse</I>l on the part of the BUILDER and/or its subcontractors, provided that the defects are discovered within
a period of twelve (12) months after the date of delivery of the VESSEL and a notice thereof is duly given to the SELLERS as hereinafter
provided.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purpose of this Article, the VESSEL shall include her hull, machinery, equipment and gear, but excludes any parts for the VESSEL
which have been supplied by or on behalf of the BUYER.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>It
is expressly agreed and warranted by the SELLERS that they will procure that the supplier of paints will issue in favour of the BUYER
a warranty of painting quality for underwater paint, when the VESSEL entering into its first drydocking.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice
                                            of Defects:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
BUYER shall notify the SELLERS in writing, or by facsimile confirmed in writing, of any defects for which claim is made under this guarantee
as promptly as possible after discovery thereof. The BUYER&rsquo;s written notice shall describe the nature and extent of the defects.
The SELLERS shall have no obligation for any defects discovered prior to the expiry date of the said twelve (12) months period, unless
notice of such defects is received by the SELLERS not later than twenty (20) Banking days after such expiry date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Remedy
                                            of Defects:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            SELLERS shall cause the BUILDER to remedy, at the BUILDER&rsquo;s expense, any defects, against
                                            which the VESSEL is guaranteed under this Article, by making all necessary repairs or replacements
                                            at the Shipyard.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
                                            if it is impractical to bring the VESSEL to the Shipyard, the BUYER may cause the necessary
                                            repairs or replacements to be made elsewhere which is deemed suitable for the purpose, provided
                                            that, in such event, the SELLERS may allow the BUILDER to forward or supply replacement parts
                                            or materials to the VESSEL, unless forwarding or supplying thereof to the VESSEL would impair
                                            or delay the operation or working schedule of the VESSEL. In the event that the BUYER proposes
                                            to cause the necessary repairs or replacements to be made to the VESSEL at any other shipyard,
                                            the BUYER shall first, but in all events as soon as possible, give the SELLERS notice in
                                            writing or by facsimile confirmed in writing of the time and place such repairs will be made,
                                            and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby
                                            impaired, the SELLERS shall have the right to verify by its own representative(s)&nbsp;the
                                            nature and extents of the defects complained of. The SELLERS shall, in such case, promptly
                                            advise the BUYER by facsimile or email, after such examination has been completed, of its
                                            acceptance or rejection of the defects as ones that are covered by the guarantee herein provided.
                                            Upon the SELLERS&rsquo; acceptance of the defects as justifying remedy under this Article,
                                            or upon award of the arbitration so determining, the SELLERS shall immediately cause the
                                            BUILDER to pay to the BUYER for such repairs or replacements a sum equal to the reasonable
                                            cost of making the same repairs or replacements in the Shipyard.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            any case, the VESSEL shall be taken at the BUYER&rsquo;s cost and responsibility to the place
                                            elected, ready in all respects for such repairs or replacements.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                            dispute under this Article&nbsp;shall be referred arbitration in accordance with the provisions
                                            of Article&nbsp;XIV hereof.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Extent
                                            of SELLERS&rsquo; Responsibility:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            SELLERS shall have no responsibility or liability for any other defects whatsoever in the
                                            VESSEL than the defects specified in Paragraph 1 of this Article. Nor the SELLERS shall in
                                            any circumstances be responsible or liable for any consequential or special losses, damages
                                            or expenses including, but not limited to, loss of time, loss of profit or earning or demurrage
                                            directly or indirectly occasioned to the BUYER by reason of the defects specified in Paragraph
                                            1 of this Article&nbsp;or due to repairs or other works done to the VESSEL to remedy such
                                            defects.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            SELLERS shall not be responsible for any defects in any part of the&#12288;VESSEL which may
                                            subsequent to delivery of the VESSEL have been replaced or in any way repaired by any other
                                            contractor, or for any defects which have been caused or aggravated by omission or improper
                                            use and maintenance of the VESSEL on the part of the BUYER, its servants or agents or by
                                            ordinary wear and tear or by any other circumstance whatsoever beyond the control of the
                                            SELLERS.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            guarantee contained as hereinabove in this Article&nbsp;replaces and excludes any other liability,
                                            guarantee, warranty and/or condition imposed or implied by the law, customary, statutory
                                            or otherwise, by reason of the construction and sale of the VESSEL by the SELLERS for and
                                            to the BUYER.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(d)</I></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
                                            BUYER shall be entitled on or after delivery and acceptance of the Vessel to assign its rights
                                            under this Article&nbsp;to any purchaser or bareboat charterer or financier of the VESSEL
                                            with the prior written consent of the SELLERS or the BUILDER and such a consent shall not
                                            be unreasonably withheld. Notice of any such assignment shall be given by the BUYER to the
                                            SELLERS for passing on to the BUILDER.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(End
of Article)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XI
- RESCISSION BY BUYER</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
payments made by the BUYER prior to the delivery of the VESSEL shall be in the nature of advances to the SELLERS. In the event that the
BUYER shall exercise its right of <I>termination, cancelation or</I> rescission of this Contract under and pursuant to any of the provisions
of this Contract specifically permitting the BUYER to do so, then the BUYER shall notify the SELLERS in writing or by facsimile or by
email confirmed in writing, and such <I>termination, cancelation or</I> rescission shall be effective as of the date notice thereof is
received by the SELLERS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Refund
                                            by SELLERS:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thereupon
the SELLERS shall promptly refund to the BUYER the full amount of all sums paid by the BUYER to the SELLERS on account of the VESSEL<I>,
</I>unless the SELLERS proceeds to the arbitration under the provisions of Article&nbsp;XIV hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
such event, the SELLERS shall pay the BUYER interest at the rate of six percent ( 6 %) per annum on the amount required herein to be
refunded to the BUYER, computed from the respective dates on which such sums were paid by the BUYER to the SELLERS to the date of remittance
by transfer of such refund to the BUYER by the SELLERS, provided, however, that if the said termination, cancelation or rescission by
the BUYER is made under the provisions of Paragraph 4 of Article&nbsp;IX hereof, then in such event the SELLERS shall not be required
to pay any interest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Discharge
                                            of Obligations:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
such refund by the SELLERS to the BUYER, all obligations, duties and liabilities of each of the parties hereto to the other under this
Contract shall be forthwith completely discharged.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 334.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(End
of Article)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XII
- BUYER&rsquo;S DEFAULT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Definition
                                            of Default:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
BUYER shall be deemed to be in default of performance of its obligations under this Contract in the following cases:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            the BUYER fails to pay any of the First and Fourth Installment to the SELLERS within three
                                            (3)&nbsp;banking days after such Installment becomes due and payable under the provisions
                                            of Article&nbsp;III hereof; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            the Buyer fails to pay the Second and Third Installment to the SELLERS within Two (2)&nbsp;banking
                                            days after such Installment becomes due and payable under the provisions of Article&nbsp;III
                                            hereof; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            the BUYER fails to <I>pay</I> the Fifth Installment, at least three (3)&nbsp;banking days
                                            of prior to the scheduled delivery Date of the Vessel, make cash deposit with the SELLER
                                            1&rsquo;s Bank for the account of SELLER 1 with remarks of &ldquo;HULL No.&nbsp;S-1885&rdquo;;
                                            or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            the BUYER fails to take delivery of the VESSEL, when the VESSEL is duly tendered for delivery
                                            by the SELLERS under the provisions of Article&nbsp;VIII hereof.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest
                                            and Charge:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the BUYER is in default to payment as to any Installment as provided in Paragraph 1 (a)&nbsp;(b)&nbsp;and (c)&nbsp;of this Article, the
BUYER shall pay interest on such Installment at the rate of six percent ( 6 %) per annum from the due date thereof to the date of payment
to the SELLERS of the full amount including interest; in case the BUYER shall fail take delivery of the VESSEL as provided in Paragraph
1 (d)&nbsp;of this Article, the BUYER shall be deemed in default of payment of the Fifth Installment and shall pay interest thereon at
same rate as aforesaid from and including the day on which the VESSEL is tendered for delivery by the SELLERS. In any event default by
the BUYER, the BUYER shall also pay all charges and expenses incurred by the SELLERS in consequence of such default.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Effect
                                            of Default:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            any default by the BUYER occurs as provided hereinbefore, the Delivery Date shall be automatically
                                            postponed for a period of continuance of such default by the BUYER.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            any default by the BUYER continues for a period of fifteen (15) days, the SELLERS may, at
                                            its option, rescind this Contract by giving notice of such effect to the BUYER by facsimile
                                            or by email confirmed in writing. Upon receipt by the BUYER of such notice of rescission,
                                            this Contract shall forthwith become null and void and any of the BUYER&rsquo;s Supplies
                                            become the sole property of the SELLERS. In the event of such rescission of this Contract,
                                            the SELLERS shall be entitled to retain any Installment or Installments theretofore paid
                                            by the BUYER to the SELLERS on account of this Contract.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sale
                                            of VESSEL:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            the event of rescission of this Contract as above provided, the SELLERS shall have full right
                                            and power either to cause the BUILDER to complete or not to complete the VESSEL as it deems
                                            fit, and to sell the VESSEL at a public or private sale on such terms and conditions as the
                                            SELLERS thinks fit without being answerable for any loss or damage.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            the event of the sale of the VESSEL in its completed state, the proceeds of the sale received
                                            by the SELLERS shall be applied firstly to payment of all expenses attending such sale and
                                            otherwise incurred by the SELLERS as a result of the BUYER&rsquo;s default, and then to payment
                                            of all unpaid Installments of the Contract Price and interest on such Installment at the
                                            rate of six percent (6%) per annum from the respective due dates thereof to the date of application.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            the event of sale of the VESSEL in its uncompleted state, the proceeds of sale received by
                                            the SELLERS shall be applied firstly to all expenses attending such sale and otherwise incurred
                                            by the SELLERS as a result of the BUYER&rsquo;s default, and then to payment of all costs
                                            of construction of the VESSEL less the Installments so retained by the SELLERS and compensation
                                            to the SELLERS for a reasonable loss of profit due to the rescission of this Contract.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            either of the above events of sale, if the proceeds of sale exceeds the total of amounts
                                            to which such proceeds are to be applied as aforesaid, the SELLERS shall promptly pay the
                                            excess to the BUYER without interest, provided, however, that the amount of such payment
                                            to the BUYER shall in no event exceed the total amount of Installments already paid by the
                                            BUYER and the cost of the BUYER&rsquo;s Supplies, if any.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            the proceeds of sale are insufficient to pay such total amounts payable as aforesaid, the
                                            BUYER shall promptly pay the deficiency to the SELLERS upon request.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(End
of Article)</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XIII
&ndash; INSURANCE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Extent
                                            of Insurance Coverage:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
the VESSEL is completed, delivered to and accepted by the BUYER, the SELLERS shall cause the BUILDER, at the BUILDER&rsquo;s cost and
expense, keep the VESSEL and all machinery, materials, equipment, appurtenances and outfit, delivered to the Shipyard for the VESSEL
or built into, or installed in or upon the VESSEL, except for the BUYER&rsquo;s Supplies, fully insured with Japanese insurance companies
under coverage corresponding to the Japanese Builder&rsquo;s Risks Insurance Clause.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of such insurance coverage shall, up to the date of delivery of the VESSEL, be in an amount at least equal to, but not limited
to, the aggregate of the payment made by the BUYER to the SELLERS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
policy referred to hereinabove shall be taken out in the name of the BUILDER and all losses under such policy shall be payable to the
BUILDER.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the BUYER so requests, the SELLERS shall cause the BUILDER at the BUYER&rsquo;s cost to procure insurance on the VESSEL and all parts,
materials, machinery and equipment intended therefore against risks of earthquake, strikes, war peril or other risks not heretofore provided
and shall make all arrangement to that end. The cost of such insurance shall be reimbursed to the BUILDER through the SELLERS by the
BUYER upon delivery of the VESSEL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Application
                                            of Recovered Amount:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Partial
                                            Loss:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event the VESSEL shall be damaged by any insured cause whatsoever prior to acceptance thereof by the BUYER and in the further event
that such damage shall not constitute an actual or a constructive total loss of the VESSEL, the SELLERS ensure that the BUILDER shall
apply the amount recovered under insurance policy referred to in Paragraph 1 of this Article&nbsp;to the repair of such damage satisfactory
to the Classification Society without additional costs to the BUYER, and the BUYER shall accept the VESSEL under this Contract if completed
in accordance with this Contract and Specifications.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
                                            Loss:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
in the event that the VESSEL is determined to be an actual or constructive total loss, the SELLERS shall by the mutual agreement between
the parties hereto, either:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceed
                                            in accordance with the terms of this Contract, in which case the amount recovered under said
                                            insurance policy shall be applied to the reconstruction of the VESSEL&rsquo;s damage , provided
                                            the parties hereto shall have first agreed in writing as to such reasonable postponement
                                            of the Delivery Date and adjustment of other terms of this Contract including the Contract
                                            Price as may be necessary for the completion of such reconstruction; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refund
                                            immediately to the BUYER the amount of all Installments paid to the SELLERS under this Contract
                                            without any interest, whereupon this Contract shall be deemed to be rescinded and all rights,
                                            duties, liabilities and obligations of each of the parties to the other shall terminate forthwith.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the parties hereto fail to reach such agreement within two (2)&nbsp;months after the VESSEL is determined to be an actual or constructive
total loss, the provisions of Sub-paragraph b)ii) as above shall apply.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Termination
                                            of SELLERS&rsquo; Obligation to Insure:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SELLERS&rsquo; obligation to cause the BULDER to insure the VESSEL hereunder shall cease and terminate forthwith upon delivery thereof
and acceptance by the BUYER.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(End
of Article)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XIV
- DISPUTE AND ARBITRATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proceedings:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of any dispute between the parties hereto as to any matter arising out of or relating to this Contract or any stipulations
herein or with respect hereto which cannot be settled by the parties themselves, such dispute shall be submitted to and settled by arbitration
held in Tokyo, Japan, by The Japan Shipping Exchange,&nbsp;Inc. (hereinafter called the &ldquo;JSE&rdquo;) in accordance with the provisions
of the Rules&nbsp;of Maritime Arbitration of the JSE, except as hereinafter otherwise specifically provided.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Either
party desiring to submit such dispute to the arbitration of the JSE shall file with the JSE the written Application for Arbitration,
the Statement of Claim and the notice of appointment of an arbitrator accompanied by written acceptance of such arbitrator appointed
by such party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within
twenty (20) days after receipt of such documents as aforementioned from the JSE, the other party shall file in turn with the JSE the
notice of appointment of an arbitrator accompanied by written acceptance of such second arbitrator appointed by the other party. These
two (2)&nbsp;arbitrators shall be deemed, in performance of office of arbitration, as the arbitrators appointed by the Tokyo Maritime
Arbitration Commission (hereinafter called the &ldquo;TOMAC&rdquo;) of the JSE.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
third arbitrator to preside over the proceedings shall be appointed by the TOMAC from among such person on the Panel of Members of the
TOMAC (or in case of particular need, from among person not so empaneled) as have no concern whatever with the parties or in the subject
of such dispute.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
three (3)&nbsp;arbitrators thus appointed shall constitute the board of arbitration (hereinafter called the &ldquo;Arbitration Board&rdquo;)
for the settlement of such dispute.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event, however, that the said other party should fail to appoint a second arbitrator as aforesaid within twenty (20) days following
receipt of the documents concerned from the JSE, it is agreed that said other party shall thereby be deemed to have accepted and appointed
as its own arbitrator the one appointed by the party demanding arbitration, and the arbitration shall proceed forthwith before this sole
arbitrator who alone, in such event, shall constitute the Arbitration Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
award made by the sole arbitrator or by the majority of the three (3)&nbsp;arbitrators, as the case may be, shall be final and binding
upon the parties hereto. If the majority of the three (3)&nbsp;arbitrators is not obtained, then the decision of the third arbitrator
shall be final and binding upon the parties hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the preceding provisions of this Paragraph, it is recognized that in the event of any dispute or difference of opinion arising in regard
to the construction of the VESSEL, her machinery or equipment, or concerning the quality of materials or workmanship thereof or thereon,
such dispute may be referred to the Classification Society upon mutual agreement of the parties hereto as far as the Classification Society
agrees to determine such dispute. The decision of the Classification Society shall be final and binding upon the parties hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice
                                            of Award:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
award shall immediately be given to the BUYER and the SELLERS in writing or by facsimile or by email confirmed in writing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Expenses:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Arbitrators shall determine which party shall bear the expenses of the arbitration or the portion of such expenses which each party shall
bear.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Entry
                                            in Court:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-indent: 0.5in; 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">Judgement
upon the award may be entered in any court having jurisdiction thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Alteration
                                            of Delivery Date:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of reference to arbitration of any dispute arising out of matters occurring prior to delivery of the VESSEL, the award may
include any postponement of the Delivery Date which the Arbitrators may deem appropriate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(End
of Article)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XV
- RIGHT OF ASSIGNMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 48pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
of the parties hereto shall assign this Contract to a third party unless prior consent of the other party is given in writing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 48pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
case of assignment by the BUYER, the BUYER shall remain liable under this Contract.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-indent: 48pt; 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">This
Contract shall ensure to the benefit of and shall be binding upon the lawful </FONT>successors or the legitimate assigns of either
of parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(End
of Article)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XVI
- TAXES AND DUTIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Taxes
                                            and Duties in Japan:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
BUILDER and/or the SELLERS shall bear and pay all taxes and duties, dues, imposts, levies and fees of whatsoever nature imposed in Japan
in connection with execution and/or performance of this Contract, excluding any taxes and duties imposed in Japan upon the BUYER&rsquo;s
Supplies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Taxes
                                            and Duties outside Japan:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
BUYER shall bear and pay all taxes and duties imposed outside Japan in connection with execution and/or performance of this Contract,
except for taxes and duties imposed upon those items to be procured by the SELLERS for construction of the VESSEL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(End
of Article)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XVII
- PATENTS, TRADEMARKS, COPYRIGHTS,&nbsp;ETC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Patents,
                                            Trademarks and Copyrights:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Machinery
and equipment of the VESSEL may bear the patent number, trademarks or trade names of the manufactures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SELLERS shall cause the BUILDER to defend and save harmless the BUYER from patent liability or claims of patent infringement of any nature
or kind, including costs and expenses for, or on account of any patented or patentable invention made or used in the performance of this
Contract and also including costs and expenses of litigation, if any.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing
contained herein shall be construed as transferring any patent or trademark rights or copyright in equipment covered by this Contract,
and all such right are hereby expressly reserved to the true and lawful owners thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SELLERS&rsquo; warranty hereunder does not extend to the BUYER&rsquo;s Supplies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>General
                                            Plans, Specifications and Working Drawing:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SELLERS retains all rights of the BUILDER with respect to the Specifications, and plans and working drawings, technical descriptions,
calculations, test results and other data, information and documents concerning the design and construction of the VESSEL and the BUYER
undertakes therefore not to disclose the same or divulge any information contained therein to any third parties, without the prior written
consent of the SELLERS, excepting where it is necessary for usual operation, repair and maintenance of the VESSEL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(End
of Article)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XVIII
- BUYER&rsquo;S SUPPLIES</B></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Responsibility
                                            of BUYER:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            BUYER shall, at its own risk, cost and expense, supply and deliver to the SELLERS all of
                                            the items to be furnished by the BUYER as specified in the Specifications (herein called
                                            the &ldquo;BUYER&rsquo;s Supplies&rdquo;) at warehouse or other storage of the Shipyard in
                                            the proper condition ready for installation in or on the VESSEL, in accordance with the time
                                            schedule designated by the SELLERS.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            order to facilitate installation by the SELLERS of the BUYER&rsquo;s Supplies in or on the
                                            VESSEL, the BUYER shall furnish the SELLERS with necessary specifications, plans, drawings,
                                            instruction books, manuals, test reports and certificates required by the rules&nbsp;and
                                            regulations. The BUYER, if so requested by the SELLERS, shall, without any charge to the
                                            SELLERS, cause the representatives of the manufacturers of the BUYER&rsquo;s Supplies to
                                            assist the SELLERS in installation thereof in or on the VESSEL and/or to carry out installation
                                            thereof by themselves or to make necessary adjustments thereof at the Shipyard.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                            and all of the BUYER&rsquo;s Supplies shall be subject to the SELLERS&rsquo; reasonable right
                                            of rejection, as and if they are found to be unsuitable or in improper condition for installation.
                                            However, if so requested by the BUYER, the SELLERS may cause the BUILDER to repair or adjust
                                            the BUYER&rsquo;s Supplies without prejudice to the SELLERS&rsquo; other rights hereunder
                                            and without being responsible for any consequences therefrom. In such case, the BUYER shall
                                            reimburse the SELLERS for all costs and expenses incurred by the SELLERS in such repair or
                                            adjustment and the Delivery Date shall be automatically postponed for a period of time necessary
                                            for such repair or replacement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should
                                            the BUYER fail to deliver any of the BUYER&rsquo;s Supplies within the time designated, the
                                            Delivery Date shall be automatically extended for a period of such delay in delivery. In
                                            such event, the BUYER shall be responsible and pay to the SELLERS for all losses and damages
                                            incurred by the SELLERS by reason of such delay in delivery of the BUYER&rsquo;s Supplies
                                            and such payment shall be made upon delivery of the VESSEL.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            delay in delivery of any of the BUYER&rsquo;s Supplies exceeds thirty (30) days, then, the
                                            SELLERS shall be entitled to proceed with construction of the VESSEL without installation
                                            thereof in or on the VESSEL, without prejudice to the SELLERS&rsquo; other right as hereinabove
                                            provided, and the BUYER shall accept and take delivery of the VESSEL so constructed.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Responsibility
                                            of SELLERS:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SELLERS shall be responsible for storing and handling with reasonable care of the BUYER&rsquo;s Supplies after delivery thereof at the
Shipyard, and shall, at its own cost and expense, cause the BUILDER to install them in or on the VESSEL, unless otherwise provided herein
or agreed by the parties hereto, provided, always, that the SELLERS shall not be responsible for quality, efficiency and/or performance
of any of the BUYER&rsquo;s Supplies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>If
any of the BUYER's Supplies are lost or damaged while in the custody of the BUILDER or SELLERS due to negligence or willful misconduct
of the BUILDER or SELLERS or its employees, the Seller shall be responsible for such loss or damage and shall either replace the lost
or damaged items or reimburse the BUYER accordingly, at the BUYER&rsquo;s option.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(End
of Article)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 46 -->
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    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XIX
- NOTICE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Address:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
and all notices and communications in connection with this Contract shall be addressed as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the BUYER:</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CALYPSO
SHIPHOLDING S.A.</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
GLOBUS SHIPMANAGEMENT CORP.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">128
Vouliagmenis Avenue</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16674
Glyfada, GREECE</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel:
+30 210 9608300&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax:
+30 210 9608359</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the SELLER 1:&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GIANT
LINE INC., S.A.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
No.&nbsp;1-4-52, Koura-cho,&nbsp;Imabari-city, Ehime-Pref., Japan&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel:
+81-877-36-5000</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax:
+81-877-36-5010</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the SELLER 2:</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NIHON
SHIPYARD CO.,&nbsp;LTD.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1-5-1,
Yuraku-cho, Chiyoda-ku, Tokyo Prefecture, Japan&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel:
+81-3-6550-8518&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax:
+81-3-6811-2892&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Language:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
and all notices and communications in connection with this Contract shall be written in the English language.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: right; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(End
of Article)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XX
- EFFECTIVE DATE OF CONTRACT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Contract shall become effective as from the date of execution hereof by the BUYER and the SELLERS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(End
of Article)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XXI
- INTERPRETATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Laws
                                            Applicable:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
parties hereto agree that the validity and interpretation of this Contract and of each Article&nbsp;and part thereof shall be governed
by the laws of Japan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Discrepancies:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
general language or requirements embodied in the Specifications are intended to amplify, explain implement the requirements of this Contract.
However, in the event that any language or requirements so embodied permit of an interpretation inconsistent with any provisions of this
Contract, then, in each and every such event, the applicable provisions of this Contract shall prevail and govern. The Specifications
and Plan are also intended to explain each other, and anything shown on the Plan and not stipulated in the Specifications or stipulated
in the Specifications and not shown on the Plan shall be deemed and considered as if embodied in both. In the event of conflict between
the Specifications and Plan, Specifications shall prevail and govern.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Entire
                                            Agreement:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Contract contains the entire agreement and understanding between the parties hereto and supersedes all prior negotiations, representations,
undertakings and agreements on any subject matter of this Contract.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Confidentiality:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
Party shall disclose the Contract&#12288;Price, terms and deal to any third party and will take reasonable steps to keep private and
confidential information known only to those parties directly involved. Either Party may disclose confidential information if it is required
to do so under any applicable law, regulation or rules&nbsp;of a recognized stock exchange, or pursuant to an order from a court or an
administrative or regulatory agency having competent jurisdiction unless prior consent of the other party is given in writing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 431.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(End
of Article)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF, </B>the parties hereto have caused this Contract to be duly executed the day and year first above written in Greece.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Two
(2)&nbsp;original Contract copies are to be made, and possessed by the&#12288;Buyer and Seller 1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BUYER:
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CALYPSO SHIPHOLDING S.A.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Athanasios Feidakis</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-style: normal; font-weight: normal">:</FONT>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ATHANASIOS FEIDAKIS</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> : <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice
    President/Director</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SELLER
    1: &nbsp;&nbsp;&nbsp;&nbsp;GIANT LINE INC., S.A.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Hidemi Kameda</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">: <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hidemi
    Kameda</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">: <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attorney-in-fact</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SELLER
    2: &nbsp;&nbsp;&nbsp;&nbsp;NIHON SHIPYARD CO., LTD.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Hidemi Kameda</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">: <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hidemi
    Kameda</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">: <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attorney-in-fact</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


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<DOCUMENT>
<TYPE>EX-4.19
<SEQUENCE>6
<FILENAME>exhibit419.htm
<DESCRIPTION>EXHIBIT 4.19
<TEXT>
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     <TITLE></TITLE>
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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.19</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SHIPBUILDING CONTRACT</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OF</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ONE (1)&nbsp;64,000-DWT TYPE</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MOTOR BULK CARRIER</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNDER NACKS HULL NO, NE442</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">BETWEEN</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">DAXOS MARITIME LIMITED</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AS BUYER</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AND</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NANTONG COSCO KHI SHIP ENGINEERING CO.,&nbsp;LTD.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AS BUILDER</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>Index</U></B></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-variant: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;I
    - DESCRIPTION AND CLASS</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class&nbsp;and
    Rules</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal
    Particulars of the VESSEL</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subcontracting</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registration</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-variant: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;II
    - CONTRACT PRICE AND TERMS OF PAYMENT</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Contract
    Price</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Adjustment
    of Contract Price</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Currency</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms
    of Payment</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Method
    of Payment</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Prepayment</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Special
    Conditions</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-variant: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;III
    - ADJUSTMENT OF CONTRACT PRICE</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delivery</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Speed</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fuel
    Consumption</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Deadweight</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Effect
    of Rescission</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Method
    of Settlement</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cumulative
    Effect</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-variant: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;IV
    - APPROVAL OF PLANS AND DRAWINGS AND INSPECTION DURING CONSTRUCTION</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Approval
    of Plans and Drawings</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Appointment
    of the BUYER's Representative</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Inspection
    by the Representative</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Facilities</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Liability
    of the BUILDER</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Responsibility
    of the BUYER</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Salaries
    and Expenses</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-variant: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;V
    - MODIFICATION</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Modification
    of Specifications</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Change
    in Rules&nbsp;and Regulations,&nbsp;etc.</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Substitution
    of Materials</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
</TABLE>

<P STYLE="font-variant: normal; margin: 0">&nbsp;</P>

<P STYLE="font-variant: normal; margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-variant: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;VI
    - TRIALS</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Weather
    Condition</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>How
    Conducted</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trial
    Condition</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Method
    of Acceptance or Rejection</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Effect
    of Acceptance</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Disposition
    of Surplus Consumable Stores</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-variant: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;VII
    - DELIVERY</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right">29</TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Time
    and Place</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right">29</TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right">29</TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>When
    and How Effected</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Documents
    to be delivered to the BUYER</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tender
    of the VESSEL</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title
    and Risk</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Removal
    of the VESSEL</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-variant: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;VIII
    - DELAYS AND EXTENSION OF TIME FOR DELIVERY (FORCE MAJEURE)</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Causes
    of Delay</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice
    of Delays</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Definition
    of Permissible Delays</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Right
    to Rescind for Excessive Delay</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-variant: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;IX
    - WARRANTY OF QUALITY</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Guarantee
    of Material, Workmanship</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice
    of Defects</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Remedy
    of Defects</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Extent
    of BUILDER's Liability</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-variant: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;X
    - RESCISSION OF THE CONTRACT</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Refund
    by the BUILDER</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Discharge
    of Obligations</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Refund
    Guarantee</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-variant: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XI
    - BUYER'S DEFAULT</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Definition
    of Default</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest
    and Charge</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Effect
    of Default</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sale
    of the VESSEL</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
</TABLE>

<P STYLE="font-variant: normal; margin: 0">&nbsp;</P>

<P STYLE="font-variant: normal; margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font-variant: normal; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-variant: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XII
    - INSURANCE</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Extent
    of Insurance Coverage</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Application
    of Recovered Amount</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Termination
    of the BUILDER's obligation to insure</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-variant: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XIII
    - DISPUTES AND ARBITRATION</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proceedings</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice
    of Award</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Expenses</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Entry
    in Court</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Alteration
    of Delivery of the VESSEL</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-variant: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XIV
    - RIGHTS OF ASSIGNMENT</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-variant: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XV
    - TAXES AND DUTIES</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-variant: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XVI
    - PATENTS, TRADEMARKS, COPYRIGHTS,&nbsp;ETC.</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Patents,
    Trademarks and Copyrights</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>General
    Plans, Specifications and Working Drawings</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-variant: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XVII
    - BUYER's SUPPLIES</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Responsibility
    of the BUYER</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Responsibility
    of the BUILDER</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-variant: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XVIII
    - NOTICE AND CORRESPONDENCE</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Address</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Language</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-variant: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XIX
    - DEFAULT OF A CONTRACT PARTY</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-variant: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XX
    - EFFECTIVE DATE OF CONTRACT</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-variant: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XXI
    - INTERPRETATION</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Laws
    Applicable</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Discrepancies</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Entire
    Agreement</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.
    </B></FONT></TD>
    <TD STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-variant: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XXII
    - CONFIDENTIALITY</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-variant: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT&nbsp;&quot;A&quot;</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Format
    of REFUND GUARANTEE</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-variant: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT&nbsp;&quot;B&quot;</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-variant: normal; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Format
    of PERFORMANCE GUARANTEE</B></FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</FONT></TD></TR>
  </TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">END OF CONTRACT</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SHIPBUILDING CONTRACT</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FOR</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ONE (1)&nbsp;64,000-DWT TYPE</B>&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MOTOR BULK CARRIER</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">THIS CONTRACT, made
on this 13th day of May, 2022 by and between NANTONG COSCO KHI SHIP ENGINEERING CO.,&nbsp;LTD., a corporation organized and existing
under the laws of the People&rsquo;s Republic of China, having its principal office at 901 Changjiang Middle Road, Nantong, Jiangsu,
the People&rsquo;s Republic of China (hereinafter called the &quot;BUILDER&quot;), the party of the first part, and DAXOS MARITIME LIMITED,
a corporation organized and existing under the laws of the Republic of the Marshall Islands, having its registered office at Trust Company
Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (hereinafter called the &quot;BUYER&quot;), the party of the
second part.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>W I T N E S S E T H </U>:</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In consideration
of the mutual covenants contained herein, the BUILDER agrees to design, build, launch, equip and complete one (1)&nbsp;64,000-DWT type
motor bulk carrier (hereinafter called the &quot;VESSEL&quot;) more fully described in ARTICLE&nbsp;I hereof at the BUILDER's shipyard
(hereinafter called the &quot;SHIPYARD&quot;) and to sell and deliver the VESSEL to the BUYER, and the BUYER agrees to purchase and take
delivery of the VESSEL from the BUILDER and to pay for the same, all upon the terms and conditions hereinafter set forth.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;I - DESCRIPTION AND CLASS</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>1.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Description</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The VESSEL shall be a 64,000-DWT
type motor bulk carrier of the class described below. The VESSEL shall have the BUILDER's Hull No.NE442 and shall be designed, constructed,
equipped and completed in accordance with the following Specifications and Plans of the date hereof signed by the parties hereto (hereinafter
collectively called the &quot;Specifications&quot;), making an integral part hereof.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-variant: normal; vertical-align: top">
    <TD STYLE="font-variant: normal; padding-left: 0.25in; width: 43%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
    Specifications (NB20-0700): </FONT></TD>
    <TD STYLE="font-variant: normal; width: 57%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: top">
    <TD STYLE="font-variant: normal; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Part&nbsp;I&amp;II
    (General and Hull Part)</FONT></TD>
    <TD STYLE="font-variant: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dwg. No.&nbsp;02-011,
    2nd Edition, August&nbsp;2020</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: top">
    <TD STYLE="font-variant: normal; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Part&nbsp;III&#9;(Machinery
    Part)</FONT></TD>
    <TD STYLE="font-variant: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dwg. No.&nbsp;02-012,
    2nd Edition, August&nbsp;2020</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: top">
    <TD STYLE="font-variant: normal; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Part&nbsp;IV&#9;(Electric
    and Automation Part)</FONT></TD>
    <TD STYLE="font-variant: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dwg. No.&nbsp;02-013,
    2nd Edition, August&nbsp;2020</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: top">
    <TD STYLE="font-variant: normal; padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-variant: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: top">
    <TD STYLE="font-variant: normal; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
    Plans (NB20-0700):</FONT></TD>
    <TD STYLE="font-variant: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: top">
    <TD STYLE="font-variant: normal; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Preliminary
    General Arrangement (1/2)</FONT></TD>
    <TD STYLE="font-variant: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dwg. No.&nbsp;02-110
    (1/2), 2nd Edition, August&nbsp;2020</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: top">
    <TD STYLE="font-variant: normal; padding-left: 0.25in"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Preliminary General Arrangement (2/2)
    (Accommodation)</P></TD>
    <TD STYLE="font-variant: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dwg. No.&nbsp;02-110
    (2/2), 2nd Edition, August&nbsp;2020</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: top">
    <TD STYLE="font-variant: normal; padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-variant: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: top">
    <TD STYLE="font-variant: normal; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Makers
    List (NB20-0700):</FONT></TD>
    <TD STYLE="font-variant: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dwg. No.&nbsp;02-801,
    3rd Edition, July&nbsp;2021</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: top">
    <TD STYLE="font-variant: normal; padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-variant: normal; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: top">
    <TD STYLE="font-variant: normal; padding-left: 0.25in"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Discussion Memorandum (NB22-0701)&nbsp;</P></TD>
    <TD STYLE="font-variant: normal"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dwg. No.&nbsp;08-001, 1st Edition,
    March&nbsp;2022</P></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: top">
    <TD STYLE="font-variant: normal; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="font-variant: normal">&nbsp;</TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: top">
    <TD STYLE="font-variant: normal; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Discussion
    Memorandum (NB22-0701)</FONT></TD>
    <TD STYLE="font-variant: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dwg. No.&nbsp;08-002,
    1st Edition, May&nbsp;2022</FONT></TD></TR>
  <TR STYLE="font-variant: normal; vertical-align: top">
    <TD STYLE="font-variant: normal; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Extra
    and Credit List (NB22-0701)</FONT></TD>
    <TD STYLE="font-variant: normal; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">May&nbsp;13th,2022</FONT></TD></TR>
  </TABLE>
<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>2.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Class&nbsp;and
                                            Rules</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The VESSEL, including its machinery,
equipment and outfittings, shall be constructed in accordance with the rules&nbsp;and regulations as described in the Specifications
and under special survey of American Bureau of Shipping (hereinafter called the &quot;Classification Society&quot;) under the following
Class&nbsp;Notations.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">ABS, <FONT STYLE="font-family: Wingdings">X</FONT>A1,
<IMG SRC="tm239162d1_ex4-19img001.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif">, Bulk Carrier, BC-A (holds No.2
and 4 may be empty), </FONT><FONT STYLE="font-family: Wingdings">X</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">AMS,
</FONT><FONT STYLE="font-family: Wingdings">X</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">ACCU, ENVIRO, CSR, AB-CM,
TCM, BWT, RW, IHM, CPS, GRAB[20], ESP, UWILD, NOx-Tier III</FONT></P>
<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The BUILDER shall arrange with
the Classification Society for the assignment by the Classification Society of a representative or representatives (hereinafter called
the &quot;Classification Surveyor&quot;) to the VESSEL during the construction.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">All fees and charges incidental
to classification and to compliance with the above specified rules, regulations and requirements of this Contract payable on account
of the construction of the VESSEL shall be for the account of the BUILDER.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Decisions of the Classification
Society as to the compliance or noncompliance with the classification rules&nbsp;and regulations including those statutory rules&nbsp;and
regulations which the Classification Society is authorized to act on behalf of the relevant authorities shall be final and binding upon
the parties hereto. In the event of any dispute within the Classification Society for such matter, decisions of the Head office of the
Classification Society shall prevail.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The VESSEL&rsquo;s classification
status, and all classification and other required certificates hereunder, are to be clean and free of all conditions, recommendations
and restrictions whatsoever other than those permitted in the Specifications or this Contract or otherwise mutually agreed under the
terms of this Contract.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>3.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Principal
                                            Particulars of the VESSEL</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left">(a)</TD><TD STYLE="font-variant: normal; text-align: justify">Hull:</TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-variant: normal">
    <TD STYLE="font-variant: normal; padding-left: 0.5in; width: 35%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Length
    overall</FONT></TD>
    <TD STYLE="font-variant: normal; width: 15%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">abt.
    199.90 m</FONT></TD>
    <TD STYLE="font-variant: normal; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="font-variant: normal">
    <TD STYLE="font-variant: normal; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Length
    between perpendiculars</FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">197.00
    m</FONT></TD>
    <TD STYLE="font-variant: normal">&nbsp;</TD></TR>
  <TR STYLE="font-variant: normal">
    <TD STYLE="font-variant: normal; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Breadth
    moulded</FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.24
    m</FONT></TD>
    <TD STYLE="font-variant: normal">&nbsp;</TD></TR>
  <TR STYLE="font-variant: normal">
    <TD STYLE="font-variant: normal; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depth
    moulded</FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.40
    m</FONT></TD>
    <TD STYLE="font-variant: normal">&nbsp;</TD></TR>
  <TR STYLE="font-variant: normal">
    <TD STYLE="font-variant: normal; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summer
    draught moulded</FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.50
    m</FONT></TD>
    <TD STYLE="font-variant: normal">&nbsp;</TD></TR>
  <TR STYLE="font-variant: normal">
    <TD STYLE="font-variant: normal; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scantling
    draught moulded</FONT></TD>
    <TD STYLE="font-variant: normal; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.50
    m</FONT></TD>
    <TD STYLE="font-variant: normal">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left">(b)</TD><TD STYLE="font-variant: normal; text-align: justify">Propelling
                                            machinery and Guaranteed speed:</TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The propelling machinery shall
consist of one (1)&nbsp;MAN B&amp;W 6S50ME-C9.7-HPSCR, two-stroke cycle, crosshead, reversible, marine diesel engine with exhaust gas
turbocharger having a maximum continuous output of 6,940 Kilowatts (bhp) with 85 rpm, in accordance with the Specifications, giving the
VESSEL a trial speed of 15.6 knots on a trial ballast condition at the maximum continuous output with clean bottom, on calm and deep
open sea, under no wind, no wave and no current condition.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left">(c)</TD><TD STYLE="font-variant: normal; text-align: justify">Deadweight
                                            (guaranteed):</TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The VESSEL, when completed and
ready for sea, shall be capable of carrying the deadweight tonnage of not less than 63,891 metric tons on the summer draught moulded
of 13.50 m, in accordance with the definition described in Specifications General Part&nbsp;para. 6 &quot;Deadweight calculation&quot;.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left">(d)</TD><TD STYLE="font-variant: normal; text-align: justify">Fuel
                                            oil consumption (guaranteed):</TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The fuel oil consumption of
the VESSEL's main engine as determined on the shop trial as more fully specified in the Specifications, at the normal output shall be
158.2 grams/kW/hour using fuel oil having low calorific value of 42,700 kJ/kg.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If the fuel used on such trials
has a greater or lesser calorific value than 42,700 kJ/kg (low calorific value), the actual fuel oil consumption of main engine shall
be adjusted in inverse proportion to that which would have been achieved with fuel oil of the said calorific value.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>4.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Subcontracting</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The BUILDER may, at its sole
discretion and responsibility, subcontract any portion of the construction work of the VESSEL. Delivery and final assembly into the VESSEL
of any such works subcontracted shall be at the Shipyard.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The BUILDER shall always remain
fully and solely responsible for the work done or the materials supplied by such subcontractors. The BUYER has the right to dispatch
Representative (as defined in Article&nbsp;IV) to the sub-contractors&rsquo; premises, provided that the cost of any such representatives
shall be borne by the BUYER.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>5.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Registration</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The VESSEL shall be registered
by the BUYER at its own cost and expense under the laws of the Republic of the Marshall Islands with its home port of City of Majuro
at the time of delivery and acceptance of the VESSEL hereunder.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(End of Article)</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;II - CONTRACT PRICE AND
TERMS OF PAYMENT</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>1.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Contract
                                            Price</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The purchase price of the VESSEL
is United States Dollars Thirty Five Million One Hundred and Fifty Thousand (U.S.$35,150,000.-) only net receivable by the BUILDER (hereinafter
called the &quot;Contract Price&quot;), which is exclusive of the BUYER's Supplies as provided in Article&nbsp;XVII hereof and shall
be subject to upward or downward adjustment, if any, as hereinafter set forth in this Contract.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>2.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Adjustment
                                            of Contract Price</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Adjustment of the Contract
Price, if any, in accordance with provisions of this Contract shall be made by way of addition to or subtraction from the final instalment
due and payable upon delivery of the VESSEL in the manner as hereinafter provided.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>3.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Currency</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Any and all payments by the
BUYER to the BUILDER under this Contract shall be made in United States Dollars. All lifting charge, if any, incurred in respect of the
payments made at other banks than the BUILDER's nominated bank in the People&rsquo;s Republic of China specified in Paragraph 5 of this
ARTICLE&nbsp;shall be for the BUYER's account.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>4.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Terms
                                            of Payment</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 15pt; text-align: justify">The Contract Price including
any adjustment thereof shall be paid by the BUYER to the BUILDER in instalments as follows:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in">(a)</TD><TD STYLE="font-variant: normal; text-align: justify">1st
                                            Instalment:</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The sum of United States Dollars
Six Million Nine Hundred and Ten Thousand only (U.S.$6,910,000.-) shall be paid in accordance with Clause 5(a)&nbsp;of this Article&nbsp;within
Five (5)&nbsp;banking days after the date of signing this Contract and receipt by BUYER of the Refund Guarantee (as defined in Article&nbsp;X)
via Society for Worldwide Interbank Financial Telecommunication (hereinafter called the &ldquo;SWIFT&rdquo;) , whichever is later.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in">(b)</TD><TD STYLE="font-variant: normal; text-align: justify">2nd
                                            Instalment:</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-align: justify">The sum of United States Dollars
Three Million Four Hundred and Fifty Five Thousand only (U.S.$3,455,000.-) shall be paid on or before November&nbsp;14th, 2022 in accordance
with Clause 5(b)&nbsp;of this Article.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in">(c)</TD><TD STYLE="font-variant: normal; text-align: justify">3rd
                                            Instalment:</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">The sum of United States Dollars
Three Million Four Hundred and Fifty Five Thousand only (U.S.$3,455,000.-) shall be paid within five (5)&nbsp;banking days after keel
laying of the VESSEL in accordance with Clause 5(c)&nbsp;of this Article.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in">(d)</TD><TD STYLE="font-variant: normal; text-align: justify">4th
                                            Instalment:</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">The sum of United States Dollars
Three Million Four Hundred and Fifty Five Thousand only (U.S.$3,455,000.-) shall be paid within five (5)&nbsp;banking days after launching
of the VESSEL in accordance with Clause 5(d)&nbsp;of this Article.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in">(e)</TD><TD STYLE="font-variant: normal; text-align: justify">5th
                                            Instalment:</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">The sum of United States Dollars
Seventeen Million Eight Hundred and Seventy Five Thousand only (U.S.$17,875,000.-) plus any increase or minus any decrease due to adjustment
of the Contract Price hereunder shall be paid upon delivery and acceptance of the VESSEL in accordance with Clause 5(e)&nbsp;of this
Article.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>5.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Method
                                            of Payment</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Each of the instalments due
and payable of the VESSEL shall be remitted, as the net receivable sum to the BUILDER, by the due date by telegraphic transfer to BUILDER&rsquo;s
bank with U.S. Dollar Saving Account for the account of the BUILDER with remarks of &ldquo;Hull NE442&rdquo;.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top">
<TD STYLE="font-variant: normal; width: 0"></TD><TD STYLE="font-variant: normal; width: 0.25in">(a)</TD><TD STYLE="font-variant: normal; text-align: justify">1st
                                            Instalment:</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Within Five (5)&nbsp;banking
days after the date of signing of this Contract and receipt by the BUYER of the Refund Guarantee issued by the BUILDER&rsquo;s bank via
SWIFT, the BUYER shall remit the amount of this Instalment by telegraphic transfer to the BUILDER&rsquo;s bank for the account of the
BUILDER.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top">
<TD STYLE="font-variant: normal; width: 0"></TD><TD STYLE="font-variant: normal; width: 0.25in">(b)</TD><TD STYLE="font-variant: normal; text-align: justify">2nd
                                            Instalment:</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The BUILDER shall give a notice
to the BUYER at least seven (7)&nbsp;banking days prior to the due date of this Instalment.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On or before November&nbsp;14th,
2022, the BUYER shall remit the amount of this Instalment by telegraphic transfer to the BUILDER&rsquo;s bank for the account of the
BUILDER.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top">
<TD STYLE="font-variant: normal; width: 0"></TD><TD STYLE="font-variant: normal; width: 0.25in">(c)</TD><TD STYLE="font-variant: normal; text-align: justify">3rd
                                            Instalment:</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The BUILDER shall give a notice
to the BUYER about expected date of the keel laying of the VESSEL at least fifteen (15) days prior to the scheduled keel laying date.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Upon completion of the keel
laying of the VESSEL, the BUILDER shall provide the BUYER with a notice together with a witness statement signed by the Classification
Society, advising that the BUILDER has completed the keel laying of the VESSEL.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Within five (5)&nbsp;banking
days after the keel laying of the VESSEL, the BUYER shall remit the amount of this Instalment by telegraphic transfer to the BUILDER&rsquo;s
bank for the account of the BUILDER.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top">
<TD STYLE="font-variant: normal; width: 0"></TD><TD STYLE="font-variant: normal; width: 0.25in">(d)</TD><TD STYLE="font-variant: normal; text-align: justify">4th
                                            Instalment:</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The BUILDER shall give a notice
to the BUYER about expected date of launching of the VESSEL at least fifteen (15) days prior to the scheduled launching date.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Upon completion of the launching
of the VESSEL, the BUILDER shall provide the BUYER with a notice together with a witness statement signed by the Classification Society,
advising that the BUILDER has completed the launching of the VESSEL.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Within five (5)&nbsp;banking
days after the launching of the VESSEL, the BUYER shall remit the amount of this Instalment by telegraphic transfer to the BUILDER&rsquo;s
bank for the account of the BUILDER.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top">
<TD STYLE="font-variant: normal; width: 0"></TD><TD STYLE="font-variant: normal; width: 0.25in">(e)</TD><TD STYLE="font-variant: normal; text-align: justify">5th
                                            Instalment:</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The BUILDER shall give a detail
notice to the BUYER regarding expected date of Delivery of the VESSEL and any price adjustment, credit or extra, of the Contract Price
seven (7)&nbsp;banking days prior to the scheduled Delivery date.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The BUYER (or its financier
on BUYER&rsquo;s behalf) shall, at least three (3)&nbsp;banking days prior to the scheduled Delivery date of the VESSEL, make cash deposit
(the deposit interest to be for the account of the BUYER) with the BUILDER&rsquo;s bank, covering the amount of this instalment as adjusted,
available or releasable to the BUILDER against a copy of mutually signed Protocol of Delivery and Acceptance of the VESSEL as set forth
in Paragraph 3 of Article&nbsp;VII hereof.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>6.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Prepayment</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Prepayment of any instalment
due on or before delivery of the VESSEL shall be subject to mutual agreement between the parties hereto.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>7.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Special
                                            Conditions</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left">(a)</TD><TD STYLE="font-variant: normal; text-align: justify">For
                                            the purpose of this Contract, &quot;banking days&quot; means days excluding Saturday, Sunday
                                            and public holiday in New York, Zurich, Hamburg, Beijing and Athens.</TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left">(b)</TD><TD STYLE="font-variant: normal; text-align: justify">The
                                            BUYER shall give the BUILDER prior notice of each remittance and shall use its best endeavours
                                            that the payment instruction from the BUYER&rsquo;s remitting banks will reach the BUILDER&rsquo;s
                                            bank latest 11:00 hours Beijing Time on each due date.</TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left">(c)</TD><TD STYLE="font-variant: normal; text-align: justify">If
                                            any of the First, Second, Third and Fourth instalments is not paid in full by the BUYER to
                                            the BUILDER by the due date of each instalment as set forth in Paragraph 5 hereof, in such
                                            event, the BUYER shall pay the BUILDER interest on such unpaid instalments at the rate of
                                            six percent (6%) per annum from the due date of each instalment thereof to the date of full
                                            payments.</TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(End of Article)</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;III - ADJUSTMENT OF CONTRACT
PRICE</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Contract Price shall be subject to
adjustment, as hereinafter set forth, in the event of the following contingencies (it being understood by both parties that any reduction
of the Contract Price is by way of liquidated damages and not by way of penalty):</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>1.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Delivery</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left">(a)</TD><TD STYLE="font-variant: normal; text-align: justify">No
                                            adjustment shall be made and the Contract Price shall remain unchanged for the first thirty
                                            (30) days of delay in delivery of the VESSEL beyond the Delivery Date as defined in Article&nbsp;VII
                                            hereof (ending as of twelve o'clock midnight China Standard Time of the thirtieth (30th)
                                            day of delay).</TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left">(b)</TD><TD STYLE="font-variant: normal; text-align: justify">If
                                            the delivery of the VESSEL is delayed more than thirty (30) days after the Delivery Date,
                                            then, in such event, beginning at twelve o'clock midnight of the thirtieth (30th) day after
                                            the Delivery Date, the Contract Price shall be reduced by deducting therefrom the sum of
                                            United States Dollars Seven Thousand only (U.S.$ 7,000.-) for each day thereafter.</TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">However, the total reduction
in the Contract Price shall not be more than United States Dollars Eight Hundred and Forty Thousand only (U.S.$ 840,000.-) as would be
the case for a delay of one hundred and twenty (120) days, counting from twelve o&rsquo;clock midnight of the thirtieth (30th) day after
the Delivery Date at the above specified rate of reduction.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left">(c)</TD><TD STYLE="font-variant: normal; text-align: justify">But
                                            if the delay in delivery of the VESSEL should continue for a period of one hundred and twenty
                                            (120) days from the thirty-first (31st) day after the Delivery Date, then, in such event,
                                            and after such period has expired, the BUYER may at its option rescind this Contract in accordance
                                            with the provisions of Article&nbsp;X hereof or may consent to delivery of the VESSEL at
                                            the total reduction provided for in above Subparagraph (b)&nbsp;at an agreed future date
                                            for delivery, by serving upon the BUILDER a written notice.</TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-align: justify">The BUILDER may, at any time
after the expiration of the aforementioned one hundred and twenty (120) days of delay in delivery, if the BUYER has not served notice
of rescission as provided in Article&nbsp;X hereof, notify the BUYER of the date upon which the BUILDER estimates the VESSEL will be
ready for delivery and demand in writing that the BUYER shall make an election, in which case the BUYER shall, within fifteen (15) days
after such demand is received by the BUYER, notify the BUILDER of its intention either to rescind this Contract or to consent to the
acceptance of the VESSEL at agreed reduction price and at agreed future date; it being understood by the parties hereto that, if the
VESSEL is not delivered by such future date, the BUYER shall have the same right of rescission upon the same terms and conditions as
hereinabove provided.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-align: justify">If the BUYER fails to notify
the BUILDER of its intention to rescind this Contract as above specified within the aforementioned fifteen (15) days, the BUYER shall
be deemed to have consented to delivery of the VESSEL at the later date proposed by the BUILDER.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left">(d)</TD><TD STYLE="font-variant: normal; text-align: justify">For
                                            the purpose of this Article, the delivery of the VESSEL shall be deemed to be delayed when
                                            and if the VESSEL, after taking into full account all postponements of the Delivery Date
                                            by reason of permissible delays as defined in Article&nbsp;VIII and/or any other reasons
                                            under this Contract, is not delivered by the date upon which delivery is required under the
                                            terms of this Contract.</TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>2.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Speed</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left">(a)</TD><TD STYLE="font-variant: normal; text-align: justify">The
                                            Contract Price shall not be affected or changed by reason of the actual speed, as determined
                                            by trial run in accordance with the Specifications, being less than three-tenths (3/10) of
                                            one (1)&nbsp;knot below the Guaranteed Speed of the VESSEL specified and required under Paragraph
                                            3(b)&nbsp;of Article&nbsp;I of this Contract (hereinafter called the &ldquo;Guaranteed Speed&rdquo;).</TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left">(b)</TD><TD STYLE="font-variant: normal; text-align: justify">In
                                            the event, however, that the deficiency in the actual speed exceeds three-tenths (3/10) of
                                            one (1)&nbsp;knot below the Guaranteed Speed of the VESSEL, the Contract Price shall be reduced
                                            by United States Dollars Sixty Thousand (U.S.$60,000.-) only for deficiency of each further
                                            complete one-tenth (1/10) of a knot in excess up to a maximum of deficiency of one (1)&nbsp;full
                                            knot below the Guaranteed Speed (but fractions less each complete 1/10 of a knot to be disregarded).</TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left">(c)</TD><TD STYLE="font-variant: normal; text-align: justify">If
                                            the deficiency in actual speed of the VESSEL upon trial run is more than one (1)&nbsp;full
                                            knot below the Guaranteed Speed of the VESSEL, then the BUYER may, at its option, reject
                                            the VESSEL and rescind this Contract in accordance with the provisions of Article&nbsp;X
                                            hereof, or may accept the VESSEL at a reduction in the Contract Price as above provided for
                                            one (1)&nbsp;full knot only, that is, at a total reduction of United States Dollars Four
                                            Hundred and Twenty Thousand only (U.S.$420,000.-).</TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>3.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Fuel
                                            Consumption</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left">(a)</TD><TD STYLE="font-variant: normal; text-align: justify">The
                                            Contract Price shall not be affected or changed by reason of the actual fuel consumption
                                            of the VESSEL&rsquo;s main engine, as determined by shop trial as per the Specifications,
                                            being more than the Guaranteed Fuel Consumption of the VESSEL&rsquo;s main engine specified
                                            and required under Paragraph 3(d)&nbsp;of Article&nbsp;I of this Contract (hereinafter called
                                            the &ldquo;Guaranteed Fuel Consumption&rdquo;), if such excess is not more than five percent
                                            (5%) over the Guaranteed Fuel Consumption.</TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left">(b)</TD><TD STYLE="font-variant: normal; text-align: justify">In
                                            the event, however, that actual fuel consumption of the VESSEL&rsquo;s main engine as determined
                                            by the shop trial as specified in the Specifications exceeds five percent (5%) over the Guaranteed
                                            Fuel Consumption of the main engine, the Contract Price shall be reduced by the sum of United
                                            States Dollars Forty Thousand (U.S.$40,000.-) only for each full one percent (1%) increase
                                            in fuel consumption above said five percent (5%) (fractions of one percent (1%) to be disregarded),
                                            up to a maximum of eight percent (8%) over the Guaranteed Fuel Consumption of the main engine.</TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left">(c)</TD><TD STYLE="font-variant: normal; text-align: justify">If
                                            such actual fuel consumption of the VESSEL&rsquo;s main engine as determined by the shop
                                            trial as specified in the Specifications exceeds eight percent (8%) of the Guaranteed Fuel
                                            Consumption, the BUYER may, at its option, reject the VESSEL and rescind this Contract in
                                            accordance with the provisions of Article&nbsp;X hereof, or may accept the VESSEL at a reduction
                                            in the Contract Price as above specified for eight percent (8%) only, that is, at a total
                                            reduction of United States Dollars One Hundred and Twenty Thousand (U.S.$120,000.-) only.</TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>4.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Deadweight</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left">(a)</TD><TD STYLE="font-variant: normal; text-align: justify">The
                                            Contract Price shall not be affected or changed by reason of the actual deadweight tonnage
                                            determined as provided for in the Specifications being below the deadweight tonnage specified
                                            and required under Paragraph 3(c)&nbsp;of Article&nbsp;I of this Contract (hereinafter called
                                            the &quot;Guaranteed Deadweight&quot;), if such deficiency in the actual deadweight tonnage
                                            is not more than Seven Hundred (700) metric tons.</TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left">(b)</TD><TD STYLE="font-variant: normal; text-align: justify">In
                                            the event that the actual deadweight of the VESSEL as determined in accordance with the Specifications
                                            is less than the Guaranteed Deadweight of the VESSEL, the Contract Price shall be reduced
                                            by the sum of United States Dollars Four Hundred and Fifty (U.S.$450.-) only for each full
                                            metric ton (but disregarding fractions of one (1)&nbsp;metric tons) more than Seven Hundred
                                            (700) metric tons deficiency, up to a maximum of One Thousand and Seven Hundred (1,700) metric
                                            tons below the Guaranteed Deadweight.</TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left">(c)</TD><TD STYLE="font-variant: normal; text-align: justify">In
                                            the event of such deficiency in the actual deadweight of the VESSEL exceeds One Thousand
                                            and Seven Hundred (1,700) metric tons, then the BUYER may, at its option, reject the VESSEL
                                            and rescind this Contract in accordance with the provisions of Article&nbsp;X hereof, or
                                            may accept the VESSEL at a reduction in the Contract Price as above provided for One Thousand
                                            and Seven Hundred (1,700) metric tons only, that is, at a total reduction of United States
                                            Dollars Four Hundred and Fifty Thousand only (U.S.$450,000.-).</TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>5.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Effect
                                            of Rescission</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">It is expressly understood
and agreed by the parties hereto that in any case, if the BUYER rescinds this Contract under this Article, the BUYER shall not be entitled
to any liquidated damages.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>6.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Method
                                            of Settlement</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Every and all adjustment of
the Contract Price provided in this Article&nbsp;shall be deducted from the final installment due upon Delivery of the VESSEL.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>7.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Cumulative
                                            Effect</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The liquidated damages specified
in each separate paragraph and sub-paragraph within this Article&nbsp;III shall be independent of each other and cumulative.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(End of Article)</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;IV - APPROVAL OF PLANS
AND DRAWINGS AND INSPECTION DURING CONSTRUCTION</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>1. <U>Approval of Plans and Drawings</U></B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top">
<TD STYLE="font-variant: normal; width: 18pt"></TD><TD STYLE="font-variant: normal; width: 17.45pt">(a)</TD><TD STYLE="font-variant: normal; text-align: justify">The
                                            BUILDER shall submit to the BUYER in PDF format of the plans and drawings to be submitted
                                            thereto in accordance with the Specifications for its approval.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The BUYER shall after the date
of receipt, within three (3)&nbsp;weeks before the keel laying of the VESSEL and within two (2)&nbsp;weeks after the keel laying of the
VESSEL inform the BUILDER of the BUYER's approval or approval with comments as described in the Specifications.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">A list of the plans and drawings
to be submitted to the BUYER for its approval shall be mutually agreed upon between the parties hereto.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in">(b)</TD><TD STYLE="font-variant: normal; text-align: justify">When
                                            and if the Representative (as defined hereinafter) shall have been sent by the BUYER to the
                                            SHIPYARD in accordance with Paragraph 2 of this Article, the BUILDER may, at the BUYER's
                                            written consent, submit the remainder, if any, of the plans and drawings in the list, to
                                            the Representative for his approval, The Representative shall, within two (2)&nbsp;weeks
                                            after receipt thereof, inform the BUILDER of the BUYER's approval or approval with comments,
                                            if any.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Approval by the Representative
of the plans and drawings duly submitted to him at the BUYER&rsquo;s consent shall be deemed to be the approval by the BUYER for all
purpose of this Contract.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in">(c)</TD><TD STYLE="font-variant: normal; text-align: justify">In
                                            the event that the BUYER or the Representative shall fail to inform the BUILDER of the BUYER&rsquo;s
                                            approval or approval with comments if any within the time limit as hereinabove specified,
                                            such plans and drawings shall be deemed to have been automatically approved without any comment.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The plans and drawings so approved
by the BUYER or the Representative shall be final and any alteration thereof shall be regarded as modifications specified in Article&nbsp;V
hereof.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>2.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Appointment
                                            of the BUYER's Representative</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The BUYER may timely send to
and maintain at the SHIPYARD, at the BUYER's own cost and expense, no more than Five (5)&nbsp;representatives, BUYER&rsquo;s office personnel
occasional visits excluded, who shall be duly authorized in writing by the BUYER (hereinafter called the &quot;Representative&quot;)
to act on behalf of the BUYER in connection with modifications of the Specifications, approval of the plans and drawings, attendance
to the tests and inspections relating to the VESSEL, its machinery, equipment and outfitting, and any other matters for which he is specifically
authorized by the BUYER.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The BUILDER shall, upon request
by the BUYER, provide or assist to apply the necessary invitation letter and/or the other required documents for the Representative&rsquo;s
visa to enter the People&rsquo;s Republic of China in accordance with the relevant rules, regulations and laws of the People's Republic
of China.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>3.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Inspection
                                            by the Representative</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The necessary inspection of
the VESSEL, its machinery, equipment and outfitting shall be carried out by the Classification Society, other regulatory bodies and/or
an inspection team of the BUILDER throughout the entire period of construction, in order to ensure that the construction of the VESSEL
is duly performed in accordance with this Contract and the Specifications.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Representative shall during
the construction until delivery and acceptance of the VESSEL, have the right to attend such tests and inspections of the VESSEL, its
machinery and equipment or materials at the SHIPYARD, its subcontractors&rsquo; premises or any other place where work is being done
or materials are stored in connection with the VESSEL as are mutually agreed between the BUYER and the BUILDER.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The BUILDER shall give a notice
to the Representative reasonably in advance for tests and inspections within the SHIPYARD stating particulars of any tests and inspections
which may be attended by the Representative provided that in exceptional circumstances the manner in which such notice is given may be
modified by mutual agreement. Also, the BUILDER shall give a notice to the Representative of the date and place of such tests and inspections
including three (3)&nbsp;days prior notice of auxiliary engines test and seven (7)&nbsp;days prior notice of main engine tests.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">For tests and inspections outside
the SHIPYARD sufficient advance notice to allow for the Representative to arrange transportation shall be given. This advance notice
should not be less than seven (7)&nbsp;days for tests and inspections that require air travel for attendance.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Failure of the Representative
to be present at such tests and inspections after due notice to him as above provided shall be deemed to be a waiver of his right to
be present. In such case, the Representative shall be obligated to accept the results of such test, on the basis of the BUILDER's report(s)&nbsp;that
the said results have conformed to the requirements of this Contract and the Specifications, and the BUILDER shall be entitled to proceed
with the construction schedule without further awaiting the particular inspection in question.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In the event that the Representative
discovers any construction or material or workmanship which is not deemed to conform to the requirements of this Contract and/or the
Specifications, the Representative shall promptly give the BUILDER a notice in writing as to such non-conformity.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 15pt; text-align: justify">Upon receipt of such notice from
the Representative, and provided there is no disagreement or argument between the BUILDER and the Representative, the BUILDER shall correct
such non-conformity. In all working hours during the construction of the VESSEL until delivery thereof, the Representative shall be given
free and ready access to the VESSEL, its engines and accessories, and to any other place where work is being done, or materials are being
processed or stored, in connection with the construction of the VESSEL, including the yards, workshops, stores and offices of the BUILDER,
and the premises of subcontractors of the BUILDER, who are doing work or storing materials in connection with the VESSEL's construction.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">If the Representative fail
to notify the BUILDER promptly of any such demand for correction with respect to the construction, arrangement or outfit of the VESSEL,
its engines or accessories, or any other items or matters in connection therewith, which the Representative have examined or inspected
or attended at the test of under this Contract and the Specifications, the Representative shall be deemed to have approved the same test
and/or inspection and the BUILDER shall be entitled to proceed with the construction of the VESSEL without further awaiting the notice
after the said test and/or inspection, only with the attendance and/or approval of the Classification Surveyor as far as required by
Classification Society and the BUYER shall be obliged to accept the results of such test and inspections, provided that the VESSEL is
constructed in accordance with the Contract and Specifications.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In the event any disputes arise
between the Representative and the BUILDER, the BUYER and the BUILDER shall try to settle the dispute by negotiations. Should the dispute
not be settled by negotiation either the BUYER or the BUILDER may, with the agreement of the other party, refer the matter for resolution
by the Senior Principal Surveyor of the Classification Society as provided in Article&nbsp;I, or failing such agreement, refer such dispute
to arbitration as per Article&nbsp;XIII.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>4.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Facilities</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The BUILDER shall furnish the
Representative with air-conditioned (with heating function) adequate office space with high speed internet connections and such other
reasonable facilities according to the BUILDER&rsquo;s practice at the SHIPYARD as may be necessary to enable them to effectively carry
out their duties. Usage cost of telephone call and high speed internet shall be for BUYER&rsquo;s account.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During the last two (2)&nbsp;months
of the period of construction of the VESSEL, office space shall also be provided to accommodate the VESSEL's captain and chief engineer
as per BUILDER&rsquo;s practice.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>5.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Liability
                                            of the BUILDER</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Representative shall at
all times be deemed to be employees of the BUYER and not of the BUILDER. The BUILDER shall be under no liability whatsoever to the BUYER,
the Representative for personal injuries, including death, suffered during the time when he or they are on the VESSEL, or within the
premises of either the BUILDER or its subcontractors, or are otherwise engaged in and about the construction of the VESSEL, unless, however,
such personal injuries including death were caused by a gross negligence of the BUILDER, or of any of its employees or agents or subcontractors.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The BUILDER shall be under
no liability whatsoever to the BUYER, the Representative for damage to, or loss or destruction of property in the People&rsquo;s Republic
of China of the BUYER or of the Representative, unless such damage, loss or destruction were caused by a gross negligence of the BUILDER,
or of any of its employees or agents or subcontractors.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>6.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Responsibility
                                            of the BUYER</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The BUYER shall undertake and
assure that the Representative shall carry out his duties hereunder in accordance with the normal shipbuilding practice of the BUILDER
and in such a way as to avoid any unnecessary increase in building cost, delay in the construction of the VESSEL, and/or any disturbance
in the construction schedule of the BUILDER.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.7pt; text-align: justify">The BUILDER has the right to
request the BUYER to replace the Representative who is deemed unsuitable and unsatisfactory for the proper progress of the VESSEL's construction.
The BUYER shall investigate the situation, by sending its representative(s)&nbsp;to the SHIPYARD if necessary, and if the BUYER considers
that such request of the BUILDER is justified, the BUYER shall effect such replacement as soon as conveniently arrangeable.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.7pt; text-align: justify">Nothing agreed in this Article&nbsp;IV
nor any action whatsoever of the BUYER or the Representative shall waive or diminish in any way the sole and exclusive responsibilities
and obligations of the BUILDER to design, construct, equip, launch and complete the VESSEL under this Contract and the Specifications
nor shall any of the BUYER&rsquo;s rights under Article&nbsp;IX be diminish or waived in any way whatsoever.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; text-align: left; width: 0.25in"><B>7.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Salaries and Expenses</U></B></TD>
</TR>
</TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">All salaries and expenses of
the Representative shall be for the BUYER's account except those mentioned under the Paragraph 4 in this Article.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(End of Article)</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;V - MODIFICATION</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>1.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Modification
                                            of Specifications</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">It is not the intention of
the parties hereto to make alteration or modifications to the Specifications and basically no modifications shall be applied as the VESSEL
is to be built pursuant to the Specifications mutually agreed by the BUYER and the BUILDER, but the Specifications may be modified and/or
changed by written agreement of the parties hereto, provided that such modifications and/or changes or an accumulation thereof will not
in the BUILDER's reasonable judgement adversely affect the BUILDER's planning or program in relation to the BUILDER's other commitments,
and provided, further, that the BUYER shall first agree, before such modifications and/or changes are carried out, to alterations in
the Contract Price, the Delivery Date, the guaranteed figures and other terms and conditions of this Contract and the Specifications
occasioned by or resulting from such modifications and/or changes.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Such agreement may be effected
by e-mail or exchange of letters signed by the authorized representatives of the parties hereto which shall constitute amendments to
this Contract and/or the Specifications.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The BUILDER may make changes
to the Specifications, if found necessary for introduction of improved production methods or otherwise, provided that the BUILDER shall
first obtain the BUYER's approval which shall not be unreasonably withheld.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>2.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Change
                                            in Rules&nbsp;and Regulations,&nbsp;etc.</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 15pt; text-align: justify">In the event that, after the
date of this Contract, any requirements as to class, or as to rules&nbsp;and regulations to which the construction of the VESSEL is required
to conform are altered or changed by the Classification Society or the other regulatory bodies authorized to make such alterations or
changes, the following provisions shall apply:&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left">(a)</TD><TD STYLE="font-variant: normal; text-align: justify">If
                                            such alterations or changes are compulsory for the VESSEL, either of the parties hereto,
                                            upon receipt of such information from the Classification Society or such other regulatory
                                            bodies, shall promptly transmit the same to the other in writing, and the BUILDER shall thereupon
                                            incorporate such alterations or changes into the construction of the VESSEL, provided that
                                            the BUYER shall first agree to reasonable adjustments required by the BUILDER in the Contract
                                            Price, the Delivery Date and other terms and conditions of this Contract and the Specifications
                                            occasioned by or resulting from such alterations or changes.</TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in">(b)</TD><TD STYLE="font-variant: normal; text-align: justify">If
                                            such alterations or changes are not compulsory for the VESSEL, but the BUYER desires to incorporate
                                            such alterations or changes into the construction of the VESSEL, then, the BUYER shall notify
                                            the BUILDER of such intention. The BUILDER may accept such alterations or changes, provided
                                            that such alterations or changes will not, in the reasonable judgement of the BUILDER, adversely
                                            affect the BUILDER's planning or program in relation to the construction of the VESSEL and
                                            the BUILDER's other commitments, and provided, further, that the BUYER shall first agree
                                            to reasonable adjustments required by the BUILDER in the Contract Price, the Delivery Date
                                            and other terms and conditions of this Contract and the Specifications reasonably occasioned
                                            by or resulting from such alterations or changes.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.7pt; text-align: justify">Agreements as to such alterations
or changes under this Paragraph shall be made in the same manner as provided in Paragraph 1 of this Article&nbsp;for modifications or
changes to the Specifications.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; text-align: left; width: 0.25in"><B>3.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Substitution of Materials</U></B></TD>
</TR>
</TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In the event that any of the
materials required by the Specifications or otherwise under this Contract for the construction of the VESSEL cannot be procured in time
or are in short supply to maintain the Delivery Date of the VESSEL, the BUILDER may, provided that the BUYER shall so agree in writing,
which shall not be unreasonably withheld, supply other materials with equivalent quality and capable of meeting the requirements of the
Classification Society and of the rules, regulations and requirements with which the construction of the VESSEL must comply. Any agreement
as to such substitution of materials shall be effected in the manner provided in Paragraph 1 of this Article, and shall likewise, include
alterations in the Contract Price and other terms and conditions of this Contract occasioned by or resulting from such substitution,
unless otherwise mutually agreed.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(End of Article)</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;VI - TRIALS</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>1.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Notice</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The BUILDER shall notify the
BUYER at least thirty (30) days and seven (7)&nbsp;days prior notice in writing or by facsimile/e-mail of the time and place of the trial
run of the VESSEL and the BUYER shall promptly acknowledge receipt of such notice. The BUYER shall have its Representative on board the
VESSEL to witness such trial run. Failure in attendance of the Representative of the BUYER at the trial run of the VESSEL for any reason
whatsoever after due notice to the BUYER as above provided, shall be deemed to be a waiver by the BUYER of its right to have its Representative
on board the VESSEL at the trial run, and the BUILDER and the class surveyor may conduct the trial run without the Representative of
the BUYER being present, and in such case the BUYER shall be obliged to accept the VESSEL on the basis of a certificate of the BUILDER
with an approval from the Classification Society certifying that the VESSEL, upon trial run, is found to conform to this Contract and
the Specifications.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>2.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Weather
                                            Condition</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The trial run shall be carried
out under the weather condition which is deemed favourable enough by the reasonable judgement of the BUILDER in accordance with this
Contract and the Specifications.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In the event of unfavourable
weather on the date specified for the trial run, the same shall take place on the first available day thereafter that the weather condition
permits. It is agreed that, if during the trial run of the VESSEL, the weather should suddenly become so unfavourable that orderly conduct
of the trial run can no longer be continued, the trial run shall be discontinued and postponed until the first favourable day next following,
unless the BUYER shall assent in writing to acceptance of the VESSEL on the basis of the trial run already made before such discontinuance
has occurred.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 15pt; text-align: justify">Any delay of trial run caused
by such unfavourable weather condition shall operate to postpone the Delivery Date by the period of delay involved and such delay shall
be deemed as a permissible delay in the delivery of the VESSEL.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>3.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>How
                                            Conducted</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">All expenses in connection
with the trial run are to be for the account of the BUILDER and the BUILDER shall provide at its own expense the necessary crew to comply
with conditions of safe navigation. The trial run shall be conducted in the manner prescribed in the Specifications, and shall prove
fulfilment of the performance requirements for the trial run as set forth in the Specifications. The course of trial run shall be determined
by the BUILDER.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Notwithstanding the foregoing,
lubricating oils and greases necessary for the period of construction and the trial run of the VESSEL shall be supplied by the BUYER
at the SHIPYARD prior to the time required and fuel oils shall be supplied by the BUILDER. The lubricating oils and greases supplied
by the BUYER shall be in accordance with the Specifications and instruction of the BUILDER.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="font-variant: normal; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Trial
                                            Condition</U></B></FONT></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in">(a)</TD><TD STYLE="font-variant: normal; text-align: justify">In
                                            addition to the supplies provided by the BUYER in accordance with Paragraph 3 of this Article,
                                            the BUILDER shall provide the VESSEL with the required quantity of sea and fresh water and
                                            others to bring the VESSEL to the trial condition for the BUILDER&rsquo;s account.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left">(b)</TD><TD STYLE="font-variant: normal; text-align: justify">The
                                            dry-docking prior to the trial run is not applied. However, the BUILDER may place the VESSEL
                                            in drydock prior to the trial run.</TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>5. <U>Method of Acceptance or Rejection</U></B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left">(a)</TD><TD STYLE="font-variant: normal; text-align: justify">Upon
                                            completion of the trial run, the BUILDER shall give the BUYER a notice by facsimile/email
                                            confirmed in writing of completion of the trial run together with the prompt result of trial
                                            run, as and if the BUILDER considers that the results of the trial run indicate conformity
                                            of the VESSEL to this Contract and the Specifications. The BUYER shall, within three (3)&nbsp;days
                                            after receipt of such notice from the BUILDER, notify the BUILDER by facsimile/email of its
                                            acceptance or rejection of the VESSEL.</TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left">(b)</TD><TD STYLE="font-variant: normal; text-align: justify">However,
                                            should the results of the trial run indicate that the VESSEL, or any part or equipment thereof,
                                            does not conform to the requirements of this Contract and/or the Specifications, and if there
                                            is no disagreement or argument among the BUILDER and the BUYER as to the non-conformity specified
                                            in the BUYER's notice of rejection, then, the BUILDER shall take the necessary steps to correct
                                            such non-conformity. Upon completion of correction of such non-conformity, the BUILDER shall
                                            give the BUYER a notice thereof by facsimile/e-mail confirmed in writing. The BUYER shall,
                                            within three (3)&nbsp;days after its receipt of such notice from the BUILDER, notify the
                                            BUILDER, of its acceptance or rejection of the VESSEL.</TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Notwithstanding the above, if
the non-conformities are of minor importance or relate to insubstantial items, which will be mutually agreed between the BUYER and the
BUIDLER, not affecting Class, the seaworthiness or the operation of the VESSEL but the BUILDER is unable to rectify the matter within
a reasonable time, the BUILDER shall nevertheless have the right to require the BUYER to take delivery of the Vessel, on condition that
the BUILDER shall undertake to remedy the non-conformities or insubstantial items for its own cost and expenses as soon as possible during
the Warranty Period, unless otherwise mutually agreed, whereupon the BUYER shall accept delivery of the Vessel.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left">(c)</TD><TD STYLE="font-variant: normal; text-align: justify">In
                                            any event that the BUYER rejects the VESSEL, the BUYER shall indicate in its notice of rejection
                                            in what respect the VESSEL, or any part or equipment thereof does not conform to this Contract
                                            and/or the Specifications.</TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left">(d)</TD><TD STYLE="font-variant: normal; text-align: justify">In
                                            the event that the BUYER fails to notify the BUILDER by facsimile/email confirmed in writing
                                            of the acceptance, or the rejection together with the reason therefor of the VESSEL within
                                            the period as provided in the above Sub-paragraph (a)&nbsp;or (b), the BUYER shall be deemed
                                            to have accepted the VESSEL.</TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left">(e)</TD><TD STYLE="font-variant: normal; text-align: justify">Any
                                            dispute arising between the parties hereto as to the result of any trial run of the VESSEL,
                                            or relating to the BUYER&rsquo;s rejection to take delivery of the VESSEL, shall be resolved
                                            in accordance with Article&nbsp;XIII. The decision of the arbitration shall be final and
                                            binding upon the both parties.</TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>6.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Effect
                                            of Acceptance</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Acceptance of the VESSEL as
above provided shall be final and binding so far as conformity of the VESSEL to this Contract and the Specifications is concerned, and
shall preclude the BUYER from refusing formal delivery of the VESSEL as hereinafter provided, if the BUILDER complies with all other
procedural requirements for delivery as provided in Article&nbsp;VII hereof.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>7.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Disposition
                                            of Surplus Consumable Stores</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Lubricating oil and grease,
in accordance with the applicable engine specifications, necessary for the operation of the VESSEL shall be supplied by the BUYER prior
to the time of trial run and the BUILDER shall pay the cost of the quantity of lubricating oil and grease consumed during the trial runs
and the contaminated lubricating oils, upon delivery of the VESSEL at the price as evidenced by the invoice issued by each supplier of
the same. The consumption of lubricating oil and grease for the trial runs shall be calculated on the basis of the difference between
the supplied amount and remaining amount including the same in pipe lines and in the systems.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The BUILDER shall supply fuel
oil for use during the trials. Any fuel oil, fresh water and other consumable stores purchased by the BUILDER for the trials and remaining
on board the VESSEL after its acceptance by the BUYER shall be taken over by the BUYER at the original purchase price including value
added tax if any, as evidenced by the invoice issued by each supplier of the same. Any payment by the BUYER shall be effected upon delivery
of the VESSEL.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(End of Article)</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;VII - DELIVERY</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>1.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Time
                                            and Place</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The VESSEL shall be delivered
by the BUILDER to the BUYER safely afloat at the SHIPYARD or another place mutually agreed on by the BUYER and the BUILDER which shall
not be unreasonably withheld, on or before September&nbsp;30th, 2024, except that in the event of delays in the construction of the VESSEL
or any performance required under this Contract due to causes which under the terms of this Contract permit postponement of the date
for delivery, the aforementioned date for delivery of the VESSEL shall be postponed accordingly.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Provided however that, if the
BUILDER tenders delivery of the VESSEL between November&nbsp;8th and December&nbsp;31st, 2024, then the BUYER shall have the right to
either accept the VESSEL and take delivery thereof on such proposed delivery date or, at no extra cost or liability of any kind whatsoever
to the BUYER, to delay acceptance of the VESSEL and take delivery of the same not later than January&nbsp;5th, 2025.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The aforementioned date, or
such later date to which the requirement of delivery is postponed pursuant to such terms, is herein called the &quot;Delivery Date&quot;.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>2.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Notice</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The BUILDER shall give an approximate
prior written notice to the BUYER at least 30/15 calendar days of the scheduled Delivery Date. A definite notice shall be given to the
BUYER at least seven (7)&nbsp;banking days prior to the scheduled Delivery Date.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>3.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>When
                                            and How Effected</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Provided that the BUILDER and
the BUYER shall have fulfilled all of its obligations stipulated under this Contract, delivery of the VESSEL shall be effected forthwith
by the concurrent delivery by each of the parties hereto to the other of the PROTOCOL OF DELIVERY AND ACCEPTANCE, acknowledging delivery
of the VESSEL by the BUILDER and acceptance thereof by the BUYER, which shall be prepared in duplicate and executed by each of the parties
hereto.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>4.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Documents
                                            to be delivered to the BUYER</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Acceptance of the VESSEL by
the BUYER shall be conditioned upon the BUILDER's delivery of the following documents to the BUYER, which shall accompany the PROTOCOL
OF DELIVERY AND ACCEPTANCE:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top">
<TD STYLE="font-variant: normal; width: 18pt"></TD><TD STYLE="font-variant: normal; width: 17.2pt">(a)</TD><TD STYLE="font-variant: normal; text-align: justify">PROTOCOL
                                            OF TRIALS OF THE VESSEL made pursuant to the Specifications.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top">
<TD STYLE="font-variant: normal; width: 0.25in"></TD><TD STYLE="font-variant: normal; width: 0.25in">(b)</TD><TD STYLE="font-variant: normal; text-align: justify">PROTOCOL
                                            OF INVENTORY of the equipment of the VESSEL, including spare parts and the like, all as specified
                                            in the Specifications.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top">
<TD STYLE="font-variant: normal; width: 18pt"></TD><TD STYLE="font-variant: normal; width: 17.2pt">(c)</TD><TD STYLE="font-variant: normal; text-align: justify">PROTOCOL
                                            OF STORES OF CONSUMABLE NATURE referred to under Paragraph 7 of Article&nbsp;VI hereof, including
                                            the original purchase price thereof.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top">
<TD STYLE="font-variant: normal; width: 18pt"></TD><TD STYLE="font-variant: normal; width: 17.2pt">(d)</TD><TD STYLE="font-variant: normal; text-align: justify">ALL
                                            CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract
                                            and the Specifications. It is agreed that if, through no fault on the part of the BUILDER,
                                            the classification certificate and/or other certificates are not available at the time of
                                            delivery of the VESSEL, provisional certificates shall be accepted by the BUYER, provided
                                            that the BUILDER shall furnish the BUYER with the formal certificates as promptly as possible
                                            after such formal certificates have been issued before expiry of the provisional certificates.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top">
<TD STYLE="font-variant: normal; width: 18pt"></TD><TD STYLE="font-variant: normal; width: 17.2pt">(e)</TD><TD STYLE="font-variant: normal; text-align: justify">DECLARATION
                                            OF WARRANTY of the BUILDER that the VESSEL is delivered to the BUYER free and clear of any
                                            liens, charges, claims, mortgages, or other encumbrances upon the BUYER's title thereto,
                                            and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts,
                                            taxes or charges imposed by the Chinese governmental authorities, as well as of all liabilities
                                            of the BUILDER to its subcontractors, employees and crew, and of all liabilities arising
                                            from the operation of the VESSEL in trial runs, or otherwise, prior to delivery.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top">
<TD STYLE="font-variant: normal; width: 18pt"></TD><TD STYLE="font-variant: normal; width: 17.2pt">(f)</TD><TD STYLE="font-variant: normal; text-align: justify">DRAWINGS
                                            AND PLANS pertaining to the VESSEL as stipulated in the Specifications.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top">
<TD STYLE="font-variant: normal; width: 18pt"></TD><TD STYLE="font-variant: normal; width: 17.2pt">(g)</TD><TD STYLE="font-variant: normal; text-align: justify">COMMERCIAL
                                            INVOICE in three (3)&nbsp;originals</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top">
<TD STYLE="font-variant: normal; width: 18pt"></TD><TD STYLE="font-variant: normal; width: 17.2pt">(h)</TD><TD STYLE="font-variant: normal; text-align: justify">BILL
                                            OF SALE in three (3)&nbsp;originals, duly notarized</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top">
<TD STYLE="font-variant: normal; width: 18pt"></TD><TD STYLE="font-variant: normal; width: 17.2pt">(i)</TD><TD STYLE="font-variant: normal; text-align: justify">BUILDER's
                                            CERTIFICATE in three (3)&nbsp;originals, duly notarized</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top">
<TD STYLE="font-variant: normal; width: 18pt"></TD><TD STYLE="font-variant: normal; width: 17.2pt">(j)</TD><TD STYLE="font-variant: normal; text-align: justify">Non-registration
                                            certificate issued by the BUILDER confirming that the VESSEL has not been registered in the
                                            P.R. of China or elsewhere prior to the Delivery Date (&ldquo;non registration letter&rdquo;)</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top">
<TD STYLE="font-variant: normal; width: 18pt"></TD><TD STYLE="font-variant: normal; width: 17.2pt">(k)</TD><TD STYLE="font-variant: normal; text-align: justify">Declaration
                                            Letter for Not Containing the Hazardous Materials by the Builder.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-variant: normal; vertical-align: top">
<TD STYLE="font-variant: normal; width: 18pt"></TD><TD STYLE="font-variant: normal; width: 17.2pt">(l)</TD><TD STYLE="font-variant: normal; text-align: justify">any
                                            other documents reasonably required for the registration of the VESSEL as far as possible
                                            for the BUILDER;</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>5.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Tender
                                            of the VESSEL</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">If the BUYER fails to take
delivery of the VESSEL after completion thereof according to this Contract and the Specifications without any justifiable reason, the
BUILDER shall have the right to tender delivery of the VESSEL after compliance with all procedural requirements as above provided.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>6.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Title
                                            and Risk</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Title to and risk of loss of
the VESSEL shall pass to the BUYER from the BUILDER only upon delivery and acceptance thereof having been completed as stated above;
it being expressly understood that, until such delivery is effected, title to and risk of loss of the VESSEL and her machinery and equipment
shall be entirely in the BUILDER.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>7.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Removal
                                            of the VESSEL</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The BUYER shall take possession
of the VESSEL immediately upon delivery and acceptance thereof, and shall remove the VESSEL from the mooring quay of the SHIPYARD or
the place the VESSEL been delivered as soon as possible within three (3)&nbsp;days after delivery and acceptance thereof is effected.
If the BUYER shall not remove the VESSEL from the mooring quay within the aforesaid three (3)&nbsp;days, then, in such event, the BUYER
shall pay to the BUILDER the reasonable mooring charges of the VESSEL.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(End of Article)</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;VIII - DELAYS AND EXTENSION
OF TIME FOR DELIVERY (FORCE MAJEURE)</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>1.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Causes
                                            of Delay</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">If, at any time before the
actual delivery, either the construction of the VESSEL or any performance required as a prerequisite of delivery of the VESSEL is delayed
due to Acts of God; act of princes or rulers; requirements of government authorities; war, other hostilities or preparations thereof;
blockade; revolution; insurrections; mobilization; civil war; civil commotion or riots; sabotages, strikes, lockout or other labour disturbances;
labor shortage; plague or other epidemics; quarantines; flood, typhoons, hurricanes, storms or other weather conditions not included
in normal planning; earthquakes; tidal waves; landslides; fires, explosions, collisions or strandings except the case caused by the gross
negligence of people; embargoes; delays or failure in transportation; shortage of materials, machinery or equipment; import restrictions;
inability to obtain delivery or delays in delivery of materials, machinery or equipment, provided that at the time of ordering the same
could reasonably be expected by the BUILDER to be delivered in time; prolonged failure, shortage or restriction of electric current,
oil or gas; defects in materials, machinery or equipment which could not have been detected by the BUILDER using reasonable care; major
casting or forging rejects or the like not due to negligence; delays caused by the Classification Society or other regulatory bodies
whose documents are required; destruction of or damage to the SHIPYARD or works of the BUILDER, its subcontractors or suppliers, or of
or to the VESSEL or any part thereof, by any causes herein described; delays in the BUILDER&rsquo;s other commitments resulting from
any causes herein described which in turn delay the construction of the VESSEL or the BUILDER&rsquo;s performance under this Contract;
other causes or accidents beyond the control of the BUILDER, its subcontractors or supplies of the nature whether or not indicated by
the foregoing words; all the foregoing irrespective of whether or not these events could be foreseen at the day of signing this Contract;
then and in any such case, the Delivery Date shall be postponed for a period of time, provided that the BUILDER shall take immediate
steps to overcome any delay by any means within its control.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>2.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Notice
                                            of Delays</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Within ten (10)&nbsp;days from
the date of occurrence of any cause of delay, on account of which the BUILDER claims that it is entitled under this Contract to a postponement
of the Delivery Date, the BUILDER shall notify the BUYER in writing or by facsimile/email together with supporting evidence of the date
such cause of delay occurred. Likewise, within ten (10)&nbsp;days after the date of ending of such cause of delay, the BUILDER shall
notify the BUYER in writing or by facsimile/email of the date such cause of delay ended. The BUILDER shall also notify the BUYER of the
period, by which the Delivery Date is postponed by reason of such cause of delay, with all reasonable despatch after it has been determined.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 15pt; text-align: justify">Failure of the BUYER to object
to the BUILDER's claim for postponement of the Delivery Date within ten (10)&nbsp;days after receipt by the BUYER of such notice of claim
shall be deemed to be a waiver by the BUYER of its right to object such postponement of the Delivery Date.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>3.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Definition
                                            of Permissible Delays</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Delays on account of such causes
as specified in Paragraph 1 of this Article&nbsp;and other delays of a nature which under the terms of this Contract permits postponement
of the Delivery Date shall be understood to be permissible delays and are to be distinguished from unauthorized delays on account of
which the Contract Price is subject to adjustment as provided in Article&nbsp;III hereof.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-variant: normal; vertical-align: top; text-align: justify">
<TD STYLE="font-variant: normal; width: 0in"></TD><TD STYLE="font-variant: normal; width: 0.25in; text-align: left"><B>4.</B></TD><TD STYLE="font-variant: normal; text-align: justify"><B><U>Right
                                            to Rescind for Excessive Delay</U></B></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">If the total accumulated time
of all delays on account of causes specified in Paragraph 1 of this Article, excluding delays of a nature which under the terms of this
Contract permit postponement of the Delivery Date, amounts to One Hundred and Fifty (150) days or more, then, in such event, the BUYER
may rescind this Contract in accordance with the provisions of Article&nbsp;X hereof.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">If the total accumulated amount
of the delays being the aggregate of all permissible delays, specified in Paragraph 1 of this Article, and non-permissible delays excluding
delays of a nature which under the terms of this Contract permit postponement of the Delivery Date, amounts to two hundred and ten (210)
days or more, then, in such event the BUYER may rescind this Contract in accordance with the provisions of Article&nbsp;X hereof.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The BUILDER may, at any time
after the accumulated time of the aforementioned delays justifying rescission by the BUYER, demand in writing that the BUYER shall make
an election, in which case the BUYER shall, within fourteen (14) days after such demand is received by the BUYER, either notify the BUILDER
of its intention to rescind this Contract, or consent to a postponement of the Delivery Date to a specific future date; it being understood
and agreed by the parties hereto that, if any further delay occurs on account of causes justifying rescission as specified in this Article,
the BUYER shall have the same right of rescission upon the same terms as hereinabove provided. If the BUYER fails to notify the BUILDER
of its rescission of this Contract as specified above within such fourteen (14) days period, the BUYER shall be deemed to have consented
to the delivery of the VESSEL at the future date for delivery proposed by the BUILDER.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(End of Article)</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;IX - WARRANTY OF QUALITY</B></P>

<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"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Guarantee of Material, Workmanship</U></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 0pt 0.25in; text-align: justify">The BUILDER, for a period of twelve
(12) months from the date of delivery of the VESSEL to the BUYER, shall guarantee the VESSEL, its hull and machinery and all parts and
equipment thereof including machinery appurtenances that are manufactured or furnished or supplied by the BUILDER and/or its sub-contractors
under this Contract against all defects which are due to defective material, design and/or poor workmanship of the BUILDER and/or its
sub-contractors provided that such defects have not been caused by perils of the sea, rivers or navigation, or by normal wear and tear,
fire, accident, incompetence, mismanagement, negligence or willful neglect, or by alteration or addition by the BUYER.</P>

<P STYLE="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 0.25in; text-align: justify">The provisions set forth under this
Article&nbsp;as to the Guarantee of the BUILDER shall not apply to any articles supplied by the BUYER.</P>

<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"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Notice of Defects</U></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 0pt 0.25in; text-align: justify">The BUYER shall notify the BUILDER
in writing, or by facsimile/email confirmed in writing of any defects for which claim is made under this guarantee as promptly as possible
after discovery thereof. The BUYER's written notice shall describe the nature of the defect and the extent of the damage caused thereby.
The BUILDER shall have no obligation for any defects discovered prior to the expiry date of the said twelve (12) months period, unless
notice of such defects is received by the BUILDER not later than seven (7)&nbsp;days after such expiry date.</P>

<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"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Remedy of Defects</U></B></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: 0.25in">(a)</TD><TD STYLE="text-align: justify">The BUILDER shall remedy, at its expense, any defect against which the VESSEL or any part of equipment
thereof is guaranteed under this Article&nbsp;by repairing or replacing the defective parts in the BUILDER's nominated shipyard.</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: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Such repairs or replacement will be made at the BUILDER's nominated shipyard unless the VESSEL cannot
be practically brought there. However, if it is impractical for the BUYER to bring the VESSEL to the BUILDER's nominated shipyard and
if it is likewise impractical for the BUILDER to forward replacements for the defective parts so as to avoid impairment and delay to the
VESSEL's operation or working, then, in such event, the BUYER may cause the necessary repairs or replacements to be made at any shipyard
or works other than the BUILDER's nominated shipyard at the discretion of the BUYER, provided, however, that the BUYER shall give the
BUILDER notice in writing or by facsimile/email confirmed in writing of the time and place such repairs will be made, if the VESSEL is
not thereby delayed or her operation or working is not thereby impaired, the BUILDER shall have the right to verify by its own representative
the nature and extent of the defects complained of. The BUILDER, in such cases, shall promptly advise the BUYER by facsimile/email, after
such impartial verification has been completed, of its acceptance or rejection of the defect as one that is subject to the Guarantee herein
provided. Upon receipt by the BUYER of the BUILDER's facsimile/email acceptance of the defect as one justifying remedy under this Article,
the BUYER may cause necessary repairs or replacements to be made and the BUILDER shall pay to the BUYER for such repairs or replacements
a sum equal to the same cost of making such repairs and/or replacements in 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: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">In the event it is necessary to forward the replacement for the defective parts under the BUILDER's guarantee,
the BUILDER shall forward the same to the agent designated by the BUYER at Cost Insurance and Freight by sea. However, if such replacement(s)&nbsp;is/are
indispensably essential to and urgently required for the seaworthiness of the VESSEL, the BUILDER shall forward the same to the agent
designated by the BUYER at Cost Insurance and Freight by airfreight. Seafreight and/or airfreight thereby incurred are for account of
the BUILDER, but such replacement shall be taken to the Vessel and installed at the BUYER&rsquo;s cost.</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="break-before: page; 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">In any case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place elected, ready
in all respects for such repairs or replacements.</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: 0.25in">(e)</TD><TD STYLE="text-align: justify">All disputes in this connection, including any disputes arising on the question of cost or upon the rejection
by the BUILDER, upon impartial verification of the defects as aforesaid and all other disputes connected with or arising upon the discovery
by the BUYER of the defects which cannot be amicably settled between the BUYER and the BUILDER shall be referred to the Classification
Society. However, if the decision of the Classification Society is not acceptable to either or both parties, such disputes shall be then
referred to arbitration as provided in ARTICLE&nbsp;XIII of this Contract.</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"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>Extent of BUILDER's Liability</U></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 0pt 0.25in; text-align: justify">The BUILDER shall be under no obligation
with respect to defects discovered after the expiration of the period of guarantee specified above. The BUILDER shall be liable to the
BUYER for the defects specified in Paragraph 1 of this ARTICLE&nbsp;provided that such liability of the BUILDER shall be limited to damage
occasioned within the guarantee period specified in Paragraph 1 above. The BUILDER shall however be under no obligation for any remote
and/or consequential damages occasioned by any defect or for any loss of time in operating or repairing the VESSEL, or both, caused by
any defect.</P>

<P STYLE="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 0.25in; text-align: justify">The BUILDER shall not be obliged to
repair, or be liable for, damages to the VESSEL, or any part or equipment thereof, which after acceptance of the VESSEL by the BUYER are
caused by other than the defects of the nature specified in Paragraph 1 above, nor shall there be any BUILDER's liability hereunder for
defects in the VESSEL, or any part or equipment thereof, caused by fire or accidents at sea or elsewhere subsequent to acceptance of the
VESSEL by the BUYER, or mismanagement, accident, negligence, or wilful neglect on the part of the BUYER, its employees or agents, or of
any persons other than employees, agents or sub-contractors of the BUILDER, on or doing work on, the VESSEL, including the VESSEL's officers,
crew and passengers.</P>

<P STYLE="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="break-before: page; 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 0pt 0.25in; text-align: justify">Likewise, the BUILDER shall not be
liable for defects in the VESSEL, or any part or equipment thereof, which are due to repairs, which were made by others than the BUILDER
at the direction of the BUYER. Should the facsimile/email advice of defects in guarantee period be noticed by the BUYER to the BUILDER,
notwithstanding the nature of such defects being in compliance with the Specifications described in Paragraph 1 of the Article&nbsp;as
guarantee item or not, the BUILDER shall take active measures to assist the BUYER to remedy the defects.</P>

<P STYLE="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 0.25in; text-align: justify">The guarantee contained as hereinabove
in the Article&nbsp;replaces and excludes any other liability, guarantee, warranty and/or condition imposed or implied by the law, customary,
statutory or otherwise, applying to the construction and sale of the VESSEL by the BUILDER for and to the BUYER.</P>

<P STYLE="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 0.25in; text-align: justify">The BUYER shall be entitled on or after
delivery and acceptance of the VESSEL to assign its rights under this Article&nbsp;to any purchaser or bareboat charterer or financier
of the VESSEL with the prior written consent of the BUILDER which shall not be unreasonably withheld. Notice of any such assignment shall
be given by the BUYER to the BUILDER. In case of an assignment, the BUYER shall remain liable under this Contract.</P>

<P STYLE="font: 10pt 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">(End of Article)</P>

<P STYLE="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="break-before: page; 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>ARTICLE&nbsp;X - RESCISSION OF THE CONTRACT</B></P>

<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: 0.25in; text-align: left"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Notice</U></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 0pt 0.25in; text-align: justify">All payments made by the BUYER to the
BUILDER prior to the delivery of the VESSEL shall be in the nature of advances to the BUILDER. In the event that the BUYER shall exercise
its right of rescission of this Contract under and pursuant to any of the provisions of this Contract specifically permitting the BUYER
to do so, then the BUYER shall notify the BUILDER in writing or by facsimile/email confirmed in writing and such rescission shall be effective
as of the date notice thereof is received by the BUILDER.</P>

<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: 0.25in; text-align: left"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Refund by the BUILDER</U></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 0pt 0.25in; text-align: justify">In case the BUILDER receives the notice
stipulated in Paragraph 1 of this Article&nbsp;the BUILDER shall refund in United States Dollars to the BUYER the full amount of all sums
paid by the BUYER to the BUILDER on account of the VESSEL within Twenty One (21) Chinese banking days after the date of the notice as
provided in paragraph 1 of this Article&nbsp;hereof together with, if appropriate, an amount equal to the original purchase prices of
the BUYER's Supplies as evidenced by the invoice issued by the each supplier of the same including lubricating oil, grease and fuel oil,
if any, which are purchased by the BUYER to the VESSEL, except those items which are able to return to the BUYER as they are, unless the
BUILDER proceeds to the arbitration under the provisions of Article&nbsp;XIII hereof.</P>

<P STYLE="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 0.25in; text-align: justify">In such event, the BUILDER shall pay
the BUYER interest at the rate of six percent (6%) per annum on the amount required herein to be refunded to the BUYER, computed from
the respective dates on which such sums were received by the BUILDER from the BUYER to the date of remittance by telegraphic transfer
of such refund with interest to the BUYER by the BUILDER, provided, however, that if the said rescission by the BUYER is made under the
provisions of Paragraph 4 of Article&nbsp;VIII hereof, then in such event the BUILDER shall not be required to pay the BUYER any interest
for the days/delay caused by permissible delays.</P>

<P STYLE="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="break-before: page; 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>

<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"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Discharge of Obligations</U></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 0pt 0.25in; text-align: justify">Upon such refund by the BUILDER to
the BUYER, all obligations, duties and liabilities of each of the parties hereto to the other under this Contract shall be forthwith completely
discharged and the BUYER shall have no right to claim any further damages whatsoever in respect of any breach or alleged breach of this
Contract.</P>

<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"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>Refund Guarantee</U></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 0pt 0.25in; text-align: justify">Within Sixty (60) days after signing
this Contract, the BUILDER shall provide the BUYER with an irrevocable and unconditional letter of guarantee (the &ldquo;<B>Refund Guarantee</B>&rdquo;)
by SWIFT which to be issued and furnished by the bank nominated by the BUILDER and accepted by the BUYER for each advance instalment,
in favour of the BUYER, guaranteeing the BUILDER's refund to the BUYER in case of contingencies as described in this Article, in the form
exhibit &quot;A&quot; attached hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(End of Article)</P>

<P STYLE="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="break-before: page; 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>ARTICLE&nbsp;XI - BUYER'S DEFAULT</B></P>

<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"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Definition of Default</U></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 0pt 0.25in; text-align: justify">The BUYER shall be deemed to be in
default of performance of its obligations under this Contract in the following cases:</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: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">If the BUYER fails to pay any of the First, Second, Third and Fourth Instalments to the BUILDER after
such Instalment becomes due and payable under the provision of Article&nbsp;II hereof; 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: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">If the BUYER fails to pay the Fifth Instalment to the BUILDER concurrently with the delivery of the VESSEL
by the BUILDER to the BUYER as provided in Article&nbsp;II hereof; 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: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">If the BUYER fails to take delivery of the VESSEL when the VESSEL is duly tendered for delivery by the
BUILDER under the provisions of Article&nbsp;VII hereof.</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"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Interest and Charge</U></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 0pt 0.25in; text-align: justify">If the BUYER is in default of payment
as to any Instalment as provided in Paragraph 1 (a)&nbsp;and (b)&nbsp;of this Article, the BUYER shall pay interest on such Instalments
at the rate of six percent (6%) per annum from the due date thereof to the date of payment to the BUILDER of the full amount including
interest; in case the BUYER shall fail to take delivery of the VESSEL as provided in Paragraph 1 (c)&nbsp;of this Article, the BUYER shall
be deemed to be in default of payment of the Fifth Instalment and shall pay interest thereon at the same rate as aforesaid from and including
the day on which the VESSEL is tendered for delivery by the BUILDER.</P>

<P STYLE="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 0.25in; text-align: justify">In any event of default by the BUYER,
the BUYER shall also pay all charges and expenses incurred by the BUILDER which are caused by such default.</P>

<P STYLE="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 0.25in; text-align: justify">The payment of interest shall be made
simultaneously with the payment of the principal by telegraphic transfer in the manner as provided for in Paragraph 5, Article&nbsp;II
of this Contract.</P>

<P STYLE="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" 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"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Effect of Default</U></B></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: 0.25in">(a)</TD><TD STYLE="text-align: justify">If any default by the BUYER occurs as provided hereinbefore, the Delivery Date shall be automatically
postponed for a period of continuance of such default by the BUYER.</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: 0.25in">(b)</TD><TD STYLE="text-align: justify">If any such default by the BUYER continues for a period of fifteen (15) days, the BUILDER may, at its
option, rescind this Contract by giving notice of such effect to the BUYER by facsimile/e-mail confirmed in writing. Upon receipt by the
BUYER of such notice of rescission, this Contract shall forthwith become null and void, and any lien, interest or property right that
the BUYER may have in and to the VESSEL or to any part or equipment thereof and to any material or part acquired for construction of the
VESSEL but not yet utilized for such purpose, shall forthwith cease, and the VESSEL and all parts and equipment thereof shall become the
sole property of the BUILDER.</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 0.25in; text-align: justify">In the event of such rescission of
this Contract, the BUILDER shall be entitled to retain any Instalment or Instalments theretofore paid by the BUYER to the BUILDER on account
of this Contract.</P>

<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"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>Sale of the VESSEL</U></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">In the event of rescission of this Contract as above provided,
the BUILDER shall have full right and power either to complete or not to complete the VESSEL as it deems fit, and to sell the VESSEL
at a public or private sale on such terms and conditions as the BUILDER thinks fit without being answerable for any loss or damage.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">In the event of the sale of the VESSEL in its completed state,
the proceeds of the sale received by the BUILDER shall be applied firstly to payment of all expenses attending such sale and otherwise
incurred by the BUILDER as a result of the BUYER's default, and then to payment of all unpaid Instalments of the Contract Price and interest
on such Instalments at the rate of six percent (6%) per annum from the respective due dates thereof to the date of application.</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" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: justify">In the event of sale of the VESSEL in its incompleted state,
the proceeds of sale received by the BUILDER shall be applied firstly to all expenses attending such sale and otherwise incurred by the
BUILDER as a result of the BUYER's default, and then to payment of all costs of construction of the VESSEL less the Instalments so retained
by the BUILDER and compensation to the BUILDER for reasonable loss of profit due to the rescission of this Contract.</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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(d)</TD><TD STYLE="text-align: justify">In either of the above events of sale, if the proceeds of
sale exceeds the total amount to which such proceeds are to be applied as aforesaid, the BUILDER shall promptly pay the excess to the
BUYER without interest, provided, however, that the amount of such payment to the BUYER shall in no event exceed the total amount of
Instalments already paid by the BUYER and the cost of the BUYER's Supplies, if any.</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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(e)</TD><TD STYLE="text-align: justify">If the proceeds of sale are insufficient to pay such total
amounts payable as aforesaid, the BUYER shall promptly pay the deficiency to the BUILDER upon request.</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">(End of Article)</P>

<P STYLE="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>ARTICLE&nbsp;XII - INSURANCE</B></P>

<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"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Extent of Insurance Coverage</U></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 0pt 0.25in; text-align: justify">From the time of the keel laying of
the VESSEL until the same is completed, delivered to and accepted by the BUYER, the BUILDER shall at its own cost and expense, keep the
VESSEL and all machinery, materials, equipment, appurtenances and outfit, delivered to the SHIPYARD for the VESSEL or built into, or installed
in or upon the VESSEL, including the BUYER's Supplies, fully insured with Chinese prime insurance companies under coverage corresponding
to &quot;Institute Clause for BUILDER's Risks&quot;.</P>

<P STYLE="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 0.25in; text-align: justify">The amount of such insurance coverage
shall, up to the date of delivery of the VESSEL, be in an amount at least equal to, but not limited to, the aggregate of the payment made
by the BUYER to the BUILDER including the value of the BUYER's Supplies.</P>

<P STYLE="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 0.25in; text-align: justify">The policy referred to hereinabove
shall be taken out in the name of the BUILDER and all proceeds under such policy shall be payable to the BUILDER.</P>

<P STYLE="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 0.25in; text-align: justify">One copy of the BUILDER's risk insurance
shall be delivered to the BUYER, if required by the BUYER.</P>

<P STYLE="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 0.25in; text-align: justify">Notwithstanding anything to the contrary
in this Contract, if the BUILDER has made valid tender of delivery of the VESSEL, the cost of any insurance placed on the VESSEL from
the time of valid tender, as defined in Paragraph 5 Article&nbsp;VII, until the time of actual delivery thereof shall be for the account
of the BUYER.</P>

<P STYLE="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="break-before: page; 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>

<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"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Application of Recovered Amount</U></B></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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">Partial Loss:</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">In the event the VESSEL shall be damaged
by any insured cause whatsoever prior to acceptance thereof by the BUYER and in the further event that such damage shall not constitute
an actual or a constructive total loss of the VESSEL, the BUILDER shall apply the amount recovered under the insurance policy referred
to in Paragraph 1 of this Article&nbsp;to the repair of such damage satisfactory to the Classification Society and also to the satisfaction
of the Representative without additional expense to the BUYER, and the BUYER shall accept the VESSEL under this Contract if completed
in accordance with this Contract and the Specifications.</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Total Loss:</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">However, in the event that the VESSEL
is determined to be an actual or constructive total loss, the BUILDER shall by the mutual agreement between the parties hereto, either:</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: 0.25in">i)</TD><TD STYLE="text-align: justify">Proceed in accordance with the terms of this Contract, in which case the amount recovered under said insurance
policy shall be applied to the reconstruction of the VESSEL's damage, provided the parties hereto shall have first agreed in writing as
to such reasonable postponement of the Delivery Date and adjustment of other terms of this Contract including the Contract Price as may
be necessary for the completion of such reconstruction; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">ii)</TD><TD STYLE="text-align: justify">Refund immediately to the BUYER the amount of all instalments paid to the BUILDER under this Contract
and cost of BUYER&rsquo;s supplies which have been installed on board of the VESSEL without any interest, whereupon this Contract shall
be deemed to be rescinded and all rights, duties, liabilities and obligations of each of the parties to the other shall terminate forthwith.</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="break-before: page; 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 0pt 0.5in; text-align: justify">If the parties hereto fail to reach
such agreement within two (2)&nbsp;months after the VESSEL is determined to be an actual or constructive total loss, the provisions of
Sub-paragraph b) ii) as above shall be applied.</P>

<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"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Termination of the BUILDER's obligation to insure</U></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 0pt 0.25in; text-align: justify">The BUILDER's obligation to insure
the VESSEL hereunder shall cease and terminate forthwith upon delivery and acceptance thereof by the BUYER.</P>

<P STYLE="font: 10pt 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">(End of Article)</P>

<P STYLE="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="break-before: page; 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>ARTICLE&nbsp;XIII - DISPUTES AND ARBITRATION</B></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"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Proceedings</U></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 0pt 0.25in; text-align: justify">Any dispute arising under or by virtue
of this Contract shall be referred to arbitration in London and such arbitration shall take place according to English Law. The arbitration
shall be referred to a single arbitrator to be appointed by the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">If the parties cannot agree upon the
appointment of the single arbitrator within four (4)&nbsp;weeks after one of the parties has given notice to the other party notifying
that the other party to refer the dispute to arbitration, the dispute shall be settled by three arbitrators, each party appointing one
arbitrator, the third being appointed by the London Maritime Arbitrators Association. If either of the appointed arbitrators refuses or
is incapable of acting, the party who appointed him shall appoint a new arbitrator in his place.</P>

<P STYLE="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 0.25in; text-align: justify">If one party fails to appoint an arbitrator
&ndash; either originally or by way of substitution &ndash; for two (2)&nbsp;weeks after the other party having appointed its arbitrator,
has served the party making default with notice to make the appointment, the London Maritime Arbitrators Association shall, after application
from the party having appointed its arbitrator, also appoint an arbitrator on behalf of the party making default.</P>

<P STYLE="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 0.25in; text-align: justify">The award of the arbitration made by
the sole arbitrator or by the majority of the three arbitrators as the case may be shall be final, conclusive and binding upon the parties
hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Notwithstanding the preceding provisions
of this Paragraph, it is agreed that in the event of any dispute or difference of opinion arising in regard to the construction of the
VESSEL, its machinery or equipment, or concerning the quality of materials or workmanship thereof or thereon during the construction and
the warranty period, such dispute will be referred to the Classification Society upon mutual agreement of the parties hereto as far as
the Classification Society agrees to determine such dispute. The decision of the Classification Society shall be final and binding upon
the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; 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>

<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"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Notice of Award</U></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 0pt 0.25in; text-align: justify">The award shall immediately be given
to the parties hereto in writing or by facsimile/e-mail.</P>

<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"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Expenses</U></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 0pt 0.25in; text-align: justify">The Arbitration Board shall determine
which party shall bear the expenses of the arbitration or the portion of such expenses which each party shall bear.</P>

<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"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>Entry in Court</U></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 0pt 0.25in; text-align: justify">Enforcement upon the award may be entered
in any court having jurisdiction thereof.</P>

<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"><B>5.</B></TD><TD STYLE="text-align: justify"><B><U>Alteration of Delivery of the VESSEL</U></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 0pt 0.25in; text-align: justify">In the event of the arbitration of
any dispute or differences arising or occurring prior to delivery to, or acceptance by the BUYER of the VESSEL, the award by the arbitrator
shall include a finding as to whether or not the contractual delivery date of the VESSEL should, as a result of such dispute, be in any
way altered thereby.</P>

<P STYLE="font: 10pt 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">(End of Article)</P>

<P STYLE="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="break-before: page; 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>ARTICLE&nbsp;XIV - RIGHTS OF ASSIGNMENT</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">Neither of the parties hereto shall assign this
Contract to a third party unless prior consent of the other party is given in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the case of the BUYER assigning this Contract
to Globus Maritime Limited (&ldquo;Globus&rdquo;), or to Globus&rsquo; wholly owned subsidiary or a bank or financial institution financing
any of the instalments payable hereunder, the BUILDER&rsquo;s consent shall not be unreasonably withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In case of an assignment, the assignor shall remain
liable under this Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Contract shall enure to the benefit of and
shall be binding upon the lawful successors or the legitimate assigns of either of parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(End of Article)</P>

<P STYLE="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="break-before: page; 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>ARTICLE&nbsp;XV - TAXES AND DUTIES</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 0pt 0.25in; text-align: justify">The BUILDER shall only bear and pay
all taxes and duties imposed in the People&rsquo;s Republic of China in connection with execution and/or performance of this Contract,
excluding any taxes and duties imposed in the People&rsquo;s Republic of China upon fuel oils and consumable stores remaining on board
as specified in Paragraph 7 of Article&nbsp;VI hereof and the BUYER's Supplies described in the Specifications.</P>

<P STYLE="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 0.25in; text-align: justify">The BUYER shall bear and pay all taxes
and duties imposed outside of the People&rsquo;s Republic of China in connection with execution and/or performance of this Contract, except
for taxes and duties imposed upon those items to be procured by the BUILDER for construction of the VESSEL.</P>

<P STYLE="font: 10pt 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">(End of Article)</P>

<P STYLE="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: 55 -->
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    <DIV STYLE="break-before: page; 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>ARTICLE&nbsp;XVI - PATENTS, TRADEMARKS, COPYRIGHTS,&nbsp;ETC.</B></P>

<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"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Patents, Trademarks and Copyrights</U></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 0pt 0.25in; text-align: justify">Machinery and equipment of the VESSEL
may bear the patent number, trademarks or trade names of the manufacturers.</P>

<P STYLE="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 0.25in; text-align: justify">The BUILDER shall defend and save harmless
the BUYER from patent liability or claims of patent infringement of any nature or kind, including costs and expenses for, or on account
of any patented or patentable invention made or used in the performance of this Contract and also including costs and expenses of litigation,
if any.</P>

<P STYLE="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 0.25in; text-align: justify">Nothing contained herein shall be construed
as transferring any patent or trademark rights or copyright in equipment covered by this Contract, and all such rights are hereby expressly
reserved to the true and lawful owners 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 0pt 0.25in; text-align: justify">The BUILDER's warranty herein does
not extend to the BUYER's Supplies.</P>

<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"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>General Plans, Specifications and Working Drawings</U></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 0pt 0.25in; text-align: justify">The BUILDER retains all rights with
respect to the Specifications, and plans and working drawings, technical descriptions, calculations, test results and other data, information
and documents concerning the design and construction of the VESSEL and the BUYER undertakes therefore not to disclose the same or divulge
any information contained therein to any third parties, without the prior written consent of the BUILDER, excepting where it is necessary
for usual operation, repair and maintenance of the VESSEL or for enforcing its rights under this Contract.</P>

<P STYLE="font: 10pt 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">(End of Article)</P>

<P STYLE="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="break-before: page; 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>ARTICLE&nbsp;XVII - BUYER's SUPPLIES</B></P>

<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"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Responsibility of the BUYER</U></B></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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">The BUYER shall, at its own risk, cost and expense, supply
and deliver to the SHIPYARD all of the items to be furnished by the BUYER as specified in the Specifications (herein called throughout
this Contract the &quot;BUYER's Supplies&quot;) at the warehouse or other storage of the SHIPYARD in the proper condition ready for installation
in or on the VESSEL, in accordance with the time schedule designated by the BUILDER.</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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">In order to facilitate installation by the BUILDER of the
BUYER's Supplies in or on the VESSEL, the BUYER shall furnish the BUILDER with necessary specifications, plans, drawings, instruction
books, manuals, test reports and certificates required by the rules&nbsp;and regulations. The BUYER, if so requested by the BUILDER,
shall, without any charge to the BUILDER, cause the representatives of the manufacturers of the BUYER's Supplies to assist the BUILDER
in installation thereof in or on the VESSEL and/or to carry out installation thereof by themselves or to make necessary adjustments thereof
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" 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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: justify">Any and all of the BUYER's Supplies shall be subject to the
BUILDER's reasonable right of rejection, as and if they are found to be unsuitable or in improper condition for installation. However,
if so requested by the BUYER, the BUILDER shall repair or adjust the BUYER's Supplies without prejudice to the BUILDER's other rights
hereunder and without being responsible for any consequences therefrom. In such case, the BUYER shall reimburse the BUILDER for all costs
and expenses incurred by the BUILDER in such repair or adjustment and the Delivery Date shall be postponed for a period of time necessary
for such repair or replacement, if the BUILDER requests.</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: 57 -->
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    <DIV STYLE="break-before: page; 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>

<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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(d)</TD><TD STYLE="text-align: justify">Should the BUYER fail to deliver any of the BUYER's Supplies
within the time designated by the BUILDER, the Delivery Date shall be automatically extended for a period of such delay in delivery,
provided that such delay in delivery shall affect delivery of the VESSEL. In such event, the BUYER shall be responsible and pay to the
BUILDER for all losses and damages incurred by the BUILDER by reason of such delay in delivery of the BUYER's Supplies and such payment
shall be made upon delivery of the VESSEL.</TD>
</TR></TABLE>

<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 0pt 0.5in; text-align: justify">If delay in delivery of any of the BUYER's
Supplies exceeds thirty (30) days, then, the BUILDER shall be entitled to proceed with construction of the VESSEL without installation
thereof in or on the VESSEL, without prejudice to the BUILDER's other rights as hereinabove provided, and the BUYER shall accept and take
delivery of the VESSEL so constructed.</P>

<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"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Responsibility of the BUILDER</U></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 0pt 0.25in; text-align: justify">The BUILDER shall be responsible for
storing and handling with reasonable care of the BUYER's Supplies after delivery thereof at the SHIPYARD, and shall at its own cost and
expense, install them in or on the VESSEL, unless otherwise provided herein or agreed by the parties hereto, provided, always, that the
BUILDER shall not be responsible for quality, efficiency and/or performance of any of the BUYER's Supplies and is under no obligation
with respect to guarantee of such equipment against any defects caused by poor quality, performance and /or efficiency of the BUYER&rsquo;s
supplies.</P>

<P STYLE="font: 10pt 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">(End of Article)</P>

<P STYLE="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: 58 -->
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    <DIV STYLE="break-before: page; 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>ARTICLE&nbsp;XVIII - NOTICE AND CORRESPONDENCE</B></P>

<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"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Address</U></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 0pt 0.25in; text-align: justify">Any and all notices and communications
in connection with this Contract shall be addressed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="RIGHT" STYLE="border-collapse: collapse; width: 97%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%">To the BUYER:&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%">C/O GLOBUS MARITIME LIMITED</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">128 Vouliagmenis Avenue, 3rd Floor, 166 74 Glyfada,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Athens, Greece</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">E-mail:</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Telephone No: +30-210-9608300</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">To the BUILDER:&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">NANTONG COSCO KHI SHIP</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">ENGINEERING CO.,&nbsp;LTD.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">901 Changjiang Middle Road, Nantong, Jiangsu</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">The People&rsquo;s Republic of China</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">E-mail:</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Telephone No: +86-513-85168233</TD></TR>
  </TABLE><BR STYLE="clear: both">


<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"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Language</U></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 0pt 0.25in; text-align: justify">Any and all notices and communications
in connection with this Contract shall be written in English Language.</P>

<P STYLE="font: 10pt 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">(End of Article)</P>

<P STYLE="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="break-before: page; 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>ARTICLE&nbsp;XIX - DEFAULT OF A CONTRACT PARTY</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">Each of the BUILDER or the BUYER or the GUARANTOR
under Performance Guarantee in Exhibit&nbsp;B (each such party for the purposes of this Clause called the &ldquo;Default Party&rdquo;)
shall be deemed to be in default under this Contract, and the counter party shall be entitled, but not bound, to rescind this Contract
forthwith whereupon the provisions of Article&nbsp;X hereof shall apply, by the giving of notice to the Default Party in writing, in any
of the following cases:</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 cessation of the carrying on of business or the filing of a petition or the making of an order or
the passing of an effective resolution for the winding-up of or the appointment of a receiver of the undertaking or property of, or the
insolvency of, the Default Party; 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"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the placing of the Default Party under court protection or analogous proceedings or corporate reorganization;
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"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">If the Default Party is dissolved, liquidated, rehabilitated or ceases to be registered as a company in
its registration country.</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">If the Default Party is the BUILDER, upon the
return of such sums from the BUILDER to the BUYER, all obligations, duties and liabilities of each of the parties hereto to the other
under this Contract shall be forthwith completely discharged and the BUYER shall have no right to claim any further damages whatsoever
in respect of any breach or alleged breach of this Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Default Party is the BUYER or the GUARANTOR,
Clause 3 and Clause 4 of Article&nbsp;XI shall be applied, for which the BUILDER may at its option rescind this Contract in accordance
with the provisions of Article&nbsp;XI hereof.</P>

<P STYLE="font: 10pt 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">(End of Article)</P>

<P STYLE="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="break-before: page; 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>ARTICLE&nbsp;XX - EFFECTIVE DATE OF CONTRACT</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">This Contract shall become effective as from the
date of execution hereof by the BUYER and the BUILDER.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(End of Article)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;XXI - INTERPRETATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&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"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Laws Applicable</U></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 0pt 0.25in; text-align: justify">The parties hereto agree that the validity
and interpretation of this Contract and of each Article&nbsp;and part hereof shall be governed by the laws of England.</P>

<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"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Discrepancies</U></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 0pt 0.25in; text-align: justify">All general language or requirements
embodied in the Specifications are intended to amplify, explain and implement the requirements of this Contract. However, in the event
that any language or requirements so embodied permit an interpretation inconsistent with any provisions of this Contract, then in each
and every such event, the applicable provisions of this Contract shall prevail and govern. The Specifications and plan are also intended
to explain each other, and anything shown on the plan and not stipulated in the Specifications or stipulated in the Specifications and
not shown on the plan shall be deemed and considered as if embodied in both. In the event of conflict between the Specifications and plan,
the Specifications shall prevail and govern.</P>

<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"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Entire Agreement</U></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 0pt 0.25in; text-align: justify">This Contract contains the entire agreement
and understanding between the parties hereto and supersedes all prior negotiations, representations, undertakings and agreements on any
subject matter of this Contract.</P>

<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-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Other</U></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 0pt 0.25in; text-align: justify">All the dates and times shown in this
Contract shall be construed as based on the China Standard 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; text-align: center">(End of Article)</P>

<P STYLE="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="break-before: page; 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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ARTICLE&nbsp;XXII - CONFIDENTIALITY</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">Without prejudice to Article&nbsp;XVI - 2, this
Contract, especially the Contract Price, is confidential between the parties and its terms and conditions may not be divulged except (1)&nbsp;if
the disclosing party (i)&nbsp;is obliged to disclose all or part of this Contract or the Specifications because of any applicable law,
regulation, including the rules&nbsp;and regulations of the US Securities and Exchange Commission and/or the New York Stock Exchange of
the BUYER or its guarantor, or official order, whereby the disclosing party will immediately inform the other party and (ii)&nbsp;has
informed the other party of its intention to disclose all or part of this Contract or the Specifications (with a detailed list of the
information to be disclosed) and has received the prior written consent of the other party for such disclosure or (2)&nbsp;as necessary
in the performance of the Contract to the third parties in a business relationship such as financial sources, government agencies, vendors
and in connection with any arbitration of this Contract.</P>

<P STYLE="font: 10pt 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">(End of Article)</P>

<P STYLE="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="break-before: page; 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">IN WITNESS WHEREOF, the parties hereto have caused this Contract to
be executed the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD COLSPAN="3">BUYER: &nbsp; &nbsp; &nbsp; &nbsp;</TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="3">BUILDER: </TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="3">DAXOS MARITIME LIMITED </TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="3">NANTONG COSCO KHI SHIP ENGINEERING CO.,&nbsp;LTD.</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">/s/ Athanasios Feidakis </TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">/s/ Gao Yongqiang &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 5%">Name</TD>
<TD STYLE="text-align: left; width: 2%">:</TD>
<TD STYLE="width: 40%">Athanasios Feidakis</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
<TD STYLE="width: 5%">Name</TD>
<TD STYLE="text-align: left; width: 2%">: </TD>
<TD STYLE="width: 41%">Gao Yongqiang</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt">Title </FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">: </FONT></TD>
<TD> Attorney in Fact</TD>
    <TD>&nbsp;</TD>
<TD>Title</TD>
<TD STYLE="text-align: left">:</TD>
<TD>President</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;&quot;A&quot;</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>Format of REFUND GUARANTEE</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">Our Ref. No.&nbsp;[ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; text-align: justify">Issuing Date: [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; text-align: justify">To: DAXOS MARITIME LIMITED</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Trust Company Complex, Ajeltake
Road, Ajeltake Island, Majuro, Marshall Islands MH96960</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. At the request of NANTONG COSCO KHI SHIP ENGINEERING
CO.,&nbsp;LTD., a corporation organized and existing under the laws of the People&rsquo;s Republic of China, having its principal office
at 901 Changjiang Middle Road, Nantong, Jiangsu, the People&rsquo;s Republic of China (hereinafter called the &ldquo;Builder&rdquo;) and
in consideration of you entering into a shipbuilding contract by and between you and the Builder dated May&nbsp;13, 2022 (hereinafter
as amended or supplemented from time to time called the &ldquo;Contract&rdquo;) for the construction of one (1)&nbsp;64,000 DWT motor
bulk carrier to be built by the Builder as Hull No.&nbsp;NE442 (hereinafter called the &ldquo;Vessel&rdquo;), and your agreeing to pay
pre-delivery instalments under the Contract aggregating to USD17,275,000.00 (Say United States Dollars Seventeen Million Two Hundred and
Seventy Five Thousand only) representing the first installment of the Contract price, in the amount of USD6,910,000.00(Say United States
Dollars Six Million Nine Hundred and Ten Thousand only), the second installment of the Contract price, in the amount of USD3,455,000.00
(Say United States Dollars Three Million Four Hundred and Fifty Five Thousand only), the third installment of the Contract price, in the
amount of USD3,455,000.00 (Say United States Dollars Three Million Four Hundred and Fifty Five Thousand only) and the fourth installment
of the Contract price, in the amount of USD3,455,000.00 (Say United States Dollars Three Million Four Hundred and Fifty Five Thousand
only), we,&nbsp;Industrial and Commercial Bank of China, Jiangsu Provincial Branch, No.408, Zhongshan Road, Nanjing City, Jiangsu Province,
the People&rsquo;s Republic of China, a bank organized under the laws of the People&rsquo;s Republic of China, do hereby absolutely and
unconditionally guarantee, as primary obligor and not merely as surety, the repayment to you by the Builder of an amount up to but not
exceeding USD17,275,000.00 (Say United States Dollars Seventeen Million Two Hundred and Seventy Five Thousand only), representing the
first, second, third and fourth installment of the Contract price as you may have paid to the Builder under the Contract prior to the
delivery of the Vessel, together with no interest for the relevant period if cancellation of the Contract is exercised by you for the
delay caused by permissible delays in accordance with the provisions of Paragraph 4 of Article&nbsp;VIII of the Contract or total loss
in accordance with the provisions of Article&nbsp;XII of the Contract, or together with an interest at the rate of six percent (6%) per
annum if the cancellation of the Contract is exercised by you in accordance with the provisions of Article&nbsp;X of the Contract, within
twenty one (21) Chinese business days after our receipt of your relevant demand for repayment by authenticated SWIFT through your bank,
if and when the same or any part thereof becomes repayable to you from the Builder in accordance with the terms of the Contract.</P>

<P STYLE="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="break-before: page; 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: justify">2. Should the Builder fail to make such repayment
in accordance with the terms of the Contract within twenty one (21) Chinese business days, we shall pay you the amount the Builder ought
to pay including interest as described above within twenty one (21) Chinese business days after our receipt of your relevant demand for
repayment by authenticated SWIFT through your bank indicating that the Builder is in breach of his obligation(s)&nbsp;under the Contract,
the provision of the Contract in which the Builder is in breach and the amount which the Builder has failed to repay under the Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. However, in the event of any dispute between
you and the Builder in relation to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1)&nbsp;whether the Builder shall be liable to
repay any of the above pre delivery installments paid by you under the Contract 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">(2)&nbsp;consequently whether you shall have
the right to demand payment from us,either you or the Builder shall inform us in writing once such dispute is submitted for
arbitration and if either within twenty one (21) Chinese business days of our receipt of your demand or before any such demand is
made, we receive a notice made by the Builder or you indicating that there is a dispute between you and the Builder and such dispute
is submitted either by the Builder or by you for arbitration in accordance with Article&nbsp;XIII of the Contract, we shall be
entitled to withhold and defer payment until the earliest of (i)&nbsp;an arbitration award is published, or (ii)&nbsp;the final
court judgment/order is published. In case of reference to arbitration, we shall not be obligated to make any payment to you unless
the arbitration award or final court judgment orders the Builder to make repayment. If the Builder fails to honor the award or court
judgment within seven (7)&nbsp;Chinese business days of publication of such award or court judgment then we shall refund to you
within twenty (20) Chinese business days on your further demand (hereinafter called the &ldquo;Further Demand&rdquo;), in
substitution for the demand previously submitted, by authenticated SWIFT through your bank to the extent the arbitration award or
court judgment orders but not exceeding the aggregate amount of the Contract installments guaranteed under this Letter of Guarantee
plus the interest described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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">Such further demand, which is accompanied by a
copy of the arbitration award or final judgment, shall be received by us by authenticated SWIFT through your bank within thirty (30) calendar
days after the publication or conclusion (as the case may be) of the award or judgment, specifying</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1). The final arbitration award or the final court
judgment has been awarded or concluded (as the case may be), 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">2). The amount the Builder is obliged to pay you
pursuant to such final arbitration award or the final court judgment, 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">3). That you have not received from the Builder
the amount payable by the Builder to you in satisfaction of such award or the final court judgment, and 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">4). the amount demanded by you under this Letter
of Guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. The said repayment shall be made by us in US
Dollars. This Letter of Guarantee shall become effective from the time of the actual receipt of the first installment of USD6,910,000.00
under the Contract (Say United States Dollars Six Million Nine Hundred and Ten Thousand only) by the Builder on its account No.&nbsp;[&#9679;]
held with Industrial and Commercial Bank of China, Nantong Branch with quoting this Letter of Guarantee Ref. No.&nbsp;[ ] and the amounts
effective under this Letter of Guarantee shall correspond to the total payments actually made by you from time to time under the Contract
prior to the delivery of the Vessel provided that the relative installment has been remitted to the Builder&rsquo;s account No.&nbsp;[&#9679;]
held with Industrial and Commercial Bank of China, Nantong Branch. However, the available amount under this Letter of Guarantee shall
in no event exceed above mentioned amount actually paid to the Builder, together with interest calculated as described above at six percent
(6%) per annum, as the case may be, for the period commencing with the date of receipt by us for the Builder of the respective installment
to the date of our repayment(s)&nbsp;thereof. Our liability under this Letter of Guarantee shall be reduced automatically in accordance
with the repayment made by the Builder or by ourselves.</P>

<P STYLE="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">5. This Letter of Guarantee shall remain in force
until (I)&nbsp;the Vessel has been delivered to and accepted by you evidenced by presentation to us of a copy of protocol of delivery
and acceptance or (II)&nbsp;refund has been made by the Builder or ourselves under this Letter of Guarantee evidenced by our receipt of
payment certificate or (III)&nbsp;September&nbsp;30th, 2025, whichever occurs earliest. Upon expiry, this Letter of Guarantee shall automatically
become null and void whether or not it is returned to us for cancellation. However, in the event there is still an outstanding arbitration
or court proceedings initiated by you or the Builder for such matters as described in above, then, the validity of this Letter of Guarantee
shall be automatically extended to such date being sixty (60) days after a final, unappealable arbitration award or final court judgement
is published and in any event this Letter of Guarantee shall not expire until receipt by you of the sum due to you in accordance with
the terms of the said final award or final court judgement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6. This Letter of Guarantee shall become automatically
null and void, having no effect whatsoever, if due to whatever reasons, the Builder does not receive the first installment under the Contract
on its account No.&nbsp;[&#9679;] held with Industrial and Commercial Bank of China, Nantong Branch on or before August&nbsp;15th, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7. This&nbsp;Letter&nbsp;of&nbsp;Guarantee&nbsp;may&nbsp;be&nbsp;assigned&nbsp;by&nbsp;you&nbsp;provided
that:</P>

<P STYLE="font: 10pt Times 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-size: 10pt">(a)</FONT> <FONT STYLE="font-size: 10pt">the&nbsp;notice&nbsp;of&nbsp;assignment
duly&nbsp;signed&nbsp;by&nbsp;both you and the assignee has been duly acknowledged by us (and we cannot unreasonably withhold
same);&nbsp;and</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)&nbsp;your signature on such notice of assignment
has been authenticated by your bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c)&nbsp;the right of making demand under this
Letter of Guarantee shall always remain with you.</P>

<P STYLE="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">Our obligations under this Letter of Guarantee
shall not be increased or otherwise affected by any such assignment. Any amendment or modification of this Letter of Guarantee could only
be made at our prior written 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">8. This Letter of Guarantee and any non-contractual
obligations arising from or in connection to it shall be governed by and construed in accordance with the laws of England.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of any dispute as to any matter arising
out of or relating to this Letter of Guarantee or any stipulation herein or with respect thereto, such dispute shall be referred to arbitration
in London in accordance with the Arbitration Act 1996 of the United Kingdom or any statutory modification or re-enactment thereof then
in force save to the extent necessary to give effect to the provisions of this clause including our obligation to appoint an Agent for
Service of Process in London. The arbitration shall be conducted in accordance with the London Maritime Arbitrators&rsquo; Association
(LMAA) Terms current at the time when the arbitration proceedings are commenced. Any such arbitration shall follow the procedure outlined
in the Article&nbsp;XIII of the Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of arbitration, we shall irrevocably
appoint an Agent in London to act as our agent to receive and accept on our behalf any service of document relating to any proceedings
in the English courts, or any notice or other communication in connection with any arbitration, under or in relation to this Letter of
Guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9. Neither our liability nor our obligations under
this Letter of Guarantee shall be affected or discharged by any amendment or variation or extension of the terms of the Contract or any
invalidity, irregularity or unenforceability or otherwise of the Contract or any time or indulgence granted to the Builder under the terms
of the Contract and/or any insolvency, bankruptcy, liquidation, dissolution or reorganization (or analogous procedure) of the Builder
or by any act, omission, fact or circumstances whatsoever, which could or might, but for the foregoing, diminish in any way our obligations
under this Letter of Guarantee provided however that notwithstanding the foregoing, our liability under this Letter of Guarantee shall
in no event be greater than the aforesaid guarantee amount plus interest (as the case may be). We further hereby waive and disclaim all
rights whatsoever to claim sovereign immunity for ourselves or our assets in respect of any claim or proceedings brought under this Letter
of Guarantee, and waive and disclaim any claim that any proceedings brought against us under or in respect of this Letter of Guarantee
have been brought in an inconvenient or inappropriate forum provided always that such proceedings are brought in accordance with the terms
of this Letter of Guarantee.</P>

<P STYLE="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">10. We confirm herewith that we are permitted
by the laws of the People&rsquo;s Republic of China to issue this Letter of Guarantee and especially to designate English law as the applicable
law and London as place of arbitration. With regard to the rules, regulations and requirements of foreign exchange imposed by the state
administration of foreign exchange (&ldquo;S.A.F.E.&rdquo;) of the People&rsquo;s Republic of China, we confirm herewith that this Letter
of Guarantee will be registered with the relevant S.A.F.E. authority after the issuance and confirm further that we have obtained all
necessary approvals and authorizations to issue this Letter of Guarantee and that we are authorized to transfer funds out of the People&rsquo;s
Republic of China in the currency of this Letter of Guarantee as and when required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11. All the banking charges outside of the People&rsquo;s
Republic of China are on your account and all the banking charges inside the People&rsquo;s Republic of China are for account of the Builder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12. All payments by us under this Letter of Guarantee
shall be made without any set-off or counterclaim and without deduction or withholding for or on account of any taxes, duties or charges
whatsoever unless we are obliged by law to deduct or withhold the same. In the latter event we shall make the minimum deduction or withholding
required and will pay you such additional amounts as may be necessary in order that the net amount received by you after such deduction
or withholding shall equal the amount which would have been received had such deduction or withholding not been made.</P>

<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; text-align: justify">13. Breaches of local and international anti-money
laundering or economic sanctions laws and regulations administered by, including but not limited to the People&rsquo;s Republic of China,
United Nations, United States, are not acceptable. Our bank may reject any transaction in violation of any of these laws and regulations
without any liability on our 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"></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>EXHIBIT&nbsp;&quot;B&quot;</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>Format of PERFORMANCE GUARANTEE</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">[OMITTED]</P>

<P STYLE="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>
<TYPE>EX-4.20
<SEQUENCE>7
<FILENAME>exhibit420.htm
<DESCRIPTION>EXHIBIT 4.20
<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: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.20</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SHIPBUILDING CONTRACT</P>

<P STYLE="font: 10pt 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">OF</P>

<P STYLE="font: 10pt 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">ONE (1)&nbsp;64,000-DWT TYPE</P>

<P STYLE="font: 10pt 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">MOTOR BULK CARRIER</P>

<P STYLE="font: 10pt 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">UNDER NACKS HULL NO. NE443</P>

<P STYLE="font: 10pt 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">BETWEEN</P>

<P STYLE="font: 10pt 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">PARALUS SHIPHOLDING S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AS BUYER</P>

<P STYLE="font: 10pt 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">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: center">NANTONG COSCO KHI SHIP ENGINEERING CO.,&nbsp;LTD.</P>

<P STYLE="font: 10pt 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">AS BUILDER</P>

<P STYLE="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: 1 -->
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    <DIV STYLE="break-before: page; 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"><FONT STYLE="text-transform: uppercase"><B><U>Index</U></B></FONT></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 COLSPAN="2" STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;I - DESCRIPTION AND CLASS</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; width: 7%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; width: 83%; text-align: justify"><B>Description</B></TD>
    <TD STYLE="padding-bottom: 3pt; width: 10%; text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Class and Rules</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Principal Particulars of the VESSEL</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Subcontracting</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Registration</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;II - CONTRACT PRICE AND TERMS OF PAYMENT</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Contract Price</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Adjustment of Contract Price</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Currency</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Terms of Payment</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Method of Payment</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Prepayment</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Special Conditions</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;III - ADJUSTMENT OF CONTRACT PRICE</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">11</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Delivery</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">11</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Speed</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">12</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Fuel Consumption</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">13</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Deadweight</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Effect of Rescission</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">15</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Method of Settlement</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">15</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Cumulative Effect</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">15</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;IV - APPROVAL OF PLANS AND DRAWINGS AND INSPECTION DURING CONSTRUCTION</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Approval of Plans and Drawings</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Appointment of the BUYER's Representative</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Inspection by the Representative</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Facilities</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">20</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Liability of the BUILDER</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">20</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Responsibility of the BUYER</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">21</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Salaries and Expenses</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">21</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;V - MODIFICATION</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Modification of Specifications</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Change in Rules and Regulations, etc.</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Substitution of Materials</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">23</TD></TR>
</TABLE>

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<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="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;VI - TRIALS</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">24</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify; width: 83%"><B>Notice</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right; width: 10%">24</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Weather Condition</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">24</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>How Conducted</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">25</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Trial Condition</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">25</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Method of Acceptance or Rejection</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">26</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Effect of Acceptance</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">27</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Disposition of Surplus Consumable Stores</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">27</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;VII - DELIVERY</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">29</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Time and Place</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">29</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Notice</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">29</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>When and How Effected</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">29</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Documents to be delivered to the BUYER</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">30</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Tender of the VESSEL</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">31</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Title and Risk</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">31</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Removal of the VESSEL</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">32</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;VIII - DELAYS AND EXTENSION OF TIME FOR DELIVERY (FORCE MAJEURE)</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">33</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Causes of Delay</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">33</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Notice of Delays</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">34</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Definition of Permissible Delays</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">34</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Right to Rescind for Excessive Delay</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">34</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;IX - WARRANTY OF QUALITY</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">36</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Guarantee of Material, Workmanship</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">36</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Notice of Defects</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">36</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Remedy of Defects</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">36</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Extent of BUILDER's Liability</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">38</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;X - RESCISSION OF THE CONTRACT</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">40</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Notice</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">40</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Refund by the BUILDER</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">40</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Discharge of Obligations</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">41</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Refund Guarantee</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">41</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XI - BUYER'S DEFAULT</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">42</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Definition of Default</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">42</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Interest and Charge</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">42</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Effect of Default</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">43</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Sale of the VESSEL</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">43</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XII - INSURANCE</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">45</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Extent of Insurance Coverage</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">45</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Application of Recovered Amount</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">46</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Termination of the BUILDER's obligation to insure</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">47</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 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="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XIII - DISPUTES AND ARBITRATION</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">48</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify; width: 83%"><B>Proceedings</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right; width: 10%">48</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Notice of Award</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">49</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Expenses</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">49</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Entry in Court</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">49</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Alteration of Delivery of the VESSEL</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">49</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XIV - RIGHTS OF ASSIGNMENT</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">50</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XV - TAXES AND DUTIES</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">51</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XVI - PATENTS, TRADEMARKS, COPYRIGHTS,&nbsp;ETC.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">52</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Patents, Trademarks and Copyrights</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">52</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>General Plans, Specifications and Working Drawings</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">52</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XVII - BUYER's SUPPLIES</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">53</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Responsibility of the BUYER</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">53</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Responsibility of the BUILDER</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">54</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XVIII - NOTICE AND CORRESPONDENCE</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">55</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Address</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">55</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Language</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">55</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XIX - DEFAULT OF A CONTRACT PARTY</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">56</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XX - EFFECTIVE DATE OF CONTRACT</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">57</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XXI - INTERPRETATION</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">58</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Laws Applicable</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">58</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Discrepancies</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">58</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Entire Agreement</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">58</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><B>Other</B></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">58</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE&nbsp;XXII - CONFIDENTIALITY</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">59</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT&nbsp;&quot;A&quot;</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">61</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Format of REFUND GUARANTEE</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">61</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT&nbsp;&quot;B&quot;</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">68</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Format of PERFORMANCE GUARANTEE</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">68</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">END OF CONTRACT</P>

<P STYLE="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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SHIPBUILDING CONTRACT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FOR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ONE (1)&nbsp;64,000-DWT TYPE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MOTOR BULK CARRIER</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: 0.25in">THIS CONTRACT, made on this
13th day of May, 2022 by and between NANTONG COSCO KHI SHIP ENGINEERING CO.,&nbsp;LTD., a corporation organized and existing under the
laws of the People&rsquo;s Republic of China, having its principal office at 901 Changjiang Middle Road, Nantong, Jiangsu, the People&rsquo;s
Republic of China (hereinafter called the &quot;BUILDER&quot;), the party of the first part, and PARALUS SHIPHOLDING S.A., a corporation
organized and existing under the laws of the Republic of the Marshall Islands, having its registered office at Trust Company Complex,
Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (hereinafter called the &quot;BUYER&quot;), the party of the second 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: center"><B><U>W I T N E S S E T H </U>:</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: 0.25in">In consideration of the mutual
covenants contained herein, the BUILDER agrees to design, build, launch, equip and complete one (1)&nbsp;64,000-DWT type motor bulk carrier
(hereinafter called the &quot;VESSEL&quot;) more fully described in ARTICLE&nbsp;I hereof at the BUILDER's shipyard (hereinafter called
the &quot;SHIPYARD&quot;) and to sell and deliver the VESSEL to the BUYER, and the BUYER agrees to purchase and take delivery of the VESSEL
from the BUILDER and to pay for the same, all upon the terms and conditions hereinafter set forth.</P>

<P STYLE="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>ARTICLE&nbsp;I - DESCRIPTION AND CLASS</B></P>

<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"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Description</U></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 0pt 0.25in; text-align: justify">The VESSEL shall be a 64,000-DWT type
motor bulk carrier of the class described below. The VESSEL shall have the BUILDER's Hull No.NE443 and shall be designed, constructed,
equipped and completed in accordance with the following Specifications and Plans of the date hereof signed by the parties hereto (hereinafter
collectively called the &quot;Specifications&quot;), making an integral part hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; width: 45%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Specifications (NB20-0700): </FONT></TD>
    <TD STYLE="width: 55%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Part&nbsp;I&amp;II (General and Hull Part)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dwg. No.&nbsp;02-011, 2nd Edition, August&nbsp;2020</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Part&nbsp;III&nbsp;&nbsp;&nbsp;&nbsp;(Machinery Part)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dwg. No.&nbsp;02-012, 2nd Edition, August&nbsp;2020</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Part&nbsp;IV&nbsp;&nbsp;&nbsp;&nbsp;(Electric and Automation Part)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dwg. No.&nbsp;02-013, 2nd Edition, August&nbsp;2020</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Plans (NB20-0700):</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Preliminary General Arrangement (1/2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dwg. No.&nbsp;02-110 (1/2), 2nd Edition, August&nbsp;2020</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">Preliminary General Arrangement (2/2)<BR>
(Accommodation)</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dwg. No.&nbsp;02-110 (2/2), 2nd Edition, August&nbsp;2020</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Makers List (NB20-0700):</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dwg. No.&nbsp;02-801, 3rd Edition, July&nbsp;2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">Discussion Memorandum (NB22-0701)</TD>
    <TD>Dwg. No.&nbsp;08-001, 1st Edition, March&nbsp;2022</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Discussion Memorandum (NB22-0701)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dwg. No.&nbsp;08-002, 1st Edition, May&nbsp;2022</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Extra and Credit List (NB22-0701)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">May&nbsp;13,2022</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"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Class&nbsp;and Rules</U></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 0pt 0.25in; text-align: justify">The VESSEL, including its machinery,
equipment and outfittings, shall be constructed in accordance with the rules&nbsp;and regulations as described in the Specifications and
under special survey of American Bureau of Shipping (hereinafter called the &quot;Classification Society&quot;) under the following Class&nbsp;Notations.</P>

<P STYLE="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 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABS, </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">X</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A1,
, <IMG SRC="tm239162d1_ex4-20img001.jpg" ALT="" STYLE="width: 13px; height: 13px">, Bulk Carrier, BC-A (holds No.2 and 4 may be
empty), </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">X</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AMS, </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">X</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACCU,
ENVIRO</FONT><FONT STYLE="font-size: 10pt">, <FONT STYLE="font-family: Times New Roman, Times, Serif">CSR, AB-CM, TCM, BWT,
RW,&nbsp;IHM, CPS, GRAB[20], ESP, UWILD, NOx-Tier III</FONT></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 0pt 0.25in; text-align: justify">The BUILDER shall arrange with the
Classification Society for the assignment by the Classification Society of a representative or representatives (hereinafter called the
&quot;Classification Surveyor&quot;) to the VESSEL during the construction.</P>

<P STYLE="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 0.25in; text-align: justify">All fees and charges incidental to
classification and to compliance with the above specified rules, regulations and requirements of this Contract payable on account of the
construction of the VESSEL shall be for the account of the BUILDER.</P>

<P STYLE="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 0.25in; text-align: justify">Decisions of the Classification Society
as to the compliance or noncompliance with the classification rules&nbsp;and regulations including those statutory rules&nbsp;and regulations
which the Classification Society is authorized to act on behalf of the relevant authorities shall be final and binding upon the parties
hereto. In the event of any dispute within the Classification Society for such matter, decisions of the Head office of the Classification
Society shall prevail.</P>

<P STYLE="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 0.25in; text-align: justify">The VESSEL&rsquo;s classification status,
and all classification and other required certificates hereunder, are to be clean and free of all conditions, recommendations and restrictions
whatsoever other than those permitted in the Specifications or otherwise mutually agreed under the terms of this Contract.</P>

<P STYLE="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" 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"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Principal Particulars of the VESSEL</U></B></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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">Hull:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-left: 0.5in; width: 80%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Length overall</FONT></TD>
    <TD STYLE="width: 20%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">abt. 199.90 m</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Length between perpendiculars</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">197.00 m</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Breadth moulded</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.24 m</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depth moulded</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.40 m</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summer draught moulded</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.50 m</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scantling draught moulded</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.50 m</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Propelling machinery and Guaranteed speed:</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">The propelling machinery shall consist
of one (1)&nbsp;MAN B&amp;W 6S50ME-C9.7-HPSCR, two-stroke cycle, crosshead, reversible, marine diesel engine with exhaust gas turbocharger
having a maximum continuous output of 6,940 Kilowatts (bhp) with 85 rpm, in accordance with the Specifications, giving the VESSEL a trial
speed of 15.6 knots on a trial ballast condition at the maximum continuous output with clean bottom, on calm and deep open sea, under
no wind, no wave and no current condition.</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: justify">Deadweight (guaranteed):</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">The VESSEL, when completed and ready
for sea, shall be capable of carrying the deadweight tonnage of not less than 63,891 metric tons on the summer draught moulded of 13.50
m, in accordance with the definition described in Specifications General Part&nbsp;para. 6 &quot;Deadweight calculation&quot;.</P>

<P STYLE="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" 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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(d)</TD><TD STYLE="text-align: justify">Fuel oil consumption (guaranteed):</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">The fuel oil consumption of the VESSEL's
main engine as determined on the shop trial as more fully specified in the Specifications, at the normal output shall be 158.2 grams/kW/hour
using fuel oil having low calorific value of 42,700 kJ/kg.</P>

<P STYLE="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">If the fuel used on such trials has
a greater or lesser calorific value than 42,700 kJ/kg (low calorific value), the actual fuel oil consumption of main engine shall be adjusted
in inverse proportion to that which would have been achieved with fuel oil of the said calorific value.</P>

<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"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>Subcontracting</U></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 0pt 0.25in; text-align: justify">The BUILDER may, at its sole discretion
and responsibility, subcontract any portion of the construction work of the VESSEL. Delivery and final assembly into the VESSEL of any
such works subcontracted shall be at the Shipyard.</P>

<P STYLE="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 0.25in; text-align: justify">The BUILDER shall always remain fully
and solely responsible for the work done or the materials supplied by such subcontractors. The BUYER has the right to dispatch Representative
(as defined in Article&nbsp;IV) to the sub-contractors&rsquo; premises, provided that the cost of any such representatives shall be borne
by the BUYER.</P>

<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"><B>5.</B></TD><TD STYLE="text-align: justify"><B><U>Registration</U></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 0pt 0.25in; text-align: justify">The VESSEL shall be registered by the
BUYER at its own cost and expense under the laws of the Republic of the Marshall Islands with its home port of City of Majuro at the time
of delivery and acceptance of the VESSEL hereunder.</P>

<P STYLE="font: 10pt 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">(End of Article)</P>

<P STYLE="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>ARTICLE&nbsp;II - CONTRACT PRICE AND TERMS OF
PAYMENT</B></P>

<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"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Contract Price</U></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 0pt 0.25in; text-align: justify">The purchase price of the VESSEL is
United States Dollars Thirty Five Million One Hundred and Fifty Thousand (U.S.$35,150,000.-) only net receivable by the BUILDER (hereinafter
called the &quot;Contract Price&quot;), which is exclusive of the BUYER's Supplies as provided in Article&nbsp;XVII hereof and shall be
subject to upward or downward adjustment, if any, as hereinafter set forth in this Contract.</P>

<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"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Adjustment of Contract Price</U></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 0pt 0.25in; text-align: justify">Adjustment of the Contract Price, if
any, in accordance with provisions of this Contract shall be made by way of addition to or subtraction from the final instalment due and
payable upon delivery of the VESSEL in the manner as hereinafter provided.</P>

<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"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Currency</U></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 0pt 0.25in; text-align: justify">Any and all payments by the BUYER to
the BUILDER under this Contract shall be made in United States Dollars. All lifting charge, if any, incurred in respect of the payments
made at other banks than the BUILDER's nominated bank in the People&rsquo;s Republic of China specified in Paragraph 5 of this ARTICLE&nbsp;shall
be for the BUYER's account.</P>

<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"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>Terms of Payment</U></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 0pt 0.25in; text-align: justify">The Contract Price including any adjustment
thereof shall be paid by the BUYER to the BUILDER in instalments 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: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">1st Instalment:</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">The sum of United States Dollars Six
Million Nine Hundred and Ten Thousand only (U.S.$6,910,000.-) shall be paid in accordance with Clause 5(a)&nbsp;of this Article&nbsp;within
Five (5)&nbsp;banking days after the date of signing this Contract and receipt by BUYER of the Refund Guarantee (as defined in Article&nbsp;X)
via Society for Worldwide Interbank Financial Telecommunication (hereinafter called the &ldquo;SWIFT&rdquo;) , whichever is later.</P>

<P STYLE="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: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">2nd Instalment:</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">The sum of United States Dollars Three
Million Four Hundred and Fifty Five Thousand only (U.S.$3,455,000.-) shall be paid on or before November&nbsp;14th, 2022 in accordance
with Clause 5(b)&nbsp;of this Article.</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: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">3rd Instalment:</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">The sum of United States Dollars Three
Million Four Hundred and Fifty Five Thousand only (U.S.$3,455,000.-) shall be paid within five (5)&nbsp;banking days after keel laying
of the VESSEL in accordance with Clause 5(c)&nbsp;of this Article.</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: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">4th Instalment:</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">The sum of United States Dollars Three
Million Four Hundred and Fifty Five Thousand only (U.S.$3,455,000.-) shall be paid within five (5)&nbsp;banking days after launching of
the VESSEL in accordance with Clause 5(d)&nbsp;of this Article.</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: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify">5th Instalment:</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">The sum of United States Dollars Seventeen
Million Eight Hundred and Seventy Five Thousand only (U.S.$17,875,000.-) plus any increase or minus any decrease due to adjustment of
the Contract Price hereunder shall be paid upon delivery and acceptance of the VESSEL in accordance with Clause 5(e)&nbsp;of this Article.</P>

<P STYLE="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" 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"><B>5.</B></TD><TD STYLE="text-align: justify"><B><U>Method of Payment</U></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 0pt 0.25in; text-align: justify">Each of the instalments due and payable
of the VESSEL shall be remitted, as the net receivable sum to the BUILDER, by the due date by telegraphic transfer to BUILDER&rsquo;s
bank with U.S. Dollar Saving Account for the account of the BUILDER with remarks of &ldquo;Hull NE443&rdquo;.</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: 0.25in">(a)</TD><TD STYLE="text-align: justify">1st Instalment:</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 0.25in; text-align: justify">Within Five (5)&nbsp;banking days after
the date of signing of this Contract and receipt by the BUYER of the Refund Guarantee issued by the BUILDER&rsquo;s bank via SWIFT, the
BUYER shall remit the amount of this Instalment by telegraphic transfer to the BUILDER&rsquo;s bank for the account of the BUILDER.</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: 0.25in">(b)</TD><TD STYLE="text-align: justify">2nd Instalment:</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 0.25in; text-align: justify">The BUILDER shall give a notice to the
BUYER at least seven (7)&nbsp;banking days prior to the due date of this Instalment.</P>

<P STYLE="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 0.25in; text-align: justify">On or before November&nbsp;14th, 2022,
the BUYER shall remit the amount of this Instalment by telegraphic transfer to the BUILDER&rsquo;s bank for the account of the BUILDER.</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: 0.25in">(c)</TD><TD STYLE="text-align: justify">3rd Instalment:</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 0.25in; text-align: justify">The BUILDER shall give a notice to the
BUYER about expected date of the keel laying of the VESSEL at least fifteen (15) days prior to the scheduled keel laying date.</P>

<P STYLE="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 0.25in; text-align: justify">Upon completion of the keel laying
of the VESSEL, the BUILDER shall provide the BUYER with a notice together with a witness statement signed by the Classification Society,
advising that the BUILDER has completed the keel laying of the VESSEL.</P>

<P STYLE="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 0.25in; text-align: justify">Within five (5)&nbsp;banking days after
the keel laying of the VESSEL, the BUYER shall remit the amount of this Instalment by telegraphic transfer to the BUILDER&rsquo;s bank
for the account of the BUILDER.</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: 0.25in">(d)</TD><TD STYLE="text-align: justify">4th Instalment:</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 0.25in; text-align: justify">The BUILDER shall give a notice to the
BUYER about expected date of launching of the VESSEL at least fifteen (15) days prior to the scheduled launching date.</P>

<P STYLE="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 0pt 0.25in; text-align: justify">Upon completion of the launching of
the VESSEL, the BUILDER shall provide the BUYER with a notice together with a witness statement signed by the Classification Society,
advising that the BUILDER has completed the launching of the VESSEL.</P>

<P STYLE="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 0.25in; text-align: justify">Within five (5)&nbsp;banking days after
the launching of the VESSEL, the BUYER shall remit the amount of this Instalment by telegraphic transfer to the BUILDER&rsquo;s bank for
the account of the BUILDER.</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: 0.25in">(e)</TD><TD STYLE="text-align: justify">5th Instalment:</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 0.25in; text-align: justify">The BUILDER shall give a detail notice
to the BUYER regarding expected date of Delivery of the VESSEL and any price adjustment, credit or extra, of the Contract Price seven
(7)&nbsp;banking days prior to the scheduled Delivery date.</P>

<P STYLE="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 0.25in; text-align: justify">The BUYER (or its financier on BUYER&rsquo;s
behalf) shall, at least three (3)&nbsp;banking days prior to the scheduled Delivery date of the VESSEL, make cash deposit (the deposit
interest to be for the account of the BUYER) with the BUILDER&rsquo;s bank, covering the amount of this instalment as adjusted, available
or releasable to the BUILDER against a copy of mutually signed Protocol of Delivery and Acceptance of the VESSEL as set forth in Paragraph
3 of Article&nbsp;VII hereof.</P>

<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"><B>6.</B></TD><TD STYLE="text-align: justify"><B><U>Prepayment</U></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 0pt 0.25in; text-align: justify">Prepayment of any instalment due on
or before delivery of the VESSEL shall be subject to mutual agreement between the parties hereto.</P>

<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"><B>7.</B></TD><TD STYLE="text-align: justify"><B><U>Special Conditions</U></B></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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">For the purpose of this Contract, &quot;banking days&quot; means
days excluding Saturday, Sunday and public holiday in New York, Zurich, Hamburg, Beijing and Athens.</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="break-before: page; 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>

<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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">The BUYER shall give the BUILDER prior notice of each remittance
and shall use its best endeavours that the payment instruction from the BUYER&rsquo;s remitting banks will reach the BUILDER&rsquo;s
bank latest 11:00 hours Beijing Time on each due date.</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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: justify">If any of the First, Second, Third and Fourth instalments is
not paid in full by the BUYER to the BUILDER by the due date of each instalment as set forth in Paragraph 5 hereof, in such event, the
BUYER shall pay the BUILDER interest on such unpaid instalments at the rate of six percent (6%) per annum from the due date of each instalment
thereof to the date of full payments.</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">(End of Article)</P>

<P STYLE="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="break-before: page; 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>ARTICLE&nbsp;III - ADJUSTMENT OF CONTRACT PRICE</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 Contract Price shall be subject to adjustment,
as hereinafter set forth, in the event of the following contingencies (it being understood by both parties that any reduction of the Contract
Price is by way of liquidated damages and not by way of penalty):</P>

<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"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Delivery</U></B></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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">No adjustment shall be made and the Contract Price shall remain
unchanged for the first thirty (30) days of delay in delivery of the VESSEL beyond the Delivery Date as defined in Article&nbsp;VII hereof
(ending as of twelve o'clock midnight China Standard Time of the thirtieth (30th) day of delay).</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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">If the delivery of the VESSEL is delayed more than thirty (30)
days after the Delivery Date, then, in such event, beginning at twelve o'clock midnight of the thirtieth (30th) day after the Delivery
Date, the Contract Price shall be reduced by deducting therefrom the sum of United States Dollars Seven Thousand only (U.S.$ 7,000.-)
for each day thereafter.</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">However, the total reduction in the
Contract Price shall not be more than United States Dollars Eight Hundred and Forty Thousand only (U.S.$ 840,000.-) as would be the case
for a delay of one hundred and twenty (120) days, counting from twelve o&rsquo;clock midnight of the thirtieth (30th) day after the Delivery
Date at the above specified rate of reduction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: justify">But if the delay in delivery of the VESSEL should continue for
a period of one hundred and twenty (120) days from the thirty-first (31st) day after the Delivery Date, then, in such event, and after
such period has expired, the BUYER may at its option rescind this Contract in accordance with the provisions of Article&nbsp;X hereof
or may consent to delivery of the VESSEL at the total reduction provided for in above Subparagraph (b)&nbsp;at an agreed future date
for delivery, by serving upon the BUILDER a written notice.</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: 15 -->
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    <DIV STYLE="break-before: page; 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 0pt 35pt; text-align: justify">The BUILDER may, at any time after the
expiration of the aforementioned one hundred and twenty (120) days of delay in delivery, if the BUYER has not served notice of rescission
as provided in Article&nbsp;X hereof, notify the BUYER of the date upon which the BUILDER estimates the VESSEL will be ready for delivery
and demand in writing that the BUYER shall make an election, in which case the BUYER shall, within fifteen (15) days after such demand
is received by the BUYER, notify the BUILDER of its intention either to rescind this Contract or to consent to the acceptance of the VESSEL
at agreed reduction price and at agreed future date; it being understood by the parties hereto that, if the VESSEL is not delivered by
such future date, the BUYER shall have the same right of rescission upon the same terms and conditions as hereinabove provided.</P>

<P STYLE="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 35pt; text-align: justify">If the BUYER fails to notify the BUILDER
of its intention to rescind this Contract as above specified within the aforementioned fifteen (15) days, the BUYER shall be deemed to
have consented to delivery of the VESSEL at the later date proposed by the BUILDER.</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(d)</TD><TD STYLE="text-align: justify">For the purpose of this Article, the delivery of the VESSEL
shall be deemed to be delayed when and if the VESSEL, after taking into full account all postponements of the Delivery Date by reason
of permissible delays as defined in Article&nbsp;VIII and/or any other reasons under this Contract, is not delivered by the date upon
which delivery is required under the terms of this Contract.</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"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Speed</U></B></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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">The Contract Price shall not be affected or changed by reason
of the actual speed, as determined by trial run in accordance with the Specifications, being less than three-tenths (3/10) of one (1)&nbsp;knot
below the Guaranteed Speed of the VESSEL specified and required under Paragraph 3(b)&nbsp;of Article&nbsp;I of this Contract (hereinafter
called the &ldquo;Guaranteed Speed&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"></P>

<!-- Field: Page; Sequence: 16 -->
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    <DIV STYLE="break-before: page; 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>

<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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">In the event, however, that the deficiency in the actual speed
exceeds three-tenths (3/10) of one (1)&nbsp;knot below the Guaranteed Speed of the VESSEL, the Contract Price shall be reduced by United
States Dollars Sixty Thousand (U.S.$60,000.-) only for deficiency of each further complete one-tenth (1/10) of a knot in excess up to
a maximum of deficiency of one (1)&nbsp;full knot below the Guaranteed Speed (but fractions less each complete 1/10 of a knot to be disregarded).</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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: justify">If the deficiency in actual speed of the VESSEL upon trial run
is more than one (1)&nbsp;full knot below the Guaranteed Speed of the VESSEL, then the BUYER may, at its option, reject the VESSEL and
rescind this Contract in accordance with the provisions of Article&nbsp;X hereof, or may accept the VESSEL at a reduction in the Contract
Price as above provided for one (1)&nbsp;full knot only, that is, at a total reduction of United States Dollars Four Hundred and Twenty
Thousand only (U.S.$420,000.-).</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"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Fuel Consumption</U></B></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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">The Contract Price shall not be affected or changed by reason
of the actual fuel consumption of the VESSEL&rsquo;s main engine, as determined by shop trial as per the Specifications, being more than
the Guaranteed Fuel Consumption of the VESSEL&rsquo;s main engine specified and required under Paragraph 3(d)&nbsp;of Article&nbsp;I
of this Contract (hereinafter called the &ldquo;Guaranteed Fuel Consumption&rdquo;), if such excess is not more than five percent (5%)
over the Guaranteed Fuel Consumption.</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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">In the event, however, that actual fuel consumption of the VESSEL&rsquo;s
main engine as determined by the shop trial as specified in the Specifications exceeds five percent (5%) over the Guaranteed Fuel Consumption
of the main engine, the Contract Price shall be reduced by the sum of United States Dollars Forty Thousand (U.S.$40,000.-) only for each
full one percent (1%) increase in fuel consumption above said five percent (5%) (fractions of one percent (1%) to be disregarded), up
to a maximum of eight percent (8%) over the Guaranteed Fuel Consumption of the main engine.</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" 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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: justify">If such actual fuel consumption of the VESSEL&rsquo;s main engine
as determined by the shop trial as specified in the Specifications exceeds eight percent (8%) of the Guaranteed Fuel Consumption, the
BUYER may, at its option, reject the VESSEL and rescind this Contract in accordance with the provisions of Article&nbsp;X hereof, or
may accept the VESSEL at a reduction in the Contract Price as above specified for eight percent (8%) only, that is, at a total reduction
of United States Dollars One Hundred and Twenty Thousand (U.S.$120,000.-) only.</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"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>Deadweight</U></B></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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">The Contract Price shall not be affected or changed by reason
of the actual deadweight tonnage determined as provided for in the Specifications being below the deadweight tonnage specified and required
under Paragraph 3(c)&nbsp;of Article&nbsp;I of this Contract (hereinafter called the &quot;Guaranteed Deadweight&quot;), if such deficiency
in the actual deadweight tonnage is not more than Seven Hundred (700) metric tons.</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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">In the event that the actual deadweight of the VESSEL as determined
in accordance with the Specifications is less than the Guaranteed Deadweight of the VESSEL, the Contract Price shall be reduced by the
sum of United States Dollars Four Hundred and Fifty (U.S.$450.-) only for each full metric ton (but disregarding fractions of one (1)&nbsp;metric
tons) more than Seven Hundred (700) metric tons deficiency, up to a maximum of One Thousand and Seven Hundred (1,700) metric tons below
the Guaranteed Deadweight.</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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: justify">In the event of such deficiency in the actual deadweight of
the VESSEL exceeds One Thousand and Seven Hundred (1,700) metric tons, then the BUYER may, at its option, reject the VESSEL and rescind
this Contract in accordance with the provisions of Article&nbsp;X hereof, or may accept the VESSEL at a reduction in the Contract Price
as above provided for One Thousand and Seven Hundred (1,700) metric tons only, that is, at a total reduction of United States Dollars
Four Hundred and Fifty Thousand only (U.S.$450,000.-).</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" 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"><B>5.</B></TD><TD STYLE="text-align: justify"><B><U>Effect of Rescission</U></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 0pt 0.25in; text-align: justify">It is expressly understood and agreed
by the parties hereto that in any case, if the BUYER rescinds this Contract under this Article, the BUYER shall not be entitled to any
liquidated damages.</P>

<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"><B>6.</B></TD><TD STYLE="text-align: justify"><B><U>Method of Settlement</U></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 0pt 0.25in; text-align: justify">Every and all adjustment of the Contract
Price provided in this Article&nbsp;shall be deducted from the final installment due upon Delivery of the VESSEL.</P>

<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"><B>7.</B></TD><TD STYLE="text-align: justify"><B><U>Cumulative Effect</U></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 0pt 0.25in; text-align: justify">The liquidated damages specified in
each separate paragraph and sub-paragraph within this Article&nbsp;III shall be independent of each other and cumulative.</P>

<P STYLE="font: 10pt 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">(End of Article)</P>

<P STYLE="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>ARTICLE&nbsp;IV - APPROVAL OF PLANS AND DRAWINGS
AND INSPECTION DURING CONSTRUCTION</B></P>

<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"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Approval of Plans and Drawings</U></B></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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">The BUILDER shall submit to the BUYER in PDF format of the plans and drawings to be submitted thereto
in accordance with the Specifications for its approval.</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">The BUYER shall after the date of receipt,
within three (3)&nbsp;weeks before the keel laying of the VESSEL and within two (2)&nbsp;weeks after the keel laying of the VESSEL inform
the BUILDER of the BUYER's approval or approval with comments as described in the Specifications.</P>

<P STYLE="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">A list of the plans and drawings to
be submitted to the BUYER for its approval shall be mutually agreed upon between the parties hereto.</P>

<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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">When and if the Representative (as defined hereinafter) shall have been sent by the BUYER to the SHIPYARD
in accordance with Paragraph 2 of this Article, the BUILDER may, at the BUYER's written consent, submit the remainder, if any, of the
plans and drawings in the list, to the Representative for his approval, The Representative shall, within two (2)&nbsp;weeks after receipt
thereof, inform the BUILDER of the BUYER's approval or approval with comments, if any.</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">Approval by the Representative of the
plans and drawings duly submitted to him at the BUYER&rsquo;s consent shall be deemed to be the approval by the BUYER for all purpose
of this Contract.</P>

<P STYLE="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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">In the event that the BUYER or the Representative shall fail to inform the BUILDER of the BUYER&rsquo;s
approval or approval with comments if any within the time limit as hereinabove specified, such plans and drawings shall be deemed to have
been automatically approved without any comment.</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: 0in">The plans and
drawings so approved by the BUYER or the Representative shall be final and any alteration thereof shall be regarded as modifications specified
in Article&nbsp;V hereof.</P>

<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"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Appointment of the BUYER's Representative</U></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 0pt 0.25in; text-align: justify">The BUYER may timely send to and maintain
at the SHIPYARD, at the BUYER's own cost and expense, no more than Five (5)&nbsp;representatives, BUYER&rsquo;s office personnel occasional
visits excluded, who shall be duly authorized in writing by the BUYER (hereinafter called the &quot;Representative&quot;) to act on behalf
of the BUYER in connection with modifications of the Specifications, approval of the plans and drawings, attendance to the tests and inspections
relating to the VESSEL, its machinery, equipment and outfitting, and any other matters for which he is specifically authorized by the
BUYER.</P>

<P STYLE="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 0.25in; text-align: justify">The BUILDER shall, upon request by
the BUYER, provide or assist to apply the necessary invitation letter and/or the other required documents for the Representative&rsquo;s
visa to enter the People&rsquo;s Republic of China in accordance with the relevant rules, regulations and laws of the People's Republic
of China.</P>

<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"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Inspection by the Representative</U></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 0pt 0.25in; text-align: justify">The necessary inspection of the VESSEL,
its machinery, equipment and outfitting shall be carried out by the Classification Society, other regulatory bodies and/or an inspection
team of the BUILDER throughout the entire period of construction, in order to ensure that the construction of the VESSEL is duly performed
in accordance with this Contract and the Specifications.</P>

<P STYLE="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 0pt 0.25in; text-align: justify">The Representative shall during the
construction until delivery and acceptance of the VESSEL, have the right to attend such tests and inspections of the VESSEL, its machinery
and equipment or materials at the SHIPYARD, its subcontractors&rsquo; premises or any other place where work is being done or materials
are stored in connection with the VESSEL as are mutually agreed between the BUYER and the BUILDER.</P>

<P STYLE="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 0.25in; text-align: justify">The BUILDER shall give a notice to
the Representative reasonably in advance for tests and inspections within the SHIPYARD stating particulars of any tests and inspections
which may be attended by the Representative provided that in exceptional circumstances the manner in which such notice is given may be
modified by mutual agreement. Also, the BUILDER shall give a notice to the Representative of the date and place of such tests and inspections
including three (3)&nbsp;days prior notice of auxiliary engines test and seven (7)&nbsp;days prior notice of main engine tests.</P>

<P STYLE="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 0.25in; text-align: justify">For tests and inspections outside the
SHIPYARD sufficient advance notice to allow for the Representative to arrange transportation shall be given. This advance notice should
not be less than seven (7)&nbsp;days for tests and inspections that require air travel for attendance.</P>

<P STYLE="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 0.25in; text-align: justify">Failure of the Representative to be
present at such tests and inspections after due notice to him as above provided shall be deemed to be a waiver of his right to be present.
In such case, the Representative shall be obligated to accept the results of such test, on the basis of the BUILDER's report(s)&nbsp;that
the said results have conformed to the requirements of this Contract and the Specifications, and the BUILDER shall be entitled to proceed
with the construction schedule without further awaiting the particular inspection in question.</P>

<P STYLE="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 0.25in; text-align: justify">In the event that the Representative
discovers any construction or material or workmanship which is not deemed to conform to the requirements of this Contract and/or the Specifications,
the Representative shall promptly give the BUILDER a notice in writing as to such non-conformity.</P>

<P STYLE="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 0pt 0.25in; text-align: justify">Upon receipt of such notice from the
Representative, and provided there is no disagreement or argument between the BUILDER and the Representative, the BUILDER shall correct
such non-conformity. In all working hours during the construction of the VESSEL until delivery thereof, the Representative shall be given
free and ready access to the VESSEL, its engines and accessories, and to any other place where work is being done, or materials are being
processed or stored, in connection with the construction of the VESSEL, including the yards, workshops, stores and offices of the BUILDER,
and the premises of subcontractors of the BUILDER, who are doing work or storing materials in connection with the VESSEL's construction.</P>

<P STYLE="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 0.25in; text-align: justify">If the Representative fail to notify
the BUILDER promptly of any such demand for correction with respect to the construction, arrangement or outfit of the VESSEL, its engines
or accessories, or any other items or matters in connection therewith, which the Representative have examined or inspected or attended
at the test of under this Contract and the Specifications, the Representative shall be deemed to have approved the same test and/or inspection
and the BUILDER shall be entitled to proceed with the construction of the VESSEL without further awaiting the notice after the said test
and/or inspection, only with the attendance and/or approval of the Classification Surveyor as far as required by Classification Society
and the BUYER shall be obliged to accept the results of such test and inspections, provided that the VESSEL is constructed in accordance
with the Contract and Specifications.</P>

<P STYLE="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 0.25in; text-align: justify">In the event any disputes arise between
the Representative and the BUILDER, the BUYER and the BUILDER shall try to settle the dispute by negotiations. Should the dispute not
be settled by negotiation either the BUYER or the BUILDER may, with the agreement of the other party, refer the matter for resolution
by the Senior Principal Surveyor of the Classification Society as provided in Article&nbsp;I, or failing such agreement, refer such dispute
to arbitration as per Article&nbsp;XIII.</P>

<P STYLE="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="break-before: page; 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>

<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"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>Facilities</U></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 0pt 0.25in; text-align: justify">The BUILDER shall furnish the Representative
with air-conditioned (with heating function) adequate office space with high speed internet connections and such other reasonable facilities
according to the BUILDER&rsquo;s practice at the SHIPYARD as may be necessary to enable them to effectively carry out their duties. Usage
cost of telephone call and high speed internet shall be for BUYER&rsquo;s account.</P>

<P STYLE="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 0.25in; text-align: justify">During the last two (2)&nbsp;months
of the period of construction of the VESSEL, office space shall also be provided to accommodate the VESSEL's captain and chief engineer
as per BUILDER&rsquo;s practice.</P>

<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"><B>5.</B></TD><TD STYLE="text-align: justify"><B><U>Liability of the BUILDER</U></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 0pt 0.25in; text-align: justify">The Representative shall at all times
be deemed to be employees of the BUYER and not of the BUILDER. The BUILDER shall be under no liability whatsoever to the BUYER, the Representative
for personal injuries, including death, suffered during the time when he or they are on the VESSEL, or within the premises of either the
BUILDER or its subcontractors, or are otherwise engaged in and about the construction of the VESSEL, unless, however, such personal injuries
including death were caused by a gross negligence of the BUILDER, or of any of its employees or agents or subcontractors.</P>

<P STYLE="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 0.25in; text-align: justify">The BUILDER shall be under no liability
whatsoever to the BUYER, the Representative for damage to, or loss or destruction of property in the People&rsquo;s Republic of China
of the BUYER or of the Representative, unless such damage, loss or destruction were caused by a gross negligence of the BUILDER, or of
any of its employees or agents or subcontractors.</P>

<P STYLE="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="break-before: page; 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>

<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"><B>6.</B></TD><TD STYLE="text-align: justify"><B><U>Responsibility of the BUYER</U></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 0pt 0.25in; text-align: justify">The BUYER shall undertake and assure
that the Representative shall carry out his duties hereunder in accordance with the normal shipbuilding practice of the BUILDER and in
such a way as to avoid any unnecessary increase in building cost, delay in the construction of the VESSEL, and/or any disturbance in the
construction schedule of the BUILDER.</P>

<P STYLE="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 17.7pt; text-align: justify">The BUILDER has the right to request
the BUYER to replace the Representative who is deemed unsuitable and unsatisfactory for the proper progress of the VESSEL's construction.
The BUYER shall investigate the situation, by sending its representative(s)&nbsp;to the SHIPYARD if necessary, and if the BUYER considers
that such request of the BUILDER is justified, the BUYER shall effect such replacement as soon as conveniently arrangeable.</P>

<P STYLE="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 17.7pt; text-align: justify">Nothing agreed in this Article&nbsp;IV
nor any action whatsoever of the BUYER or the Representative shall waive or diminish in any way the sole and exclusive responsibilities
and obligations of the BUILDER to design, construct, equip, launch and complete the VESSEL under this Contract and the Specifications
nor shall any of the BUYER&rsquo;s rights under Article&nbsp;IX be diminish or waived in any way whatsoever.</P>

<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"><B>7.</B></TD><TD STYLE="text-align: justify"><B><U>Salaries and Expenses</U></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 0pt 0.25in; text-align: justify">All salaries and expenses of the Representative
shall be for the BUYER's account except those mentioned under the Paragraph 4 in this Article.</P>

<P STYLE="font: 10pt 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">(End of Article)</P>

<P STYLE="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="break-before: page; 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>ARTICLE&nbsp;V - MODIFICATION</B></P>

<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"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Modification of Specifications</U></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 0pt 0.25in; text-align: justify">It is not the intention of the parties
hereto to make alteration or modifications to the Specifications and basically no modifications shall be applied as the VESSEL is to be
built pursuant to the Specifications mutually agreed by the BUYER and the BUILDER, but the Specifications may be modified and/or changed
by written agreement of the parties hereto, provided that such modifications and/or changes or an accumulation thereof will not in the
BUILDER's reasonable judgement adversely affect the BUILDER's planning or program in relation to the BUILDER's other commitments, and
provided, further, that the BUYER shall first agree, before such modifications and/or changes are carried out, to alterations in the Contract
Price, the Delivery Date, the guaranteed figures and other terms and conditions of this Contract and the Specifications occasioned by
or resulting from such modifications and/or changes.</P>

<P STYLE="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 0.25in; text-align: justify">Such agreement may be effected by e-mail
or exchange of letters signed by the authorized representatives of the parties hereto which shall constitute amendments to this Contract
and/or the Specifications.</P>

<P STYLE="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 0.25in; text-align: justify">The BUILDER may make changes to the
Specifications, if found necessary for introduction of improved production methods or otherwise, provided that the BUILDER shall first
obtain the BUYER's approval which shall not be unreasonably withheld.</P>

<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"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Change in Rules&nbsp;and Regulations,&nbsp;etc.</U></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 0pt 0.25in; text-align: justify">In the event that, after the date of
this Contract, any requirements as to class, or as to rules&nbsp;and regulations to which the construction of the VESSEL is required to
conform are altered or changed by the Classification Society or the other regulatory bodies authorized to make such alterations or changes,
the following provisions shall apply:</P>

<P STYLE="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: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">If such alterations or changes are compulsory for the VESSEL, either of the parties hereto, upon receipt
of such information from the Classification Society or such other regulatory bodies, shall promptly transmit the same to the other in
writing, and the BUILDER shall thereupon incorporate such alterations or changes into the construction of the VESSEL, provided that the
BUYER shall first agree to reasonable adjustments required by the BUILDER in the Contract Price, the Delivery Date and other terms and
conditions of this Contract and the Specifications occasioned by or resulting from such alterations or changes.</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: 0.25in">(b)</TD><TD STYLE="text-align: justify">If such alterations or changes are not compulsory for the VESSEL, but the BUYER desires to incorporate
such alterations or changes into the construction of the VESSEL, then, the BUYER shall notify the BUILDER of such intention. The BUILDER
may accept such alterations or changes, provided that such alterations or changes will not, in the reasonable judgement of the BUILDER,
adversely affect the BUILDER's planning or program in relation to the construction of the VESSEL and the BUILDER's other commitments,
and provided, further, that the BUYER shall first agree to reasonable adjustments required by the BUILDER in the Contract Price, the Delivery
Date and other terms and conditions of this Contract and the Specifications reasonably occasioned by or resulting from such alterations
or changes.</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 0.25in; text-align: justify">Agreements as to such alterations or
changes under this Paragraph shall be made in the same manner as provided in Paragraph 1 of this Article&nbsp;for modifications or changes
to the Specifications.</P>

<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"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Substitution of Materials</U></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 0pt 0.25in; text-align: justify">In the event that any of the materials
required by the Specifications or otherwise under this Contract for the construction of the VESSEL cannot be procured in time or are in
short supply to maintain the Delivery Date of the VESSEL, the BUILDER may, provided that the BUYER shall so agree in writing, which shall
not be unreasonably withheld, supply other materials with equivalent quality and capable of meeting the requirements of the Classification
Society and of the rules, regulations and requirements with which the construction of the VESSEL must comply. Any agreement as to such
substitution of materials shall be effected in the manner provided in Paragraph 1 of this Article, and shall likewise, include alterations
in the Contract Price and other terms and conditions of this Contract occasioned by or resulting from such substitution, unless otherwise
mutually agreed.</P>

<P STYLE="font: 10pt 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">(End of Article)</P>

<P STYLE="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>ARTICLE&nbsp;VI - TRIALS</B></P>

<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"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Notice</U></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 0pt 0.25in; text-align: justify">The BUILDER shall notify the BUYER
at least thirty (30) days and seven (7)&nbsp;days prior notice in writing or by facsimile/e-mail of the time and place of the trial run
of the VESSEL and the BUYER shall promptly acknowledge receipt of such notice. The BUYER shall have its Representative on board the VESSEL
to witness such trial run. Failure in attendance of the Representative of the BUYER at the trial run of the VESSEL for any reason whatsoever
after due notice to the BUYER as above provided, shall be deemed to be a waiver by the BUYER of its right to have its Representative on
board the VESSEL at the trial run, and the BUILDER and the class surveyor may conduct the trial run without the Representative of the
BUYER being present, and in such case the BUYER shall be obliged to accept the VESSEL on the basis of a certificate of the BUILDER with
an approval from the Classification Society certifying that the VESSEL, upon trial run, is found to conform to this Contract and the Specifications.</P>

<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"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Weather Condition</U></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 0pt 0.25in; text-align: justify">The trial run shall be carried out
under the weather condition which is deemed favourable enough by the reasonable judgement of the BUILDER in accordance with this Contract
and the Specifications.</P>

<P STYLE="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 0.25in; text-align: justify">In the event of unfavourable weather
on the date specified for the trial run, the same shall take place on the first available day thereafter that the weather condition permits.
It is agreed that, if during the trial run of the VESSEL, the weather should suddenly become so unfavourable that orderly conduct of the
trial run can no longer be continued, the trial run shall be discontinued and postponed until the first favourable day next following,
unless the BUYER shall assent in writing to acceptance of the VESSEL on the basis of the trial run already made before such discontinuance
has occurred.</P>

<P STYLE="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 0pt 0.25in; text-align: justify">Any delay of trial run caused by such
unfavourable weather condition shall operate to postpone the Delivery Date by the period of delay involved and such delay shall be deemed
as a permissible delay in the delivery of the VESSEL.</P>

<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"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>How Conducted</U></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 0pt 0.25in; text-align: justify">All expenses in connection with the
trial run are to be for the account of the BUILDER and the BUILDER shall provide at its own expense the necessary crew to comply with
conditions of safe navigation. The trial run shall be conducted in the manner prescribed in the Specifications, and shall prove fulfilment
of the performance requirements for the trial run as set forth in the Specifications. The course of trial run shall be determined by the
BUILDER.</P>

<P STYLE="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 0.25in; text-align: justify">Notwithstanding the foregoing, lubricating
oils and greases necessary for the period of construction and the trial run of the VESSEL shall be supplied by the BUYER at the SHIPYARD
prior to the time required and fuel oils shall be supplied by the BUILDER. The lubricating oils and greases supplied by the BUYER shall
be in accordance with the Specifications and instruction of the BUILDER.</P>

<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-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Trial Condition</U></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="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">In addition to the supplies provided by the BUYER in accordance with Paragraph 3 of this Article, the
BUILDER shall provide the VESSEL with the required quantity of sea and fresh water and others to bring the VESSEL to the trial condition
for the BUILDER&rsquo;s account.</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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">The dry-docking prior to the trial run is not applied. However, the BUILDER may place the VESSEL in drydock
prior to the trial run.</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="break-before: page; 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>

<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"><B>5.</B></TD><TD STYLE="text-align: justify"><B><U>Method of Acceptance or Rejection</U></B></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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">Upon completion of the trial run, the BUILDER shall give the
BUYER a notice by facsimile/email confirmed in writing of completion of the trial run together with the prompt result of trial run, as
and if the BUILDER considers that the results of the trial run indicate conformity of the VESSEL to this Contract and the Specifications.
The BUYER shall, within three (3)&nbsp;days after receipt of such notice from the BUILDER, notify the BUILDER by facsimile/email of its
acceptance or rejection of the VESSEL.</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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">However, should the results of the trial run indicate that the
VESSEL, or any part or equipment thereof, does not conform to the requirements of this Contract and/or the Specifications, and if there
is no disagreement or argument among the BUILDER and the BUYER as to the non-conformity specified in the BUYER's notice of rejection,
then, the BUILDER shall take the necessary steps to correct such non-conformity. Upon completion of correction of such non-conformity,
the BUILDER shall give the BUYER a notice thereof by facsimile/e-mail confirmed in writing. The BUYER shall, within three (3)&nbsp;days
after its receipt of such notice from the BUILDER, notify the BUILDER, of its acceptance or rejection of the VESSEL.</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">Notwithstanding the above, if the non-conformities
are of minor importance or relate to insubstantial items, which will be mutually agreed between the BUYER and the BUIDLER, not affecting
Class, the seaworthiness or the operation of the VESSEL but the BUILDER is unable to rectify the matter within a reasonable time, the
BUILDER shall nevertheless have the right to require the BUYER to take delivery of the Vessel, on condition that the BUILDER shall undertake
to remedy the non-conformities or insubstantial items for its own cost and expenses as soon as possible during the Warranty Period, unless
otherwise mutually agreed, whereupon the BUYER shall accept delivery of the Vessel.</P>

<P STYLE="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" 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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: justify">In any event that the BUYER rejects the VESSEL, the BUYER shall
indicate in its notice of rejection in what respect the VESSEL, or any part or equipment thereof does not conform to this Contract and/or
the Specifications.</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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(d)</TD><TD STYLE="text-align: justify">In the event that the BUYER fails to notify the BUILDER by facsimile/email
confirmed in writing of the acceptance, or the rejection together with the reason therefor of the VESSEL within the period as provided
in the above Sub-paragraph (a)&nbsp;or (b), the BUYER shall be deemed to have accepted the VESSEL.</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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(e)</TD><TD STYLE="text-align: justify">Any dispute arising between the parties hereto as to the result
of any trial run of the VESSEL, or relating to the BUYER&rsquo;s rejection to take delivery of the VESSEL, shall be resolved in accordance
with Article&nbsp;XIII. The decision of the arbitration shall be final and binding upon the both parties.</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"><B>6.</B></TD><TD STYLE="text-align: justify"><B><U>Effect of Acceptance</U></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 0pt 0.25in; text-align: justify">Acceptance of the VESSEL as above provided
shall be final and binding so far as conformity of the VESSEL to this Contract and the Specifications is concerned, and shall preclude
the BUYER from refusing formal delivery of the VESSEL as hereinafter provided, if the BUILDER complies with all other procedural requirements
for delivery as provided in Article&nbsp;VII hereof.</P>

<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"><B>7.</B></TD><TD STYLE="text-align: justify"><B><U>Disposition of Surplus Consumable Stores</U></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 0pt 0.25in; text-align: justify">Lubricating oil and grease, in accordance
with the applicable engine specifications, necessary for the operation of the VESSEL shall be supplied by the BUYER prior to the time
of trial run and the BUILDER shall pay the cost of the quantity of lubricating oil and grease consumed during the trial runs and the contaminated
lubricating oils, upon delivery of the VESSEL at the price as evidenced by the invoice issued by each supplier of the same. The consumption
of lubricating oil and grease for the trial runs shall be calculated on the basis of the difference between the supplied amount and remaining
amount including the same in pipe lines and in the systems.</P>

<P STYLE="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="break-before: page; 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 0pt 0.25in; text-align: justify">The BUILDER shall supply fuel oil for
use during the trials. Any fuel oil, fresh water and other consumable stores purchased by the BUILDER for the trials and remaining on
board the VESSEL after its acceptance by the BUYER shall be taken over by the BUYER at the original purchase price including value added
tax if any, as evidenced by the invoice issued by each supplier of the same. Any payment by the BUYER shall be effected upon delivery
of the VESSEL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(End of Article)</P>

<P STYLE="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="break-before: page; 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>ARTICLE&nbsp;VII - DELIVERY</B></P>

<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"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Time and Place</U></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 0pt 0.25in; text-align: justify">The VESSEL shall be delivered by the
BUILDER to the BUYER safely afloat at the SHIPYARD or another place mutually agreed on by the BUYER and the BUILDER which shall not be
unreasonably withheld, on or before November&nbsp;8th, 2024, except that in the event of delays in the construction of the VESSEL or any
performance required under this Contract due to causes which under the terms of this Contract permit postponement of the date for delivery,
the aforementioned date for delivery of the VESSEL shall be postponed 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 0pt 0.25in; text-align: justify">Provided however that, if the BUILDER
tenders delivery of the VESSEL between November&nbsp;8th and December&nbsp;31st, 2024, then the BUYER shall have the right to either accept
the VESSEL and take delivery thereof on such proposed delivery date or, at no extra cost or liability of any kind whatsoever to the BUYER,
to delay acceptance of the VESSEL and take delivery of the same not later than January&nbsp;5th, 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 0pt 0.25in; text-align: justify">The aforementioned date, or such later
date to which the requirement of delivery is postponed pursuant to such terms, is herein called the &quot;Delivery Date&quot;.</P>

<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"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Notice</U></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 0pt 0.25in; text-align: justify">The BUILDER shall give an approximate
prior written notice to the BUYER at least 30/15 calendar days of the scheduled Delivery Date. A definite notice shall be given to the
BUYER at least seven (7)&nbsp;banking days prior to the scheduled Delivery Date.</P>

<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"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>When and How Effected</U></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 0pt 0.25in; text-align: justify">Provided that the BUILDER and the BUYER
shall have fulfilled all of its obligations stipulated under this Contract, delivery of the VESSEL shall be effected forthwith by the
concurrent delivery by each of the parties hereto to the other of the PROTOCOL OF DELIVERY AND ACCEPTANCE, acknowledging delivery of the
VESSEL by the BUILDER and acceptance thereof by the BUYER, which shall be prepared in duplicate and executed by each of the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; 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>

<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"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>Documents to be delivered to the BUYER</U></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 0pt 0.25in; text-align: justify">Acceptance of the VESSEL by the BUYER
shall be conditioned upon the BUILDER's delivery of the following documents to the BUYER, which shall accompany the PROTOCOL OF DELIVERY
AND ACCEPTANCE:</P>

<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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">PROTOCOL OF TRIALS OF THE VESSEL made pursuant to the Specifications.</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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">PROTOCOL OF INVENTORY of the equipment of the VESSEL, including spare parts and the like, all as specified
in the Specifications.</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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">PROTOCOL OF STORES OF CONSUMABLE NATURE referred to under Paragraph 7 of Article&nbsp;VI hereof, including
the original purchase price thereof.</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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract and the
Specifications. It is agreed that if, through no fault on the part of the BUILDER, the classification certificate and/or other certificates
are not available at the time of delivery of the VESSEL, provisional certificates shall be accepted by the BUYER, provided that the BUILDER
shall furnish the BUYER with the formal certificates as promptly as possible after such formal certificates have been issued before expiry
of the provisional certificates.</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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify">DECLARATION OF WARRANTY of the BUILDER that the VESSEL is delivered to the BUYER free and clear of any
liens, charges, claims, mortgages, or other encumbrances upon the BUYER's title thereto, and in particular, that the VESSEL is absolutely
free of all burdens in the nature of imposts, taxes or charges imposed by the Chinese governmental authorities, as well as of all liabilities
of the BUILDER to its subcontractors, employees and crew, and of all liabilities arising from the operation of the VESSEL in trial runs,
or otherwise, prior to delivery.</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="break-before: page; 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify">DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications.</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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD STYLE="text-align: justify">COMMERCIAL INVOICE in three (3)&nbsp;originals</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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD STYLE="text-align: justify">BILL OF SALE in three (3)&nbsp;originals, duly notarized</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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">BUILDER's CERTIFICATE in three (3)&nbsp;originals, duly notarized</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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(j)</TD><TD STYLE="text-align: justify">Non-registration certificate issued by the BUILDER confirming that the VESSEL has not been registered
in the P.R. of China or elsewhere prior to the Delivery Date (&ldquo;non registration letter&rdquo;)</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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(k)</TD><TD STYLE="text-align: justify">Declaration Letter for Not Containing the Hazardous Materials by the Builder.</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">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(l)</TD><TD STYLE="text-align: justify">any other documents reasonably required for the registration of the VESSEL as far as possible for the
BUILDER;</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"><B>5.</B></TD><TD STYLE="text-align: justify"><B><U>Tender of the VESSEL</U></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 0pt 0.25in; text-align: justify">If the BUYER fails to take delivery
of the VESSEL after completion thereof according to this Contract and the Specifications without any justifiable reason, the BUILDER shall
have the right to tender delivery of the VESSEL after compliance with all procedural requirements as above provided.</P>

<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"><B>6.</B></TD><TD STYLE="text-align: justify"><B><U>Title and Risk</U></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 0pt 0.25in; text-align: justify">Title to and risk of loss of the VESSEL
shall pass to the BUYER from the BUILDER only upon delivery and acceptance thereof having been completed as stated above; it being expressly
understood that, until such delivery is effected, title to and risk of loss of the VESSEL and her machinery and equipment shall be entirely
in the BUILDER.</P>

<P STYLE="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="break-before: page; 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>

<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"><B>7.</B></TD><TD STYLE="text-align: justify"><B><U>Removal of the VESSEL</U></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 0pt 0.25in; text-align: justify">The BUYER shall take possession of
the VESSEL immediately upon delivery and acceptance thereof, and shall remove the VESSEL from the mooring quay of the SHIPYARD or the
place the VESSEL been delivered as soon as possible within three (3)&nbsp;days after delivery and acceptance thereof is effected. If the
BUYER shall not remove the VESSEL from the mooring quay within the aforesaid three (3)&nbsp;days, then, in such event, the BUYER shall
pay to the BUILDER the reasonable mooring charges of the VESSEL.</P>

<P STYLE="font: 10pt 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">(End of Article)</P>

<P STYLE="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="break-before: page; 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>ARTICLE&nbsp;VIII - DELAYS AND EXTENSION OF
TIME FOR DELIVERY (FORCE MAJEURE)</B></P>

<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"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Causes of Delay</U></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 0pt 0.25in; text-align: justify">If, at any time before the actual delivery,
either the construction of the VESSEL or any performance required as a prerequisite of delivery of the VESSEL is delayed due to Acts of
God; act of princes or rulers; requirements of government authorities; war, other hostilities or preparations thereof; blockade; revolution;
insurrections; mobilization; civil war; civil commotion or riots; sabotages, strikes, lockout or other labour disturbances; labor shortage;
plague or other epidemics; quarantines; flood, typhoons, hurricanes, storms or other weather conditions not included in normal planning;
earthquakes; tidal waves; landslides; fires, explosions, collisions or strandings except the case caused by the gross negligence of people;
embargoes; delays or failure in transportation; shortage of materials, machinery or equipment; import restrictions; inability to obtain
delivery or delays in delivery of materials, machinery or equipment, provided that at the time of ordering the same could reasonably be
expected by the BUILDER to be delivered in time; prolonged failure, shortage or restriction of electric current, oil or gas; defects in
materials, machinery or equipment which could not have been detected by the BUILDER using reasonable care; major casting or forging rejects
or the like not due to negligence; delays caused by the Classification Society or other regulatory bodies whose documents are required;
destruction of or damage to the SHIPYARD or works of the BUILDER, its subcontractors or suppliers, or of or to the VESSEL or any part
thereof, by any causes herein described; delays in the BUILDER&rsquo;s other commitments resulting from any causes herein described which
in turn delay the construction of the VESSEL or the BUILDER&rsquo;s performance under this Contract; other causes or accidents beyond
the control of the BUILDER, its subcontractors or supplies of the nature whether or not indicated by the foregoing words; all the foregoing
irrespective of whether or not these events could be foreseen at the day of signing this Contract; then and in any such case, the Delivery
Date shall be postponed for a period of time, provided that the BUILDER shall take immediate steps to overcome any delay by any means
within its control.</P>

<P STYLE="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" 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"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Notice of Delays</U></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 0pt 0.25in; text-align: justify">Within ten (10)&nbsp;days from the
date of occurrence of any cause of delay, on account of which the BUILDER claims that it is entitled under this Contract to a postponement
of the Delivery Date, the BUILDER shall notify the BUYER in writing or by facsimile/email together with supporting evidence of the date
such cause of delay occurred. Likewise, within ten (10)&nbsp;days after the date of ending of such cause of delay, the BUILDER shall notify
the BUYER in writing or by facsimile/email of the date such cause of delay ended. The BUILDER shall also notify the BUYER of the period,
by which the Delivery Date is postponed by reason of such cause of delay, with all reasonable despatch after it has been determined.</P>

<P STYLE="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 0.25in; text-align: justify">Failure of the BUYER to object to the
BUILDER's claim for postponement of the Delivery Date within ten (10)&nbsp;days after receipt by the BUYER of such notice of claim shall
be deemed to be a waiver by the BUYER of its right to object such postponement of the Delivery Date.</P>

<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"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Definition of Permissible Delays</U></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 0pt 0.25in; text-align: justify">Delays on account of such causes as
specified in Paragraph 1 of this Article&nbsp;and other delays of a nature which under the terms of this Contract permits postponement
of the Delivery Date shall be understood to be permissible delays and are to be distinguished from unauthorized delays on account of which
the Contract Price is subject to adjustment as provided in Article&nbsp;III hereof.</P>

<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"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>Right to Rescind for Excessive Delay</U></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 0pt 0.25in; text-align: justify">If the total accumulated time of all
delays on account of causes specified in Paragraph 1 of this Article, excluding delays of a nature which under the terms of this Contract
permit postponement of the Delivery Date, amounts to One Hundred and Fifty (150) days or more, then, in such event, the BUYER may rescind
this Contract in accordance with the provisions of Article&nbsp;X hereof.</P>

<P STYLE="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="break-before: page; 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 0pt 0.25in; text-align: justify">If the total accumulated amount of
the delays being the aggregate of all permissible delays, specified in Paragraph 1 of this Article, and non-permissible delays excluding
delays of a nature which under the terms of this Contract permit postponement of the Delivery Date, amounts to two hundred and ten (210)
days or more, then, in such event the BUYER may rescind this Contract in accordance with the provisions of Article&nbsp;X hereof.</P>

<P STYLE="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 0.25in; text-align: justify">The BUILDER may, at any time after
the accumulated time of the aforementioned delays justifying rescission by the BUYER, demand in writing that the BUYER shall make an election,
in which case the BUYER shall, within fourteen (14) days after such demand is received by the BUYER, either notify the BUILDER of its
intention to rescind this Contract, or consent to a postponement of the Delivery Date to a specific future date; it being understood and
agreed by the parties hereto that, if any further delay occurs on account of causes justifying rescission as specified in this Article,
the BUYER shall have the same right of rescission upon the same terms as hereinabove provided. If the BUYER fails to notify the BUILDER
of its rescission of this Contract as specified above within such fourteen (14) days period, the BUYER shall be deemed to have consented
to the delivery of the VESSEL at the future date for delivery proposed by the BUILDER.</P>

<P STYLE="font: 10pt 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">(End of Article)</P>

<P STYLE="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="break-before: page; 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>ARTICLE&nbsp;IX - WARRANTY OF QUALITY</B></P>

<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"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Guarantee of Material, Workmanship</U></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 0pt 0.25in; text-align: justify">The BUILDER, for a period of twelve
(12) months from the date of delivery of the VESSEL to the BUYER, shall guarantee the VESSEL, its hull and machinery and all parts and
equipment thereof including machinery appurtenances that are manufactured or furnished or supplied by the BUILDER and/or its sub-contractors
under this Contract against all defects which are due to defective material, design and/or poor workmanship of the BUILDER and/or its
sub-contractors provided that such defects have not been caused by perils of the sea, rivers or navigation, or by normal wear and tear,
fire, accident, incompetence, mismanagement, negligence or willful neglect, or by alteration or addition by the BUYER.</P>

<P STYLE="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 0.25in; text-align: justify">The provisions set forth under this
Article&nbsp;as to the Guarantee of the BUILDER shall not apply to any articles supplied by the BUYER.</P>

<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"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Notice of Defects</U></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 0pt 0.25in; text-align: justify">The BUYER shall notify the BUILDER
in writing, or by facsimile/email confirmed in writing of any defects for which claim is made under this guarantee as promptly as possible
after discovery thereof. The BUYER's written notice shall describe the nature of the defect and the extent of the damage caused thereby.
The BUILDER shall have no obligation for any defects discovered prior to the expiry date of the said twelve (12) months period, unless
notice of such defects is received by the BUILDER not later than seven (7)&nbsp;days after such expiry date.</P>

<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"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Remedy of Defects</U></B></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: 0.25in">(a)</TD><TD STYLE="text-align: justify">The BUILDER shall remedy, at its expense, any defect against which the VESSEL or any part of equipment
thereof is guaranteed under this Article&nbsp;by repairing or replacing the defective parts in the BUILDER's nominated shipyard.</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="break-before: page; 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Such repairs or replacement will be made at the BUILDER's nominated shipyard unless the VESSEL cannot
be practically brought there. However, if it is impractical for the BUYER to bring the VESSEL to the BUILDER's nominated shipyard and
if it is likewise impractical for the BUILDER to forward replacements for the defective parts so as to avoid impairment and delay to the
VESSEL's operation or working, then, in such event, the BUYER may cause the necessary repairs or replacements to be made at any shipyard
or works other than the BUILDER's nominated shipyard at the discretion of the BUYER, provided, however, that the BUYER shall give the
BUILDER notice in writing or by facsimile/email confirmed in writing of the time and place such repairs will be made, if the VESSEL is
not thereby delayed or her operation or working is not thereby impaired, the BUILDER shall have the right to verify by its own representative
the nature and extent of the defects complained of. The BUILDER, in such cases, shall promptly advise the BUYER by facsimile/email, after
such impartial verification has been completed, of its acceptance or rejection of the defect as one that is subject to the Guarantee herein
provided. Upon receipt by the BUYER of the BUILDER's facsimile/email acceptance of the defect as one justifying remedy under this Article,
the BUYER may cause necessary repairs or replacements to be made and the BUILDER shall pay to the BUYER for such repairs or replacements
a sum equal to the same cost of making such repairs and/or replacements in 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: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">In the event it is necessary to forward the replacement for the defective parts under the BUILDER's guarantee,
the BUILDER shall forward the same to the agent designated by the BUYER at Cost Insurance and Freight by sea. However, if such replacement(s)&nbsp;is/are
indispensably essential to and urgently required for the seaworthiness of the VESSEL, the BUILDER shall forward the same to the agent
designated by the BUYER at Cost Insurance and Freight by airfreight. Seafreight and/or airfreight thereby incurred are for account of
the BUILDER, but such replacement shall be taken to the Vessel and installed at the BUYER&rsquo;s cost.</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="break-before: page; 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">In any case, the VESSEL shall be taken at the BUYER's cost and responsibility to the place elected, ready
in all respects for such repairs or replacements.</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: 0.25in">(e)</TD><TD STYLE="text-align: justify">All disputes in this connection, including any disputes arising on the question of cost or upon the rejection
by the BUILDER, upon impartial verification of the defects as aforesaid and all other disputes connected with or arising upon the discovery
by the BUYER of the defects which cannot be amicably settled between the BUYER and the BUILDER shall be referred to the Classification
Society. However, if the decision of the Classification Society is not acceptable to either or both parties, such disputes shall be then
referred to arbitration as provided in ARTICLE&nbsp;XIII of this Contract.</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"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>Extent of BUILDER's Liability</U></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 0pt 0.25in; text-align: justify">The BUILDER shall be under no obligation
with respect to defects discovered after the expiration of the period of guarantee specified above. The BUILDER shall be liable to the
BUYER for the defects specified in Paragraph 1 of this ARTICLE&nbsp;provided that such liability of the BUILDER shall be limited to damage
occasioned within the guarantee period specified in Paragraph 1 above. The BUILDER shall however be under no obligation for any remote
and/or consequential damages occasioned by any defect or for any loss of time in operating or repairing the VESSEL, or both, caused by
any defect.</P>

<P STYLE="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 0.25in; text-align: justify">The BUILDER shall not be obliged to
repair, or be liable for, damages to the VESSEL, or any part or equipment thereof, which after acceptance of the VESSEL by the BUYER are
caused by other than the defects of the nature specified in Paragraph 1 above, nor shall there be any BUILDER's liability hereunder for
defects in the VESSEL, or any part or equipment thereof, caused by fire or accidents at sea or elsewhere subsequent to acceptance of the
VESSEL by the BUYER, or mismanagement, accident, negligence, or wilful neglect on the part of the BUYER, its employees or agents, or of
any persons other than employees, agents or sub-contractors of the BUILDER, on or doing work on, the VESSEL, including the VESSEL's officers,
crew and passengers.</P>

<P STYLE="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="break-before: page; 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 0pt 0.25in; text-align: justify">Likewise, the BUILDER shall not be
liable for defects in the VESSEL, or any part or equipment thereof, which are due to repairs, which were made by others than the BUILDER
at the direction of the BUYER. Should the facsimile/email advice of defects in guarantee period be noticed by the BUYER to the BUILDER,
notwithstanding the nature of such defects being in compliance with the Specifications described in Paragraph 1 of the Article&nbsp;as
guarantee item or not, the BUILDER shall take active measures to assist the BUYER to remedy the defects.</P>

<P STYLE="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 0.25in; text-align: justify">The guarantee contained as hereinabove
in the Article&nbsp;replaces and excludes any other liability, guarantee, warranty and/or condition imposed or implied by the law, customary,
statutory or otherwise, applying to the construction and sale of the VESSEL by the BUILDER for and to the BUYER.</P>

<P STYLE="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 0.25in; text-align: justify">The BUYER shall be entitled on or after
delivery and acceptance of the VESSEL to assign its rights under this Article&nbsp;to any purchaser or bareboat charterer or financier
of the VESSEL with the prior written consent of the BUILDER which shall not be unreasonably withheld. Notice of any such assignment shall
be given by the BUYER to the BUILDER. In case of an assignment, the BUYER shall remain liable under this Contract.</P>

<P STYLE="font: 10pt 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">(End of Article)</P>

<P STYLE="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="break-before: page; 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>ARTICLE&nbsp;X - RESCISSION OF THE CONTRACT</B></P>

<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"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Notice</U></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 0pt 0.25in; text-align: justify">All payments made by the BUYER to the
BUILDER prior to the delivery of the VESSEL shall be in the nature of advances to the BUILDER. In the event that the BUYER shall exercise
its right of rescission of this Contract under and pursuant to any of the provisions of this Contract specifically permitting the BUYER
to do so, then the BUYER shall notify the BUILDER in writing or by facsimile/email confirmed in writing and such rescission shall be effective
as of the date notice thereof is received by the BUILDER.</P>

<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"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Refund by the BUILDER</U></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 0pt 0.25in; text-align: justify">In case the BUILDER receives the notice
stipulated in Paragraph 1 of this Article&nbsp;the BUILDER shall refund in United States Dollars to the BUYER the full amount of all sums
paid by the BUYER to the BUILDER on account of the VESSEL within Twenty One (21) Chinese banking days after the date of the notice as
provided in paragraph 1 of this Article&nbsp;hereof together with, if appropriate, an amount equal to the original purchase prices of
the BUYER's Supplies as evidenced by the invoice issued by the each supplier of the same including lubricating oil, grease and fuel oil,
if any, which are purchased by the BUYER to the VESSEL, except those items which are able to return to the BUYER as they are, unless the
BUILDER proceeds to the arbitration under the provisions of Article&nbsp;XIII hereof.</P>

<P STYLE="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 0.25in; text-align: justify">In such event, the BUILDER shall pay
the BUYER interest at the rate of six percent (6%) per annum on the amount required herein to be refunded to the BUYER, computed from
the respective dates on which such sums were received by the BUILDER from the BUYER to the date of remittance by telegraphic transfer
of such refund with interest to the BUYER by the BUILDER, provided, however, that if the said rescission by the BUYER is made under the
provisions of Paragraph 4 of Article&nbsp;VIII hereof, then in such event the BUILDER shall not be required to pay the BUYER any interest
for the days/delay caused by permissible delays.</P>

<P STYLE="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="break-before: page; 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>

<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"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Discharge of Obligations</U></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 0pt 0.25in; text-align: justify">Upon such refund by the BUILDER to
the BUYER, all obligations, duties and liabilities of each of the parties hereto to the other under this Contract shall be forthwith completely
discharged and the BUYER shall have no right to claim any further damages whatsoever in respect of any breach or alleged breach of this
Contract.</P>

<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"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>Refund Guarantee</U></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 0pt 0.25in; text-align: justify">Within Sixty (60) days after signing
this Contract, the BUILDER shall provide the BUYER with an irrevocable and unconditional letter of guarantee (the &ldquo;<B>Refund Guarantee</B>&rdquo;)
by SWIFT which to be issued and furnished by the bank nominated by the BUILDER and accepted by the BUYER for each advance instalment,
in favour of the BUYER, guaranteeing the BUILDER's refund to the BUYER in case of contingencies as described in this Article, in the form
exhibit &quot;A&quot; attached hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(End of Article)</P>

<P STYLE="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="break-before: page; 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>ARTICLE&nbsp;XI - BUYER'S DEFAULT</B></P>

<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"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Definition of Default</U></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 0pt 0.25in; text-align: justify">The BUYER shall be deemed to be in
default of performance of its obligations under this Contract in the following cases:</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: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">If the BUYER fails to pay any of the First, Second, Third and Fourth Instalments to the BUILDER after
such Instalment becomes due and payable under the provision of Article&nbsp;II hereof; 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: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">If the BUYER fails to pay the Fifth Instalment to the BUILDER concurrently with the delivery of the VESSEL
by the BUILDER to the BUYER as provided in Article&nbsp;II hereof; 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: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">If the BUYER fails to take delivery of the VESSEL when the VESSEL is duly tendered for delivery by the
BUILDER under the provisions of Article&nbsp;VII hereof.</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"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Interest and Charge</U></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 0pt 0.25in; text-align: justify">If the BUYER is in default of payment
as to any Instalment as provided in Paragraph 1 (a)&nbsp;and (b)&nbsp;of this Article, the BUYER shall pay interest on such Instalments
at the rate of six percent (6%) per annum from the due date thereof to the date of payment to the BUILDER of the full amount including
interest; in case the BUYER shall fail to take delivery of the VESSEL as provided in Paragraph 1 (c)&nbsp;of this Article, the BUYER shall
be deemed to be in default of payment of the Fifth Instalment and shall pay interest thereon at the same rate as aforesaid from and including
the day on which the VESSEL is tendered for delivery by the BUILDER.</P>

<P STYLE="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 0.25in; text-align: justify">In any event of default by the BUYER,
the BUYER shall also pay all charges and expenses incurred by the BUILDER which are caused by such default.</P>

<P STYLE="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 0pt 0.25in; text-align: justify">The payment of interest shall be made
simultaneously with the payment of the principal by telegraphic transfer in the manner as provided for in Paragraph 5, Article&nbsp;II
of this Contract.</P>

<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"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Effect of Default</U></B></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: 0.25in">(a)</TD><TD STYLE="text-align: justify">If any default by the BUYER occurs as provided hereinbefore, the Delivery Date shall be automatically
postponed for a period of continuance of such default by the BUYER.</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: 0.25in">(b)</TD><TD STYLE="text-align: justify">If any such default by the BUYER continues for a period of fifteen (15) days, the BUILDER may, at its
option, rescind this Contract by giving notice of such effect to the BUYER by facsimile/e-mail confirmed in writing. Upon receipt by the
BUYER of such notice of rescission, this Contract shall forthwith become null and void, and any lien, interest or property right that
the BUYER may have in and to the VESSEL or to any part or equipment thereof and to any material or part acquired for construction of the
VESSEL but not yet utilized for such purpose, shall forthwith cease, and the VESSEL and all parts and equipment thereof shall become the
sole property of the BUILDER.</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 0.25in; text-align: justify">In the event of such rescission of
this Contract, the BUILDER shall be entitled to retain any Instalment or Instalments theretofore paid by the BUYER to the BUILDER on account
of this Contract.</P>

<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"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>Sale of the VESSEL</U></B></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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">In the event of rescission of this Contract as above provided,
the BUILDER shall have full right and power either to complete or not to complete the VESSEL as it deems fit, and to sell the VESSEL
at a public or private sale on such terms and conditions as the BUILDER thinks fit without being answerable for any loss or damage.</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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">In the event of the sale of the VESSEL in its completed state,
the proceeds of the sale received by the BUILDER shall be applied firstly to payment of all expenses attending such sale and otherwise
incurred by the BUILDER as a result of the BUYER's default, and then to payment of all unpaid Instalments of the Contract Price and interest
on such Instalments at the rate of six percent (6%) per annum from the respective due dates thereof to the date of application.</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" 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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: justify">In the event of sale of the VESSEL in its incompleted state,
the proceeds of sale received by the BUILDER shall be applied firstly to all expenses attending such sale and otherwise incurred by the
BUILDER as a result of the BUYER's default, and then to payment of all costs of construction of the VESSEL less the Instalments so retained
by the BUILDER and compensation to the BUILDER for reasonable loss of profit due to the rescission of this Contract.</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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(d)</TD><TD STYLE="text-align: justify">In either of the above events of sale, if the proceeds of sale
exceeds the total amount to which such proceeds are to be applied as aforesaid, the BUILDER shall promptly pay the excess to the BUYER
without interest, provided, however, that the amount of such payment to the BUYER shall in no event exceed the total amount of Instalments
already paid by the BUYER and the cost of the BUYER's Supplies, if any.</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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(e)</TD><TD STYLE="text-align: justify">If the proceeds of sale are insufficient to pay such total amounts
payable as aforesaid, the BUYER shall promptly pay the deficiency to the BUILDER upon request.</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">(End of Article)</P>

<P STYLE="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>ARTICLE&nbsp;XII - INSURANCE</B></P>

<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"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Extent of Insurance Coverage</U></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 0pt 0.25in; text-align: justify">From the time of the keel laying of
the VESSEL until the same is completed, delivered to and accepted by the BUYER, the BUILDER shall at its own cost and expense, keep the
VESSEL and all machinery, materials, equipment, appurtenances and outfit, delivered to the SHIPYARD for the VESSEL or built into, or installed
in or upon the VESSEL, including the BUYER's Supplies, fully insured with Chinese prime insurance companies under coverage corresponding
to &quot;Institute Clause for BUILDER's Risks&quot;.</P>

<P STYLE="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 0.25in; text-align: justify">The amount of such insurance coverage
shall, up to the date of delivery of the VESSEL, be in an amount at least equal to, but not limited to, the aggregate of the payment made
by the BUYER to the BUILDER including the value of the BUYER's Supplies.</P>

<P STYLE="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 0.25in; text-align: justify">The policy referred to hereinabove
shall be taken out in the name of the BUILDER and all proceeds under such policy shall be payable to the BUILDER.</P>

<P STYLE="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 0.25in; text-align: justify">One copy of the BUILDER's risk insurance
shall be delivered to the BUYER, if required by the BUYER.</P>

<P STYLE="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 0.25in; text-align: justify">Notwithstanding anything to the contrary
in this Contract, if the BUILDER has made valid tender of delivery of the VESSEL, the cost of any insurance placed on the VESSEL from
the time of valid tender, as defined in Paragraph 5 Article&nbsp;VII, until the time of actual delivery thereof shall be for the account
of the BUYER.</P>

<P STYLE="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="break-before: page; 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>

<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"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Application of Recovered Amount</U></B></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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">Partial Loss:</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">In the event the VESSEL shall be damaged
by any insured cause whatsoever prior to acceptance thereof by the BUYER and in the further event that such damage shall not constitute
an actual or a constructive total loss of the VESSEL, the BUILDER shall apply the amount recovered under the insurance policy referred
to in Paragraph 1 of this Article&nbsp;to the repair of such damage satisfactory to the Classification Society and also to the satisfaction
of the Representative without additional expense to the BUYER, and the BUYER shall accept the VESSEL under this Contract if completed
in accordance with this Contract and the Specifications.</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Total Loss:</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">However, in the event that the VESSEL
is determined to be an actual or constructive total loss, the BUILDER shall by the mutual agreement between the parties hereto, either:</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: 0.25in">i)</TD><TD STYLE="text-align: justify">Proceed in accordance with the terms of this Contract, in which case the amount recovered under said insurance
policy shall be applied to the reconstruction of the VESSEL's damage, provided the parties hereto shall have first agreed in writing as
to such reasonable postponement of the Delivery Date and adjustment of other terms of this Contract including the Contract Price as may
be necessary for the completion of such reconstruction; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">ii)</TD><TD STYLE="text-align: justify">Refund immediately to the BUYER the amount of all instalments paid to the BUILDER under this Contract
and cost of BUYER&rsquo;s supplies which have been installed on board of the VESSEL without any interest, whereupon this Contract shall
be deemed to be rescinded and all rights, duties, liabilities and obligations of each of the parties to the other shall terminate forthwith.</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="break-before: page; 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 0pt 0.5in; text-align: justify">If the parties hereto fail to reach
such agreement within two (2)&nbsp;months after the VESSEL is determined to be an actual or constructive total loss, the provisions of
Sub-paragraph b) ii) as above shall be applied.</P>

<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"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Termination of the BUILDER's obligation to insure</U></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 0pt 0.25in; text-align: justify">The BUILDER's obligation to insure
the VESSEL hereunder shall cease and terminate forthwith upon delivery and acceptance thereof by the BUYER.</P>

<P STYLE="font: 10pt 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">(End of Article)</P>

<P STYLE="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="break-before: page; 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>ARTICLE&nbsp;XIII - DISPUTES AND ARBITRATION</B></P>

<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"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Proceedings</U></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 0pt 0.25in; text-align: justify">Any dispute arising under or by virtue
of this Contract shall be referred to arbitration in London and such arbitration shall take place according to English Law. The arbitration
shall be referred to a single arbitrator to be appointed by the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">If the parties cannot agree upon the
appointment of the single arbitrator within four (4)&nbsp;weeks after one of the parties has given notice to the other party notifying
that the other party to refer the dispute to arbitration, the dispute shall be settled by three arbitrators, each party appointing one
arbitrator, the third being appointed by the London Maritime Arbitrators Association. If either of the appointed arbitrators refuses or
is incapable of acting, the party who appointed him shall appoint a new arbitrator in his place.</P>

<P STYLE="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 0.25in; text-align: justify">If one party fails to appoint an arbitrator
&ndash; either originally or by way of substitution &ndash; for two (2)&nbsp;weeks after the other party having appointed its arbitrator,
has served the party making default with notice to make the appointment, the London Maritime Arbitrators Association shall, after application
from the party having appointed its arbitrator, also appoint an arbitrator on behalf of the party making default.</P>

<P STYLE="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 0.25in; text-align: justify">The award of the arbitration made by
the sole arbitrator or by the majority of the three arbitrators as the case may be shall be final, conclusive and binding upon the parties
hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Notwithstanding the preceding provisions
of this Paragraph, it is agreed that in the event of any dispute or difference of opinion arising in regard to the construction of the
VESSEL, its machinery or equipment, or concerning the quality of materials or workmanship thereof or thereon during the construction and
the warranty period, such dispute will be referred to the Classification Society upon mutual agreement of the parties hereto as far as
the Classification Society agrees to determine such dispute. The decision of the Classification Society shall be final and binding upon
the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; 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>

<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"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Notice of Award</U></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 0pt 0.25in; text-align: justify">The award shall immediately be given
to the parties hereto in writing or by facsimile/e-mail.</P>

<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"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Expenses</U></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 0pt 0.25in; text-align: justify">The Arbitration Board shall determine
which party shall bear the expenses of the arbitration or the portion of such expenses which each party shall bear.</P>

<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"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>Entry in Court</U></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 0pt 0.25in; text-align: justify">Enforcement upon the award may be entered
in any court having jurisdiction thereof.</P>

<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"><B>5.</B></TD><TD STYLE="text-align: justify"><B><U>Alteration of Delivery of the VESSEL</U></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 0pt 0.25in; text-align: justify">In the event of the arbitration of
any dispute or differences arising or occurring prior to delivery to, or acceptance by the BUYER of the VESSEL, the award by the arbitrator
shall include a finding as to whether or not the contractual delivery date of the VESSEL should, as a result of such dispute, be in any
way altered thereby.</P>

<P STYLE="font: 10pt 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">(End of Article)</P>

<P STYLE="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="break-before: page; 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>ARTICLE&nbsp;XIV - RIGHTS OF ASSIGNMENT</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">Neither of the parties hereto shall assign this
Contract to a third party unless prior consent of the other party is given in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the case of the BUYER assigning this Contract
to Globus Maritime Limited (&ldquo;Globus&rdquo;), or to Globus&rsquo; wholly owned subsidiary or a bank or financial institution financing
any of the instalments payable hereunder, the BUILDER&rsquo;s consent shall not be unreasonably withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In case of an assignment, the assignor shall remain
liable under this Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Contract shall enure to the benefit of and
shall be binding upon the lawful successors or the legitimate assigns of either of parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(End of Article)</P>

<P STYLE="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="break-before: page; 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>ARTICLE&nbsp;XV - TAXES AND DUTIES</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 0pt 0.25in; text-align: justify">The BUILDER shall only bear and pay
all taxes and duties imposed in the People&rsquo;s Republic of China in connection with execution and/or performance of this Contract,
excluding any taxes and duties imposed in the People&rsquo;s Republic of China upon fuel oils and consumable stores remaining on board
as specified in Paragraph 7 of Article&nbsp;VI hereof and the BUYER's Supplies described in the Specifications.</P>

<P STYLE="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 0.25in; text-align: justify">The BUYER shall bear and pay all taxes
and duties imposed outside of the People&rsquo;s Republic of China in connection with execution and/or performance of this Contract, except
for taxes and duties imposed upon those items to be procured by the BUILDER for construction of the VESSEL.</P>

<P STYLE="font: 10pt 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">(End of Article)</P>

<P STYLE="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: 55 -->
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    <DIV STYLE="break-before: page; 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>ARTICLE&nbsp;XVI - PATENTS, TRADEMARKS, COPYRIGHTS,&nbsp;ETC.</B></P>

<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"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Patents, Trademarks and Copyrights</U></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 0pt 0.25in; text-align: justify">Machinery and equipment of the VESSEL
may bear the patent number, trademarks or trade names of the manufacturers.</P>

<P STYLE="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 0.25in; text-align: justify">The BUILDER shall defend and save harmless
the BUYER from patent liability or claims of patent infringement of any nature or kind, including costs and expenses for, or on account
of any patented or patentable invention made or used in the performance of this Contract and also including costs and expenses of litigation,
if any.</P>

<P STYLE="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 0.25in; text-align: justify">Nothing contained herein shall be construed
as transferring any patent or trademark rights or copyright in equipment covered by this Contract, and all such rights are hereby expressly
reserved to the true and lawful owners 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 0pt 0.25in; text-align: justify">The BUILDER's warranty herein does
not extend to the BUYER's Supplies.</P>

<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"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>General Plans, Specifications and Working Drawings</U></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 0pt 0.25in; text-align: justify">The BUILDER retains all rights with
respect to the Specifications, and plans and working drawings, technical descriptions, calculations, test results and other data, information
and documents concerning the design and construction of the VESSEL and the BUYER undertakes therefore not to disclose the same or divulge
any information contained therein to any third parties, without the prior written consent of the BUILDER, excepting where it is necessary
for usual operation, repair and maintenance of the VESSEL or for enforcing its rights under this Contract.</P>

<P STYLE="font: 10pt 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">(End of Article)</P>

<P STYLE="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: 56 -->
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    <DIV STYLE="break-before: page; 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>ARTICLE&nbsp;XVII - BUYER's SUPPLIES</B></P>

<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"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Responsibility of the BUYER</U></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">The BUYER shall, at its own risk, cost and expense, supply and
deliver to the SHIPYARD all of the items to be furnished by the BUYER as specified in the Specifications (herein called throughout this
Contract the &quot;BUYER's Supplies&quot;) at the warehouse or other storage of the SHIPYARD in the proper condition ready for installation
in or on the VESSEL, in accordance with the time schedule designated by the BUILDER.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">In order to facilitate installation by the BUILDER of the BUYER's
Supplies in or on the VESSEL, the BUYER shall furnish the BUILDER with necessary specifications, plans, drawings, instruction books,
manuals, test reports and certificates required by the rules&nbsp;and regulations. The BUYER, if so requested by the BUILDER, shall,
without any charge to the BUILDER, cause the representatives of the manufacturers of the BUYER's Supplies to assist the BUILDER in installation
thereof in or on the VESSEL and/or to carry out installation thereof by themselves or to make necessary adjustments thereof 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" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: justify">Any and all of the BUYER's Supplies shall be subject to the
BUILDER's reasonable right of rejection, as and if they are found to be unsuitable or in improper condition for installation. However,
if so requested by the BUYER, the BUILDER shall repair or adjust the BUYER's Supplies without prejudice to the BUILDER's other rights
hereunder and without being responsible for any consequences therefrom. In such case, the BUYER shall reimburse the BUILDER for all costs
and expenses incurred by the BUILDER in such repair or adjustment and the Delivery Date shall be postponed for a period of time necessary
for such repair or replacement, if the BUILDER requests.</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="break-before: page; 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(d)</TD><TD STYLE="text-align: justify">Should the BUYER fail to deliver any of the BUYER's Supplies
within the time designated by the BUILDER, the Delivery Date shall be automatically extended for a period of such delay in delivery,
provided that such delay in delivery shall affect delivery of the VESSEL. In such event, the BUYER shall be responsible and pay to the
BUILDER for all losses and damages incurred by the BUILDER by reason of such delay in delivery of the BUYER's Supplies and such payment
shall be made upon delivery of the VESSEL.</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">If delay in delivery of any of the BUYER's
Supplies exceeds thirty (30) days, then, the BUILDER shall be entitled to proceed with construction of the VESSEL without installation
thereof in or on the VESSEL, without prejudice to the BUILDER's other rights as hereinabove provided, and the BUYER shall accept and take
delivery of the VESSEL so constructed.</P>

<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"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Responsibility of the BUILDER</U></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 0pt 0.25in; text-align: justify">The BUILDER shall be responsible for
storing and handling with reasonable care of the BUYER's Supplies after delivery thereof at the SHIPYARD, and shall at its own cost and
expense, install them in or on the VESSEL, unless otherwise provided herein or agreed by the parties hereto, provided, always, that the
BUILDER shall not be responsible for quality, efficiency and/or performance of any of the BUYER's Supplies and is under no obligation
with respect to guarantee of such equipment against any defects caused by poor quality, performance and /or efficiency of the BUYER&rsquo;s
supplies.</P>

<P STYLE="font: 10pt 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">(End of Article)</P>

<P STYLE="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="break-before: page; 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>ARTICLE&nbsp;XVIII - NOTICE AND CORRESPONDENCE</B></P>

<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"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Address</U></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 0pt 0.25in; text-align: justify">Any and all notices and communications
in connection with this Contract shall be addressed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 0.25in; text-align: justify; width: 20%"><FONT STYLE="font-size: 10pt">To the BUYER:</FONT></TD>
  <TD STYLE="text-align: justify; width: 80%"><FONT STYLE="font-size: 10pt">C/O GLOBUS MARITIME LIMITED<BR>
128 Vouliagmenis Avenue, 3rd Floor, 166 74 Glyfada,<BR>
Athens, Greece<BR>
E-mail:<BR>
Telephone No:</FONT></TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
  <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">To the BUILDER:</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">NANTONG COSCO KHI SHIP ENGINEERING CO.,&nbsp;LTD.<BR>
901 Changjiang Middle Road, Nantong, Jiangsu<BR>
The People&rsquo;s Republic of China<BR>
E-mail:<BR>
Telephone No:</FONT></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"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Language</U></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 0pt 0.25in; text-align: justify">Any and all notices and communications
in connection with this Contract shall be written in English Language.</P>

<P STYLE="font: 10pt 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">(End of Article)</P>

<P STYLE="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="break-before: page; 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>ARTICLE&nbsp;XIX - DEFAULT OF A CONTRACT PARTY</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">Each of the BUILDER or the BUYER or the GUARANTOR
under Performance Guarantee in Exhibit&nbsp;B (each such party for the purposes of this Clause called the &ldquo;Default Party&rdquo;)
shall be deemed to be in default under this Contract, and the counter party shall be entitled, but not bound, to rescind this Contract
forthwith whereupon the provisions of Article&nbsp;X hereof shall apply, by the giving of notice to the Default Party in writing, in any
of the following cases:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">the cessation of the carrying on of business or the filing of a petition or the making of an order or
the passing of an effective resolution for the winding-up of or the appointment of a receiver of the undertaking or property of, or the
insolvency of, the Default Party; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">the placing of the Default Party under court protection or analogous proceedings or corporate reorganization;
or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">If the Default Party is dissolved, liquidated, rehabilitated or ceases to be registered as a company in
its registration country.</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">If the Default Party is the BUILDER, upon the
return of such sums from the BUILDER to the BUYER, all obligations, duties and liabilities of each of the parties hereto to the other
under this Contract shall be forthwith completely discharged and the BUYER shall have no right to claim any further damages whatsoever
in respect of any breach or alleged breach of this Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Default Party is the BUYER or the GUARANTOR,
Clause 3 and Clause 4 of Article&nbsp;XI shall be applied, for which the BUILDER may at its option rescind this Contract in accordance
with the provisions of Article&nbsp;XI hereof.</P>

<P STYLE="font: 10pt 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">(End of Article)</P>

<P STYLE="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="break-before: page; 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>ARTICLE&nbsp;XX - EFFECTIVE DATE OF CONTRACT</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">This Contract shall become effective as from the
date of execution hereof by the BUYER and the BUILDER.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(End of Article)</P>

<P STYLE="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="break-before: page; 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>ARTICLE&nbsp;XXI - INTERPRETATION</B></P>

<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"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Laws Applicable</U></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 0pt 0.25in; text-align: justify">The parties hereto agree that the validity
and interpretation of this Contract and of each Article&nbsp;and part hereof shall be governed by the laws of England.</P>

<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"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Discrepancies</U></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 0pt 0.25in; text-align: justify">All general language or requirements
embodied in the Specifications are intended to amplify, explain and implement the requirements of this Contract. However, in the event
that any language or requirements so embodied permit an interpretation inconsistent with any provisions of this Contract, then in each
and every such event, the applicable provisions of this Contract shall prevail and govern. The Specifications and plan are also intended
to explain each other, and anything shown on the plan and not stipulated in the Specifications or stipulated in the Specifications and
not shown on the plan shall be deemed and considered as if embodied in both. In the event of conflict between the Specifications and plan,
the Specifications shall prevail and govern.</P>

<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"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Entire Agreement</U></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 0pt 0.25in; text-align: justify">This Contract contains the entire agreement
and understanding between the parties hereto and supersedes all prior negotiations, representations, undertakings and agreements on any
subject matter of this Contract.</P>

<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-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Other</U></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 0pt 0.25in; text-align: justify">All the dates and times shown in this
Contract shall be construed as based on the China Standard 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; text-align: center">(End of Article)</P>

<P STYLE="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="break-before: page; 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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ARTICLE&nbsp;XXII - CONFIDENTIALITY</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">Without prejudice to Article&nbsp;XVI - 2, this
Contract, especially the Contract Price, is confidential between the parties and its terms and conditions may not be divulged except (1)&nbsp;if
the disclosing party (i)&nbsp;is obliged to disclose all or part of this Contract or the Specifications because of any applicable law,
regulation, including the rules&nbsp;and regulations of the US Securities and Exchange Commission and/or the New York Stock Exchange of
the BUYER or its guarantor, or official order, whereby the disclosing party will immediately inform the other party and (ii)&nbsp;has
informed the other party of its intention to disclose all or part of this Contract or the Specifications (with a detailed list of the
information to be disclosed) and has received the prior written consent of the other party for such disclosure or (2)&nbsp;as necessary
in the performance of the Contract to the third parties in a business relationship such as financial sources, government agencies, vendors
and in connection with any arbitration of this Contract.</P>

<P STYLE="font: 10pt 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">(End of Article)</P>

<P STYLE="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="break-before: page; 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">IN WITNESS WHEREOF, the parties hereto have caused this Contract to
be executed the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4">BUYER:</TD>
    <TD COLSPAN="3">BUILDER:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4">PARALUS SHIPHOLDING S.A.</TD>
    <TD COLSPAN="3">NANTONG COSCO KHI SHIP ENGINEERING
    CO.,&nbsp;LTD.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">/s/ Athanasios Feidakis</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">/s/ Gao Yongqiang</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">Name</TD>
    <TD STYLE="width: 2%">: </TD>
    <TD STYLE="width: 41%">Athanasios Feidakis</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">Name</TD>
    <TD STYLE="width: 2%">:</TD>
    <TD STYLE="width: 41%">Gao Yongqiang</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Title</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">: </FONT></TD>
    <TD COLSPAN="2">Attorney in Fact</TD>
    <TD>Title</TD>
    <TD>:</TD>
    <TD>President</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;&quot;A&quot;</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>Format of REFUND GUARANTEE</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">Our Ref. No.&nbsp;[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Issuing Date: [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; text-align: justify">To: PARALUS SHIPHOLDING S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Trust Company Complex, Ajeltake
Road, Ajeltake Island, Majuro, Marshall Islands MH96960</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. At the request of NANTONG COSCO KHI SHIP ENGINEERING
CO.,&nbsp;LTD., a corporation organized and existing under the laws of the People&rsquo;s Republic of China, having its principal office
at 901 Changjiang Middle Road, Nantong, Jiangsu, the People&rsquo;s Republic of China (hereinafter called the &ldquo;Builder&rdquo;) and
in consideration of you entering into a shipbuilding contract by and between you and the Builder dated May&nbsp;13, 2022 (hereinafter
as amended or supplemented from time to time called the &ldquo;Contract&rdquo;) for the construction of one (1)&nbsp;64,000 DWT motor
bulk carrier to be built by the Builder as Hull No.&nbsp;NE443 (hereinafter called the &ldquo;Vessel&rdquo;), and your agreeing to pay
pre-delivery instalments under the Contract aggregating to USD17,275,000.00 (Say United States Dollars Seventeen Million Two Hundred and
Seventy Five Thousand only) representing the first installment of the Contract price, in the amount of USD6,910,000.00(Say United States
Dollars Six Million Nine Hundred and Ten Thousand only), the second installment of the Contract price, in the amount of USD3,455,000.00
(Say United States Dollars Three Million Four Hundred and Fifty Five Thousand only), the third installment of the Contract price, in the
amount of USD3,455,000.00 (Say United States Dollars Three Million Four Hundred and Fifty Five Thousand only) and the fourth installment
of the Contract price, in the amount of USD3,455,000.00 (Say United States Dollars Three Million Four Hundred and Fifty Five Thousand
only), we,&nbsp;Industrial and Commercial Bank of China, Jiangsu Provincial Branch, No.408, Zhongshan Road, Nanjing City, Jiangsu Province,
the People&rsquo;s Republic of China, a bank organized under the laws of the People&rsquo;s Republic of China, do hereby absolutely and
unconditionally guarantee, as primary obligor and not merely as surety, the repayment to you by the Builder of an amount up to but not
exceeding USD17,275,000.00 (Say United States Dollars Seventeen Million Two Hundred and Seventy Five Thousand only), representing the
first, second, third and fourth installment of the Contract price as you may have paid to the Builder under the Contract prior to the
delivery of the Vessel, together with no interest for the relevant period if cancellation of the Contract is exercised by you for the
delay caused by permissible delays in accordance with the provisions of Paragraph 4 of Article&nbsp;VIII of the Contract or total loss
in accordance with the provisions of Article&nbsp;XII of the Contract, or together with an interest at the rate of six percent (6%) per
annum if the cancellation of the Contract is exercised by you in accordance with the provisions of Article&nbsp;X of the Contract, within
twenty one (21) Chinese business days after our receipt of your relevant demand for repayment by authenticated SWIFT through your bank,
if and when the same or any part thereof becomes repayable to you from the Builder in accordance with the terms of the Contract.</P>

<P STYLE="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">2. Should the Builder fail to make such repayment
in accordance with the terms of the Contract within twenty one (21) Chinese business days, we shall pay you the amount the Builder ought
to pay including interest as described above within twenty one (21) Chinese business days after our receipt of your relevant demand for
repayment by authenticated SWIFT through your bank indicating that the Builder is in breach of his obligation(s)&nbsp;under the Contract,
the provision of the Contract in which the Builder is in breach and the amount which the Builder has failed to repay under the Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. However, in the event of any dispute between
you and the Builder in relation to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1)&nbsp;whether the Builder shall be liable to
repay any of the above pre delivery installments paid by you under the Contract 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">(2)&nbsp;consequently whether you shall have
the right to demand payment from us,either you or the Builder shall inform us in writing once such dispute is submitted for
arbitration and if either within twenty one (21) Chinese business days of our receipt of your demand or before any such demand is
made, we receive a notice made by the Builder or you indicating that there is a dispute between you and the Builder and such dispute
is submitted either by the Builder or by you for arbitration in accordance with Article&nbsp;XIII of the Contract, we shall be
entitled to withhold and defer payment until the earliest of (i)&nbsp;an arbitration award is published, or (ii)&nbsp;the final
court judgment/order is published. In case of reference to arbitration, we shall not be obligated to make any payment to you unless
the arbitration award or final court judgment orders the Builder to make repayment. If the Builder fails to honor the award or court
judgment within seven (7)&nbsp;Chinese business days of publication of such award or court judgment then we shall refund to you
within twenty (20) Chinese business days on your further demand (hereinafter called the &ldquo;Further Demand&rdquo;), in
substitution for the demand previously submitted, by authenticated SWIFT through your bank to the extent the arbitration award or
court judgment orders but not exceeding the aggregate amount of the Contract installments guaranteed under this Letter of Guarantee
plus the interest described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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">Such further demand, which is accompanied by a
copy of the arbitration award or final judgment, shall be received by us by authenticated SWIFT through your bank within thirty (30) calendar
days after the publication or conclusion (as the case may be) of the award or judgment, specifying</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1). The final arbitration award or the final court
judgment has been awarded or concluded (as the case may be), 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">2). The amount the Builder is obliged to pay you
pursuant to such final arbitration award or the final court judgment, 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">3). That you have not received from the Builder
the amount payable by the Builder to you in satisfaction of such award or the final court judgment, and 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">4). the amount demanded by you under this Letter
of Guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. The said repayment shall be made by us in US
Dollars. This Letter of Guarantee shall become effective from the time of the actual receipt of the first installment of USD6,910,000.00
under the Contract (Say United States Dollars Six Million Nine Hundred and Ten Thousand only) by the Builder on its account No.&nbsp;1111820109914132524
held with Industrial and Commercial Bank of China, Nantong Branch with quoting this Letter of Guarantee Ref. No.&nbsp;[ ] and the amounts
effective under this Letter of Guarantee shall correspond to the total payments actually made by you from time to time under the Contract
prior to the delivery of the Vessel provided that the relative installment has been remitted to the Builder&rsquo;s account No.&nbsp;1111820109914132524
held with Industrial and Commercial Bank of China, Nantong Branch. However, the available amount under this Letter of Guarantee shall
in no event exceed above mentioned amount actually paid to the Builder, together with interest calculated as described above at six percent
(6%) per annum, as the case may be, for the period commencing with the date of receipt by us for the Builder of the respective installment
to the date of our repayment(s)&nbsp;thereof. Our liability under this Letter of Guarantee shall be reduced automatically in accordance
with the repayment made by the Builder or by ourselves.</P>

<P STYLE="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">5. This Letter of Guarantee shall remain in force
until (I)&nbsp;the Vessel has been delivered to and accepted by you evidenced by presentation to us of a copy of protocol of delivery
and acceptance or (II)&nbsp;refund has been made by the Builder or ourselves under this Letter of Guarantee evidenced by our receipt of
payment certificate or (III)&nbsp;November&nbsp;10th, 2025, whichever occurs earliest. Upon expiry, this Letter of Guarantee shall automatically
become null and void whether or not it is returned to us for cancellation. However, in the event there is still an outstanding arbitration
or court proceedings initiated by you or the Builder for such matters as described in above, then, the validity of this Letter of Guarantee
shall be automatically extended to such date being sixty (60) days after a final, unappealable arbitration award or final court judgement
is published and in any event this Letter of Guarantee shall not expire until receipt by you of the sum due to you in accordance with
the terms of the said final award or final court judgement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6. This Letter of Guarantee shall become automatically
null and void, having no effect whatsoever, if due to whatever reasons, the Builder does not receive the first installment under the Contract
on its account No.&nbsp;1111820109914132524 held with Industrial and Commercial Bank of China, Nantong Branch on or before August&nbsp;15th,
2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7. This&nbsp;Letter&nbsp;of&nbsp;Guarantee&nbsp;may&nbsp;be&nbsp;assigned&nbsp;by&nbsp;you&nbsp;provided
that:</P>

<P STYLE="font: 10pt Times 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-size: 10pt">(a)&nbsp;the&nbsp;notice&nbsp;of&nbsp;assignment duly&nbsp;signed&nbsp;by&nbsp;both you and the assignee has been duly acknowledged by us
(and we cannot unreasonably withhold same);&nbsp;and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; 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: justify">(b)&nbsp;your signature on such notice of assignment
has been authenticated by your bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c)&nbsp;the right of making demand under this
Letter of Guarantee shall always remain with you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our obligations under this Letter of Guarantee
shall not be increased or otherwise affected by any such assignment. Any amendment or modification of this Letter of Guarantee could only
be made at our prior written 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">8. This Letter of Guarantee and any non-contractual
obligations arising from or in connection to it shall be governed by and construed in accordance with the laws of England.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of any dispute as to any matter arising
out of or relating to this Letter of Guarantee or any stipulation herein or with respect thereto, such dispute shall be referred to arbitration
in London in accordance with the Arbitration Act 1996 of the United Kingdom or any statutory modification or re-enactment thereof then
in force save to the extent necessary to give effect to the provisions of this clause including our obligation to appoint an Agent for
Service of Process in London. The arbitration shall be conducted in accordance with the London Maritime Arbitrators&rsquo; Association
(LMAA) Terms current at the time when the arbitration proceedings are commenced. Any such arbitration shall follow the procedure outlined
in the Article&nbsp;XIII of the Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of arbitration, we shall irrevocably
appoint an Agent in London to act as our agent to receive and accept on our behalf any service of document relating to any proceedings
in the English courts, or any notice or other communication in connection with any arbitration, under or in relation to this Letter of
Guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9. Neither our liability nor our obligations under
this Letter of Guarantee shall be affected or discharged by any amendment or variation or extension of the terms of the Contract or any
invalidity, irregularity or unenforceability or otherwise of the Contract or any time or indulgence granted to the Builder under the terms
of the Contract and/or any insolvency, bankruptcy, liquidation, dissolution or reorganization (or analogous procedure) of the Builder
or by any act, omission, fact or circumstances whatsoever, which could or might, but for the foregoing, diminish in any way our obligations
under this Letter of Guarantee provided however that notwithstanding the foregoing, our liability under this Letter of Guarantee shall
in no event be greater than the aforesaid guarantee amount plus interest (as the case may be). We further hereby waive and disclaim all
rights whatsoever to claim sovereign immunity for ourselves or our assets in respect of any claim or proceedings brought under this Letter
of Guarantee, and waive and disclaim any claim that any proceedings brought against us under or in respect of this Letter of Guarantee
have been brought in an inconvenient or inappropriate forum provided always that such proceedings are brought in accordance with the terms
of this Letter of Guarantee.</P>

<P STYLE="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">10. We confirm herewith that we are permitted
by the laws of the People&rsquo;s Republic of China to issue this Letter of Guarantee and especially to designate English law as the applicable
law and London as place of arbitration. With regard to the rules, regulations and requirements of foreign exchange imposed by the state
administration of foreign exchange (&ldquo;S.A.F.E.&rdquo;) of the People&rsquo;s Republic of China, we confirm herewith that this Letter
of Guarantee will be registered with the relevant S.A.F.E. authority after the issuance and confirm further that we have obtained all
necessary approvals and authorizations to issue this Letter of Guarantee and that we are authorized to transfer funds out of the People&rsquo;s
Republic of China in the currency of this Letter of Guarantee as and when required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11. All the banking charges outside of the People&rsquo;s
Republic of China are on your account and all the banking charges inside the People&rsquo;s Republic of China are for account of the Builder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12. All payments by us under this Letter of Guarantee
shall be made without any set-off or counterclaim and without deduction or withholding for or on account of any taxes, duties or charges
whatsoever unless we are obliged by law to deduct or withhold the same. In the latter event we shall make the minimum deduction or withholding
required and will pay you such additional amounts as may be necessary in order that the net amount received by you after such deduction
or withholding shall equal the amount which would have been received had such deduction or withholding not been made.</P>

<P STYLE="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="break-before: page; 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: justify">13. Breaches of local and international anti-money
laundering or economic sanctions laws and regulations administered by, including but not limited to the People&rsquo;s Republic of China,
United Nations, United States, are not acceptable. Our bank may reject any transaction in violation of any of these laws and regulations
without any liability on our 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"></P>

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    <DIV STYLE="break-before: page; 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>EXHIBIT&nbsp;&quot;B&quot;</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>Format of PERFORMANCE GUARANTEE</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">[OMITTED]</P>

<P STYLE="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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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>8
<FILENAME>exhibit81.htm
<DESCRIPTION>EXHIBIT 8.1
<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 8.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SUBSIDIARIES OF GLOBUS MARITIME LIMITED</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; padding-top: 2pt; padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 1%; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="width: 31%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Jurisdiction of Incorporation</B></FONT></TD>
    <TD STYLE="width: 1%; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="width: 35%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Name Under Which the</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Subsidiaries do Business</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; padding-left: 1.35pt"><FONT STYLE="font-size: 10pt">Globus Shipmanagement Corp.</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: center"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD>
    <TD STYLE="padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-left: 2.95pt"><FONT STYLE="font-size: 10pt">Globus Shipmanagement Corp.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.35pt"><FONT STYLE="font-size: 10pt">Devocean Maritime Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 2.95pt"><FONT STYLE="font-size: 10pt">Devocean Maritime Ltd.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.35pt"><FONT STYLE="font-size: 10pt">Domina Maritime Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 2.95pt"><FONT STYLE="font-size: 10pt">Domina Maritime Ltd.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.35pt"><FONT STYLE="font-size: 10pt">Dulac Maritime S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 2.95pt"><FONT STYLE="font-size: 10pt">Dulac Maritime S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.35pt"><FONT STYLE="font-size: 10pt">Artful Shipholding S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 2.95pt"><FONT STYLE="font-size: 10pt">Artful Shipholding S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.35pt"><FONT STYLE="font-size: 10pt; background-color: white">Longevity Maritime Limited</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Malta</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 2.95pt"><FONT STYLE="font-size: 10pt; background-color: white">Longevity Maritime Limited</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.35pt"><FONT STYLE="font-size: 10pt">Serena Maritime Limited</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 2.95pt"><FONT STYLE="font-size: 10pt">Serena Maritime Limited</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.35pt"><FONT STYLE="font-size: 10pt; background-color: white">Talisman Maritime Limited</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 2.95pt"><FONT STYLE="font-size: 10pt; background-color: white">Talisman Maritime Limited</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.35pt"><FONT STYLE="font-size: 10pt">Daxos Maritime Limited</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 2.95pt"><FONT STYLE="font-size: 10pt">Daxos Maritime Limited</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.35pt"><FONT STYLE="font-size: 10pt; background-color: white">Argo Maritime Limited</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 2.95pt"><FONT STYLE="font-size: 10pt; background-color: white">Argo Maritime Limited</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.35pt"><FONT STYLE="font-size: 10pt; background-color: white">Salaminia Maritime Limited</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 2.95pt"><FONT STYLE="font-size: 10pt; background-color: white">Salaminia Maritime Limited</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.35pt"><FONT STYLE="font-size: 10pt; background-color: white">Paralus Shipholding S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 2.95pt"><FONT STYLE="font-size: 10pt; background-color: white">Paralus Shipholding S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.35pt"><FONT STYLE="font-size: 10pt; background-color: white">Calypso Shipholding S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 2.95pt"><FONT STYLE="font-size: 10pt; background-color: white">Calypso Shipholding S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.35pt"><FONT STYLE="font-size: 10pt; background-color: white">Olympia Shipholding S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Marshall Islands</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 2.95pt"><FONT STYLE="font-size: 10pt; background-color: white">Olympia Shipholding S.A.</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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<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>9
<FILENAME>exhibit121.htm
<DESCRIPTION>EXHIBIT 12.1
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 12.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">I, Athanasios Feidakis, certify
that:</P>

<P STYLE="font: 10pt Times New Roman, Times, 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: 0.25in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
have reviewed this annual report on Form 20-F of Globus Maritime Limited;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered
by this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, 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: 0.25in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, 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: 0.25in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
company&rsquo;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the company and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaluated the effectiveness of the company&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosed in this report any change in the company&rsquo;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company&rsquo;s internal control over financial reporting; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
company&rsquo;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the company&rsquo;s auditors and the audit committee of the company&rsquo;s board of directors (or persons performing the
equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&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; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company&rsquo;s ability to record, process, summarize and report financial information; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any fraud, whether or not material, that involves management or other employees who have a significant role in the company&rsquo;s internal control over financial reporting.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">Date: March 20, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 47%; border-bottom: black 1pt solid; padding-right: 0.8pt; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Athanasios Feidakis</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 0.8pt; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Athanasios Feidakis</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: President and Chief Executive Officer (Principal Executive Officer)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

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<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>10
<FILENAME>exhibit122.htm
<DESCRIPTION>EXHIBIT 12.2
<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 12.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CERTIFICATION PURSUANT TO SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">I, Athanasios Feidakis, certify
that:</P>

<P STYLE="font: 10pt Times New Roman, Times, 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: 0.25in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
have reviewed this annual report on Form 20-F of Globus Maritime Limited;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered
by this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, 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: 0.25in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, 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: 0.25in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
company&rsquo;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the company and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaluated the effectiveness of the company&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosed in this report any change in the company&rsquo;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company&rsquo;s internal control over financial reporting; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
company&rsquo;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the company&rsquo;s auditors and the audit committee of the company&rsquo;s board of directors (or persons performing the
equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&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; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company&rsquo;s ability to record, process, summarize and report financial information; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any fraud, whether or not material, that involves management or other employees who have a significant role in the company&rsquo;s internal control over financial reporting.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">Date: March 20, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 47%; border-bottom: black 1pt solid; padding-right: 0.8pt; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Athanasios Feidakis</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 0.8pt; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Athanasios Feidakis</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chief Financial Officer (Principal Financial Officer)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B></B></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>11
<FILENAME>exhibit131.htm
<DESCRIPTION>EXHIBIT 13.1
<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 13.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION
1350,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AS ADOPTED PURSUANT TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECTION 906 OF THE U.S. SARBANES-OXLEY ACT OF
2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with this annual report of Globus Maritime
Limited (the &ldquo;Company&rdquo;) on Form 20-F for the year ended December 31, 2022 as filed with the Securities and Exchange Commission
on or about the date hereof (the &ldquo;Report&rdquo;), I, Athanasios Feidakis, President and Chief Executive Officer of the Company,
certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) the Report fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) the information contained in the Report fairly
presents, in all material respects, the financial condition and results of operations of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A signed original of this written statement has been
provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Date: March 20, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 47%; border-bottom: black 1pt solid; padding-right: 0.8pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Athanasios Feidakis</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 0.8pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Athanasios Feidakis</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: President and Chief Executive Officer (Principal Executive Officer)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>12
<FILENAME>exhibit132.htm
<DESCRIPTION>EXHIBIT 13.2
<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 13.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION
1350,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AS ADOPTED PURSUANT TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECTION 906 OF THE U.S. SARBANES-OXLEY ACT OF
2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with this annual report of Globus Maritime
Limited (the &ldquo;Company&rdquo;) on Form 20-F for the year ended December 31, 2022 as filed with the Securities and Exchange Commission
on or about the date hereof (the &ldquo;Report&rdquo;), I, Athanasios Feidakis, Chief Financial Officer of the Company, certify, pursuant
to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) the Report fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) the information contained in the Report fairly
presents, in all material respects, the financial condition and results of operations of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A signed original of this written statement has been
provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Date: March 20, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 0.8pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 47%; border-bottom: black 1pt solid; padding-right: 0.8pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Athanasios Feidakis</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 0.8pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Athanasios Feidakis</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chief Financial Officer (Principal Financial Officer)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.1
<SEQUENCE>13
<FILENAME>exhibit151.htm
<DESCRIPTION>EXHIBIT 15.1
<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 15.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consent of Independent Registered Public Accounting
Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the incorporation by reference in the following Registration
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">(1) Registration Statement (Form F-3 No.&nbsp;333-239250) of Globus
Maritime Limited,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2) Registration Statement (Form F-3 No. 333-240042) of Globus Maritime
Limited, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3) Registration Statement (Form F-3 No. 333-240265) of Globus Maritime
Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">of our report dated March&nbsp;20, 2023, with respect to the consolidated
financial statements of Globus Maritime Limited included in this Annual Report (Form 20-F) of Globus Maritime Limited for the year ended
December&nbsp;31, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Ernst&nbsp;&amp; Young (Hellas) Certified Auditors Accountants
S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Athens, Greece</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March&nbsp;20, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>14
<FILENAME>glbs-20221231.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
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	<link:roleType roleURI="http://globusmaritime.gr/role/VesselsNet" id="VesselsNet">
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	<link:roleType roleURI="http://globusmaritime.gr/role/Inventories" id="Inventories">
	  <link:definition>00000011 - Disclosure - Inventories</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/TradeAccountsPayable" id="TradeAccountsPayable">
	  <link:definition>00000012 - Disclosure - Trade accounts payable</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/AccruedLiabilitiesAndOtherPayables" id="AccruedLiabilitiesAndOtherPayables">
	  <link:definition>00000013 - Disclosure - Accrued liabilities and other payables</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/ShareCapitalAndSharePremium" id="ShareCapitalAndSharePremium">
	  <link:definition>00000014 - Disclosure - Share Capital and Share Premium</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/EarningslossPerShare" id="EarningslossPerShare">
	  <link:definition>00000015 - Disclosure - Earnings/(Loss) per Share</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/Long-termDebtNet" id="Long-termDebtNet">
	  <link:definition>00000016 - Disclosure - Long-Term Debt, net</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/ShareBasedPayment" id="ShareBasedPayment">
	  <link:definition>00000017 - Disclosure - Share Based Payment</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/VoyageExpensesAndVesselOperatingExpenses" id="VoyageExpensesAndVesselOperatingExpenses">
	  <link:definition>00000018 - Disclosure - Voyage Expenses and Vessel Operating Expenses</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/AdministrativeExpenses" id="AdministrativeExpenses">
	  <link:definition>00000019 - Disclosure - Administrative Expenses</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/InterestExpenseAndFinanceCosts" id="InterestExpenseAndFinanceCosts">
	  <link:definition>00000020 - Disclosure - Interest Expense and Finance Costs</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/Dividends" id="Dividends">
	  <link:definition>00000021 - Disclosure - Dividends</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/Contingencies" id="Contingencies">
	  <link:definition>00000022 - Disclosure - Contingencies</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/Commitments" id="Commitments">
	  <link:definition>00000023 - Disclosure - Commitments</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/IncomeTax" id="IncomeTax">
	  <link:definition>00000024 - Disclosure - Income Tax</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/FinancialRiskManagementObjectivesAndPolicies" id="FinancialRiskManagementObjectivesAndPolicies">
	  <link:definition>00000025 - Disclosure - Financial risk management objectives and policies</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/FairValues" id="FairValues">
	  <link:definition>00000026 - Disclosure - Fair values</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/EventsAfterReportingDate" id="EventsAfterReportingDate">
	  <link:definition>00000027 - Disclosure - Events after the reporting date</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/BasisOfPreparationAndSignificantAccountingPoliciesPolicies" id="BasisOfPreparationAndSignificantAccountingPoliciesPolicies">
	  <link:definition>00000028 - Disclosure - Basis of Preparation and Significant Accounting Policies (Policies)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/BasisOfPresentationAndGeneralInformationTables" id="BasisOfPresentationAndGeneralInformationTables">
	  <link:definition>00000029 - Disclosure - Basis of presentation and general information (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/CashAndCashEquivalentsAndRestrictedCashTables" id="CashAndCashEquivalentsAndRestrictedCashTables">
	  <link:definition>00000030 - Disclosure - Cash and cash equivalents and Restricted cash (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/TransactionsWithRelatedPartiesTables" id="TransactionsWithRelatedPartiesTables">
	  <link:definition>00000031 - Disclosure - Transactions with Related Parties (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/VesselsNetTables" id="VesselsNetTables">
	  <link:definition>00000032 - Disclosure - Vessels, net (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/InventoriesTables" id="InventoriesTables">
	  <link:definition>00000033 - Disclosure - Inventories (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/AccruedLiabilitiesAndOtherPayablesTables" id="AccruedLiabilitiesAndOtherPayablesTables">
	  <link:definition>00000034 - Disclosure - Accrued liabilities and other payables (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/ShareCapitalAndSharePremiumTables" id="ShareCapitalAndSharePremiumTables">
	  <link:definition>00000035 - Disclosure - Share Capital and Share Premium (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/EarningslossPerShareTables" id="EarningslossPerShareTables">
	  <link:definition>00000036 - Disclosure - Earnings/(Loss) per Share (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/Long-termDebtNetTables" id="Long-termDebtNetTables">
	  <link:definition>00000037 - Disclosure - Long-Term Debt, net (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/ShareBasedPaymentTables" id="ShareBasedPaymentTables">
	  <link:definition>00000038 - Disclosure - Share Based Payment (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/VoyageExpensesAndVesselOperatingExpensesTables" id="VoyageExpensesAndVesselOperatingExpensesTables">
	  <link:definition>00000039 - Disclosure - Voyage Expenses and Vessel Operating Expenses (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/AdministrativeExpensesTables" id="AdministrativeExpensesTables">
	  <link:definition>00000040 - Disclosure - Administrative Expenses (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/InterestExpenseAndFinanceCostsTables" id="InterestExpenseAndFinanceCostsTables">
	  <link:definition>00000041 - Disclosure - Interest Expense and Finance Costs (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/CommitmentsTables" id="CommitmentsTables">
	  <link:definition>00000042 - Disclosure - Commitments (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/FinancialRiskManagementObjectivesAndPoliciesTables" id="FinancialRiskManagementObjectivesAndPoliciesTables">
	  <link:definition>00000043 - Disclosure - Financial risk management objectives and policies (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/FairValuesTables" id="FairValuesTables">
	  <link:definition>00000044 - Disclosure - Fair values (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/BasisOfPresentationAndGeneralInformationDetails" id="BasisOfPresentationAndGeneralInformationDetails">
	  <link:definition>00000045 - Disclosure - Basis of presentation and general information (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/BasisOfPresentationAndGeneralInformationDetailsNarrative" id="BasisOfPresentationAndGeneralInformationDetailsNarrative">
	  <link:definition>00000046 - Disclosure - Basis of presentation and general information (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/BasisOfPreparationAndSignificantAccountingPoliciesDetailsNarrative" id="BasisOfPreparationAndSignificantAccountingPoliciesDetailsNarrative">
	  <link:definition>00000047 - Disclosure - Basis of Preparation and Significant Accounting Policies (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/CashAndCashEquivalentsAndRestrictedCashDetails" id="CashAndCashEquivalentsAndRestrictedCashDetails">
	  <link:definition>00000048 - Disclosure - Cash and cash equivalents and Restricted cash (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/CashAndCashEquivalentsAndRestrictedCashDetailsNarrative" id="CashAndCashEquivalentsAndRestrictedCashDetailsNarrative">
	  <link:definition>00000049 - Disclosure - Cash and cash equivalents and Restricted cash (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/TransactionsWithRelatedParties-CompensationToCompanysNon-executiveDirectorsDetails" id="TransactionsWithRelatedParties-CompensationToCompanysNon-executiveDirectorsDetails">
	  <link:definition>00000050 - Disclosure - Transactions with Related Parties - Compensation to the Company's Non-Executive Directors (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/TransactionsWithRelatedParties-CompensationToCompanysExecutiveDirectorDetails" id="TransactionsWithRelatedParties-CompensationToCompanysExecutiveDirectorDetails">
	  <link:definition>00000051 - Disclosure - Transactions with Related Parties - Compensation to the Company's Executive Director (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/TransactionsWithRelatedPartiesDetailsNarrative" id="TransactionsWithRelatedPartiesDetailsNarrative">
	  <link:definition>00000052 - Disclosure - Transactions with Related Parties (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/VesselsNet-ConsolidatedStatementOfFinancialPositionDetails" id="VesselsNet-ConsolidatedStatementOfFinancialPositionDetails">
	  <link:definition>00000053 - Disclosure - Vessels, net - Consolidated Statement of Financial Position (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/VesselsNet-ConsolidatedStatementOfComprehensiveIncomeLossDetails" id="VesselsNet-ConsolidatedStatementOfComprehensiveIncomeLossDetails">
	  <link:definition>00000054 - Disclosure - Vessels, net - Consolidated Statement of Comprehensive Income/ (loss) (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/VesselsNet-ImpairmentLossDetails" id="VesselsNet-ImpairmentLossDetails">
	  <link:definition>00000055 - Disclosure - Vessels, net - Impairment loss (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/VesselsNetDetailsNarrative" id="VesselsNetDetailsNarrative">
	  <link:definition>00000056 - Disclosure - Vessels, net (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/InventoriesDetails" id="InventoriesDetails">
	  <link:definition>00000057 - Disclosure - Inventories (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/TradeAccountsPayableDetailsNarrative" id="TradeAccountsPayableDetailsNarrative">
	  <link:definition>00000058 - Disclosure - Trade accounts payable (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/AccruedLiabilitiesAndOtherPayablesDetails" id="AccruedLiabilitiesAndOtherPayablesDetails">
	  <link:definition>00000059 - Disclosure - Accrued liabilities and other payables (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/ShareCapitalAndSharePremium-AuthorizedShareCapitalDetails" id="ShareCapitalAndSharePremium-AuthorizedShareCapitalDetails">
	  <link:definition>00000060 - Disclosure - Share Capital and Share Premium - Authorized share capital (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/ShareCapitalAndSharePremium-CommonSharesIssuedAndFullyPaidDetails" id="ShareCapitalAndSharePremium-CommonSharesIssuedAndFullyPaidDetails">
	  <link:definition>00000061 - Disclosure -  Share Capital and Share Premium - Common Shares issued and fully paid (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/ShareCapitalAndSharePremiumDetailsNarrative" id="ShareCapitalAndSharePremiumDetailsNarrative">
	  <link:definition>00000062 - Disclosure - Share Capital and Share Premium (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/EarningslossPerShareDetails" id="EarningslossPerShareDetails">
	  <link:definition>00000063 - Disclosure - Earnings/(Loss) per Share (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/Long-termDebtNet-ConsolidatedStatementOfFinancialPositionDetails" id="Long-termDebtNet-ConsolidatedStatementOfFinancialPositionDetails">
	  <link:definition>00000064 - Disclosure -  Long-Term Debt, net - Consolidated statement of financial position (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/Long-termDebtNet-AnnualLoanPrincipalPaymentsDetails" id="Long-termDebtNet-AnnualLoanPrincipalPaymentsDetails">
	  <link:definition>00000065 - Disclosure - Long-Term Debt, net - Annual loan principal payments (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/Long-termDebtNetDetailsNarrative" id="Long-termDebtNetDetailsNarrative">
	  <link:definition>00000066 - Disclosure - Long-Term Debt, net (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/ShareBasedPaymentDetails" id="ShareBasedPaymentDetails">
	  <link:definition>00000067 - Disclosure - Share Based Payment (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://globusmaritime.gr/role/VoyageExpensesAndVesselOperatingExpenses-VoyageExpensesDetails" id="VoyageExpensesAndVesselOperatingExpenses-VoyageExpensesDetails">
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    <element id="glbs_LongTermDebtInstrumentUnamortisedDiscount" name="LongTermDebtInstrumentUnamortisedDiscount" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
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</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>15
<FILENAME>glbs-20221231_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>17
<FILENAME>glbs-20221231_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_GlobusShipmanagementCorpMember" xlink:to="glbs_GlobusShipmanagementCorpMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_GlobusShipmanagementCorpMember_lbl" xml:lang="en-US">Globus Shipmanagement Corp. [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DevoceanMaritimeLtdMember" xlink:label="glbs_DevoceanMaritimeLtdMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DevoceanMaritimeLtdMember" xlink:to="glbs_DevoceanMaritimeLtdMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DevoceanMaritimeLtdMember_lbl" xml:lang="en-US">Devocean Maritime Ltd. [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DominaMaritimeLtdMember" xlink:label="glbs_DominaMaritimeLtdMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DominaMaritimeLtdMember" xlink:to="glbs_DominaMaritimeLtdMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DominaMaritimeLtdMember_lbl" xml:lang="en-US">Domina Maritime Ltd. [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DulacMaritimeSAMember" xlink:label="glbs_DulacMaritimeSAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DulacMaritimeSAMember" xlink:to="glbs_DulacMaritimeSAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DulacMaritimeSAMember_lbl" xml:lang="en-US">Dulac Maritime S.A. [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_ArtfulShipholdingSAMember" xlink:label="glbs_ArtfulShipholdingSAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ArtfulShipholdingSAMember" xlink:to="glbs_ArtfulShipholdingSAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_ArtfulShipholdingSAMember_lbl" xml:lang="en-US">Artful Shipholding S.A. [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_LongevityMaritimeLimitedMember" xlink:label="glbs_LongevityMaritimeLimitedMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_LongevityMaritimeLimitedMember" xlink:to="glbs_LongevityMaritimeLimitedMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_LongevityMaritimeLimitedMember_lbl" xml:lang="en-US">Longevity Maritime Limited [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_SerenaMaritimeLimitedMember" xlink:label="glbs_SerenaMaritimeLimitedMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_SerenaMaritimeLimitedMember" xlink:to="glbs_SerenaMaritimeLimitedMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_SerenaMaritimeLimitedMember_lbl" xml:lang="en-US">Serena Maritime Limited [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_TalismanMaritimeLimitedMember" xlink:label="glbs_TalismanMaritimeLimitedMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_TalismanMaritimeLimitedMember" xlink:to="glbs_TalismanMaritimeLimitedMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_TalismanMaritimeLimitedMember_lbl" xml:lang="en-US">Talisman Maritime Limited [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_ArgoMaritimeLimitedMember" xlink:label="glbs_ArgoMaritimeLimitedMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ArgoMaritimeLimitedMember" xlink:to="glbs_ArgoMaritimeLimitedMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_ArgoMaritimeLimitedMember_lbl" xml:lang="en-US">Argo Maritime Limited [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_CalypsoShipholdingSAMember" xlink:label="glbs_CalypsoShipholdingSAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CalypsoShipholdingSAMember" xlink:to="glbs_CalypsoShipholdingSAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_CalypsoShipholdingSAMember_lbl" xml:lang="en-US">Calypso Shipholding S.A. [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DaxosMaritimeLimitedMember" xlink:label="glbs_DaxosMaritimeLimitedMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DaxosMaritimeLimitedMember" xlink:to="glbs_DaxosMaritimeLimitedMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DaxosMaritimeLimitedMember_lbl" xml:lang="en-US">Daxos Maritime Limited [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_OlympiaShipholdingSAMember" xlink:label="glbs_OlympiaShipholdingSAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_OlympiaShipholdingSAMember" xlink:to="glbs_OlympiaShipholdingSAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_OlympiaShipholdingSAMember_lbl" xml:lang="en-US">Olympia Shipholding S.A. [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_ParalusShipholdingSAMember" xlink:label="glbs_ParalusShipholdingSAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ParalusShipholdingSAMember" xlink:to="glbs_ParalusShipholdingSAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_ParalusShipholdingSAMember_lbl" xml:lang="en-US">Paralus Shipholding S.A. [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_SalaminiaMaritimeLimitedMember" xlink:label="glbs_SalaminiaMaritimeLimitedMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_SalaminiaMaritimeLimitedMember" xlink:to="glbs_SalaminiaMaritimeLimitedMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_SalaminiaMaritimeLimitedMember_lbl" xml:lang="en-US">Salaminia Maritime Limited [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:label="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_lbl" xml:lang="en-US">Classes of property, plant and equipment [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DeferredDryDockingCostsMember" xlink:label="glbs_DeferredDryDockingCostsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DeferredDryDockingCostsMember" xlink:to="glbs_DeferredDryDockingCostsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DeferredDryDockingCostsMember_lbl" xml:lang="en-US">Deferred Dry-docking costs [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_VesselsMember" xlink:label="glbs_VesselsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_VesselsMember" xlink:to="glbs_VesselsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_VesselsMember_lbl" xml:lang="en-US">Vessels [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis" xlink:label="ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis" xlink:to="ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis_lbl" xml:lang="en-US">Consolidated and separate financial statements [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_CurrentAccruedInterestMember" xlink:label="glbs_CurrentAccruedInterestMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CurrentAccruedInterestMember" xlink:to="glbs_CurrentAccruedInterestMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_CurrentAccruedInterestMember_lbl" xml:lang="en-US">Current Accrued Interest [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_BorrowingsByNameAxis" xlink:label="ifrs-full_BorrowingsByNameAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsByNameAxis" xlink:to="ifrs-full_BorrowingsByNameAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsByNameAxis_lbl" xml:lang="en-US">Borrowings by name [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_CiTMember" xlink:label="glbs_CiTMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CiTMember" xlink:to="glbs_CiTMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_CiTMember_lbl" xml:lang="en-US">First Citizens Bank &amp; Trust Company (formerly known as CIT Bank N.A.) [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CounterpartiesAxis" xlink:label="ifrs-full_CounterpartiesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CounterpartiesAxis" xlink:to="ifrs-full_CounterpartiesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CounterpartiesAxis_lbl" xml:lang="en-US">Counterparties [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_CyberonicaSAMember" xlink:label="glbs_CyberonicaSAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CyberonicaSAMember" xlink:to="glbs_CyberonicaSAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_CyberonicaSAMember_lbl" xml:lang="en-US">Cyberonica S.A. [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_FGEuropeMember" xlink:label="glbs_FGEuropeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_FGEuropeMember" xlink:to="glbs_FGEuropeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_FGEuropeMember_lbl" xml:lang="en-US">F.G. Europe [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="ifrs-full_CategoriesOfRelatedPartiesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis_lbl" xml:lang="en-US">Categories of related parties [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_AffiliatedCompanyOfCompanysCEOMember" xlink:label="glbs_AffiliatedCompanyOfCompanysCEOMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AffiliatedCompanyOfCompanysCEOMember" xlink:to="glbs_AffiliatedCompanyOfCompanysCEOMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_AffiliatedCompanyOfCompanysCEOMember_lbl" xml:lang="en-US">Goldenmare Limited [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ClassesOfShareCapitalAxis" xlink:label="ifrs-full_ClassesOfShareCapitalAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfShareCapitalAxis" xlink:to="ifrs-full_ClassesOfShareCapitalAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfShareCapitalAxis_lbl" xml:lang="en-US">Classes of share capital [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_PreferredSharesMember" xlink:label="glbs_PreferredSharesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_PreferredSharesMember" xlink:to="glbs_PreferredSharesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_PreferredSharesMember_lbl" xml:lang="en-US">Preferred shares [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_ChairmanOfTheBoardOfDirectorsMember" xlink:label="glbs_ChairmanOfTheBoardOfDirectorsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ChairmanOfTheBoardOfDirectorsMember" xlink:to="glbs_ChairmanOfTheBoardOfDirectorsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_ChairmanOfTheBoardOfDirectorsMember_lbl" xml:lang="en-US">Chairman of the Board of Directors [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_FirmentShippingIncMember" xlink:label="glbs_FirmentShippingIncMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_FirmentShippingIncMember" xlink:to="glbs_FirmentShippingIncMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_FirmentShippingIncMember_lbl" xml:lang="en-US">Firment Shipping Inc. [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_AmendedAndRestatedAgreementMember" xlink:label="glbs_AmendedAndRestatedAgreementMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AmendedAndRestatedAgreementMember" xlink:to="glbs_AmendedAndRestatedAgreementMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_AmendedAndRestatedAgreementMember_lbl" xml:lang="en-US">Amended And Restated Agreement [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_EolosShipmanagementMember" xlink:label="glbs_EolosShipmanagementMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_EolosShipmanagementMember" xlink:to="glbs_EolosShipmanagementMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_EolosShipmanagementMember_lbl" xml:lang="en-US">Eolos Shipmanagement S.A [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CapitalRequirementsAxis" xlink:label="ifrs-full_CapitalRequirementsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CapitalRequirementsAxis" xlink:to="ifrs-full_CapitalRequirementsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CapitalRequirementsAxis_lbl" xml:lang="en-US">Capital requirements [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DailyRateMember" xlink:label="glbs_DailyRateMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DailyRateMember" xlink:to="glbs_DailyRateMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DailyRateMember_lbl" xml:lang="en-US">Daily rate [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_NonExecutiveDirectorsMember" xlink:label="glbs_NonExecutiveDirectorsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_NonExecutiveDirectorsMember" xlink:to="glbs_NonExecutiveDirectorsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_NonExecutiveDirectorsMember_lbl" xml:lang="en-US">Non-Executive Directors [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_ExecutiveDirectorMember" xlink:label="glbs_ExecutiveDirectorMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ExecutiveDirectorMember" xlink:to="glbs_ExecutiveDirectorMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_ExecutiveDirectorMember_lbl" xml:lang="en-US">Executive Director [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:label="ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:to="ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_lbl" xml:lang="en-US">Carrying amount, accumulated depreciation, amortisation and impairment and gross carrying amount [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_GrossCarryingAmountMember" xlink:label="ifrs-full_GrossCarryingAmountMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GrossCarryingAmountMember" xlink:to="ifrs-full_GrossCarryingAmountMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GrossCarryingAmountMember_lbl" xml:lang="en-US">Gross carrying amount [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:label="ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:to="ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember_lbl" xml:lang="en-US">Accumulated depreciation, amortisation and impairment [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DryDockingMember" xlink:label="glbs_DryDockingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DryDockingMember" xlink:to="glbs_DryDockingMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DryDockingMember_lbl" xml:lang="en-US">Dry docking [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_CarryingAmountIMember" xlink:label="glbs_CarryingAmountIMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CarryingAmountIMember" xlink:to="glbs_CarryingAmountIMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_CarryingAmountIMember_lbl" xml:lang="en-US">Carrying Amount [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_GalaxyGlobeMember" xlink:label="glbs_GalaxyGlobeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_GalaxyGlobeMember" xlink:to="glbs_GalaxyGlobeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_GalaxyGlobeMember_lbl" xml:lang="en-US">Galaxy Globe [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_NordVenusMember" xlink:label="glbs_NordVenusMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_NordVenusMember" xlink:to="glbs_NordVenusMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_NordVenusMember_lbl" xml:lang="en-US">Power Globe [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_Yangze11Member" xlink:label="glbs_Yangze11Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_Yangze11Member" xlink:to="glbs_Yangze11Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_Yangze11Member_lbl" xml:lang="en-US">Diamond Globe [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_PeakLibertyMember" xlink:label="glbs_PeakLibertyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_PeakLibertyMember" xlink:to="glbs_PeakLibertyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_PeakLibertyMember_lbl" xml:lang="en-US">Orion Globe [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_FiveVesselsMember" xlink:label="glbs_FiveVesselsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_FiveVesselsMember" xlink:to="glbs_FiveVesselsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_FiveVesselsMember_lbl" xml:lang="en-US">Five Vessels [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_SupramaxMember" xlink:label="glbs_SupramaxMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_SupramaxMember" xlink:to="glbs_SupramaxMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_SupramaxMember_lbl" xml:lang="en-US">Supramax [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_PanamaxMember" xlink:label="glbs_PanamaxMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_PanamaxMember" xlink:to="glbs_PanamaxMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_PanamaxMember_lbl" xml:lang="en-US">Panamax [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_MVRiverGlobeMember" xlink:label="glbs_MVRiverGlobeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_MVRiverGlobeMember" xlink:to="glbs_MVRiverGlobeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_MVRiverGlobeMember_lbl" xml:lang="en-US">m/v River Globe [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_MVSkyGlobeMember" xlink:label="glbs_MVSkyGlobeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_MVSkyGlobeMember" xlink:to="glbs_MVSkyGlobeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_MVSkyGlobeMember_lbl" xml:lang="en-US">m/v Sky Globe [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_MVStarGlobeMember" xlink:label="glbs_MVStarGlobeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_MVStarGlobeMember" xlink:to="glbs_MVStarGlobeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_MVStarGlobeMember_lbl" xml:lang="en-US">m/v Star Globe [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_MVSunGlobeMember" xlink:label="glbs_MVSunGlobeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_MVSunGlobeMember" xlink:to="glbs_MVSunGlobeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_MVSunGlobeMember_lbl" xml:lang="en-US">m/v Sun Globe [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_MVMoonGlobeMember" xlink:label="glbs_MVMoonGlobeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_MVMoonGlobeMember" xlink:to="glbs_MVMoonGlobeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_MVMoonGlobeMember_lbl" xml:lang="en-US">m/v Moon Globe [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_CommonSharesMember" xlink:label="glbs_CommonSharesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CommonSharesMember" xlink:to="glbs_CommonSharesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_CommonSharesMember_lbl" xml:lang="en-US">Common Shares [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_ClassBCommonSharesMember" xlink:label="glbs_ClassBCommonSharesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ClassBCommonSharesMember" xlink:to="glbs_ClassBCommonSharesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_ClassBCommonSharesMember_lbl" xml:lang="en-US">Class B Common Shares [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_ClassBPreferredSharesMember" xlink:label="glbs_ClassBPreferredSharesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ClassBPreferredSharesMember" xlink:to="glbs_ClassBPreferredSharesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_ClassBPreferredSharesMember_lbl" xml:lang="en-US">Class B Preferred Shares [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_ConvertibleNoteMember" xlink:label="glbs_ConvertibleNoteMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ConvertibleNoteMember" xlink:to="glbs_ConvertibleNoteMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_ConvertibleNoteMember_lbl" xml:lang="en-US">Convertible Note [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_MaximGroupLLCMember" xlink:label="glbs_MaximGroupLLCMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_MaximGroupLLCMember" xlink:to="glbs_MaximGroupLLCMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_MaximGroupLLCMember_lbl" xml:lang="en-US">Maxim Group LLC [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_MaturityAxis" xlink:label="ifrs-full_MaturityAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MaturityAxis" xlink:to="ifrs-full_MaturityAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MaturityAxis_lbl" xml:lang="en-US">Maturity [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_FortyFiveDayOptionMember" xlink:label="glbs_FortyFiveDayOptionMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_FortyFiveDayOptionMember" xlink:to="glbs_FortyFiveDayOptionMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_FortyFiveDayOptionMember_lbl" xml:lang="en-US">45-day option [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_ClassAWarrantsMember" xlink:label="glbs_ClassAWarrantsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ClassAWarrantsMember" xlink:to="glbs_ClassAWarrantsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_ClassAWarrantsMember_lbl" xml:lang="en-US">Class A Warrants [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_PPWarrantsMember" xlink:label="glbs_PPWarrantsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_PPWarrantsMember" xlink:to="glbs_PPWarrantsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_PPWarrantsMember_lbl" xml:lang="en-US">PP Warrants [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_RangeAxis" xlink:label="srt_RangeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_RangeAxis" xlink:to="srt_RangeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_RangeAxis_lbl" xml:lang="en-US">Statistical Measurement [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_TopOfRangeMember" xlink:label="ifrs-full_TopOfRangeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TopOfRangeMember" xlink:to="ifrs-full_TopOfRangeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TopOfRangeMember_lbl" xml:lang="en-US">Top of range [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_BottomOfRangeMember" xlink:label="ifrs-full_BottomOfRangeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BottomOfRangeMember" xlink:to="ifrs-full_BottomOfRangeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BottomOfRangeMember_lbl" xml:lang="en-US">Bottom of range [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_InstitutionalInvestorsMember" xlink:label="glbs_InstitutionalInvestorsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_InstitutionalInvestorsMember" xlink:to="glbs_InstitutionalInvestorsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_InstitutionalInvestorsMember_lbl" xml:lang="en-US">Institutional investors [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_PreFundedWarrantsMember" xlink:label="glbs_PreFundedWarrantsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_PreFundedWarrantsMember" xlink:to="glbs_PreFundedWarrantsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_PreFundedWarrantsMember_lbl" xml:lang="en-US">Pre-funded warrants [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DecemberWarrantsMember" xlink:label="glbs_DecemberWarrantsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DecemberWarrantsMember" xlink:to="glbs_DecemberWarrantsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DecemberWarrantsMember_lbl" xml:lang="en-US">December Warrants [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_January2021WarrantsMember" xlink:label="glbs_January2021WarrantsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_January2021WarrantsMember" xlink:to="glbs_January2021WarrantsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_January2021WarrantsMember_lbl" xml:lang="en-US">January 2021 Warrants [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_February2021WarrantsMember" xlink:label="glbs_February2021WarrantsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_February2021WarrantsMember" xlink:to="glbs_February2021WarrantsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_February2021WarrantsMember_lbl" xml:lang="en-US">February 2021 Warrants [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_June2021WarrantsMember" xlink:label="glbs_June2021WarrantsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_June2021WarrantsMember" xlink:to="glbs_June2021WarrantsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_June2021WarrantsMember_lbl" xml:lang="en-US">June 2021 Warrants [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_OrdinarySharesMember" xlink:label="ifrs-full_OrdinarySharesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OrdinarySharesMember" xlink:to="ifrs-full_OrdinarySharesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OrdinarySharesMember_lbl" xml:lang="en-US">Ordinary shares [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember" xlink:label="glbs_DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember" xlink:to="glbs_DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_lbl" xml:lang="en-US">Devocean Maritime LTD., Domina Maritime LTD., Dulac Maritime S.A., Artful Shipholding S.A., Longevity Maritime Limited &amp; Serena Maritime Limited [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_EnTrustMember" xlink:label="glbs_EnTrustMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_EnTrustMember" xlink:to="glbs_EnTrustMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_EnTrustMember_lbl" xml:lang="en-US">EnTrust loan facility [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_RangeAxis" xlink:label="ifrs-full_RangeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_RangeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RangeAxis_lbl" xml:lang="en-US">Range [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd#srt_MinimumMember" xlink:label="srt_MinimumMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_MinimumMember" xlink:to="srt_MinimumMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_MinimumMember_lbl" xml:lang="en-US">Minimum [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_CiTLoanFacilityMember" xlink:label="glbs_CiTLoanFacilityMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CiTLoanFacilityMember" xlink:to="glbs_CiTLoanFacilityMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_CiTLoanFacilityMember_lbl" xml:lang="en-US">CIT Loan Facility [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ClassesOfFinancialAssetsAxis" xlink:label="ifrs-full_ClassesOfFinancialAssetsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfFinancialAssetsAxis" xlink:to="ifrs-full_ClassesOfFinancialAssetsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfFinancialAssetsAxis_lbl" xml:lang="en-US">Classes of financial assets [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_SWAPAgreementMember" xlink:label="glbs_SWAPAgreementMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_SWAPAgreementMember" xlink:to="glbs_SWAPAgreementMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_SWAPAgreementMember_lbl" xml:lang="en-US">SWAP Agreement [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CategoriesOfFinancialAssetsAxis" xlink:label="ifrs-full_CategoriesOfFinancialAssetsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CategoriesOfFinancialAssetsAxis" xlink:to="ifrs-full_CategoriesOfFinancialAssetsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CategoriesOfFinancialAssetsAxis_lbl" xml:lang="en-US">Categories of financial assets [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_August2022AgreementMember" xlink:label="glbs_August2022AgreementMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_August2022AgreementMember" xlink:to="glbs_August2022AgreementMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_August2022AgreementMember_lbl" xml:lang="en-US">August 2022 Agreement [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_PrepaymentOnOrBeforeMay2023ButAfterMay2022Member" xlink:label="glbs_PrepaymentOnOrBeforeMay2023ButAfterMay2022Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_PrepaymentOnOrBeforeMay2023ButAfterMay2022Member" xlink:to="glbs_PrepaymentOnOrBeforeMay2023ButAfterMay2022Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_PrepaymentOnOrBeforeMay2023ButAfterMay2022Member_lbl" xml:lang="en-US">Prepayment occurs on or before May 10, 2023 but after May 10, 2022 [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_PrepaymentOnOrBeforeAugust2023ButAfterMay2023Member" xlink:label="glbs_PrepaymentOnOrBeforeAugust2023ButAfterMay2023Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_PrepaymentOnOrBeforeAugust2023ButAfterMay2023Member" xlink:to="glbs_PrepaymentOnOrBeforeAugust2023ButAfterMay2023Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_PrepaymentOnOrBeforeAugust2023ButAfterMay2023Member_lbl" xml:lang="en-US">Prepayment On Or Before August 2023 But After May2023 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_PrepaymentOnOrBeforeAugust2024ButAfterAugust2023Member" xlink:label="glbs_PrepaymentOnOrBeforeAugust2024ButAfterAugust2023Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_PrepaymentOnOrBeforeAugust2024ButAfterAugust2023Member" xlink:to="glbs_PrepaymentOnOrBeforeAugust2024ButAfterAugust2023Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_PrepaymentOnOrBeforeAugust2024ButAfterAugust2023Member_lbl" xml:lang="en-US">Prepayment On Or Before August 2024 But After August 2023 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_WeightedAverageMember" xlink:label="ifrs-full_WeightedAverageMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WeightedAverageMember" xlink:to="ifrs-full_WeightedAverageMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_WeightedAverageMember_lbl" xml:lang="en-US">Weighted average [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:to="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_lbl" xml:lang="en-US">Later than one year and not later than two years [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:label="ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:to="ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_lbl" xml:lang="en-US">Later than two years and not later than three years [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:label="ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:to="ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember_lbl" xml:lang="en-US">Later than three years and not later than four years [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:label="ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:to="ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember_lbl" xml:lang="en-US">Later than four years and not later than five years [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_LaterThanFiveYearsMember" xlink:label="ifrs-full_LaterThanFiveYearsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanFiveYearsMember" xlink:to="ifrs-full_LaterThanFiveYearsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanFiveYearsMember_lbl" xml:lang="en-US">Later than five years [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ClassesOfOrdinarySharesAxis" xlink:label="ifrs-full_ClassesOfOrdinarySharesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfOrdinarySharesAxis" xlink:to="ifrs-full_ClassesOfOrdinarySharesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfOrdinarySharesAxis_lbl" xml:lang="en-US">Classes of ordinary shares [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_NumberOfCommonSharesMember" xlink:label="glbs_NumberOfCommonSharesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_NumberOfCommonSharesMember" xlink:to="glbs_NumberOfCommonSharesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_NumberOfCommonSharesMember_lbl" xml:lang="en-US">Number of common shares [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NotLaterThanOneYearMember" xlink:label="ifrs-full_NotLaterThanOneYearMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NotLaterThanOneYearMember" xlink:to="ifrs-full_NotLaterThanOneYearMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NotLaterThanOneYearMember_lbl" xml:lang="en-US">Not later than one year [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DaxosMaritimeLimitedandParalusShipholdingSAMember" xlink:label="glbs_DaxosMaritimeLimitedandParalusShipholdingSAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DaxosMaritimeLimitedandParalusShipholdingSAMember" xlink:to="glbs_DaxosMaritimeLimitedandParalusShipholdingSAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DaxosMaritimeLimitedandParalusShipholdingSAMember_lbl" xml:lang="en-US">Daxos Maritime Limited and Paralus Shipholding S.A. [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_TypesOfRisksAxis" xlink:label="ifrs-full_TypesOfRisksAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfRisksAxis" xlink:to="ifrs-full_TypesOfRisksAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfRisksAxis_lbl" xml:lang="en-US">Types of risks [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrencyRiskMember" xlink:label="ifrs-full_CurrencyRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrencyRiskMember" xlink:to="ifrs-full_CurrencyRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrencyRiskMember_lbl" xml:lang="en-US">Currency risk [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_MajorChartererMember" xlink:label="glbs_MajorChartererMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_MajorChartererMember" xlink:to="glbs_MajorChartererMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_MajorChartererMember_lbl" xml:lang="en-US">A [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_MajorChartererBMember" xlink:label="glbs_MajorChartererBMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_MajorChartererBMember" xlink:to="glbs_MajorChartererBMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_MajorChartererBMember_lbl" xml:lang="en-US">B [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_MajorChartererCMember" xlink:label="glbs_MajorChartererCMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_MajorChartererCMember" xlink:to="glbs_MajorChartererCMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_MajorChartererCMember_lbl" xml:lang="en-US">C [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_MajorChartererDMember" xlink:label="glbs_MajorChartererDMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_MajorChartererDMember" xlink:to="glbs_MajorChartererDMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_MajorChartererDMember_lbl" xml:lang="en-US">D [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_OtherMajorCharterersMember" xlink:label="glbs_OtherMajorCharterersMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_OtherMajorCharterersMember" xlink:to="glbs_OtherMajorCharterersMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_OtherMajorCharterersMember_lbl" xml:lang="en-US">Other [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_LessThanThreeMonthsMember" xlink:label="glbs_LessThanThreeMonthsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_LessThanThreeMonthsMember" xlink:to="glbs_LessThanThreeMonthsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_LessThanThreeMonthsMember_lbl" xml:lang="en-US">Less than 3 months [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_ThreeToTwelveMonthsMember" xlink:label="glbs_ThreeToTwelveMonthsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ThreeToTwelveMonthsMember" xlink:to="glbs_ThreeToTwelveMonthsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_ThreeToTwelveMonthsMember_lbl" xml:lang="en-US">3 to 12 months [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_OneToFiveYearsMember" xlink:label="glbs_OneToFiveYearsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_OneToFiveYearsMember" xlink:to="glbs_OneToFiveYearsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_OneToFiveYearsMember_lbl" xml:lang="en-US">1 to 5 years [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_MoreThanFiveYearsMember" xlink:label="glbs_MoreThanFiveYearsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_MoreThanFiveYearsMember" xlink:to="glbs_MoreThanFiveYearsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_MoreThanFiveYearsMember_lbl" xml:lang="en-US">More than 5 years [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_FinancialAssetsAtFairValueIMember" xlink:label="glbs_FinancialAssetsAtFairValueIMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_FinancialAssetsAtFairValueIMember" xlink:to="glbs_FinancialAssetsAtFairValueIMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_FinancialAssetsAtFairValueIMember_lbl" xml:lang="en-US">Financial assets measured at fair value [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_MeasurementAxis" xlink:label="ifrs-full_MeasurementAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MeasurementAxis" xlink:to="ifrs-full_MeasurementAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MeasurementAxis_lbl" xml:lang="en-US">Measurement [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AtFairValueMember" xlink:label="ifrs-full_AtFairValueMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AtFairValueMember" xlink:to="ifrs-full_AtFairValueMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AtFairValueMember_lbl" xml:lang="en-US">At fair value [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:label="ifrs-full_LevelsOfFairValueHierarchyAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:to="ifrs-full_LevelsOfFairValueHierarchyAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LevelsOfFairValueHierarchyAxis_lbl" xml:lang="en-US">Levels of fair value hierarchy [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_LevelIIMember" xlink:label="glbs_LevelIIMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_LevelIIMember" xlink:to="glbs_LevelIIMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_LevelIIMember_lbl" xml:lang="en-US">Level 2 [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_NotMeasuredAtFairValueFinancialLiabilitiesMember" xlink:label="glbs_NotMeasuredAtFairValueFinancialLiabilitiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_NotMeasuredAtFairValueFinancialLiabilitiesMember" xlink:to="glbs_NotMeasuredAtFairValueFinancialLiabilitiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_NotMeasuredAtFairValueFinancialLiabilitiesMember_lbl" xml:lang="en-US">Financial liabilities not measured at fair value [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ClassesOfFinancialLiabilitiesAxis" xlink:label="ifrs-full_ClassesOfFinancialLiabilitiesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfFinancialLiabilitiesAxis" xlink:to="ifrs-full_ClassesOfFinancialLiabilitiesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfFinancialLiabilitiesAxis_lbl" xml:lang="en-US">Classes of financial liabilities [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_FinancialLiabilitiesAtFairValueIIMember" xlink:label="glbs_FinancialLiabilitiesAtFairValueIIMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_FinancialLiabilitiesAtFairValueIIMember" xlink:to="glbs_FinancialLiabilitiesAtFairValueIIMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_FinancialLiabilitiesAtFairValueIIMember_lbl" xml:lang="en-US">Financial liabilities measured at fair value [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_SunGlobeMember" xlink:label="glbs_SunGlobeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_SunGlobeMember" xlink:to="glbs_SunGlobeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_SunGlobeMember_lbl" xml:lang="en-US">Sun Globe [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_CalypsoShipholdingSA1Member" xlink:label="glbs_CalypsoShipholdingSA1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CalypsoShipholdingSA1Member" xlink:to="glbs_CalypsoShipholdingSA1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="glbs_CalypsoShipholdingSA1Member_lbl" xml:lang="en-US">Calypso Shipholding S.A. [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressesTable" xlink:label="dei_EntityAddressesTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressesTable" xlink:to="dei_EntityAddressesTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressesTable_lbl" xml:lang="en-US">Entity Addresses [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressesLineItems" xlink:label="dei_EntityAddressesLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressesLineItems" xlink:to="dei_EntityAddressesLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressesLineItems_lbl" xml:lang="en-US">Entity Addresses [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentType" xlink:label="dei_DocumentType" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AmendmentDescription" xlink:label="dei_AmendmentDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentDescription" xlink:to="dei_AmendmentDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentDescription_lbl" xml:lang="en-US">Amendment Description</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentRegistrationStatement" xlink:label="dei_DocumentRegistrationStatement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentRegistrationStatement" xlink:to="dei_DocumentRegistrationStatement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentRegistrationStatement_lbl" xml:lang="en-US">Document Registration Statement</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentAnnualReport" xlink:label="dei_DocumentAnnualReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAnnualReport" xlink:to="dei_DocumentAnnualReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAnnualReport_lbl" xml:lang="en-US">Document Annual Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentQuarterlyReport" xlink:label="dei_DocumentQuarterlyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentQuarterlyReport" xlink:to="dei_DocumentQuarterlyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentQuarterlyReport_lbl" xml:lang="en-US">Document Quarterly Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentTransitionReport" xlink:label="dei_DocumentTransitionReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentTransitionReport_lbl" xml:lang="en-US">Document Transition Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyReport" xlink:to="dei_DocumentShellCompanyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyReport_lbl" xml:lang="en-US">Document Shell Company Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentShellCompanyEventDate" xlink:label="dei_DocumentShellCompanyEventDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyEventDate" xlink:to="dei_DocumentShellCompanyEventDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyEventDate_lbl" xml:lang="en-US">Document Shell Company Event Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentPeriodStartDate" xlink:label="dei_DocumentPeriodStartDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodStartDate" xlink:to="dei_DocumentPeriodStartDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_OtherReportingStandardItemNumber" xlink:label="dei_OtherReportingStandardItemNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_OtherReportingStandardItemNumber" xlink:to="dei_OtherReportingStandardItemNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_OtherReportingStandardItemNumber_lbl" xml:lang="en-US">Other Reporting Standard Item Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityShellCompany_lbl" xml:lang="en-US">Entity Shell Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityBankruptcyProceedingsReportingCurrent" xlink:to="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xml:lang="en-US">Entity Bankruptcy Proceedings, Reporting Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentsIncorporatedByReferenceTextBlock" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentsIncorporatedByReferenceTextBlock" xlink:to="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xml:lang="en-US">Documents Incorporated by Reference [Text Block]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_ContactPersonnelName" xlink:label="dei_ContactPersonnelName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_ContactPersonnelName" xlink:to="dei_ContactPersonnelName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_ContactPersonnelName_lbl" xml:lang="en-US">Contact Personnel Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_IcfrAuditorAttestationFlag" xlink:label="dei_IcfrAuditorAttestationFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_IcfrAuditorAttestationFlag" xlink:to="dei_IcfrAuditorAttestationFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_IcfrAuditorAttestationFlag_lbl" xml:lang="en-US">ICFR Auditor Attestation Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AuditorFirmId" xlink:label="dei_AuditorFirmId" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditorFirmId" xlink:to="dei_AuditorFirmId_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditorFirmId_lbl" xml:lang="en-US">Auditor Firm ID</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AuditorName" xlink:label="dei_AuditorName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditorName" xlink:to="dei_AuditorName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditorName_lbl" xml:lang="en-US">Auditor Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AuditorLocation" xlink:label="dei_AuditorLocation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditorLocation" xlink:to="dei_AuditorLocation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditorLocation_lbl" xml:lang="en-US">Auditor Location</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IncomeStatementAbstract" xlink:label="ifrs-full_IncomeStatementAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeStatementAbstract" xlink:to="ifrs-full_IncomeStatementAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeStatementAbstract_lbl" xml:lang="en-US">Profit or loss [abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_RevenueAbstract" xlink:label="ifrs-full_RevenueAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueAbstract" xlink:to="ifrs-full_RevenueAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueAbstract_lbl" xml:lang="en-US">REVENUE:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_RevenueFromRenderingOfServices" xlink:label="ifrs-full_RevenueFromRenderingOfServices" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromRenderingOfServices" xlink:to="ifrs-full_RevenueFromRenderingOfServices_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueFromRenderingOfServices_lbl" xml:lang="en-US">Voyage revenues</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_FeeAndCommissionIncome" xlink:label="ifrs-full_FeeAndCommissionIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FeeAndCommissionIncome" xlink:to="ifrs-full_FeeAndCommissionIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FeeAndCommissionIncome_lbl" xml:lang="en-US">Management &amp; consulting fee income</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_Revenue" xlink:label="ifrs-full_Revenue" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AdministrativeExpense" xlink:label="ifrs-full_AdministrativeExpense" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_OtherOperatingIncomeExpense" xlink:label="ifrs-full_OtherOperatingIncomeExpense" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ProfitLossFromOperatingActivities" xlink:label="ifrs-full_ProfitLossFromOperatingActivities" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ProfitLossFromOperatingActivities_lbl" xml:lang="en-US">Operating income/(loss)</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_RevenueFromInterest" xlink:label="ifrs-full_RevenueFromInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromInterest" xlink:to="ifrs-full_RevenueFromInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueFromInterest_lbl" xml:lang="en-US">Interest income&#160;</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_FinanceCosts" xlink:label="ifrs-full_FinanceCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinanceCosts" xlink:to="ifrs-full_FinanceCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_FinanceCosts_lbl" xml:lang="en-US">Interest expense and finance costs&#160;</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives" xlink:label="ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives_lbl" xml:lang="en-US">Gain/(loss) on derivative financial instruments</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" xlink:label="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss_lbl" xml:lang="en-US">Foreign exchange gains/(losses), net&#160;</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ProfitLoss" xlink:label="ifrs-full_ProfitLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLoss" xlink:to="ifrs-full_ProfitLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ProfitLoss_lbl" xml:lang="en-US">TOTAL INCOME/(LOSS) FOR THE YEAR</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_OtherComprehensiveIncome" xlink:label="ifrs-full_OtherComprehensiveIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncome" xlink:to="ifrs-full_OtherComprehensiveIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherComprehensiveIncome_lbl" xml:lang="en-US">Other Comprehensive Income</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ComprehensiveIncome" xlink:label="ifrs-full_ComprehensiveIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncome" xlink:to="ifrs-full_ComprehensiveIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ComprehensiveIncome_lbl" xml:lang="en-US">TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_LossEarningsPerShareAbstract" xlink:label="glbs_LossEarningsPerShareAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_LossEarningsPerShareAbstract" xlink:to="glbs_LossEarningsPerShareAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_LossEarningsPerShareAbstract_lbl" xml:lang="en-US">&#160;&#160;&#160;Earnings/(Loss) per share (U.S.$):</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DilutedEarningsLossPerShare" xlink:label="ifrs-full_DilutedEarningsLossPerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DilutedEarningsLossPerShare" xlink:to="ifrs-full_DilutedEarningsLossPerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DilutedEarningsLossPerShare_lbl" xml:lang="en-US">&#160;- Basic and Diluted income/(loss) per share for the year</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_StatementOfFinancialPositionAbstract" xlink:label="ifrs-full_StatementOfFinancialPositionAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_StatementOfFinancialPositionAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US">Statement of financial position [abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NoncurrentAssetsAbstract" xlink:label="ifrs-full_NoncurrentAssetsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssetsAbstract" xlink:to="ifrs-full_NoncurrentAssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentAssetsAbstract_lbl" xml:lang="en-US">NON-CURRENT ASSETS</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_Ships" xlink:label="ifrs-full_Ships" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Ships" xlink:to="ifrs-full_Ships_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Ships_lbl" xml:lang="en-US">Vessels, net&#160;</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NoncurrentPrepayments" xlink:label="ifrs-full_NoncurrentPrepayments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentPrepayments" xlink:to="ifrs-full_NoncurrentPrepayments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentPrepayments_lbl" xml:lang="en-US">Advances for vessel purchase</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_OfficeEquipment" xlink:label="ifrs-full_OfficeEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OfficeEquipment" xlink:to="ifrs-full_OfficeEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OfficeEquipment_lbl" xml:lang="en-US">Office furniture and equipment&#160;</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_RightofuseAssets" xlink:label="ifrs-full_RightofuseAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RightofuseAssets" xlink:to="ifrs-full_RightofuseAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RightofuseAssets_lbl" xml:lang="en-US">Right of use asset</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NoncurrentRestrictedCashAndCashEquivalents" xlink:label="ifrs-full_NoncurrentRestrictedCashAndCashEquivalents" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentRestrictedCashAndCashEquivalents_lbl" xml:lang="en-US">Restricted cash</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NoncurrentDerivativeFinancialAssets" xlink:label="ifrs-full_NoncurrentDerivativeFinancialAssets" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentDerivativeFinancialAssets_lbl" xml:lang="en-US">Fair value of derivative financial instruments</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_OtherNoncurrentAssets" xlink:label="ifrs-full_OtherNoncurrentAssets" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherNoncurrentAssets_lbl" xml:lang="en-US">Other non-current assets&#160;</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NoncurrentAssets" xlink:label="ifrs-full_NoncurrentAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssets" xlink:to="ifrs-full_NoncurrentAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NoncurrentAssets_lbl" xml:lang="en-US">Total non-current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentAssetsAbstract" xlink:label="ifrs-full_CurrentAssetsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssetsAbstract" xlink:to="ifrs-full_CurrentAssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAssetsAbstract_lbl" xml:lang="en-US">CURRENT ASSETS</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentDerivativeFinancialAssets" xlink:label="ifrs-full_CurrentDerivativeFinancialAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentDerivativeFinancialAssets" xlink:to="ifrs-full_CurrentDerivativeFinancialAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentDerivativeFinancialAssets_lbl" xml:lang="en-US">Current portion of fair value of derivative financial instruments</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_TradeAndOtherCurrentReceivables" xlink:label="ifrs-full_TradeAndOtherCurrentReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentReceivables" xlink:to="ifrs-full_TradeAndOtherCurrentReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherCurrentReceivables_lbl" xml:lang="en-US">Trade accounts receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_Inventories" xlink:label="ifrs-full_Inventories" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Inventories" xlink:to="ifrs-full_Inventories_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Inventories_lbl" xml:lang="en-US">Inventories</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets" xlink:label="ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets" xlink:to="ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets_lbl" xml:lang="en-US">Prepayments and other assets</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentRestrictedCashAndCashEquivalents" xlink:label="ifrs-full_CurrentRestrictedCashAndCashEquivalents" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentRestrictedCashAndCashEquivalents" xlink:to="ifrs-full_CurrentRestrictedCashAndCashEquivalents_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentRestrictedCashAndCashEquivalents_lbl" xml:lang="en-US">Restricted cash</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CashAndCashEquivalents" xlink:label="ifrs-full_CashAndCashEquivalents" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalents" xlink:to="ifrs-full_CashAndCashEquivalents_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xml:lang="en-US">Cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentAssets" xlink:label="ifrs-full_CurrentAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssets" xlink:to="ifrs-full_CurrentAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CurrentAssets_lbl" xml:lang="en-US">Total current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_Assets" xlink:label="ifrs-full_Assets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Assets" xlink:to="ifrs-full_Assets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Assets_lbl" xml:lang="en-US">TOTAL ASSETS</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NoncurrentLiabilitiesAbstract" xlink:label="ifrs-full_NoncurrentLiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="ifrs-full_NoncurrentLiabilitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentLiabilitiesAbstract_lbl" xml:lang="en-US">EQUITY AND LIABILITIES</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_EquityAbstract" xlink:label="ifrs-full_EquityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAbstract" xlink:to="ifrs-full_EquityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAbstract_lbl" xml:lang="en-US">EQUITY&#160;</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IssuedCapital" xlink:label="ifrs-full_IssuedCapital" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssuedCapital" xlink:to="ifrs-full_IssuedCapital_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IssuedCapital_lbl" xml:lang="en-US">Issued share capital</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_SharePremium" xlink:label="ifrs-full_SharePremium" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SharePremium" xlink:to="ifrs-full_SharePremium_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SharePremium_lbl" xml:lang="en-US">Share premium</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_RetainedEarnings" xlink:label="ifrs-full_RetainedEarnings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RetainedEarnings" xlink:to="ifrs-full_RetainedEarnings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RetainedEarnings_lbl" xml:lang="en-US">Accumulated deficit</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_Equity" xlink:label="ifrs-full_Equity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Equity_lbl" xml:lang="en-US">Total equity</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_NoncurrentLiabilitiesIAbstract" xlink:label="glbs_NoncurrentLiabilitiesIAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_NoncurrentLiabilitiesIAbstract" xlink:to="glbs_NoncurrentLiabilitiesIAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_NoncurrentLiabilitiesIAbstract_lbl" xml:lang="en-US">NON-CURRENT LIABILITIES</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_LongtermBorrowings" xlink:label="ifrs-full_LongtermBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LongtermBorrowings" xlink:to="ifrs-full_LongtermBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LongtermBorrowings_lbl" xml:lang="en-US">Long-term borrowings, net of current portion</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NoncurrentProvisionsForEmployeeBenefits" xlink:label="ifrs-full_NoncurrentProvisionsForEmployeeBenefits" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentProvisionsForEmployeeBenefits" xlink:to="ifrs-full_NoncurrentProvisionsForEmployeeBenefits_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentProvisionsForEmployeeBenefits_lbl" xml:lang="en-US">Provision for staff retirement indemnities</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NoncurrentLeaseLiabilities" xlink:label="ifrs-full_NoncurrentLeaseLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLeaseLiabilities" xlink:to="ifrs-full_NoncurrentLeaseLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentLeaseLiabilities_lbl" xml:lang="en-US">Lease liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NoncurrentLiabilities" xlink:label="ifrs-full_NoncurrentLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ifrs-full_NoncurrentLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NoncurrentLiabilities_lbl" xml:lang="en-US">Total non-current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentLiabilitiesAbstract" xlink:label="ifrs-full_CurrentLiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="ifrs-full_CurrentLiabilitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentLiabilitiesAbstract_lbl" xml:lang="en-US">CURRENT LIABILITIES</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentPortionOfLongtermBorrowings" xlink:label="ifrs-full_CurrentPortionOfLongtermBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentPortionOfLongtermBorrowings" xlink:to="ifrs-full_CurrentPortionOfLongtermBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentPortionOfLongtermBorrowings_lbl" xml:lang="en-US">Current portion of long-term borrowings</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_TradeAndOtherCurrentPayables" xlink:label="ifrs-full_TradeAndOtherCurrentPayables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentPayables" xlink:to="ifrs-full_TradeAndOtherCurrentPayables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherCurrentPayables_lbl" xml:lang="en-US">Trade accounts payable and other</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities" xlink:label="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities" xlink:to="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities_lbl" xml:lang="en-US">Accrued liabilities and other payables</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentLeaseLiabilities" xlink:label="ifrs-full_CurrentLeaseLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLeaseLiabilities" xlink:to="ifrs-full_CurrentLeaseLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentLeaseLiabilities_lbl" xml:lang="en-US">Current portion of lease liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentDerivativeFinancialLiabilities" xlink:label="ifrs-full_CurrentDerivativeFinancialLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentDerivativeFinancialLiabilities" xlink:to="ifrs-full_CurrentDerivativeFinancialLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentDerivativeFinancialLiabilities_lbl" xml:lang="en-US">Fair value of derivative financial instruments</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DeferredIncomeIncludingContractLiabilities" xlink:label="ifrs-full_DeferredIncomeIncludingContractLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredIncomeIncludingContractLiabilities" xlink:to="ifrs-full_DeferredIncomeIncludingContractLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredIncomeIncludingContractLiabilities_lbl" xml:lang="en-US">Deferred revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentLiabilities" xlink:label="ifrs-full_CurrentLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_CurrentLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CurrentLiabilities_lbl" xml:lang="en-US">Total current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_Liabilities" xlink:label="ifrs-full_Liabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Liabilities" xlink:to="ifrs-full_Liabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Liabilities_lbl" xml:lang="en-US">TOTAL LIABILITIES&#160;</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_EquityAndLiabilities" xlink:label="ifrs-full_EquityAndLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAndLiabilities" xlink:to="ifrs-full_EquityAndLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_EquityAndLiabilities_lbl" xml:lang="en-US">TOTAL EQUITY AND LIABILITIES</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_StatementOfChangesInEquityTable" xlink:label="ifrs-full_StatementOfChangesInEquityTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfChangesInEquityTable" xlink:to="ifrs-full_StatementOfChangesInEquityTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfChangesInEquityTable_lbl" xml:lang="en-US">Statement of changes in equity [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_StatementOfChangesInEquityLineItems" xlink:label="ifrs-full_StatementOfChangesInEquityLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_StatementOfChangesInEquityLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfChangesInEquityLineItems_lbl" xml:lang="en-US">Statement of changes in equity [line items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_Equity_2_lbl" xml:lang="en-US">Balance</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLoss" xlink:to="ifrs-full_ProfitLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLoss_2_lbl" xml:lang="en-US">Income for the year</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncome" xlink:to="ifrs-full_OtherComprehensiveIncome_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_OtherComprehensiveIncome_2_lbl" xml:lang="en-US">Other comprehensive income</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions" xlink:label="ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions" xlink:to="ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions_lbl" xml:lang="en-US">Share-based payments (note 12)</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments" xlink:label="ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments" xlink:to="ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments_lbl" xml:lang="en-US">Issuance of common stock due to conversion (note 11)</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IssueOfEquity" xlink:label="ifrs-full_IssueOfEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssueOfEquity" xlink:to="ifrs-full_IssueOfEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IssueOfEquity_lbl" xml:lang="en-US">Issuance of new common shares (Note 9)</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity" xlink:label="ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity" xlink:to="ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity_lbl" xml:lang="en-US">Issuance of new common shares due to exercise of Warrants (Note 9)</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_IssueOfPreferredShares" xlink:label="glbs_IssueOfPreferredShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_IssueOfPreferredShares" xlink:to="glbs_IssueOfPreferredShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_IssueOfPreferredShares_lbl" xml:lang="en-US">Issuance of Class B preferred shares (Note 4)</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ShareIssueRelatedCost" xlink:label="ifrs-full_ShareIssueRelatedCost" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShareIssueRelatedCost" xlink:to="ifrs-full_ShareIssueRelatedCost_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ShareIssueRelatedCost_lbl" xml:lang="en-US">Transaction costs on issue of new common shares (Note 9)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_Equity_3_lbl" xml:lang="en-US">Balance</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_StatementOfCashFlowsAbstract" xlink:label="ifrs-full_StatementOfCashFlowsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_StatementOfCashFlowsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US">Statement of cash flows [abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Operating activities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLoss" xlink:to="ifrs-full_ProfitLoss_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ProfitLoss_3_lbl" xml:lang="en-US">Income / (Loss) for the year</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="ifrs-full_AdjustmentsForReconcileProfitLossAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract_lbl" xml:lang="en-US">Adjustments for:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AdjustmentsForDepreciationExpense" xlink:label="ifrs-full_AdjustmentsForDepreciationExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDepreciationExpense" xlink:to="ifrs-full_AdjustmentsForDepreciationExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDepreciationExpense_lbl" xml:lang="en-US">Depreciation</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts" xlink:label="glbs_AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts" xlink:to="glbs_AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts_lbl" xml:lang="en-US">Depreciation of deferred dry-docking costs</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_PaymentsOfDeferredDryDockingCosts" xlink:label="glbs_PaymentsOfDeferredDryDockingCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_PaymentsOfDeferredDryDockingCosts" xlink:to="glbs_PaymentsOfDeferredDryDockingCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="glbs_PaymentsOfDeferredDryDockingCosts_lbl" xml:lang="en-US">Payment of deferred dry-docking costs</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AdjustmentsForProvisions" xlink:label="ifrs-full_AdjustmentsForProvisions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForProvisions" xlink:to="ifrs-full_AdjustmentsForProvisions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdjustmentsForProvisions_lbl" xml:lang="en-US">Provision for staff retirement indemnities</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:label="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:to="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_lbl" xml:lang="en-US">Impairment loss</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives" xlink:label="ifrs-full_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives" xlink:to="ifrs-full_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives_lbl" xml:lang="en-US">(Gain)/Loss on derivative financial instruments</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AdjustmentsForFinanceCosts" xlink:label="ifrs-full_AdjustmentsForFinanceCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForFinanceCosts" xlink:to="ifrs-full_AdjustmentsForFinanceCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForFinanceCosts_lbl" xml:lang="en-US">Interest expense and finance costs</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AdjustmentsForInterestIncome" xlink:label="ifrs-full_AdjustmentsForInterestIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForInterestIncome" xlink:to="ifrs-full_AdjustmentsForInterestIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_AdjustmentsForInterestIncome_lbl" xml:lang="en-US">Interest income</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" xlink:label="ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" xlink:to="ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains_lbl" xml:lang="en-US">Foreign exchange (gains)/losses, net</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AdjustmentsForSharebasedPayments" xlink:label="ifrs-full_AdjustmentsForSharebasedPayments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForSharebasedPayments" xlink:to="ifrs-full_AdjustmentsForSharebasedPayments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForSharebasedPayments_lbl" xml:lang="en-US">Share based payment</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_lbl" xml:lang="en-US">Trade accounts receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_lbl" xml:lang="en-US">Inventories</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets_lbl" xml:lang="en-US">Prepayments and other assets</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable_lbl" xml:lang="en-US">Trade accounts payable</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables" xlink:label="glbs_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables" xlink:to="glbs_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="glbs_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables_lbl" xml:lang="en-US">Accrued liabilities and other payables</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInDeferredIncomeIncludingContractLiabilities" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInDeferredIncomeIncludingContractLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncreaseDecreaseInDeferredIncomeIncludingContractLiabilities" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInDeferredIncomeIncludingContractLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInDeferredIncomeIncludingContractLiabilities_lbl" xml:lang="en-US">Deferred revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInOperatingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities_lbl" xml:lang="en-US">Net cash generated from / (used in) operating activities</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from investing activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:label="ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:to="ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Vessel acquisition</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities" xlink:label="ifrs-full_CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities" xlink:to="ifrs-full_CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Advance for vessel acquisition</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_CashPaymentsForImprovements" xlink:label="glbs_CashPaymentsForImprovements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CashPaymentsForImprovements" xlink:to="glbs_CashPaymentsForImprovements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="glbs_CashPaymentsForImprovements_lbl" xml:lang="en-US">Vessels&#8217; improvements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities" xlink:label="ifrs-full_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Purchases of office furniture and equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_InterestReceivedClassifiedAsInvestingActivities" xlink:label="ifrs-full_InterestReceivedClassifiedAsInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestReceivedClassifiedAsInvestingActivities" xlink:to="ifrs-full_InterestReceivedClassifiedAsInvestingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestReceivedClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Interest received</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities_lbl" xml:lang="en-US">Net cash used in investing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from financing activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:label="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:to="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Proceeds from loans</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Repayment of long-term debt</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DebtInstrumentPrepaymentAmount" xlink:label="glbs_DebtInstrumentPrepaymentAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DebtInstrumentPrepaymentAmount" xlink:to="glbs_DebtInstrumentPrepaymentAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="glbs_DebtInstrumentPrepaymentAmount_lbl" xml:lang="en-US">Prepayment of long-term debt</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ProceedsFromIssuingShares" xlink:label="ifrs-full_ProceedsFromIssuingShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromIssuingShares" xlink:to="ifrs-full_ProceedsFromIssuingShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProceedsFromIssuingShares_lbl" xml:lang="en-US">Proceeds from issuance of share capital</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_ProceedsFromWarrantExercises" xlink:label="glbs_ProceedsFromWarrantExercises" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ProceedsFromWarrantExercises" xlink:to="glbs_ProceedsFromWarrantExercises_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_ProceedsFromWarrantExercises_lbl" xml:lang="en-US">Proceeds from exercise of Warrants</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_PaymentsForShareIssueCosts" xlink:label="ifrs-full_PaymentsForShareIssueCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PaymentsForShareIssueCosts" xlink:to="ifrs-full_PaymentsForShareIssueCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PaymentsForShareIssueCosts_lbl" xml:lang="en-US">Transaction costs on issuance of new common shares</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CashFlowsFromUsedInIncreaseDecreaseInCurrentBorrowings" xlink:label="ifrs-full_CashFlowsFromUsedInIncreaseDecreaseInCurrentBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInIncreaseDecreaseInCurrentBorrowings" xlink:to="ifrs-full_CashFlowsFromUsedInIncreaseDecreaseInCurrentBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInIncreaseDecreaseInCurrentBorrowings_lbl" xml:lang="en-US">(Increase)/decrease in restricted cash</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_PaymentsForDebtIssueCosts" xlink:label="ifrs-full_PaymentsForDebtIssueCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PaymentsForDebtIssueCosts" xlink:to="ifrs-full_PaymentsForDebtIssueCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PaymentsForDebtIssueCosts_lbl" xml:lang="en-US">Payment of financing costs</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:label="ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:to="ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Payment of lease liability - principal</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_InterestPaidClassifiedAsFinancingActivities" xlink:label="ifrs-full_InterestPaidClassifiedAsFinancingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestPaidClassifiedAsFinancingActivities" xlink:to="ifrs-full_InterestPaidClassifiedAsFinancingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_InterestPaidClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Interest paid</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInFinancingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities_lbl" xml:lang="en-US">Net cash generated from financing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:to="ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges_lbl" xml:lang="en-US">Net increase in cash and cash equivalents</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalents" xlink:to="ifrs-full_CashAndCashEquivalents_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_CashAndCashEquivalents_2_lbl" xml:lang="en-US">Cash and cash equivalents at the beginning of the year</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalents" xlink:to="ifrs-full_CashAndCashEquivalents_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_CashAndCashEquivalents_3_lbl" xml:lang="en-US">Cash and cash equivalents at the end of the year</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract" xlink:label="ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract_lbl" xml:lang="en-US">Disclosure of subsidiaries [abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory" xlink:label="ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_lbl" xml:lang="en-US">Basis of presentation and general information</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsAbstract" xlink:label="ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsAbstract_lbl" xml:lang="en-US">Disclosure of initial application of standards or interpretations [abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:label="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:to="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_lbl" xml:lang="en-US">Basis of Preparation and Significant Accounting Policies</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CashAndCashEquivalentsAbstract" xlink:label="ifrs-full_CashAndCashEquivalentsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalentsAbstract" xlink:to="ifrs-full_CashAndCashEquivalentsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashAndCashEquivalentsAbstract_lbl" xml:lang="en-US">Cash and cash equivalents [abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory" xlink:label="ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory" xlink:to="ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory_lbl" xml:lang="en-US">Cash and cash equivalents and Restricted cash</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract_lbl" xml:lang="en-US">Disclosure of transactions between related parties [abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xlink:to="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory_lbl" xml:lang="en-US">Transactions with Related Parties</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract" xlink:to="ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract_lbl" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory_lbl" xml:lang="en-US">Vessels, net</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ClassesOfInventoriesAbstract" xlink:label="ifrs-full_ClassesOfInventoriesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfInventoriesAbstract" xlink:to="ifrs-full_ClassesOfInventoriesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfInventoriesAbstract_lbl" xml:lang="en-US">Classes of current inventories [abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfInventoriesExplanatory" xlink:label="ifrs-full_DisclosureOfInventoriesExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfInventoriesExplanatory" xlink:to="ifrs-full_DisclosureOfInventoriesExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfInventoriesExplanatory_lbl" xml:lang="en-US">Inventories</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestCostsAbstract_lbl" xml:lang="en-US">Interest costs [abstract]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract_lbl" xml:lang="en-US">Disclosure of non-adjusting events after reporting period [abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:label="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:to="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory_lbl" xml:lang="en-US">Events after the reporting date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfGoingConcernExplanatory" xlink:label="ifrs-full_DisclosureOfGoingConcernExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfGoingConcernExplanatory" xlink:to="ifrs-full_DisclosureOfGoingConcernExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfGoingConcernExplanatory_lbl" xml:lang="en-US">Basis of Preparation:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfInitialApplicationOfStandardsOrInterpretations" xlink:label="ifrs-full_DescriptionOfInitialApplicationOfStandardsOrInterpretations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfInitialApplicationOfStandardsOrInterpretations" xlink:to="ifrs-full_DescriptionOfInitialApplicationOfStandardsOrInterpretations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfInitialApplicationOfStandardsOrInterpretations_lbl" xml:lang="en-US">Standards amendments and interpretations:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory" xlink:label="ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory" xlink:to="ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory_lbl" xml:lang="en-US">Significant accounting policies, judgments, estimates and assumptions:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue_lbl" xml:lang="en-US">Accounting for revenue and related expenses:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_lbl" xml:lang="en-US">Foreign currency translation:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory_lbl" xml:lang="en-US">Cash and cash equivalents:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory_lbl" xml:lang="en-US">Trade accounts receivable, net:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories_lbl" xml:lang="en-US">Inventories:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_lbl" xml:lang="en-US">Vessels, net:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory_lbl" xml:lang="en-US">Dry-docking costs:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory_lbl" xml:lang="en-US">Depreciation:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_lbl" xml:lang="en-US">Impairment of Long-Lived Assets and Reversal of previously recognized impairment losses:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory_lbl" xml:lang="en-US">Long-term debt:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForFinanceCostsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinanceCostsExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForFinanceCostsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFinanceCostsExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinanceCostsExplanatory_lbl" xml:lang="en-US">Financing costs:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory_lbl" xml:lang="en-US">Borrowing costs:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory_lbl" xml:lang="en-US">Operating segment:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory_lbl" xml:lang="en-US">Provisions and contingencies:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForTerminationBenefits" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForTerminationBenefits" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForTerminationBenefits" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForTerminationBenefits_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForTerminationBenefits_lbl" xml:lang="en-US">Pension and retirement benefit obligations:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory_lbl" xml:lang="en-US">Offsetting of financial assets and liabilities:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory_lbl" xml:lang="en-US">Financial assets and liabilities:</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DescriptionOfAccountingPolicyForLesseeExplanatory" xlink:label="glbs_DescriptionOfAccountingPolicyForLesseeExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DescriptionOfAccountingPolicyForLesseeExplanatory" xlink:to="glbs_DescriptionOfAccountingPolicyForLesseeExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DescriptionOfAccountingPolicyForLesseeExplanatory_lbl" xml:lang="en-US">Leases:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_lbl" xml:lang="en-US">Share based compensation:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory_lbl" xml:lang="en-US">Share capital and Warrants:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory_lbl" xml:lang="en-US">Dividends:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory_lbl" xml:lang="en-US">Fair value measurement:</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements" xlink:label="glbs_DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements" xlink:to="glbs_DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements_lbl" xml:lang="en-US">Current versus non-current classification:</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DescriptionOfAccountingPolicyForRestrictedCashExplanatory" xlink:label="glbs_DescriptionOfAccountingPolicyForRestrictedCashExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DescriptionOfAccountingPolicyForRestrictedCashExplanatory" xlink:to="glbs_DescriptionOfAccountingPolicyForRestrictedCashExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DescriptionOfAccountingPolicyForRestrictedCashExplanatory_lbl" xml:lang="en-US">Restricted Cash:</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DescriptionOfAccountingPolicyForInterestRateSwapExplanatory" xlink:label="glbs_DescriptionOfAccountingPolicyForInterestRateSwapExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DescriptionOfAccountingPolicyForInterestRateSwapExplanatory" xlink:to="glbs_DescriptionOfAccountingPolicyForInterestRateSwapExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DescriptionOfAccountingPolicyForInterestRateSwapExplanatory_lbl" xml:lang="en-US">Interest Rate Swap:</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DescriptionOfAccountingPolicyForManagementAndConsultingFeeIncomeExplanatory" xlink:label="glbs_DescriptionOfAccountingPolicyForManagementAndConsultingFeeIncomeExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DescriptionOfAccountingPolicyForManagementAndConsultingFeeIncomeExplanatory" xlink:to="glbs_DescriptionOfAccountingPolicyForManagementAndConsultingFeeIncomeExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DescriptionOfAccountingPolicyForManagementAndConsultingFeeIncomeExplanatory_lbl" xml:lang="en-US">Management &amp; consulting fee income:</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:label="ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:to="ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_lbl" xml:lang="en-US">Basis of presentation and general information</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfCashAndBankBalancesExplanatory" xlink:label="glbs_DisclosureOfCashAndBankBalancesExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfCashAndBankBalancesExplanatory" xlink:to="glbs_DisclosureOfCashAndBankBalancesExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="glbs_DisclosureOfCashAndBankBalancesExplanatory_lbl" xml:lang="en-US">Cash and cash equivalents and Restricted cash</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfCompensationOfNonExecutiveDirectors" xlink:label="glbs_DisclosureOfCompensationOfNonExecutiveDirectors" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfCompensationOfNonExecutiveDirectors" xlink:to="glbs_DisclosureOfCompensationOfNonExecutiveDirectors_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DisclosureOfCompensationOfNonExecutiveDirectors_lbl" xml:lang="en-US">Transactions with Related Parties - Compensation to the Company's Non-Executive Directors</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfCompensationOfExecutiveDirector" xlink:label="glbs_DisclosureOfCompensationOfExecutiveDirector" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfCompensationOfExecutiveDirector" xlink:to="glbs_DisclosureOfCompensationOfExecutiveDirector_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DisclosureOfCompensationOfExecutiveDirector_lbl" xml:lang="en-US">Transactions with Related Parties - Compensation to the Company's Executive Director</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfFinancialPositionExplanatory" xlink:label="glbs_DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfFinancialPositionExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfFinancialPositionExplanatory" xlink:to="glbs_DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfFinancialPositionExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfFinancialPositionExplanatory_lbl" xml:lang="en-US">Vessels, net - Consolidated Statement of Financial Position</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory" xlink:label="glbs_DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory" xlink:to="glbs_DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory_lbl" xml:lang="en-US">Vessels, net - Consolidated Statement of Comprehensive Income/ (loss)</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory" xlink:label="ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory" xlink:to="ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory_lbl" xml:lang="en-US">Vessels, net - Impairment loss</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfInventoriesConsolidatedStatementOfFinancialPositionExplanatory" xlink:label="glbs_DisclosureOfInventoriesConsolidatedStatementOfFinancialPositionExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfInventoriesConsolidatedStatementOfFinancialPositionExplanatory" xlink:to="glbs_DisclosureOfInventoriesConsolidatedStatementOfFinancialPositionExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="glbs_DisclosureOfInventoriesConsolidatedStatementOfFinancialPositionExplanatory_lbl" xml:lang="en-US">Inventories</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfAccruedExpensesAndOtherLiabilitiesConsolidatedStatementOfFinancialPositionExplanatory" xlink:label="glbs_DisclosureOfAccruedExpensesAndOtherLiabilitiesConsolidatedStatementOfFinancialPositionExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfAccruedExpensesAndOtherLiabilitiesConsolidatedStatementOfFinancialPositionExplanatory" xlink:to="glbs_DisclosureOfAccruedExpensesAndOtherLiabilitiesConsolidatedStatementOfFinancialPositionExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="glbs_DisclosureOfAccruedExpensesAndOtherLiabilitiesConsolidatedStatementOfFinancialPositionExplanatory_lbl" xml:lang="en-US">Accrued liabilities and other payables</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory" xlink:to="ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory_lbl" xml:lang="en-US">Share Capital and Share Premium - Authorized share capital</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfCommonSharesExplanatory" xlink:label="glbs_DisclosureOfCommonSharesExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfCommonSharesExplanatory" xlink:to="glbs_DisclosureOfCommonSharesExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DisclosureOfCommonSharesExplanatory_lbl" xml:lang="en-US">Share Capital and Share Premium - Common Shares issued and fully paid</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfEarningsPerShareTableExplanatory" xlink:label="glbs_DisclosureOfEarningsPerShareTableExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfEarningsPerShareTableExplanatory" xlink:to="glbs_DisclosureOfEarningsPerShareTableExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="glbs_DisclosureOfEarningsPerShareTableExplanatory_lbl" xml:lang="en-US">Earnings/(Loss) per Share</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition" xlink:label="glbs_DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition" xlink:to="glbs_DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition_lbl" xml:lang="en-US">Long-Term Debt, net - Consolidated statement of financial position</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfLongTermDebtAnnualPrincipalPayments" xlink:label="glbs_DisclosureOfLongTermDebtAnnualPrincipalPayments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfLongTermDebtAnnualPrincipalPayments" xlink:to="glbs_DisclosureOfLongTermDebtAnnualPrincipalPayments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DisclosureOfLongTermDebtAnnualPrincipalPayments_lbl" xml:lang="en-US">Long-Term Debt, net - Annual loan principal payments</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfShareBasedPayment" xlink:label="glbs_DisclosureOfShareBasedPayment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfShareBasedPayment" xlink:to="glbs_DisclosureOfShareBasedPayment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="glbs_DisclosureOfShareBasedPayment_lbl" xml:lang="en-US">Share Based Payment</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfVoyageExpenses" xlink:label="glbs_DisclosureOfVoyageExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfVoyageExpenses" xlink:to="glbs_DisclosureOfVoyageExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DisclosureOfVoyageExpenses_lbl" xml:lang="en-US">Voyage Expenses and Vessel Operating Expenses - Voyage expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfVesselOperatingExpenses" xlink:label="glbs_DisclosureOfVesselOperatingExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfVesselOperatingExpenses" xlink:to="glbs_DisclosureOfVesselOperatingExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DisclosureOfVesselOperatingExpenses_lbl" xml:lang="en-US">Voyage Expenses and Vessel Operating Expenses - Vessel operating expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfAdministrativeExpenses" xlink:label="glbs_DisclosureOfAdministrativeExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfAdministrativeExpenses" xlink:to="glbs_DisclosureOfAdministrativeExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="glbs_DisclosureOfAdministrativeExpenses_lbl" xml:lang="en-US">Administrative Expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfInterestExpenseAndFinanceCostsExplanatory" xlink:label="glbs_DisclosureOfInterestExpenseAndFinanceCostsExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfInterestExpenseAndFinanceCostsExplanatory" xlink:to="glbs_DisclosureOfInterestExpenseAndFinanceCostsExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="glbs_DisclosureOfInterestExpenseAndFinanceCostsExplanatory_lbl" xml:lang="en-US">Interest Expense and Finance Costs</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory" xlink:label="glbs_DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory" xlink:to="glbs_DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory_lbl" xml:lang="en-US">Commitments - Future minimum lease revenues receivable under non-cancellable operating leases</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfContractualAnnualPaymentsPerSubsidiaryExplanatory" xlink:label="glbs_DisclosureOfContractualAnnualPaymentsPerSubsidiaryExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfContractualAnnualPaymentsPerSubsidiaryExplanatory" xlink:to="glbs_DisclosureOfContractualAnnualPaymentsPerSubsidiaryExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DisclosureOfContractualAnnualPaymentsPerSubsidiaryExplanatory_lbl" xml:lang="en-US">Commitments - Future minimum contractual obligations</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfInterestRateRiskExplanatory" xlink:label="glbs_DisclosureOfInterestRateRiskExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfInterestRateRiskExplanatory" xlink:to="glbs_DisclosureOfInterestRateRiskExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DisclosureOfInterestRateRiskExplanatory_lbl" xml:lang="en-US">Financial risk management objectives and policies - Interest rate risk</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfForeignCurrencyRiskExplanatory" xlink:label="glbs_DisclosureOfForeignCurrencyRiskExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfForeignCurrencyRiskExplanatory" xlink:to="glbs_DisclosureOfForeignCurrencyRiskExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DisclosureOfForeignCurrencyRiskExplanatory_lbl" xml:lang="en-US">Financial risk management objectives and policies - Foreign currency risk</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfConcentrationOfCreditRiskExplanatory" xlink:label="glbs_DisclosureOfConcentrationOfCreditRiskExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfConcentrationOfCreditRiskExplanatory" xlink:to="glbs_DisclosureOfConcentrationOfCreditRiskExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DisclosureOfConcentrationOfCreditRiskExplanatory_lbl" xml:lang="en-US">Financial risk management objectives and policies - Concentration of credit risk table</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfManagingLiquidityRisk" xlink:label="ifrs-full_DescriptionOfManagingLiquidityRisk" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfManagingLiquidityRisk" xlink:to="ifrs-full_DescriptionOfManagingLiquidityRisk_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfManagingLiquidityRisk_lbl" xml:lang="en-US">Financial risk management objectives and policies - Liquidity risk</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfFairValuesExplanatory" xlink:label="glbs_DisclosureOfFairValuesExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfFairValuesExplanatory" xlink:to="glbs_DisclosureOfFairValuesExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DisclosureOfFairValuesExplanatory_lbl" xml:lang="en-US">Fair values measurement</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfValuationTechniquesAndSignificantUnobservableInputs" xlink:label="glbs_DisclosureOfValuationTechniquesAndSignificantUnobservableInputs" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfValuationTechniquesAndSignificantUnobservableInputs" xlink:to="glbs_DisclosureOfValuationTechniquesAndSignificantUnobservableInputs_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DisclosureOfValuationTechniquesAndSignificantUnobservableInputs_lbl" xml:lang="en-US">Valuation techniques and significant unobservable inputs</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable" xlink:label="ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable" xlink:to="ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable_lbl" xml:lang="en-US">Disclosure of subsidiaries [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:label="ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:to="ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems_lbl" xml:lang="en-US">Disclosure of subsidiaries [line items]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary" xlink:label="ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary" xlink:to="ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary_lbl" xml:lang="en-US">Country of Incorporation</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_VesselDeliveryDate" xlink:label="glbs_VesselDeliveryDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_VesselDeliveryDate" xlink:to="glbs_VesselDeliveryDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_VesselDeliveryDate_lbl" xml:lang="en-US">Vessel Delivery Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NameOfSubsidiary" xlink:label="ifrs-full_NameOfSubsidiary" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NameOfSubsidiary" xlink:to="ifrs-full_NameOfSubsidiary_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NameOfSubsidiary_lbl" xml:lang="en-US">Vessel Owned</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NameOfReportingEntityOrOtherMeansOfIdentification" xlink:label="ifrs-full_NameOfReportingEntityOrOtherMeansOfIdentification" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NameOfReportingEntityOrOtherMeansOfIdentification" xlink:to="ifrs-full_NameOfReportingEntityOrOtherMeansOfIdentification_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NameOfReportingEntityOrOtherMeansOfIdentification_lbl" xml:lang="en-US">Name of reporting entity</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DomicileOfEntity" xlink:label="ifrs-full_DomicileOfEntity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DomicileOfEntity" xlink:to="ifrs-full_DomicileOfEntity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DomicileOfEntity_lbl" xml:lang="en-US">Domicile of entity</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities" xlink:label="ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities" xlink:to="ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_lbl" xml:lang="en-US">Description of nature of entity's operations and principal activities</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:to="ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable_lbl" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems" xlink:label="ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems" xlink:to="ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems_lbl" xml:lang="en-US">Disclosure of initial application of standards or interpretations [line items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncome" xlink:to="ifrs-full_ComprehensiveIncome_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComprehensiveIncome_2_lbl" xml:lang="en-US">Comprehensive income</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInOperatingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities_2_lbl" xml:lang="en-US">Cash flows from (used in) operating activities</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentAssetsLiabilities" xlink:label="ifrs-full_CurrentAssetsLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssetsLiabilities" xlink:to="ifrs-full_CurrentAssetsLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAssetsLiabilities_lbl" xml:lang="en-US">Working capital surplus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAccountingStandard" xlink:label="dei_EntityAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAccountingStandard" xlink:to="dei_EntityAccountingStandard_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAccountingStandard_lbl" xml:lang="en-US">Entity Accounting Standard</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_AllowanceForDoubtfulTradeReceivables" xlink:label="glbs_AllowanceForDoubtfulTradeReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AllowanceForDoubtfulTradeReceivables" xlink:to="glbs_AllowanceForDoubtfulTradeReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_AllowanceForDoubtfulTradeReceivables_lbl" xml:lang="en-US">Provision for doubtful trade receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_IntervalBetweenVesselDrydockingSpecialSurvey" xlink:label="glbs_IntervalBetweenVesselDrydockingSpecialSurvey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_IntervalBetweenVesselDrydockingSpecialSurvey" xlink:to="glbs_IntervalBetweenVesselDrydockingSpecialSurvey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_IntervalBetweenVesselDrydockingSpecialSurvey_lbl" xml:lang="en-US">Interval Between Vessel Drydocking Special Survey</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DepreciationMethodPropertyPlantAndEquipment" xlink:label="ifrs-full_DepreciationMethodPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationMethodPropertyPlantAndEquipment" xlink:to="ifrs-full_DepreciationMethodPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DepreciationMethodPropertyPlantAndEquipment_lbl" xml:lang="en-US">Depreciation method</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfUsefulLifePropertyPlantAndEquipment" xlink:label="ifrs-full_DescriptionOfUsefulLifePropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfUsefulLifePropertyPlantAndEquipment" xlink:to="ifrs-full_DescriptionOfUsefulLifePropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfUsefulLifePropertyPlantAndEquipment_lbl" xml:lang="en-US">Useful life</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_VesselsScrapRatePerTon" xlink:label="glbs_VesselsScrapRatePerTon" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_VesselsScrapRatePerTon" xlink:to="glbs_VesselsScrapRatePerTon_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_VesselsScrapRatePerTon_lbl" xml:lang="en-US">Vessels scrap rate per ton</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_ExtraDepreciationPropertyPlantAndEquipment" xlink:label="glbs_ExtraDepreciationPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ExtraDepreciationPropertyPlantAndEquipment" xlink:to="glbs_ExtraDepreciationPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_ExtraDepreciationPropertyPlantAndEquipment_lbl" xml:lang="en-US">Decrease in depreciation expense due to changes in scrap rate</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentPortionOfLongtermBorrowings" xlink:to="ifrs-full_CurrentPortionOfLongtermBorrowings_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentPortionOfLongtermBorrowings_2_lbl" xml:lang="en-US">Current portion of non-current borrowings</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_BorrowingCostsCapitalised" xlink:label="ifrs-full_BorrowingCostsCapitalised" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingCostsCapitalised" xlink:to="ifrs-full_BorrowingCostsCapitalised_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingCostsCapitalised_lbl" xml:lang="en-US">Borrowing costs capitalised</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:to="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities_2_lbl" xml:lang="en-US">Proceeds from borrowings, classified as financing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_NumberOfOperatingSegments" xlink:label="glbs_NumberOfOperatingSegments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_NumberOfOperatingSegments" xlink:to="glbs_NumberOfOperatingSegments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_NumberOfOperatingSegments_lbl" xml:lang="en-US">Number Of Operating Segments</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfNatureOfBenefitsProvidedByPlan" xlink:label="ifrs-full_DescriptionOfNatureOfBenefitsProvidedByPlan" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfNatureOfBenefitsProvidedByPlan" xlink:to="ifrs-full_DescriptionOfNatureOfBenefitsProvidedByPlan_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfNatureOfBenefitsProvidedByPlan_lbl" xml:lang="en-US">Description of nature of benefits provided by plan</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:label="ifrs-full_LiabilityAssetOfDefinedBenefitPlans" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:to="ifrs-full_LiabilityAssetOfDefinedBenefitPlans_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LiabilityAssetOfDefinedBenefitPlans_lbl" xml:lang="en-US">Net defined benefit liability</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DirectOperatingExpenseFromInvestmentProperty" xlink:label="ifrs-full_DirectOperatingExpenseFromInvestmentProperty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DirectOperatingExpenseFromInvestmentProperty" xlink:to="ifrs-full_DirectOperatingExpenseFromInvestmentProperty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DirectOperatingExpenseFromInvestmentProperty_lbl" xml:lang="en-US">Direct operating expense from investment property</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_LeaseAndNonleaseComponents" xlink:label="glbs_LeaseAndNonleaseComponents" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_LeaseAndNonleaseComponents" xlink:to="glbs_LeaseAndNonleaseComponents_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_LeaseAndNonleaseComponents_lbl" xml:lang="en-US">Lease components</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CashOnHand" xlink:label="ifrs-full_CashOnHand" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashOnHand" xlink:to="ifrs-full_CashOnHand_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashOnHand_lbl" xml:lang="en-US">Cash on hand</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_BalancesWithBanks" xlink:label="ifrs-full_BalancesWithBanks" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BalancesWithBanks" xlink:to="ifrs-full_BalancesWithBanks_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BalancesWithBanks_lbl" xml:lang="en-US">Cash at banks</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalents" xlink:to="ifrs-full_CashAndCashEquivalents_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashAndCashEquivalents_4_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_CashAndCashEquivalentsFairValueDisclosure" xlink:label="glbs_CashAndCashEquivalentsFairValueDisclosure" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CashAndCashEquivalentsFairValueDisclosure" xlink:to="glbs_CashAndCashEquivalentsFairValueDisclosure_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_CashAndCashEquivalentsFairValueDisclosure_lbl" xml:lang="en-US">Cash And Cash Equivalents Fair Value Disclosure</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_RestrictedCashAndCashEquivalents" xlink:label="ifrs-full_RestrictedCashAndCashEquivalents" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RestrictedCashAndCashEquivalents" xlink:to="ifrs-full_RestrictedCashAndCashEquivalents_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RestrictedCashAndCashEquivalents_lbl" xml:lang="en-US">Restricted cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_RestrictedCashAndCashEquivalentsFairValueDisclosure" xlink:label="glbs_RestrictedCashAndCashEquivalentsFairValueDisclosure" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_RestrictedCashAndCashEquivalentsFairValueDisclosure" xlink:to="glbs_RestrictedCashAndCashEquivalentsFairValueDisclosure_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_RestrictedCashAndCashEquivalentsFairValueDisclosure_lbl" xml:lang="en-US">Restricted cash and cash equivalents fair value disclosure</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentRestrictedCashAndCashEquivalents" xlink:to="ifrs-full_NoncurrentRestrictedCashAndCashEquivalents_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncurrentRestrictedCashAndCashEquivalents_2_lbl" xml:lang="en-US">Non-current restricted cash and cash equivalents</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentRestrictedCashAndCashEquivalents" xlink:to="ifrs-full_CurrentRestrictedCashAndCashEquivalents_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentRestrictedCashAndCashEquivalents_2_lbl" xml:lang="en-US">Current restricted cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:to="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable_lbl" xml:lang="en-US">Disclosure of transactions between related parties [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:to="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems_lbl" xml:lang="en-US">Disclosure of transactions between related parties [line items]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DirectorsRemunerationExpense" xlink:label="ifrs-full_DirectorsRemunerationExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DirectorsRemunerationExpense" xlink:to="ifrs-full_DirectorsRemunerationExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DirectorsRemunerationExpense_lbl" xml:lang="en-US">Directors&#8217; remuneration</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DirectorsCompensationSharebasedPayment" xlink:to="glbs_DirectorsCompensationSharebasedPayment_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DirectorsCompensationSharebasedPayment_2_lbl" xml:lang="en-US">Share-based payments (Note 12)</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_KeyManagementPersonnelCompensation" xlink:label="ifrs-full_KeyManagementPersonnelCompensation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_KeyManagementPersonnelCompensation" xlink:to="ifrs-full_KeyManagementPersonnelCompensation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_KeyManagementPersonnelCompensation_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_IfrsStatementLineItems" xlink:label="glbs_IfrsStatementLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_IfrsStatementLineItems" xlink:to="glbs_IfrsStatementLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_IfrsStatementLineItems_lbl" xml:lang="en-US">IfrsStatementLineItems [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:label="ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:to="ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_lbl" xml:lang="en-US">Short-term employee benefits</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfOffsettingOfFinancialAssetsTable" xlink:label="ifrs-full_DisclosureOfOffsettingOfFinancialAssetsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOffsettingOfFinancialAssetsTable" xlink:to="ifrs-full_DisclosureOfOffsettingOfFinancialAssetsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOffsettingOfFinancialAssetsTable_lbl" xml:lang="en-US">Disclosure of offsetting of financial assets [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_MonthlyRentalExpense" xlink:label="glbs_MonthlyRentalExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_MonthlyRentalExpense" xlink:to="glbs_MonthlyRentalExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_MonthlyRentalExpense_lbl" xml:lang="en-US">Monthly Rental Expense</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_LeaseExpirationDate" xlink:label="glbs_LeaseExpirationDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_LeaseExpirationDate" xlink:to="glbs_LeaseExpirationDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_LeaseExpirationDate_lbl" xml:lang="en-US">Lease expiration date</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_CreditAdjustmentOfFinanceCost" xlink:label="glbs_CreditAdjustmentOfFinanceCost" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CreditAdjustmentOfFinanceCost" xlink:to="glbs_CreditAdjustmentOfFinanceCost_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_CreditAdjustmentOfFinanceCost_lbl" xml:lang="en-US">Credit adjustment of finance cost</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_LeasesAsLesseeRelatedPartyTransactions" xlink:label="ifrs-full_LeasesAsLesseeRelatedPartyTransactions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LeasesAsLesseeRelatedPartyTransactions" xlink:to="ifrs-full_LeasesAsLesseeRelatedPartyTransactions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LeasesAsLesseeRelatedPartyTransactions_lbl" xml:lang="en-US">Leases as lessee, related party transactions</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DepreciationRightofuseAssets" xlink:label="ifrs-full_DepreciationRightofuseAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationRightofuseAssets" xlink:to="ifrs-full_DepreciationRightofuseAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DepreciationRightofuseAssets_lbl" xml:lang="en-US">Depreciation, right-of-use assets</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:label="ifrs-full_InterestExpenseOnLeaseLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:to="ifrs-full_InterestExpenseOnLeaseLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestExpenseOnLeaseLiabilities_lbl" xml:lang="en-US">Interest expense on lease liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities" xlink:label="glbs_PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities" xlink:to="glbs_PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Payment of lease liability - principal and Interest Paid</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_ConsultingFeesExpense" xlink:label="glbs_ConsultingFeesExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ConsultingFeesExpense" xlink:to="glbs_ConsultingFeesExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_ConsultingFeesExpense_lbl" xml:lang="en-US">Consulting Fees Expense</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_AgreedAmountOfOneTimeCashBonus" xlink:label="glbs_AgreedAmountOfOneTimeCashBonus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AgreedAmountOfOneTimeCashBonus" xlink:to="glbs_AgreedAmountOfOneTimeCashBonus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_AgreedAmountOfOneTimeCashBonus_lbl" xml:lang="en-US">Amount of one-time cash bonus</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_OneTimeCashBonusPayment" xlink:label="glbs_OneTimeCashBonusPayment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_OneTimeCashBonusPayment" xlink:to="glbs_OneTimeCashBonusPayment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_OneTimeCashBonusPayment_lbl" xml:lang="en-US">One time cash bonus payment</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_RemainingOfOneTimeCashBonusPayment" xlink:label="glbs_RemainingOfOneTimeCashBonusPayment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_RemainingOfOneTimeCashBonusPayment" xlink:to="glbs_RemainingOfOneTimeCashBonusPayment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_RemainingOfOneTimeCashBonusPayment_lbl" xml:lang="en-US">Remaining of one time cash bonus payment</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding" xlink:label="ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding" xlink:to="ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding_lbl" xml:lang="en-US">Increase in number of shares outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ParValuePerShare" xlink:label="ifrs-full_ParValuePerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ParValuePerShare" xlink:to="ifrs-full_ParValuePerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ParValuePerShare_lbl" xml:lang="en-US">Par value per share</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_IssueOfPreferredShares" xlink:to="glbs_IssueOfPreferredShares_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="glbs_IssueOfPreferredShares_2_lbl" xml:lang="en-US">Issue of preferred shares</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates" xlink:label="ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates" xlink:to="ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates_lbl" xml:lang="en-US">Number of shares in entity held by entity or by its subsidiaries or associates</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_VotingRights" xlink:label="glbs_VotingRights" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_VotingRights" xlink:to="glbs_VotingRights_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_VotingRights_lbl" xml:lang="en-US">Voting Rights</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_ProportionOfOwnershipInterestsHeldByControllingParty" xlink:label="glbs_ProportionOfOwnershipInterestsHeldByControllingParty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ProportionOfOwnershipInterestsHeldByControllingParty" xlink:to="glbs_ProportionOfOwnershipInterestsHeldByControllingParty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_ProportionOfOwnershipInterestsHeldByControllingParty_lbl" xml:lang="en-US">Proportion Of Ownership Interests Held By Controlling Party</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:label="glbs_LineOfCreditFacilityMaximumBorrowingCapacity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:to="glbs_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xml:lang="en-US">Line Of Credit Facility Maximum Borrowing Capacity</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DescriptionOfBorrowingsScope" xlink:label="glbs_DescriptionOfBorrowingsScope" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DescriptionOfBorrowingsScope" xlink:to="glbs_DescriptionOfBorrowingsScope_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DescriptionOfBorrowingsScope_lbl" xml:lang="en-US">Description of borrowings</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_CreditFacilityCollateraDescription" xlink:label="glbs_CreditFacilityCollateraDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CreditFacilityCollateraDescription" xlink:to="glbs_CreditFacilityCollateraDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_CreditFacilityCollateraDescription_lbl" xml:lang="en-US">Credit facility collateral description</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_BorrowingsMaturity" xlink:label="ifrs-full_BorrowingsMaturity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsMaturity" xlink:to="ifrs-full_BorrowingsMaturity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsMaturity_lbl" xml:lang="en-US">Borrowings, maturity</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_LineOfCreditFacilityDrawndownAmountsMultiples" xlink:label="glbs_LineOfCreditFacilityDrawndownAmountsMultiples" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_LineOfCreditFacilityDrawndownAmountsMultiples" xlink:to="glbs_LineOfCreditFacilityDrawndownAmountsMultiples_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_LineOfCreditFacilityDrawndownAmountsMultiples_lbl" xml:lang="en-US">Line Of Credit Facility Drawndown Amounts Multiples</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_BorrowingsInterestRateBasis" xlink:label="ifrs-full_BorrowingsInterestRateBasis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsInterestRateBasis" xlink:to="ifrs-full_BorrowingsInterestRateBasis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsInterestRateBasis_lbl" xml:lang="en-US">Borrowings, interest rate basis</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_BorrowingsAdjustmentToInterestRateBasis" xlink:label="ifrs-full_BorrowingsAdjustmentToInterestRateBasis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsAdjustmentToInterestRateBasis" xlink:to="ifrs-full_BorrowingsAdjustmentToInterestRateBasis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsAdjustmentToInterestRateBasis_lbl" xml:lang="en-US">Borrowings Default Interest Rate</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DebtInstrumentConversionPriceDescription" xlink:label="glbs_DebtInstrumentConversionPriceDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DebtInstrumentConversionPriceDescription" xlink:to="glbs_DebtInstrumentConversionPriceDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DebtInstrumentConversionPriceDescription_lbl" xml:lang="en-US">Debt instrument conversion price description</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives" xlink:to="ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives_2_lbl" xml:lang="en-US">Gains on change in fair value of derivatives</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_RepaymentsOfCurrentBorrowings" xlink:label="ifrs-full_RepaymentsOfCurrentBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RepaymentsOfCurrentBorrowings" xlink:to="ifrs-full_RepaymentsOfCurrentBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RepaymentsOfCurrentBorrowings_lbl" xml:lang="en-US">Repayments of current borrowings</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_InterestExpense" xlink:label="ifrs-full_InterestExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestExpense" xlink:to="ifrs-full_InterestExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestExpense_lbl" xml:lang="en-US">Interest expense</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_NoninterestExpenseDirectorsFees1" xlink:label="glbs_NoninterestExpenseDirectorsFees1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_NoninterestExpenseDirectorsFees1" xlink:to="glbs_NoninterestExpenseDirectorsFees1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_NoninterestExpenseDirectorsFees1_lbl" xml:lang="en-US">Annual Service Fee</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_AccruedDirectorsCompensation" xlink:label="glbs_AccruedDirectorsCompensation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AccruedDirectorsCompensation" xlink:to="glbs_AccruedDirectorsCompensation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_AccruedDirectorsCompensation_lbl" xml:lang="en-US">Accrued Directors Compensation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:to="ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems_lbl" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [line items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Ships" xlink:to="ifrs-full_Ships_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_Ships_2_lbl" xml:lang="en-US">Balance beginning of period</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_AccumulatedDepreciationPropertyPlantAndEquipment" xlink:label="glbs_AccumulatedDepreciationPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AccumulatedDepreciationPropertyPlantAndEquipment" xlink:to="glbs_AccumulatedDepreciationPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:label="glbs_AccumulatedDepreciationPropertyPlantAndEquipment_lbl" xml:lang="en-US">Balance beginning of period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_lbl" xml:lang="en-US">Additions/ (Dry Docking Component)</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:to="ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_lbl" xml:lang="en-US">Impairment loss</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DepreciationAndAmortisationExpense" xlink:label="ifrs-full_DepreciationAndAmortisationExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationAndAmortisationExpense" xlink:to="ifrs-full_DepreciationAndAmortisationExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DepreciationAndAmortisationExpense_lbl" xml:lang="en-US">Depreciation expense</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Ships" xlink:to="ifrs-full_Ships_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_Ships_3_lbl" xml:lang="en-US">Balance ending of period</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AccumulatedDepreciationPropertyPlantAndEquipment" xlink:to="glbs_AccumulatedDepreciationPropertyPlantAndEquipment_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:label="glbs_AccumulatedDepreciationPropertyPlantAndEquipment_2_lbl" xml:lang="en-US">Balance ending of period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:label="ifrs-full_DepreciationPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:to="ifrs-full_DepreciationPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DepreciationPropertyPlantAndEquipment_lbl" xml:lang="en-US">Vessels depreciation</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DepreciationOfficeFurnitureAndEquipment" xlink:label="glbs_DepreciationOfficeFurnitureAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DepreciationOfficeFurnitureAndEquipment" xlink:to="glbs_DepreciationOfficeFurnitureAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DepreciationOfficeFurnitureAndEquipment_lbl" xml:lang="en-US">Depreciation on office furniture and equipment</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationRightofuseAssets" xlink:to="ifrs-full_DepreciationRightofuseAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DepreciationRightofuseAssets_2_lbl" xml:lang="en-US">Depreciation of right of use asset (Note 18)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationExpense" xlink:to="ifrs-full_DepreciationExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_DepreciationExpense_2_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems" xlink:label="ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems" xlink:to="ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems_lbl" xml:lang="en-US">Disclosure of impairment loss and reversal of impairment loss [line items]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_VesselYearBuilt" xlink:label="glbs_VesselYearBuilt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_VesselYearBuilt" xlink:to="glbs_VesselYearBuilt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_VesselYearBuilt_lbl" xml:lang="en-US">Vessel year built</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_VesselType" xlink:label="glbs_VesselType" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_VesselType" xlink:to="glbs_VesselType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_VesselType_lbl" xml:lang="en-US">Vessel type</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:to="ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_2_lbl" xml:lang="en-US">Purchase price</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_VesselCapacity" xlink:label="glbs_VesselCapacity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_VesselCapacity" xlink:to="glbs_VesselCapacity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_VesselCapacity_lbl" xml:lang="en-US">Vessel Capacity</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DryDockingCostCapitalised" xlink:label="glbs_DryDockingCostCapitalised" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DryDockingCostCapitalised" xlink:to="glbs_DryDockingCostCapitalised_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DryDockingCostCapitalised_lbl" xml:lang="en-US">Dry-docking cost capitalised</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_2_lbl" xml:lang="en-US">Ballast water treatment system additions</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_WeightedAverageCostOfCapital" xlink:label="glbs_WeightedAverageCostOfCapital" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_WeightedAverageCostOfCapital" xlink:to="glbs_WeightedAverageCostOfCapital_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_WeightedAverageCostOfCapital_lbl" xml:lang="en-US">Weighted Average Cost Of Capital</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_TimePeriodConsidered" xlink:label="glbs_TimePeriodConsidered" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_TimePeriodConsidered" xlink:to="glbs_TimePeriodConsidered_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_TimePeriodConsidered_lbl" xml:lang="en-US">Time Period Considered</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_AssumptionOfExpectedRatesOfInflation" xlink:label="glbs_AssumptionOfExpectedRatesOfInflation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AssumptionOfExpectedRatesOfInflation" xlink:to="glbs_AssumptionOfExpectedRatesOfInflation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_AssumptionOfExpectedRatesOfInflation_lbl" xml:lang="en-US">Assumption Of Expected Rates Of Inflation</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_AssumptionOfFleetUtilisationRate" xlink:label="glbs_AssumptionOfFleetUtilisationRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AssumptionOfFleetUtilisationRate" xlink:to="glbs_AssumptionOfFleetUtilisationRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_AssumptionOfFleetUtilisationRate_lbl" xml:lang="en-US">Assumption Of Fleet Utilisation Rate</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:to="ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_2_lbl" xml:lang="en-US">Impairment loss recognised in profit or loss, property, plant and equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_LubricantsInventoryCurrent" xlink:label="glbs_LubricantsInventoryCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_LubricantsInventoryCurrent" xlink:to="glbs_LubricantsInventoryCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_LubricantsInventoryCurrent_lbl" xml:lang="en-US">Lubricants</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_GasCylindersInventoryCurrent" xlink:label="glbs_GasCylindersInventoryCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_GasCylindersInventoryCurrent" xlink:to="glbs_GasCylindersInventoryCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_GasCylindersInventoryCurrent_lbl" xml:lang="en-US">Gas cylinders</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_BunkerInventoryCurrent" xlink:label="glbs_BunkerInventoryCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_BunkerInventoryCurrent" xlink:to="glbs_BunkerInventoryCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_BunkerInventoryCurrent_lbl" xml:lang="en-US">Bunkers</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Inventories" xlink:to="ifrs-full_Inventories_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Inventories_2_lbl" xml:lang="en-US">Total</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentPayables" xlink:to="ifrs-full_TradeAndOtherCurrentPayables_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_TradeAndOtherCurrentPayables_2_lbl" xml:lang="en-US">Trade and other current payables</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CurrentDebtInstrumentsIssued" xlink:label="ifrs-full_CurrentDebtInstrumentsIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentDebtInstrumentsIssued" xlink:to="ifrs-full_CurrentDebtInstrumentsIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentDebtInstrumentsIssued_lbl" xml:lang="en-US">Accrued Interest Swap Loss</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_AccruedAuditFeesCurrent" xlink:label="glbs_AccruedAuditFeesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AccruedAuditFeesCurrent" xlink:to="glbs_AccruedAuditFeesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_AccruedAuditFeesCurrent_lbl" xml:lang="en-US">Accrued audit fees</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_OtherAccruals" xlink:label="glbs_OtherAccruals" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_OtherAccruals" xlink:to="glbs_OtherAccruals_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_OtherAccruals_lbl" xml:lang="en-US">Other accruals</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_CurrentInsuranceDeductibles" xlink:label="glbs_CurrentInsuranceDeductibles" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CurrentInsuranceDeductibles" xlink:to="glbs_CurrentInsuranceDeductibles_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_CurrentInsuranceDeductibles_lbl" xml:lang="en-US">Insurance deductibles</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_OtherCurrentPayables" xlink:label="ifrs-full_OtherCurrentPayables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentPayables" xlink:to="ifrs-full_OtherCurrentPayables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherCurrentPayables_lbl" xml:lang="en-US">Other payables</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities" xlink:to="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities_2_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NumberOfSharesAuthorised" xlink:label="ifrs-full_NumberOfSharesAuthorised" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesAuthorised" xlink:to="ifrs-full_NumberOfSharesAuthorised_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfSharesAuthorised_lbl" xml:lang="en-US">Number of shares authorised</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_ValueOfSharesAuthorised" xlink:label="glbs_ValueOfSharesAuthorised" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ValueOfSharesAuthorised" xlink:to="glbs_ValueOfSharesAuthorised_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_ValueOfSharesAuthorised_lbl" xml:lang="en-US">Total value of shares authorised</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalLineItems" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfClassesOfShareCapitalLineItems" xlink:to="ifrs-full_DisclosureOfClassesOfShareCapitalLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalLineItems_lbl" xml:lang="en-US">Disclosure of classes of share capital [line items]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NumberOfSharesIssuedAndFullyPaid" xlink:label="ifrs-full_NumberOfSharesIssuedAndFullyPaid" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesIssuedAndFullyPaid" xlink:to="ifrs-full_NumberOfSharesIssuedAndFullyPaid_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_NumberOfSharesIssuedAndFullyPaid_lbl" xml:lang="en-US">Balance beginning of period</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssuedCapital" xlink:to="ifrs-full_IssuedCapital_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_IssuedCapital_2_lbl" xml:lang="en-US">Balance beginning of period</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions" xlink:label="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions" xlink:to="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_lbl" xml:lang="en-US">Issued during the year for share-based compensation</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughConversionOfConvertibleInstruments" xlink:label="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughConversionOfConvertibleInstruments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughConversionOfConvertibleInstruments" xlink:to="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughConversionOfConvertibleInstruments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughConversionOfConvertibleInstruments_lbl" xml:lang="en-US">Issuance of common stock due to conversion of loan</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity" xlink:label="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity" xlink:to="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity_lbl" xml:lang="en-US">Issuance of new common stocks</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssueOfEquity" xlink:to="ifrs-full_IssueOfEquity_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_IssueOfEquity_2_lbl" xml:lang="en-US">Issuance of new common stocks</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity" xlink:label="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity" xlink:to="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity_lbl" xml:lang="en-US">Issuance of common stock due to exercise of pre-funded warrants</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity" xlink:label="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity" xlink:to="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_lbl" xml:lang="en-US">Issuance of common stock due to exercise of warrants</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity" xlink:to="ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity_2_lbl" xml:lang="en-US">Issuance of common stock due to exercise of pre-funded warrants</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesIssuedAndFullyPaid" xlink:to="ifrs-full_NumberOfSharesIssuedAndFullyPaid_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_NumberOfSharesIssuedAndFullyPaid_2_lbl" xml:lang="en-US">Balance ending of period</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssuedCapital" xlink:to="ifrs-full_IssuedCapital_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_IssuedCapital_3_lbl" xml:lang="en-US">Balance ending of period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NumberOfSharesOutstanding" xlink:label="ifrs-full_NumberOfSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesOutstanding" xlink:to="ifrs-full_NumberOfSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfSharesOutstanding_lbl" xml:lang="en-US">Number of shares outstanding</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_IssueOfPreferredShares" xlink:to="glbs_IssueOfPreferredShares_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="glbs_IssueOfPreferredShares_3_lbl" xml:lang="en-US">Issue of preferred shares | $</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_Borrowings" xlink:label="ifrs-full_Borrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Borrowings" xlink:to="ifrs-full_Borrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Borrowings_lbl" xml:lang="en-US">Borrowings</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DebtInstrumentConvertibleConversionPrice" xlink:label="glbs_DebtInstrumentConvertibleConversionPrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DebtInstrumentConvertibleConversionPrice" xlink:to="glbs_DebtInstrumentConvertibleConversionPrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DebtInstrumentConvertibleConversionPrice_lbl" xml:lang="en-US">Debt Instrument Convertible Conversion Price</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NumberOfSharesIssued" xlink:label="ifrs-full_NumberOfSharesIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesIssued" xlink:to="ifrs-full_NumberOfSharesIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfSharesIssued_lbl" xml:lang="en-US">Number of shares issued</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ExercisePriceOfOutstandingShareOptions2019" xlink:label="ifrs-full_ExercisePriceOfOutstandingShareOptions2019" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ExercisePriceOfOutstandingShareOptions2019" xlink:to="ifrs-full_ExercisePriceOfOutstandingShareOptions2019_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ExercisePriceOfOutstandingShareOptions2019_lbl" xml:lang="en-US">Exercise price of outstanding share options</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_NumberOfSharesCalledByWarrants" xlink:label="glbs_NumberOfSharesCalledByWarrants" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_NumberOfSharesCalledByWarrants" xlink:to="glbs_NumberOfSharesCalledByWarrants_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_NumberOfSharesCalledByWarrants_lbl" xml:lang="en-US">Number Of Shares Called By Warrants</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DescriptionOfOptionLifeShareOptionsGranted" xlink:label="ifrs-full_DescriptionOfOptionLifeShareOptionsGranted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfOptionLifeShareOptionsGranted" xlink:to="ifrs-full_DescriptionOfOptionLifeShareOptionsGranted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfOptionLifeShareOptionsGranted_lbl" xml:lang="en-US">Option life, share options granted</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ProceedsFromExerciseOfOptions" xlink:label="ifrs-full_ProceedsFromExerciseOfOptions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromExerciseOfOptions" xlink:to="ifrs-full_ProceedsFromExerciseOfOptions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProceedsFromExerciseOfOptions_lbl" xml:lang="en-US">Proceeds from exercise of options</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity" xlink:to="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_2_lbl" xml:lang="en-US">Increase Decrease In Number Of Ordinary Shares Issued Through Exercise Of Warrants Equity</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ProceedsFromWarrantExercises" xlink:to="glbs_ProceedsFromWarrantExercises_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="glbs_ProceedsFromWarrantExercises_2_lbl" xml:lang="en-US">Proceeds From Warrant Exercises</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_NumberOfWarrantsOutstanding" xlink:label="glbs_NumberOfWarrantsOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_NumberOfWarrantsOutstanding" xlink:to="glbs_NumberOfWarrantsOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_NumberOfWarrantsOutstanding_lbl" xml:lang="en-US">Number Of Warrants Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_PurchasePriceOfOutstandingWarrants" xlink:label="glbs_PurchasePriceOfOutstandingWarrants" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_PurchasePriceOfOutstandingWarrants" xlink:to="glbs_PurchasePriceOfOutstandingWarrants_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_PurchasePriceOfOutstandingWarrants_lbl" xml:lang="en-US">Purchase price of outstanding warrants</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromIssuingShares" xlink:to="ifrs-full_ProceedsFromIssuingShares_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ProceedsFromIssuingShares_2_lbl" xml:lang="en-US">Proceeds from issuing shares</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity" xlink:to="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity_2_lbl" xml:lang="en-US">Increase/Decrease in number of ordinary shares issued through exercise of pre funded warrants equity</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShareIssueRelatedCost" xlink:to="ifrs-full_ShareIssueRelatedCost_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ShareIssueRelatedCost_2_lbl" xml:lang="en-US">Share issue related cost</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity" xlink:label="ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity" xlink:to="ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity_lbl" xml:lang="en-US">Income/(Loss) attributable to common equity holders</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_WeightedAverageShares" xlink:label="ifrs-full_WeightedAverageShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WeightedAverageShares" xlink:to="ifrs-full_WeightedAverageShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_WeightedAverageShares_lbl" xml:lang="en-US">Weighted average number of shares &#8211; basic and diluted</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_BasicAndDilutedEarningsLossPerShare" xlink:label="glbs_BasicAndDilutedEarningsLossPerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_BasicAndDilutedEarningsLossPerShare" xlink:to="glbs_BasicAndDilutedEarningsLossPerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_BasicAndDilutedEarningsLossPerShare_lbl" xml:lang="en-US">Net income/(loss) per common share &#8211; basic and diluted</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems_lbl" xml:lang="en-US">Disclosure of detailed information about borrowings [line items]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_BorrowingsGross" xlink:label="glbs_BorrowingsGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_BorrowingsGross" xlink:to="glbs_BorrowingsGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_BorrowingsGross_lbl" xml:lang="en-US">Loan Balance</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DebtInstrumentUnamortisedDiscount" xlink:label="glbs_DebtInstrumentUnamortisedDiscount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DebtInstrumentUnamortisedDiscount" xlink:to="glbs_DebtInstrumentUnamortisedDiscount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DebtInstrumentUnamortisedDiscount_lbl" xml:lang="en-US">Unamortized Debt Discount</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_AccruedInterest" xlink:label="glbs_AccruedInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AccruedInterest" xlink:to="glbs_AccruedInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_AccruedInterest_lbl" xml:lang="en-US">Accrued Interest</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Borrowings" xlink:to="ifrs-full_Borrowings_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_Borrowings_2_lbl" xml:lang="en-US">Total Borrowings</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_CurrentPortionOfLongTermBorrowingsGross" xlink:label="glbs_CurrentPortionOfLongTermBorrowingsGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CurrentPortionOfLongTermBorrowingsGross" xlink:to="glbs_CurrentPortionOfLongTermBorrowingsGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_CurrentPortionOfLongTermBorrowingsGross_lbl" xml:lang="en-US">Loan Balance - Current Portion</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_CurrentPortionOfDebtInstrumentUnamortisedDiscount" xlink:label="glbs_CurrentPortionOfDebtInstrumentUnamortisedDiscount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CurrentPortionOfDebtInstrumentUnamortisedDiscount" xlink:to="glbs_CurrentPortionOfDebtInstrumentUnamortisedDiscount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_CurrentPortionOfDebtInstrumentUnamortisedDiscount_lbl" xml:lang="en-US">Unamortized Debt Discount- Current Portion</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_AccruedInterestCurrent" xlink:label="glbs_AccruedInterestCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AccruedInterestCurrent" xlink:to="glbs_AccruedInterestCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="glbs_AccruedInterestCurrent_lbl" xml:lang="en-US">Accrued Interest - Current Portion</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentPortionOfLongtermBorrowings" xlink:to="ifrs-full_CurrentPortionOfLongtermBorrowings_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_CurrentPortionOfLongtermBorrowings_3_lbl" xml:lang="en-US">Total Borrowings - Current Portion</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_LongTermBorrowingsGross" xlink:label="glbs_LongTermBorrowingsGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_LongTermBorrowingsGross" xlink:to="glbs_LongTermBorrowingsGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_LongTermBorrowingsGross_lbl" xml:lang="en-US">Loan Balance - Long-Term Portion</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_LongTermDebtInstrumentUnamortisedDiscount" xlink:label="glbs_LongTermDebtInstrumentUnamortisedDiscount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_LongTermDebtInstrumentUnamortisedDiscount" xlink:to="glbs_LongTermDebtInstrumentUnamortisedDiscount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_LongTermDebtInstrumentUnamortisedDiscount_lbl" xml:lang="en-US">Unamortized Debt Discount - Long-Term Portion</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LongtermBorrowings" xlink:to="ifrs-full_LongtermBorrowings_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_LongtermBorrowings_2_lbl" xml:lang="en-US">Total Borrowings - Long-Term Portion</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfAmountsToBeRecoveredOrSettledAfterTwelveMonthsForClassesOfAssetsAndLiabilitiesThatContainAmountsToBeRecoveredOrSettledBothNoMoreAndMoreThanTwelveMonthsAfterReportingDateTable" xlink:label="ifrs-full_DisclosureOfAmountsToBeRecoveredOrSettledAfterTwelveMonthsForClassesOfAssetsAndLiabilitiesThatContainAmountsToBeRecoveredOrSettledBothNoMoreAndMoreThanTwelveMonthsAfterReportingDateTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfAmountsToBeRecoveredOrSettledAfterTwelveMonthsForClassesOfAssetsAndLiabilitiesThatContainAmountsToBeRecoveredOrSettledBothNoMoreAndMoreThanTwelveMonthsAfterReportingDateTable" xlink:to="ifrs-full_DisclosureOfAmountsToBeRecoveredOrSettledAfterTwelveMonthsForClassesOfAssetsAndLiabilitiesThatContainAmountsToBeRecoveredOrSettledBothNoMoreAndMoreThanTwelveMonthsAfterReportingDateTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfAmountsToBeRecoveredOrSettledAfterTwelveMonthsForClassesOfAssetsAndLiabilitiesThatContainAmountsToBeRecoveredOrSettledBothNoMoreAndMoreThanTwelveMonthsAfterReportingDateTable_lbl" xml:lang="en-US">Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable_lbl" xml:lang="en-US">Disclosure of detailed information about borrowings [table]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsAdjustmentToInterestRateBasis" xlink:to="ifrs-full_BorrowingsAdjustmentToInterestRateBasis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_BorrowingsAdjustmentToInterestRateBasis_2_lbl" xml:lang="en-US">Borrowings, adjustment to interest rate basis</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_BorrowingsDefaultInterestRate" xlink:label="glbs_BorrowingsDefaultInterestRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_BorrowingsDefaultInterestRate" xlink:to="glbs_BorrowingsDefaultInterestRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="glbs_BorrowingsDefaultInterestRate_lbl" xml:lang="en-US">Borrowings Default Interest Rate</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DebtInstrumentPrepaymentAmount" xlink:to="glbs_DebtInstrumentPrepaymentAmount_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DebtInstrumentPrepaymentAmount_2_lbl" xml:lang="en-US">Debt Instrument Prepayment Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_BorrowingsInterestRate" xlink:label="ifrs-full_BorrowingsInterestRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsInterestRate" xlink:to="ifrs-full_BorrowingsInterestRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsInterestRate_lbl" xml:lang="en-US">Borrowings, interest rate</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DebtInstrumentConvertibleConversionMultiplier" xlink:label="glbs_DebtInstrumentConvertibleConversionMultiplier" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DebtInstrumentConvertibleConversionMultiplier" xlink:to="glbs_DebtInstrumentConvertibleConversionMultiplier_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DebtInstrumentConvertibleConversionMultiplier_lbl" xml:lang="en-US">Debt Instrument Convertible Conversion Multiplier</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives" xlink:to="ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives_3_lbl" xml:lang="en-US">Gains (losses) on change in fair value of derivatives</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_PercentageOfCoverageOfBorrowingCapacity" xlink:label="glbs_PercentageOfCoverageOfBorrowingCapacity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_PercentageOfCoverageOfBorrowingCapacity" xlink:to="glbs_PercentageOfCoverageOfBorrowingCapacity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_PercentageOfCoverageOfBorrowingCapacity_lbl" xml:lang="en-US">Percentage of coverage of borrowing capacity</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_PercentageOfUpfrontFeeInLoanAgreement" xlink:label="glbs_PercentageOfUpfrontFeeInLoanAgreement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_PercentageOfUpfrontFeeInLoanAgreement" xlink:to="glbs_PercentageOfUpfrontFeeInLoanAgreement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_PercentageOfUpfrontFeeInLoanAgreement_lbl" xml:lang="en-US">Percentage of upfront fee in loan agreement</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_BorrowingCostsIncurred" xlink:label="ifrs-full_BorrowingCostsIncurred" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingCostsIncurred" xlink:to="ifrs-full_BorrowingCostsIncurred_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingCostsIncurred_lbl" xml:lang="en-US">Borrowing costs incurred</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_NumberOfLoanTranches" xlink:label="glbs_NumberOfLoanTranches" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_NumberOfLoanTranches" xlink:to="glbs_NumberOfLoanTranches_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_NumberOfLoanTranches_lbl" xml:lang="en-US">Number of loan tranches</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DebtInstrumentNumberOfRepaymentInstallments" xlink:label="glbs_DebtInstrumentNumberOfRepaymentInstallments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DebtInstrumentNumberOfRepaymentInstallments" xlink:to="glbs_DebtInstrumentNumberOfRepaymentInstallments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DebtInstrumentNumberOfRepaymentInstallments_lbl" xml:lang="en-US">Number of repayment installments</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_BorrowingsFrequencyOfPeriodicPayment" xlink:label="glbs_BorrowingsFrequencyOfPeriodicPayment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_BorrowingsFrequencyOfPeriodicPayment" xlink:to="glbs_BorrowingsFrequencyOfPeriodicPayment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_BorrowingsFrequencyOfPeriodicPayment_lbl" xml:lang="en-US">Borrowings Frequency Of Periodic Payment</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_BorrowingsPeriodicPayment" xlink:label="glbs_BorrowingsPeriodicPayment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_BorrowingsPeriodicPayment" xlink:to="glbs_BorrowingsPeriodicPayment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_BorrowingsPeriodicPayment_lbl" xml:lang="en-US">Periodic payment</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid" xlink:label="glbs_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid" xlink:to="glbs_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid_lbl" xml:lang="en-US">Borrowings Periodic Payment Terms Balloon Payment To Be Paid</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DebtSecuritiesCovenants" xlink:label="glbs_DebtSecuritiesCovenants" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DebtSecuritiesCovenants" xlink:to="glbs_DebtSecuritiesCovenants_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DebtSecuritiesCovenants_lbl" xml:lang="en-US">Debt Instrument Covenant Description</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_EarningsPerShareTable" xlink:label="ifrs-full_EarningsPerShareTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EarningsPerShareTable" xlink:to="ifrs-full_EarningsPerShareTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EarningsPerShareTable_lbl" xml:lang="en-US">Earnings per share [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xlink:label="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xlink:to="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems_lbl" xml:lang="en-US">Disclosure of terms and conditions of share-based payment arrangement [line items]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IncreaseDecreaseInNumberOfOrdinarySharesIssued" xlink:label="ifrs-full_IncreaseDecreaseInNumberOfOrdinarySharesIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInNumberOfOrdinarySharesIssued" xlink:to="ifrs-full_IncreaseDecreaseInNumberOfOrdinarySharesIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseInNumberOfOrdinarySharesIssued_lbl" xml:lang="en-US">Stock issued during the year (shares) - Share based compensation</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions" xlink:to="ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions_2_lbl" xml:lang="en-US">Stock issued during the year (value) - Share based compensation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_FeeAndCommissionExpense" xlink:label="ifrs-full_FeeAndCommissionExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FeeAndCommissionExpense" xlink:to="ifrs-full_FeeAndCommissionExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FeeAndCommissionExpense_lbl" xml:lang="en-US">Commissions</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_FuelExpense" xlink:label="ifrs-full_FuelExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FuelExpense" xlink:to="ifrs-full_FuelExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FuelExpense_lbl" xml:lang="en-US">Bunkers expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_OtherVoyageExpense" xlink:label="glbs_OtherVoyageExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_OtherVoyageExpense" xlink:to="glbs_OtherVoyageExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_OtherVoyageExpense_lbl" xml:lang="en-US">Other voyage expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ServicesExpense" xlink:to="ifrs-full_ServicesExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ServicesExpense_2_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_WagesAndSalaries" xlink:label="ifrs-full_WagesAndSalaries" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WagesAndSalaries" xlink:to="ifrs-full_WagesAndSalaries_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_WagesAndSalaries_lbl" xml:lang="en-US">Crew wages and related costs</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_InsuranceExpense" xlink:label="ifrs-full_InsuranceExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InsuranceExpense" xlink:to="ifrs-full_InsuranceExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InsuranceExpense_lbl" xml:lang="en-US">Insurance</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_RepairsAndMaintenanceExpense" xlink:label="ifrs-full_RepairsAndMaintenanceExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RepairsAndMaintenanceExpense" xlink:to="ifrs-full_RepairsAndMaintenanceExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RepairsAndMaintenanceExpense_lbl" xml:lang="en-US">Spares, repairs and maintenance</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_RawMaterialsAndConsumablesUsed" xlink:label="ifrs-full_RawMaterialsAndConsumablesUsed" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RawMaterialsAndConsumablesUsed" xlink:to="ifrs-full_RawMaterialsAndConsumablesUsed_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_RawMaterialsAndConsumablesUsed_lbl" xml:lang="en-US">Lubricants</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_StoresExpense" xlink:label="glbs_StoresExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_StoresExpense" xlink:to="glbs_StoresExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_StoresExpense_lbl" xml:lang="en-US">Stores</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_MiscellaneousOtherOperatingExpense" xlink:label="ifrs-full_MiscellaneousOtherOperatingExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MiscellaneousOtherOperatingExpense" xlink:to="ifrs-full_MiscellaneousOtherOperatingExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MiscellaneousOtherOperatingExpense_lbl" xml:lang="en-US">Other</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_OperatingCosts" xlink:to="glbs_OperatingCosts_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="glbs_OperatingCosts_2_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_PersonnelExpense" xlink:label="glbs_PersonnelExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_PersonnelExpense" xlink:to="glbs_PersonnelExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_PersonnelExpense_lbl" xml:lang="en-US">Personnel expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AuditorsRemuneration" xlink:label="ifrs-full_AuditorsRemuneration" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AuditorsRemuneration" xlink:to="ifrs-full_AuditorsRemuneration_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AuditorsRemuneration_lbl" xml:lang="en-US">Audit fees</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ConsultingFeesExpense" xlink:to="glbs_ConsultingFeesExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="glbs_ConsultingFeesExpense_2_lbl" xml:lang="en-US">Consulting fees</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CommunicationExpense" xlink:label="ifrs-full_CommunicationExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CommunicationExpense" xlink:to="ifrs-full_CommunicationExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CommunicationExpense_lbl" xml:lang="en-US">Communication</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_StationeryExpense" xlink:label="glbs_StationeryExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_StationeryExpense" xlink:to="glbs_StationeryExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_StationeryExpense_lbl" xml:lang="en-US">Stationery</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" xlink:label="ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" xlink:to="ifrs-full_TaxExpenseOtherThanIncomeTaxExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TaxExpenseOtherThanIncomeTaxExpense_lbl" xml:lang="en-US">Greek tax authorities (note 19)</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_OtherExpenseByNature" xlink:label="ifrs-full_OtherExpenseByNature" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherExpenseByNature" xlink:to="ifrs-full_OtherExpenseByNature_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_OtherExpenseByNature_lbl" xml:lang="en-US">Other</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdministrativeExpense" xlink:to="ifrs-full_AdministrativeExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_AdministrativeExpense_2_lbl" xml:lang="en-US">Total</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestExpense" xlink:to="ifrs-full_InterestExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_InterestExpense_2_lbl" xml:lang="en-US">Interest payable on long-term borrowings</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_BankAndSimilarCharges" xlink:label="ifrs-full_BankAndSimilarCharges" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BankAndSimilarCharges" xlink:to="ifrs-full_BankAndSimilarCharges_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BankAndSimilarCharges_lbl" xml:lang="en-US">Bank charges</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_AmortizationOfDebtDiscount" xlink:label="glbs_AmortizationOfDebtDiscount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AmortizationOfDebtDiscount" xlink:to="glbs_AmortizationOfDebtDiscount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_AmortizationOfDebtDiscount_lbl" xml:lang="en-US">Amortization of debt discount</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:to="ifrs-full_InterestExpenseOnLeaseLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_InterestExpenseOnLeaseLiabilities_2_lbl" xml:lang="en-US">Operating lease liability interest</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_OtherFinanceCost" xlink:label="ifrs-full_OtherFinanceCost" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherFinanceCost" xlink:to="ifrs-full_OtherFinanceCost_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherFinanceCost_lbl" xml:lang="en-US">Other finance expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CreditAdjustmentOfFinanceCost" xlink:to="glbs_CreditAdjustmentOfFinanceCost_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="glbs_CreditAdjustmentOfFinanceCost_2_lbl" xml:lang="en-US">Gain from termination of lease liability</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinanceCosts" xlink:to="ifrs-full_FinanceCosts_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_FinanceCosts_2_lbl" xml:lang="en-US">Total</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherFinanceCost" xlink:to="ifrs-full_OtherFinanceCost_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_OtherFinanceCost_2_lbl" xml:lang="en-US">Other finance cost</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:label="ifrs-full_DividendsPaidClassifiedAsFinancingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:to="ifrs-full_DividendsPaidClassifiedAsFinancingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsPaidClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Dividends paid</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems" xlink:label="ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems" xlink:to="ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems_lbl" xml:lang="en-US">Disclosure of maturity analysis of operating lease payments [line items]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_UndiscountedOperatingLeasePaymentsToBeReceived" xlink:label="ifrs-full_UndiscountedOperatingLeasePaymentsToBeReceived" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_UndiscountedOperatingLeasePaymentsToBeReceived" xlink:to="ifrs-full_UndiscountedOperatingLeasePaymentsToBeReceived_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_UndiscountedOperatingLeasePaymentsToBeReceived_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_ContractualObligationsDueInNextTwelveMonths" xlink:label="glbs_ContractualObligationsDueInNextTwelveMonths" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ContractualObligationsDueInNextTwelveMonths" xlink:to="glbs_ContractualObligationsDueInNextTwelveMonths_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_ContractualObligationsDueInNextTwelveMonths_lbl" xml:lang="en-US">2023</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_ContractualObligationsDueInSecondYear" xlink:label="glbs_ContractualObligationsDueInSecondYear" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ContractualObligationsDueInSecondYear" xlink:to="glbs_ContractualObligationsDueInSecondYear_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_ContractualObligationsDueInSecondYear_lbl" xml:lang="en-US">2024</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_ContractualObligations" xlink:label="glbs_ContractualObligations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ContractualObligations" xlink:to="glbs_ContractualObligations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="glbs_ContractualObligations_lbl" xml:lang="en-US">Total</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLeaseLiabilities" xlink:to="ifrs-full_CurrentLeaseLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentLeaseLiabilities_2_lbl" xml:lang="en-US">Current lease liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLeaseLiabilities" xlink:to="ifrs-full_NoncurrentLeaseLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncurrentLeaseLiabilities_2_lbl" xml:lang="en-US">Non-current lease liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RightofuseAssets" xlink:to="ifrs-full_RightofuseAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_RightofuseAssets_2_lbl" xml:lang="en-US">Right-of-use assets</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_VesselDeliveryDate1" xlink:label="glbs_VesselDeliveryDate1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_VesselDeliveryDate1" xlink:to="glbs_VesselDeliveryDate1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="glbs_VesselDeliveryDate1_lbl" xml:lang="en-US">Vessel Delivery Date</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities" xlink:to="ifrs-full_CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_2_lbl" xml:lang="en-US">Cash advances and loans made to other parties, classified as investing activities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" xlink:to="ifrs-full_TaxExpenseOtherThanIncomeTaxExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_TaxExpenseOtherThanIncomeTaxExpense_2_lbl" xml:lang="en-US">Tax expense other than income tax expense</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_IncreaseInInterestRates" xlink:label="glbs_IncreaseInInterestRates" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_IncreaseInInterestRates" xlink:to="glbs_IncreaseInInterestRates_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_IncreaseInInterestRates_lbl" xml:lang="en-US">Increase in Libor</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit" xlink:label="glbs_SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit" xlink:to="glbs_SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_lbl" xml:lang="en-US">Effect on loss (Increase in Libor)</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DecreaseInInterestRates" xlink:label="glbs_DecreaseInInterestRates" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DecreaseInInterestRates" xlink:to="glbs_DecreaseInInterestRates_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DecreaseInInterestRates_lbl" xml:lang="en-US">Decrease in Libor/SOFR</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit" xlink:label="glbs_SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit" xlink:to="glbs_SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_lbl" xml:lang="en-US">Effect on loss (Decrease in Libor)</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable" xlink:label="ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable" xlink:to="ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable_lbl" xml:lang="en-US">Disclosure of risk management strategy related to hedge accounting [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems" xlink:label="ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems" xlink:to="ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems_lbl" xml:lang="en-US">Disclosure of risk management strategy related to hedge accounting [line items]</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_IncreaseInExchangeRates" xlink:label="glbs_IncreaseInExchangeRates" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_IncreaseInExchangeRates" xlink:to="glbs_IncreaseInExchangeRates_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_IncreaseInExchangeRates_lbl" xml:lang="en-US">Increase in Euro exchange rate</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit" xlink:to="glbs_SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="glbs_SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_2_lbl" xml:lang="en-US">Effect on loss (Increase in Euro exchange rate)</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DecreaseInExchangeRates" xlink:label="glbs_DecreaseInExchangeRates" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DecreaseInExchangeRates" xlink:to="glbs_DecreaseInExchangeRates_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DecreaseInExchangeRates_lbl" xml:lang="en-US">Decrease in Euro exchange rate</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit" xlink:to="glbs_SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="glbs_SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_2_lbl" xml:lang="en-US">Effect on loss (Decrease in Euro exchange rate)</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfCreditRiskExposureLineItems" xlink:label="ifrs-full_DisclosureOfCreditRiskExposureLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfCreditRiskExposureLineItems" xlink:to="ifrs-full_DisclosureOfCreditRiskExposureLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfCreditRiskExposureLineItems_lbl" xml:lang="en-US">Disclosure of credit risk exposure [line items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromRenderingOfServices" xlink:to="ifrs-full_RevenueFromRenderingOfServices_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_RevenueFromRenderingOfServices_2_lbl" xml:lang="en-US">Revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_PercentageOfEntitysRevenue" xlink:label="ifrs-full_PercentageOfEntitysRevenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PercentageOfEntitysRevenue" xlink:to="ifrs-full_PercentageOfEntitysRevenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PercentageOfEntitysRevenue_lbl" xml:lang="en-US">Percentage of entity's revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfFinancialLiabilitiesLineItems" xlink:label="ifrs-full_DisclosureOfFinancialLiabilitiesLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialLiabilitiesLineItems" xlink:to="ifrs-full_DisclosureOfFinancialLiabilitiesLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialLiabilitiesLineItems_lbl" xml:lang="en-US">Disclosure of financial liabilities [line items]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NoncurrentFinancialLiabilities" xlink:label="ifrs-full_NoncurrentFinancialLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentFinancialLiabilities" xlink:to="ifrs-full_NoncurrentFinancialLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentFinancialLiabilities_lbl" xml:lang="en-US">Long-term debt</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_LeaseLiabilities" xlink:label="ifrs-full_LeaseLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LeaseLiabilities" xlink:to="ifrs-full_LeaseLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_LeaseLiabilities_lbl" xml:lang="en-US">Lease liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentPayables" xlink:to="ifrs-full_TradeAndOtherCurrentPayables_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TradeAndOtherCurrentPayables_3_lbl" xml:lang="en-US">Trade accounts payables</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentDerivativeFinancialLiabilities" xlink:to="ifrs-full_CurrentDerivativeFinancialLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentDerivativeFinancialLiabilities_2_lbl" xml:lang="en-US">Current portion of fair value of derivative financial instruments</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_FinancialLiabilities" xlink:label="ifrs-full_FinancialLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilities" xlink:to="ifrs-full_FinancialLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_FinancialLiabilities_lbl" xml:lang="en-US">Total financial liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfFairValueMeasurementOfAssetsTable" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsTable" xlink:to="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsTable_lbl" xml:lang="en-US">Disclosure of fair value measurement of assets [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems" xlink:to="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems_lbl" xml:lang="en-US">Disclosure of fair value measurement of assets [line items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentDerivativeFinancialAssets" xlink:to="ifrs-full_NoncurrentDerivativeFinancialAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncurrentDerivativeFinancialAssets_2_lbl" xml:lang="en-US">Non-current derivative financial assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentDerivativeFinancialAssets" xlink:to="ifrs-full_CurrentDerivativeFinancialAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentDerivativeFinancialAssets_2_lbl" xml:lang="en-US">Current derivative financial assets</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_FinancialAssetsAtFairValue" xlink:label="ifrs-full_FinancialAssetsAtFairValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsAtFairValue" xlink:to="ifrs-full_FinancialAssetsAtFairValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialAssetsAtFairValue_lbl" xml:lang="en-US">Financial assets, at fair value</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_BorrowingsGross" xlink:to="glbs_BorrowingsGross_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="glbs_BorrowingsGross_2_lbl" xml:lang="en-US">Long -term borrowings</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilities" xlink:to="ifrs-full_FinancialLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialLiabilities_2_lbl" xml:lang="en-US">Financial liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_NoncurrentDerivativeFinancialLiabilities" xlink:label="ifrs-full_NoncurrentDerivativeFinancialLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentDerivativeFinancialLiabilities" xlink:to="ifrs-full_NoncurrentDerivativeFinancialLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentDerivativeFinancialLiabilities_lbl" xml:lang="en-US">Non-current derivative financial liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_FinancialLiabilitiesAtFairValue" xlink:label="ifrs-full_FinancialLiabilitiesAtFairValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilitiesAtFairValue" xlink:to="ifrs-full_FinancialLiabilitiesAtFairValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialLiabilitiesAtFairValue_lbl" xml:lang="en-US">Financial liabilities, at fair value</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xlink:label="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xlink:to="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems_lbl" xml:lang="en-US">Disclosure of non-adjusting events after reporting period [line items]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:label="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Vessel sale gross price</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_GainsOnDisposalsOfInvestmentProperties" xlink:label="ifrs-full_GainsOnDisposalsOfInvestmentProperties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsOnDisposalsOfInvestmentProperties" xlink:to="ifrs-full_GainsOnDisposalsOfInvestmentProperties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsOnDisposalsOfInvestmentProperties_lbl" xml:lang="en-US">Gains on disposals of investment properties</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AccruedAuditFeesCurrent" xlink:to="glbs_AccruedAuditFeesCurrent_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_AccruedAuditFeesCurrent_doc" xml:lang="en-US">The amount of current audit fees payable.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AccruedDirectorsCompensation" xlink:to="glbs_AccruedDirectorsCompensation_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_AccruedDirectorsCompensation_doc" xml:lang="en-US">Carrying value as of the balance sheet date of the obligations incurred through that date and payable for directors' services provided.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill" xlink:label="glbs_AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill" xlink:to="glbs_AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_AccumulatedAmortizationOfIntangibleAssetsOtherThanGoodwill_doc" xml:lang="en-US">Accumulated amortization of intangible assets at the end of the reporting period.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AccumulatedDepreciationPropertyPlantAndEquipment" xlink:to="glbs_AccumulatedDepreciationPropertyPlantAndEquipment_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_AccumulatedDepreciationPropertyPlantAndEquipment_doc" xml:lang="en-US">Amount of accumulated depreciation for physical assets used in the normal conduct of business to produce goods and services.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_AccumulatedDepreciationSaleOfPropertyPlantAndEquipment" xlink:label="glbs_AccumulatedDepreciationSaleOfPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AccumulatedDepreciationSaleOfPropertyPlantAndEquipment" xlink:to="glbs_AccumulatedDepreciationSaleOfPropertyPlantAndEquipment_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_AccumulatedDepreciationSaleOfPropertyPlantAndEquipment_doc" xml:lang="en-US">Amount of decrease in accumulated depreciation as a result of sale or disposal of property, plant and equipment.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_AccumulatedDepreciationSaleOfSubsidiary" xlink:label="glbs_AccumulatedDepreciationSaleOfSubsidiary" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AccumulatedDepreciationSaleOfSubsidiary" xlink:to="glbs_AccumulatedDepreciationSaleOfSubsidiary_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_AccumulatedDepreciationSaleOfSubsidiary_doc" xml:lang="en-US">Amount of decrease in accumulated depreciation as a result of sale of subsidiary.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_AdjustedBookCapiltaisationPlusNetDebt" xlink:label="glbs_AdjustedBookCapiltaisationPlusNetDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AdjustedBookCapiltaisationPlusNetDebt" xlink:to="glbs_AdjustedBookCapiltaisationPlusNetDebt_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_AdjustedBookCapiltaisationPlusNetDebt_doc" xml:lang="en-US">The adjusted amount of assets less the amount of liabilities taking into consideration all required fair value adjustments plus the amount of net debt of the entity.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_AdjustedBookCapitalisation" xlink:label="glbs_AdjustedBookCapitalisation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AdjustedBookCapitalisation" xlink:to="glbs_AdjustedBookCapitalisation_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_AdjustedBookCapitalisation_doc" xml:lang="en-US">The adjusted amount of assets less the amount of liabilities taking into consideration all required fair value adjustments.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts" xlink:to="glbs_AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts_doc" xml:lang="en-US">Adjustments for depreciation expense of deferred dry-docking costs to reconcile profit (loss) to net cash flow from (used in) operating activities.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables" xlink:to="glbs_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables_doc" xml:lang="en-US">Adjustments for increase (decrease) in accrued liabilities and other payables to reconcile profit (loss) to net cash flow from (used in) operating activities.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_AdjustmentsForIncreaseDecreaseInDeferredRevenue" xlink:label="glbs_AdjustmentsForIncreaseDecreaseInDeferredRevenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AdjustmentsForIncreaseDecreaseInDeferredRevenue" xlink:to="glbs_AdjustmentsForIncreaseDecreaseInDeferredRevenue_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_AdjustmentsForIncreaseDecreaseInDeferredRevenue_doc" xml:lang="en-US">Adjustments for increase (decrease) in deferred revenue to reconcile profit (loss) to net cash flow from (used in) operating activities.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AdministrativeExpenseRelatedPartyTransactions" xlink:to="glbs_AdministrativeExpenseRelatedPartyTransactions_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_AdministrativeExpenseRelatedPartyTransactions_doc" xml:lang="en-US">The amount of expenses that the entity classifies as being administrative resulting from related party transactions.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AllowanceForDoubtfulTradeReceivables" xlink:to="glbs_AllowanceForDoubtfulTradeReceivables_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_AllowanceForDoubtfulTradeReceivables_doc" xml:lang="en-US">A valuation allowance for trade receivables due from companies that are expected to be uncollectible.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AmortizationOfDebtDiscount" xlink:to="glbs_AmortizationOfDebtDiscount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_AmortizationOfDebtDiscount_doc" xml:lang="en-US">Amount of noncash expense included in finance costs to amortize debt discount associated with the related debt instruments.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_AmountDeferredToTheBalloonPayment" xlink:label="glbs_AmountDeferredToTheBalloonPayment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AmountDeferredToTheBalloonPayment" xlink:to="glbs_AmountDeferredToTheBalloonPayment_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_AmountDeferredToTheBalloonPayment_doc" xml:lang="en-US">The amount deferred to the balloon payment after the amendment of the relevant loan agreement.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_AmountOfEquityToBeRaised" xlink:label="glbs_AmountOfEquityToBeRaised" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AmountOfEquityToBeRaised" xlink:to="glbs_AmountOfEquityToBeRaised_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_AmountOfEquityToBeRaised_doc" xml:lang="en-US">The amount of new equity that the company has to raise, as required by loan agreement covenants.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_ApplicableGracePeriod" xlink:label="glbs_ApplicableGracePeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ApplicableGracePeriod" xlink:to="glbs_ApplicableGracePeriod_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_ApplicableGracePeriod_doc" xml:lang="en-US">The applicable grace period to regain compliance for failing to meet the minimum bid price continued listing citeria for the Nasdaq Capital Market.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_AssumedExpectedVolatilityRate" xlink:label="glbs_AssumedExpectedVolatilityRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AssumedExpectedVolatilityRate" xlink:to="glbs_AssumedExpectedVolatilityRate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_AssumedExpectedVolatilityRate_doc" xml:lang="en-US">The assumed daily volatility for the 6 month period preceding the valuation date.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_AssumptionOfAnnualGrowthRatesOfTimeCharterRates" xlink:label="glbs_AssumptionOfAnnualGrowthRatesOfTimeCharterRates" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AssumptionOfAnnualGrowthRatesOfTimeCharterRates" xlink:to="glbs_AssumptionOfAnnualGrowthRatesOfTimeCharterRates_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_AssumptionOfAnnualGrowthRatesOfTimeCharterRates_doc" xml:lang="en-US">The expected annual growth rate of time charter rates used as an assumption to determine the discounted future cash flows of each vessel.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AssumptionOfExpectedRatesOfInflation" xlink:to="glbs_AssumptionOfExpectedRatesOfInflation_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_AssumptionOfExpectedRatesOfInflation_doc" xml:lang="en-US">The expected rate of inflation that is used as an assumption to determine the discounted future cash flows of each vessel.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AssumptionOfFleetUtilisationRate" xlink:to="glbs_AssumptionOfFleetUtilisationRate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_AssumptionOfFleetUtilisationRate_doc" xml:lang="en-US">The expected fleet utilisation rate that is used as an assumption to determine the discounted future cash flows of each vessel.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_AverageLogarithmicPriceChangeAssumed" xlink:label="glbs_AverageLogarithmicPriceChangeAssumed" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AverageLogarithmicPriceChangeAssumed" xlink:to="glbs_AverageLogarithmicPriceChangeAssumed_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_AverageLogarithmicPriceChangeAssumed_doc" xml:lang="en-US">The average logarithmic price change during the 6 month historical period, incorporated in the Monte Carlo simulation.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_BackEndFeePercentage" xlink:label="glbs_BackEndFeePercentage" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_BackEndFeePercentage" xlink:to="glbs_BackEndFeePercentage_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_BackEndFeePercentage_doc" xml:lang="en-US">Back-end fee calculated as a percentage per annum of the outstanding principal amount of the loan.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_BorrowingsDefaultInterestRate" xlink:to="glbs_BorrowingsDefaultInterestRate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_BorrowingsDefaultInterestRate_doc" xml:lang="en-US">The default interest per annum above the regular interest charged, in case of failure to repay.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_BorrowingsFaceAmount" xlink:label="glbs_BorrowingsFaceAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_BorrowingsFaceAmount" xlink:to="glbs_BorrowingsFaceAmount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_BorrowingsFaceAmount_doc" xml:lang="en-US">Face (par) amount of debt instrument at time of issuance.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_BorrowingsFrequencyOfPeriodicPayment" xlink:to="glbs_BorrowingsFrequencyOfPeriodicPayment_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_BorrowingsFrequencyOfPeriodicPayment_doc" xml:lang="en-US">Description of the frequency of periodic payments (monthly, quarterly, annual).</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_BorrowingsGross" xlink:to="glbs_BorrowingsGross_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_BorrowingsGross_doc" xml:lang="en-US">Amount of long-term debt, before deduction of unamortized (discount) premium and debt issuance costs.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_BorrowingsNumberOfPeriodicPayments" xlink:label="glbs_BorrowingsNumberOfPeriodicPayments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_BorrowingsNumberOfPeriodicPayments" xlink:to="glbs_BorrowingsNumberOfPeriodicPayments_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_BorrowingsNumberOfPeriodicPayments_doc" xml:lang="en-US">The number of periodic payments.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_BorrowingsPercentageBearingFixedInterestRate" xlink:label="glbs_BorrowingsPercentageBearingFixedInterestRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_BorrowingsPercentageBearingFixedInterestRate" xlink:to="glbs_BorrowingsPercentageBearingFixedInterestRate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_BorrowingsPercentageBearingFixedInterestRate_doc" xml:lang="en-US">The percentage of the carrying amount of long-term borrowings outstanding as of the balance sheet date, including current maturities, which accrues interest at a set, unchanging rate.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_BorrowingsPeriodicPayment" xlink:to="glbs_BorrowingsPeriodicPayment_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_BorrowingsPeriodicPayment_doc" xml:lang="en-US">Amount of the required periodic payments including both interest and principal payments.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid" xlink:to="glbs_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid_doc" xml:lang="en-US">Amount of payment greater than the preceding installment payments to be paid at final maturity date of debt.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_BunkerInventoryCurrent" xlink:to="glbs_BunkerInventoryCurrent_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_BunkerInventoryCurrent_doc" xml:lang="en-US">Carrying amount as of the balance sheet date of bunkers' inventory.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CashAndCashEquivalentsFairValueDisclosure" xlink:to="glbs_CashAndCashEquivalentsFairValueDisclosure_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_CashAndCashEquivalentsFairValueDisclosure_doc" xml:lang="en-US">Fair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:label="glbs_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:to="glbs_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_doc" xml:lang="en-US">Amount of cash and cash equivalents including cash and cash equivalents restricted to withdrawal or usage</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_CashSegregatedUnderCovenantRequirements" xlink:label="glbs_CashSegregatedUnderCovenantRequirements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CashSegregatedUnderCovenantRequirements" xlink:to="glbs_CashSegregatedUnderCovenantRequirements_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_CashSegregatedUnderCovenantRequirements_doc" xml:lang="en-US">Cash deposited in a special reserve account pursuant to debt covenant requirements.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_ClosingStockPrice" xlink:label="glbs_ClosingStockPrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ClosingStockPrice" xlink:to="glbs_ClosingStockPrice_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_ClosingStockPrice_doc" xml:lang="en-US">The last&amp;#160;price&amp;#160;at which the&amp;#160;stock&amp;#160;traded during the regular trading day.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_CompensatingBalanceAmount" xlink:label="glbs_CompensatingBalanceAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CompensatingBalanceAmount" xlink:to="glbs_CompensatingBalanceAmount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_CompensatingBalanceAmount_doc" xml:lang="en-US">The amount of a specific compensating balance arrangement that is maintained, under an agreement for a bank loan.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_CompensatingBalanceAmountPerVessel" xlink:label="glbs_CompensatingBalanceAmountPerVessel" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CompensatingBalanceAmountPerVessel" xlink:to="glbs_CompensatingBalanceAmountPerVessel_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_CompensatingBalanceAmountPerVessel_doc" xml:lang="en-US">The amount of a specific compensating balance arrangement that is maintained per vessel, under an agreement for a bank loan.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ConsultingFeesExpense" xlink:to="glbs_ConsultingFeesExpense_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_ConsultingFeesExpense_doc" xml:lang="en-US">The amount of fees paid or payable for consulting fees.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_ConvertibleDebtIncludingEmbeddedDerivative" xlink:label="glbs_ConvertibleDebtIncludingEmbeddedDerivative" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ConvertibleDebtIncludingEmbeddedDerivative" xlink:to="glbs_ConvertibleDebtIncludingEmbeddedDerivative_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_ConvertibleDebtIncludingEmbeddedDerivative_doc" xml:lang="en-US">Amount of convertible debt, including the amount of the embedded derivative component.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_ConvertibleNotesRedemptionPricePercentage" xlink:label="glbs_ConvertibleNotesRedemptionPricePercentage" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ConvertibleNotesRedemptionPricePercentage" xlink:to="glbs_ConvertibleNotesRedemptionPricePercentage_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_ConvertibleNotesRedemptionPricePercentage_doc" xml:lang="en-US">Percentage price of original principal amount of Convertible Notes at which debt can be redeemed by the issuer.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_CreditFacilityAxis" xlink:label="glbs_CreditFacilityAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CreditFacilityAxis" xlink:to="glbs_CreditFacilityAxis_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_CreditFacilityAxis_doc" xml:lang="en-US">Information by type of credit facility. Credit facilities provide capital to borrowers without the need to structure a loan for each borrowing.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CurrentInsuranceDeductibles" xlink:to="glbs_CurrentInsuranceDeductibles_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_CurrentInsuranceDeductibles_doc" xml:lang="en-US">The amount of current insurance deductibles payable.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CurrentPortionOfDebtInstrumentUnamortisedDiscount" xlink:to="glbs_CurrentPortionOfDebtInstrumentUnamortisedDiscount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_CurrentPortionOfDebtInstrumentUnamortisedDiscount_doc" xml:lang="en-US">The current portion of debt discount, after accumulated amortization.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CurrentPortionOfLongTermBorrowingsGross" xlink:to="glbs_CurrentPortionOfLongTermBorrowingsGross_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_CurrentPortionOfLongTermBorrowingsGross_doc" xml:lang="en-US">The current portion of  long-term debt, before deduction of unamortized (discount) premium and debt issuance costs.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure" xlink:label="glbs_CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure" xlink:to="glbs_CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_CurrentRestrictedCashAndCashEquivalentsFairValueDisclosure_doc" xml:lang="en-US">The fair value of current cash and cash equivalent items which are restricted as to withdrawal or usage.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DailyConsultingFeeIncome" xlink:label="glbs_DailyConsultingFeeIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DailyConsultingFeeIncome" xlink:to="glbs_DailyConsultingFeeIncome_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DailyConsultingFeeIncome_doc" xml:lang="en-US">The amount of daily income relating to consulting fee income.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DebtInstrumentConvertibleConversionMultiplier" xlink:to="glbs_DebtInstrumentConvertibleConversionMultiplier_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DebtInstrumentConvertibleConversionMultiplier_doc" xml:lang="en-US">The multiplier used in order to calculate the price per share of the conversion feature embedded in the debt instrument.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DebtInstrumentConvertibleConversionPrice" xlink:to="glbs_DebtInstrumentConvertibleConversionPrice_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DebtInstrumentConvertibleConversionPrice_doc" xml:lang="en-US">The price per share of the conversion feature embedded in the debt instrument.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DebtInstrumentConvertibleRemainingTradingDays" xlink:label="glbs_DebtInstrumentConvertibleRemainingTradingDays" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DebtInstrumentConvertibleRemainingTradingDays" xlink:to="glbs_DebtInstrumentConvertibleRemainingTradingDays_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DebtInstrumentConvertibleRemainingTradingDays_doc" xml:lang="en-US">The number of remaining trading days of convertible debt instrument.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DebtInstrumentConvertibleThresholdTradingDays" xlink:label="glbs_DebtInstrumentConvertibleThresholdTradingDays" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DebtInstrumentConvertibleThresholdTradingDays" xlink:to="glbs_DebtInstrumentConvertibleThresholdTradingDays_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DebtInstrumentConvertibleThresholdTradingDays_doc" xml:lang="en-US">Threshold number of specified consecutive trading days immediately preceding the date on which the Conversion Notice was executed.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DebtInstrumentInterestRateStatedPercentage" xlink:label="glbs_DebtInstrumentInterestRateStatedPercentage" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DebtInstrumentInterestRateStatedPercentage" xlink:to="glbs_DebtInstrumentInterestRateStatedPercentage_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DebtInstrumentInterestRateStatedPercentage_doc" xml:lang="en-US">Contractual interest rate for funds borrowed, under the debt agreement.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DebtInstrumentPaymentPeriodAxis" xlink:label="glbs_DebtInstrumentPaymentPeriodAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DebtInstrumentPaymentPeriodAxis" xlink:to="glbs_DebtInstrumentPaymentPeriodAxis_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DebtInstrumentPaymentPeriodAxis_doc" xml:lang="en-US">Information about timing of debt payments features under terms of the debt agreement.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DebtInstrumentPaymentPeriodMember" xlink:label="glbs_DebtInstrumentPaymentPeriodMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DebtInstrumentPaymentPeriodMember" xlink:to="glbs_DebtInstrumentPaymentPeriodMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DebtInstrumentPaymentPeriodMember_doc" xml:lang="en-US">Period as defined under terms of the debt agreement for debt payment features.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DebtInstrumentPaymentPeriodOneMember" xlink:label="glbs_DebtInstrumentPaymentPeriodOneMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DebtInstrumentPaymentPeriodOneMember" xlink:to="glbs_DebtInstrumentPaymentPeriodOneMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DebtInstrumentPaymentPeriodOneMember_doc" xml:lang="en-US">Period one representing not later than one year period of debt payment under terms of the debt agreement.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DebtInstrumentPrepaymentAmount" xlink:to="glbs_DebtInstrumentPrepaymentAmount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DebtInstrumentPrepaymentAmount_doc" xml:lang="en-US">Amount of debt prepaid during the reporting period.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DebtInstrumentUnamortisedDiscount" xlink:to="glbs_DebtInstrumentUnamortisedDiscount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DebtInstrumentUnamortisedDiscount_doc" xml:lang="en-US">Amount, after accumulated amortization, of debt discount.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DebtSecuritiesCovenants" xlink:to="glbs_DebtSecuritiesCovenants_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DebtSecuritiesCovenants_doc" xml:lang="en-US">The descripriton of debt instruments' covenants.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DecreaseInExchangeRates" xlink:to="glbs_DecreaseInExchangeRates_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DecreaseInExchangeRates_doc" xml:lang="en-US">Decrease in market exchange rates expressed as a percentage.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DecreaseInInterestRates" xlink:to="glbs_DecreaseInInterestRates_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DecreaseInInterestRates_doc" xml:lang="en-US">Decrease in market interest rates expressed in basis points. One basis point is equivalent to one hundredth of a percent.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DeferralFeePercentage" xlink:label="glbs_DeferralFeePercentage" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DeferralFeePercentage" xlink:to="glbs_DeferralFeePercentage_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DeferralFeePercentage_doc" xml:lang="en-US">The deferral fee per annum, as a percentage of the additional amounts deferred.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DepreciationOfDryDockingCosts" xlink:to="glbs_DepreciationOfDryDockingCosts_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DepreciationOfDryDockingCosts_doc" xml:lang="en-US">The amount of depreciation of dry-docking costs.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DepreciationOfficeFurnitureAndEquipment" xlink:to="glbs_DepreciationOfficeFurnitureAndEquipment_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DepreciationOfficeFurnitureAndEquipment_doc" xml:lang="en-US">The amount of depreciation of office furniture and equipment.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DerivativeLifeSignificantUnobservableInputsLiabilities" xlink:label="glbs_DerivativeLifeSignificantUnobservableInputsLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DerivativeLifeSignificantUnobservableInputsLiabilities" xlink:to="glbs_DerivativeLifeSignificantUnobservableInputsLiabilities_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DerivativeLifeSignificantUnobservableInputsLiabilities_doc" xml:lang="en-US">The derivative life used as a significant Level 3 unobservable input for liabilities.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DescriptionOfAccountingPolicyForLesseeExplanatory" xlink:to="glbs_DescriptionOfAccountingPolicyForLesseeExplanatory_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DescriptionOfAccountingPolicyForLesseeExplanatory_doc" xml:lang="en-US">The description of the entity's accounting policy for leases acting as lessee.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DescriptionOfAccountingPolicyForLessorExplanatory" xlink:label="glbs_DescriptionOfAccountingPolicyForLessorExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DescriptionOfAccountingPolicyForLessorExplanatory" xlink:to="glbs_DescriptionOfAccountingPolicyForLessorExplanatory_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DescriptionOfAccountingPolicyForLessorExplanatory_doc" xml:lang="en-US">The description of the entity's accounting policy for leases acting as lessor.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DescriptionOfAccountingPolicyForRestrictedCashExplanatory" xlink:to="glbs_DescriptionOfAccountingPolicyForRestrictedCashExplanatory_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DescriptionOfAccountingPolicyForRestrictedCashExplanatory_doc" xml:lang="en-US">The description of the entity's accounting policy for restricted cash.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements" xlink:to="glbs_DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements_doc" xml:lang="en-US">The description of the accounting policy used to determine the characteristics of current and noncurrent elements as in the statement of financial position.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DifferenceBetweenCashAndCashEquivalentsAndAmountRequiredByLoanAgreementCovenants" xlink:label="glbs_DifferenceBetweenCashAndCashEquivalentsAndAmountRequiredByLoanAgreementCovenants" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DifferenceBetweenCashAndCashEquivalentsAndAmountRequiredByLoanAgreementCovenants" xlink:to="glbs_DifferenceBetweenCashAndCashEquivalentsAndAmountRequiredByLoanAgreementCovenants_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DifferenceBetweenCashAndCashEquivalentsAndAmountRequiredByLoanAgreementCovenants_doc" xml:lang="en-US">The difference between the company's cash and cash equivalents and the required amount by loan agreement covenants.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DifferenceBetweenMarketAdjustedNetWorthAndAmountRequiredByLoanAgreementCovenants" xlink:label="glbs_DifferenceBetweenMarketAdjustedNetWorthAndAmountRequiredByLoanAgreementCovenants" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DifferenceBetweenMarketAdjustedNetWorthAndAmountRequiredByLoanAgreementCovenants" xlink:to="glbs_DifferenceBetweenMarketAdjustedNetWorthAndAmountRequiredByLoanAgreementCovenants_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DifferenceBetweenMarketAdjustedNetWorthAndAmountRequiredByLoanAgreementCovenants_doc" xml:lang="en-US">The difference between the company's market adjusted net worth and the required amount by loan agreement covenants.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DirectorsCompensationSharebasedPayment" xlink:to="glbs_DirectorsCompensationSharebasedPayment_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DirectorsCompensationSharebasedPayment_doc" xml:lang="en-US">The amount of compensation to directors in the form of share-based payments.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfAccruedExpensesAndOtherLiabilitiesConsolidatedStatementOfFinancialPositionExplanatory" xlink:to="glbs_DisclosureOfAccruedExpensesAndOtherLiabilitiesConsolidatedStatementOfFinancialPositionExplanatory_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfAccruedExpensesAndOtherLiabilitiesConsolidatedStatementOfFinancialPositionExplanatory_doc" xml:lang="en-US">The disclosure for the amounts of accrued liabilities and other payables in the consolidated statement of financial position.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfAdministrativeExpenses" xlink:to="glbs_DisclosureOfAdministrativeExpenses_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfAdministrativeExpenses_doc" xml:lang="en-US">The disclosure of administrative expenses.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition" xlink:to="glbs_DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition_doc" xml:lang="en-US">The disclosure for the amounts of long-term debt in the consolidated statement of financial position.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfCapitalManagementExplanatory" xlink:label="glbs_DisclosureOfCapitalManagementExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfCapitalManagementExplanatory" xlink:to="glbs_DisclosureOfCapitalManagementExplanatory_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfCapitalManagementExplanatory_doc" xml:lang="en-US">The disclosure of capital management.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfCashAndBankBalancesExplanatory" xlink:to="glbs_DisclosureOfCashAndBankBalancesExplanatory_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfCashAndBankBalancesExplanatory_doc" xml:lang="en-US">The disclosure for cash on hand and at banks.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfCommonSharesExplanatory" xlink:to="glbs_DisclosureOfCommonSharesExplanatory_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfCommonSharesExplanatory_doc" xml:lang="en-US">The disclosure of common shares.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfCompensationOfExecutiveDirector" xlink:to="glbs_DisclosureOfCompensationOfExecutiveDirector_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfCompensationOfExecutiveDirector_doc" xml:lang="en-US">The entire disclosure for compensation of executive director.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfCompensationOfNonExecutiveDirectors" xlink:to="glbs_DisclosureOfCompensationOfNonExecutiveDirectors_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfCompensationOfNonExecutiveDirectors_doc" xml:lang="en-US">The entire disclosure for compensation of non-executive directors.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfConcentrationOfCreditRiskExplanatory" xlink:to="glbs_DisclosureOfConcentrationOfCreditRiskExplanatory_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfConcentrationOfCreditRiskExplanatory_doc" xml:lang="en-US">The disclosure of concentration of credit risk.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfDividends" xlink:label="glbs_DisclosureOfDividends" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfDividends" xlink:to="glbs_DisclosureOfDividends_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfDividends_doc" xml:lang="en-US">The disclosure of dividends.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfEarningsPerShareTableExplanatory" xlink:to="glbs_DisclosureOfEarningsPerShareTableExplanatory_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfEarningsPerShareTableExplanatory_doc" xml:lang="en-US">The disclosure for earnings per share.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfFairValuesExplanatory" xlink:to="glbs_DisclosureOfFairValuesExplanatory_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfFairValuesExplanatory_doc" xml:lang="en-US">The disclosure of fair values.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfForeignCurrencyRiskExplanatory" xlink:to="glbs_DisclosureOfForeignCurrencyRiskExplanatory_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfForeignCurrencyRiskExplanatory_doc" xml:lang="en-US">The disclosure of foreign currency risk.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfFutureMinimumLeasePaymentsExplanatory" xlink:label="glbs_DisclosureOfFutureMinimumLeasePaymentsExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfFutureMinimumLeasePaymentsExplanatory" xlink:to="glbs_DisclosureOfFutureMinimumLeasePaymentsExplanatory_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfFutureMinimumLeasePaymentsExplanatory_doc" xml:lang="en-US">The disclosure of future minimum lease payments.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory" xlink:to="glbs_DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory_doc" xml:lang="en-US">The disclosure of future minimum lease revenues receivable under non-cancellable operating leases.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfInterestExpenseAndFinanceCostsExplanatory" xlink:to="glbs_DisclosureOfInterestExpenseAndFinanceCostsExplanatory_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfInterestExpenseAndFinanceCostsExplanatory_doc" xml:lang="en-US">The disclosure of interest expense and finance costs.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfInterestRateRiskExplanatory" xlink:to="glbs_DisclosureOfInterestRateRiskExplanatory_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfInterestRateRiskExplanatory_doc" xml:lang="en-US">The disclosure of interest rate risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfInventoriesConsolidatedStatementOfFinancialPositionExplanatory" xlink:to="glbs_DisclosureOfInventoriesConsolidatedStatementOfFinancialPositionExplanatory_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfInventoriesConsolidatedStatementOfFinancialPositionExplanatory_doc" xml:lang="en-US">The disclosure for the amounts of inventories in the consolidated statement of financial position.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfLiquidityRisksExplanatory" xlink:label="glbs_DisclosureOfLiquidityRisksExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfLiquidityRisksExplanatory" xlink:to="glbs_DisclosureOfLiquidityRisksExplanatory_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfLiquidityRisksExplanatory_doc" xml:lang="en-US">The disclosure of liquidity risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfLongTermDebtAnnualPrincipalPayments" xlink:to="glbs_DisclosureOfLongTermDebtAnnualPrincipalPayments_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfLongTermDebtAnnualPrincipalPayments_doc" xml:lang="en-US">The disclosure of annual loan principal payments.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfPreferredSharesExplanatory" xlink:label="glbs_DisclosureOfPreferredSharesExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfPreferredSharesExplanatory" xlink:to="glbs_DisclosureOfPreferredSharesExplanatory_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfPreferredSharesExplanatory_doc" xml:lang="en-US">The disclosure of preferred shares.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfPrepaymentsAndOtherAssetsConsolidatedStatementOfFinancialPositionExplanatory" xlink:label="glbs_DisclosureOfPrepaymentsAndOtherAssetsConsolidatedStatementOfFinancialPositionExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfPrepaymentsAndOtherAssetsConsolidatedStatementOfFinancialPositionExplanatory" xlink:to="glbs_DisclosureOfPrepaymentsAndOtherAssetsConsolidatedStatementOfFinancialPositionExplanatory_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfPrepaymentsAndOtherAssetsConsolidatedStatementOfFinancialPositionExplanatory_doc" xml:lang="en-US">The disclosure for the amounts of prepayments and other assets in the consolidated statement of financial position.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory" xlink:to="glbs_DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory_doc" xml:lang="en-US">The disclosure for the amounts of property, plant and equipment in the consolidated statement of comprehensive income / (loss).</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfFinancialPositionExplanatory" xlink:to="glbs_DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfFinancialPositionExplanatory_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfFinancialPositionExplanatory_doc" xml:lang="en-US">The disclosure for the amounts of property, plant and equipment in the consolidated statement of financial position.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfRecoverableAmountOfAssetsExplanatory" xlink:label="glbs_DisclosureOfRecoverableAmountOfAssetsExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfRecoverableAmountOfAssetsExplanatory" xlink:to="glbs_DisclosureOfRecoverableAmountOfAssetsExplanatory_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfRecoverableAmountOfAssetsExplanatory_doc" xml:lang="en-US">The disclosure for the higher of an asset&amp;#8217;s fair value less costs of disposal and its value in use.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfShareBasedPayment" xlink:to="glbs_DisclosureOfShareBasedPayment_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfShareBasedPayment_doc" xml:lang="en-US">The disclosure of share based payment.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfValuationTechniquesAndSignificantUnobservableInputs" xlink:to="glbs_DisclosureOfValuationTechniquesAndSignificantUnobservableInputs_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfValuationTechniquesAndSignificantUnobservableInputs_doc" xml:lang="en-US">Tabular disclosure of valuation techniques and significant unobservable inputs.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DividendPayableDateToBePaidDayMonthAndYear" xlink:label="glbs_DividendPayableDateToBePaidDayMonthAndYear" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DividendPayableDateToBePaidDayMonthAndYear" xlink:to="glbs_DividendPayableDateToBePaidDayMonthAndYear_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DividendPayableDateToBePaidDayMonthAndYear_doc" xml:lang="en-US">Date the declared dividend will be paid, in CCYY-MM-DD format.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DividendsAxis" xlink:label="glbs_DividendsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DividendsAxis" xlink:to="glbs_DividendsAxis_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DividendsAxis_doc" xml:lang="en-US">Information about distribution of earnings to shareholders including, but not limited to, cash, property or capital stock.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DividendsMember" xlink:label="glbs_DividendsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DividendsMember" xlink:to="glbs_DividendsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DividendsMember_doc" xml:lang="en-US">Distributions of earnings to shareholders including but not limited to cash, property or capital stock.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DividendsPayableDateDeclaredDayMonthAndYear" xlink:label="glbs_DividendsPayableDateDeclaredDayMonthAndYear" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DividendsPayableDateDeclaredDayMonthAndYear" xlink:to="glbs_DividendsPayableDateDeclaredDayMonthAndYear_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DividendsPayableDateDeclaredDayMonthAndYear_doc" xml:lang="en-US">Date the dividend to be paid was declared, in CCYY-MM-DD format.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DividendsPayableLineItems" xlink:label="glbs_DividendsPayableLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DividendsPayableLineItems" xlink:to="glbs_DividendsPayableLineItems_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DividendsPayableLineItems_doc" xml:lang="en-US">Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DividendsPayableTable" xlink:label="glbs_DividendsPayableTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DividendsPayableTable" xlink:to="glbs_DividendsPayableTable_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DividendsPayableTable_doc" xml:lang="en-US">A table that contains information regarding dividends that have been declared but not paid as of the financial reporting date. This information may contain the amount, amount per share, declared date, and date to be paid.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_ExercisePriceOfOutstandingWarrants" xlink:label="glbs_ExercisePriceOfOutstandingWarrants" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ExercisePriceOfOutstandingWarrants" xlink:to="glbs_ExercisePriceOfOutstandingWarrants_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_ExercisePriceOfOutstandingWarrants_doc" xml:lang="en-US">The exercise price of outstanding warrants.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_ExpectedDividendYieldSignificantUnobservableInputsLiabilities" xlink:label="glbs_ExpectedDividendYieldSignificantUnobservableInputsLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ExpectedDividendYieldSignificantUnobservableInputsLiabilities" xlink:to="glbs_ExpectedDividendYieldSignificantUnobservableInputsLiabilities_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_ExpectedDividendYieldSignificantUnobservableInputsLiabilities_doc" xml:lang="en-US">The expected dividend yield  used as a significant Level 3 unobservable input for liabilities.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ExtraDepreciationPropertyPlantAndEquipment" xlink:to="glbs_ExtraDepreciationPropertyPlantAndEquipment_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_ExtraDepreciationPropertyPlantAndEquipment_doc" xml:lang="en-US">Increase/decrease of depreciation expense recognised during the period,due to changes in scrap rates.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_FairValueOfMortgagedVesselsToLoanOutstandingBalanceRatio" xlink:label="glbs_FairValueOfMortgagedVesselsToLoanOutstandingBalanceRatio" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_FairValueOfMortgagedVesselsToLoanOutstandingBalanceRatio" xlink:to="glbs_FairValueOfMortgagedVesselsToLoanOutstandingBalanceRatio_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_FairValueOfMortgagedVesselsToLoanOutstandingBalanceRatio_doc" xml:lang="en-US">The ratio of the aggregate fair market value of the mortgaged vessels to the loan outstanding balance.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_GasCylindersInventoryCurrent" xlink:to="glbs_GasCylindersInventoryCurrent_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_GasCylindersInventoryCurrent_doc" xml:lang="en-US">Carrying amount as of the balance sheet date of gas cylinder's inventory.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1" xlink:label="glbs_HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1" xlink:to="glbs_HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_HistoricalVolatilityForSharesSignificantUnobservableInputsLiabilities1_doc" xml:lang="en-US">This element refers to historical volatility for shares used as a significant Level 3 unobservable input for liabilities.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity" xlink:to="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity_doc" xml:lang="en-US">The increase (decrease) in the number of ordinary shares issued through the issue of equity instruments.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughConversionOfConvertibleInstruments" xlink:to="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughConversionOfConvertibleInstruments_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughConversionOfConvertibleInstruments_doc" xml:lang="en-US">The increase (decrease) in the number of ordinary shares resulting from the conversion of convertible instruments.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity" xlink:to="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_doc" xml:lang="en-US">The increase (decrease) in the number of ordinary shares resulting from the exercise of warrants.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions" xlink:to="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_doc" xml:lang="en-US">The increase (decrease) in the number of ordinary shares issued resulting from share-based payment transactions.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_IncreaseDecreaseInNumberOfPreferredSharesIssued" xlink:label="glbs_IncreaseDecreaseInNumberOfPreferredSharesIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_IncreaseDecreaseInNumberOfPreferredSharesIssued" xlink:to="glbs_IncreaseDecreaseInNumberOfPreferredSharesIssued_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_IncreaseDecreaseInNumberOfPreferredSharesIssued_doc" xml:lang="en-US">The increase (decrease) in the number of preferred shares issued.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_IncreaseDecreaseVoyageExpenses" xlink:label="glbs_IncreaseDecreaseVoyageExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_IncreaseDecreaseVoyageExpenses" xlink:to="glbs_IncreaseDecreaseVoyageExpenses_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_IncreaseDecreaseVoyageExpenses_doc" xml:lang="en-US">The increase (decrease) during the reporting period in expenses arising from rendering of services.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_IncreaseDecreaseVoyageRevenues" xlink:label="glbs_IncreaseDecreaseVoyageRevenues" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_IncreaseDecreaseVoyageRevenues" xlink:to="glbs_IncreaseDecreaseVoyageRevenues_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_IncreaseDecreaseVoyageRevenues_doc" xml:lang="en-US">The increase (decrease) during the reporting period in revenues arising from rendering of services.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_IncreaseInExchangeRates" xlink:to="glbs_IncreaseInExchangeRates_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_IncreaseInExchangeRates_doc" xml:lang="en-US">Increase in market exchange rates expressed as a percentage.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_IncreaseInInterestRates" xlink:to="glbs_IncreaseInInterestRates_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_IncreaseInInterestRates_doc" xml:lang="en-US">Increase in market interest rates expressed in basis points. One basis point is equivalent to one hundredth of a percent.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_InterestRateSignificantUnobservableInputsLiabilities1" xlink:label="glbs_InterestRateSignificantUnobservableInputsLiabilities1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_InterestRateSignificantUnobservableInputsLiabilities1" xlink:to="glbs_InterestRateSignificantUnobservableInputsLiabilities1_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_InterestRateSignificantUnobservableInputsLiabilities1_doc" xml:lang="en-US">This element refers to interest rate used as a significant Level 3 unobservable input for liabilities.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_IntervalBetweenVesselDrydockingSpecialSurvey" xlink:to="glbs_IntervalBetweenVesselDrydockingSpecialSurvey_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_IntervalBetweenVesselDrydockingSpecialSurvey_doc" xml:lang="en-US">Refers to the period of review of drydocking and special survey costs in order to be amortized or deferred.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_LineOfCreditFacilityDecreaseForgiveness" xlink:label="glbs_LineOfCreditFacilityDecreaseForgiveness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_LineOfCreditFacilityDecreaseForgiveness" xlink:to="glbs_LineOfCreditFacilityDecreaseForgiveness_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_LineOfCreditFacilityDecreaseForgiveness_doc" xml:lang="en-US">Amount of decrease in line of credit facility from forgiveness by the holder of the line of credit.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_LineOfCreditFacilityDrawndownAmountsMultiples" xlink:to="glbs_LineOfCreditFacilityDrawndownAmountsMultiples_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_LineOfCreditFacilityDrawndownAmountsMultiples_doc" xml:lang="en-US">The multiples of amounts that the company has the right to drawdown under the relevant credit facility.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms" xlink:label="glbs_LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms" xlink:to="glbs_LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms_doc" xml:lang="en-US">Description of the frequency of the required periodic payments of interest, principal, or both, and the amount, if set, or a description of a formula upon which payment is based.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:to="glbs_LineOfCreditFacilityMaximumBorrowingCapacity_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_LineOfCreditFacilityMaximumBorrowingCapacity_doc" xml:lang="en-US">Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_LiquidityToConsolidatedIndebtednessRatio" xlink:label="glbs_LiquidityToConsolidatedIndebtednessRatio" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_LiquidityToConsolidatedIndebtednessRatio" xlink:to="glbs_LiquidityToConsolidatedIndebtednessRatio_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_LiquidityToConsolidatedIndebtednessRatio_doc" xml:lang="en-US">The ratio of the company's liquidity to its consolidated indebtedness.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_LoanPrincipalAmountDeferred" xlink:label="glbs_LoanPrincipalAmountDeferred" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_LoanPrincipalAmountDeferred" xlink:to="glbs_LoanPrincipalAmountDeferred_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_LoanPrincipalAmountDeferred_doc" xml:lang="en-US">The loan principal amount deferred to the last scheduled repayment date.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_LongTermBorrowingsGross" xlink:to="glbs_LongTermBorrowingsGross_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_LongTermBorrowingsGross_doc" xml:lang="en-US">The non-current portion of long-term debt, before deduction of unamortized (discount) premium and debt issuance costs.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_LongTermDebtInstrumentUnamortisedDiscount" xlink:to="glbs_LongTermDebtInstrumentUnamortisedDiscount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_LongTermDebtInstrumentUnamortisedDiscount_doc" xml:lang="en-US">The non-current portion of debt discount, after accumulated amortization.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_LubricantsInventoryCurrent" xlink:to="glbs_LubricantsInventoryCurrent_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_LubricantsInventoryCurrent_doc" xml:lang="en-US">Carrying amount as of the balance sheet date of lubricants' inventory.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_ManagementDailyFee" xlink:label="glbs_ManagementDailyFee" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ManagementDailyFee" xlink:to="glbs_ManagementDailyFee_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_ManagementDailyFee_doc" xml:lang="en-US">The amount of daily income recognised for the provided management services.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_MarketAdjustedNetWorth" xlink:label="glbs_MarketAdjustedNetWorth" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_MarketAdjustedNetWorth" xlink:to="glbs_MarketAdjustedNetWorth_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_MarketAdjustedNetWorth_doc" xml:lang="en-US">The company's market adjusted net worth.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_MarketAdjustedNetWorthToTotalAssetsRatio" xlink:label="glbs_MarketAdjustedNetWorthToTotalAssetsRatio" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_MarketAdjustedNetWorthToTotalAssetsRatio" xlink:to="glbs_MarketAdjustedNetWorthToTotalAssetsRatio_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_MarketAdjustedNetWorthToTotalAssetsRatio_doc" xml:lang="en-US">The ratio of the market adjusted net worth to total assets.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_MaximumProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants" xlink:label="glbs_MaximumProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_MaximumProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants" xlink:to="glbs_MaximumProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_MaximumProportionOfOwnershipInterestsHeldByInvestorsAfterExerciseOfWarrants_doc" xml:lang="en-US">The maximum proportion of ownership interest held by a warrant holder after the exercise of the warrants.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_MinimumBidPriceContinuedListingRequirement" xlink:label="glbs_MinimumBidPriceContinuedListingRequirement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_MinimumBidPriceContinuedListingRequirement" xlink:to="glbs_MinimumBidPriceContinuedListingRequirement_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_MinimumBidPriceContinuedListingRequirement_doc" xml:lang="en-US">The minimum bid price to be met for the Nasdaq Capital Market continued listing citeria.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_MinimumBidPriceContinuedListingRequirementDays" xlink:label="glbs_MinimumBidPriceContinuedListingRequirementDays" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_MinimumBidPriceContinuedListingRequirementDays" xlink:to="glbs_MinimumBidPriceContinuedListingRequirementDays_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_MinimumBidPriceContinuedListingRequirementDays_doc" xml:lang="en-US">The number of days for which the minimum bid price continued listing citeria should be met.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" xlink:label="glbs_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" xlink:to="glbs_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease_doc" xml:lang="en-US">The amount of future minimum lease payments payable under non-cancellable operating leases. Minimum lease payments are payments over the lease term that the lessee is or can be required to make, excluding contingent rent, costs for services and taxes to be paid by, and reimbursed to, the lessor, together with: (a) for a lessee, any amounts guaranteed by the lessee or by a party related to the lessee; or (b) for a lessor, any residual value guaranteed to the lessor by: (i) the lessee; (ii) a party related to the lessee; or (iii) a third party unrelated to the lessor that is financially capable of discharging the obligations under the guarantee.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease" xlink:label="glbs_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease" xlink:to="glbs_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease_doc" xml:lang="en-US">The amount of future minimum lease payments receivable under non-cancellable operating leases. Minimum lease payments are payments over the lease term that the lessee is or can be required to make, excluding contingent rent, costs for services and taxes to be paid by, and reimbursed to, the lessor, together with: (a) for a lessee, any amounts guaranteed by the lessee or by a party related to the lessee; or (b) for a lessor, any residual value guaranteed to the lessor by: (i) the lessee; (ii) a party related to the lessee; or (iii) a third party unrelated to the lessor that is financially capable of discharging the obligations under the guarantee.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_MinimumLiquidAssets" xlink:label="glbs_MinimumLiquidAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_MinimumLiquidAssets" xlink:to="glbs_MinimumLiquidAssets_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_MinimumLiquidAssets_doc" xml:lang="en-US">The minimum liquid assets that the company should own and maintain, as required by loan agreement covenants.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_MinimumPossibleConversionPrice" xlink:label="glbs_MinimumPossibleConversionPrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_MinimumPossibleConversionPrice" xlink:to="glbs_MinimumPossibleConversionPrice_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_MinimumPossibleConversionPrice_doc" xml:lang="en-US">The minimum possible conversion price or Floor Price deemed appropriate by the Company's board of directors.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_MonthlyDepreciationRightofuseAssets" xlink:label="glbs_MonthlyDepreciationRightofuseAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_MonthlyDepreciationRightofuseAssets" xlink:to="glbs_MonthlyDepreciationRightofuseAssets_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_MonthlyDepreciationRightofuseAssets_doc" xml:lang="en-US">The amount of monthly depreciation of right-of-use assets.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_MonthlyRentalExpense" xlink:to="glbs_MonthlyRentalExpense_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_MonthlyRentalExpense_doc" xml:lang="en-US">The amount of monthly expense recognised on rental activities.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_NetDebtIncludingEmbeddedDerivative" xlink:label="glbs_NetDebtIncludingEmbeddedDerivative" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_NetDebtIncludingEmbeddedDerivative" xlink:to="glbs_NetDebtIncludingEmbeddedDerivative_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_NetDebtIncludingEmbeddedDerivative_doc" xml:lang="en-US">Net debt including embedded derivative component.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio" xlink:label="glbs_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio" xlink:to="glbs_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_NetDebtToAdjustedBookCapitalisationPlusNetDebtRatio_doc" xml:lang="en-US">The net debt to adjusted book capitalisation plus net debt ratio.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure" xlink:label="glbs_NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure" xlink:to="glbs_NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_NonCurrentRestrictedCashAndCashEquivalentsFairValueDisclosure_doc" xml:lang="en-US">The fair value of non current cash and cash equivalent items which are restricted as to withdrawal or usage.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_NumberOfIterations" xlink:label="glbs_NumberOfIterations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_NumberOfIterations" xlink:to="glbs_NumberOfIterations_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_NumberOfIterations_doc" xml:lang="en-US">The number of iterations required for the Monte Carlo simulation iterations.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_NumberOfOperatingSegments" xlink:to="glbs_NumberOfOperatingSegments_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_NumberOfOperatingSegments_doc" xml:lang="en-US">Number of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_NumberOfSharesCalledByWarrants" xlink:to="glbs_NumberOfSharesCalledByWarrants_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_NumberOfSharesCalledByWarrants_doc" xml:lang="en-US">Number of shares into which the warrants may be converted.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_NumberOfSharesHeldByControllingParty" xlink:label="glbs_NumberOfSharesHeldByControllingParty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_NumberOfSharesHeldByControllingParty" xlink:to="glbs_NumberOfSharesHeldByControllingParty_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_NumberOfSharesHeldByControllingParty_doc" xml:lang="en-US">The number of common shares held by the controlling party.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_NumberOfSharesSold" xlink:label="glbs_NumberOfSharesSold" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_NumberOfSharesSold" xlink:to="glbs_NumberOfSharesSold_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_NumberOfSharesSold_doc" xml:lang="en-US">The number of shares sold in a stock transaction.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_NumberOfWarrantsExercised" xlink:label="glbs_NumberOfWarrantsExercised" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_NumberOfWarrantsExercised" xlink:to="glbs_NumberOfWarrantsExercised_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_NumberOfWarrantsExercised_doc" xml:lang="en-US">The number of warrants exercised.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_NumberOfWarrantsOutstanding" xlink:to="glbs_NumberOfWarrantsOutstanding_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_NumberOfWarrantsOutstanding_doc" xml:lang="en-US">The number of outstanding warrants that permit the holder the right to purchase equity securities from the issuer at a specified price.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_OperatingCosts" xlink:to="glbs_OperatingCosts_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_OperatingCosts_doc" xml:lang="en-US">The amount of all operating expenses.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_OtherAccruals" xlink:to="glbs_OtherAccruals_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_OtherAccruals_doc" xml:lang="en-US">The amount of accruals payable classified as other.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_OtherVoyageExpense" xlink:to="glbs_OtherVoyageExpense_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_OtherVoyageExpense_doc" xml:lang="en-US">The amount of voyage expense classified as other.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_PaymentsOfDeferredDryDockingCosts" xlink:to="glbs_PaymentsOfDeferredDryDockingCosts_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_PaymentsOfDeferredDryDockingCosts_doc" xml:lang="en-US">The cash outflow for deferred dry-docking costs.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_PercentageBelowFloorPrice" xlink:label="glbs_PercentageBelowFloorPrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_PercentageBelowFloorPrice" xlink:to="glbs_PercentageBelowFloorPrice_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_PercentageBelowFloorPrice_doc" xml:lang="en-US">The percentage below floor price that common shares can be traded.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_PeriodOfInterestRatesAxis" xlink:label="glbs_PeriodOfInterestRatesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_PeriodOfInterestRatesAxis" xlink:to="glbs_PeriodOfInterestRatesAxis_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_PeriodOfInterestRatesAxis_doc" xml:lang="en-US">Information about the period of the interest rates.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_PersonnelExpense" xlink:to="glbs_PersonnelExpense_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_PersonnelExpense_doc" xml:lang="en-US">The amount of compensation to administrative personnel.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_PriceFloor" xlink:label="glbs_PriceFloor" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_PriceFloor" xlink:to="glbs_PriceFloor_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_PriceFloor_doc" xml:lang="en-US">Price floor incorporated in Monte Carlo Simulation.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ProceedsFromWarrantExercises" xlink:to="glbs_ProceedsFromWarrantExercises_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_ProceedsFromWarrantExercises_doc" xml:lang="en-US">The cash inflow associated with the amount received from holders exercising their stock warrants.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_ProfitLossFromNonOperatingActivities" xlink:label="glbs_ProfitLossFromNonOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ProfitLossFromNonOperatingActivities" xlink:to="glbs_ProfitLossFromNonOperatingActivities_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_ProfitLossFromNonOperatingActivities_doc" xml:lang="en-US">The profit (loss) from non-operating activities of the entity.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_PropertyPlantAndEquipmentFairValueAdjustment" xlink:label="glbs_PropertyPlantAndEquipmentFairValueAdjustment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_PropertyPlantAndEquipmentFairValueAdjustment" xlink:to="glbs_PropertyPlantAndEquipmentFairValueAdjustment_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_PropertyPlantAndEquipmentFairValueAdjustment_doc" xml:lang="en-US">Amount of addition (reduction) to the property plant and equipment from carrying amount to fair value, when the fair value is materially different from the carrying amount.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ProportionOfOwnershipInterestsHeldByControllingParty" xlink:to="glbs_ProportionOfOwnershipInterestsHeldByControllingParty_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_ProportionOfOwnershipInterestsHeldByControllingParty_doc" xml:lang="en-US">The proportion of ownership interests held by the controlling party.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_RentalAnnualIncreaseRateAboveInflation" xlink:label="glbs_RentalAnnualIncreaseRateAboveInflation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_RentalAnnualIncreaseRateAboveInflation" xlink:to="glbs_RentalAnnualIncreaseRateAboveInflation_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_RentalAnnualIncreaseRateAboveInflation_doc" xml:lang="en-US">The annual increase of the rental rate, above the rate of inflation as set by the Bank of Greece, according to the relevant rental agreement.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_RestrictedCashAndCashEquivalentsFairValueDisclosure" xlink:to="glbs_RestrictedCashAndCashEquivalentsFairValueDisclosure_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_RestrictedCashAndCashEquivalentsFairValueDisclosure_doc" xml:lang="en-US">The fair value of cash and cash equivalent items which are restricted as to withdrawal or usage.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_RestrictedCashCollateralBreached" xlink:label="glbs_RestrictedCashCollateralBreached" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_RestrictedCashCollateralBreached" xlink:to="glbs_RestrictedCashCollateralBreached_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_RestrictedCashCollateralBreached_doc" xml:lang="en-US">The amount of collateral requirements that should have been pledged in a restricted cash account, related with covenants that have been breached.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_ReverseStockSplitConversionRatio" xlink:label="glbs_ReverseStockSplitConversionRatio" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ReverseStockSplitConversionRatio" xlink:to="glbs_ReverseStockSplitConversionRatio_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_ReverseStockSplitConversionRatio_doc" xml:lang="en-US">Ratio applied to the conversion of a reverse stock split, for example two shares converted to one.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit" xlink:to="glbs_SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_doc" xml:lang="en-US">Amount of the negative effect on profit or loss as a result of the conduct of a sensitivity analysis for types of market risk to which the entity is exposed, showing how profit or loss would have been affected by changes in the relevant risk variable that were reasonably possible at that date.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit" xlink:to="glbs_SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_doc" xml:lang="en-US">Amount of the positive effect on profit or loss as a result of the conduct of a sensitivity analysis for types of market risk to which the entity is exposed, showing how profit or loss would have been affected by changes in the relevant risk variable that were reasonably possible at that date.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_StationeryExpense" xlink:to="glbs_StationeryExpense_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_StationeryExpense_doc" xml:lang="en-US">The amount of expense for writing and other office materials.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_StockRedeemedDuringPeriodShares" xlink:label="glbs_StockRedeemedDuringPeriodShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_StockRedeemedDuringPeriodShares" xlink:to="glbs_StockRedeemedDuringPeriodShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_StockRedeemedDuringPeriodShares_doc" xml:lang="en-US">Number of stock bought back by the entity at the redemption price.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_StockRedeemedDuringPeriodValue" xlink:label="glbs_StockRedeemedDuringPeriodValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_StockRedeemedDuringPeriodValue" xlink:to="glbs_StockRedeemedDuringPeriodValue_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_StockRedeemedDuringPeriodValue_doc" xml:lang="en-US">Value of stock bought back by the entity at the redemption price.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_StoresExpense" xlink:to="glbs_StoresExpense_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_StoresExpense_doc" xml:lang="en-US">The amount of stores expense.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_TimePeriodConsidered" xlink:to="glbs_TimePeriodConsidered_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_TimePeriodConsidered_doc" xml:lang="en-US">The period of time charter rates used to create an average to calculate cash flows for impairment purposes.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_TotalLiabilitiesToMarketAdjustedTotalAssetsRatio" xlink:label="glbs_TotalLiabilitiesToMarketAdjustedTotalAssetsRatio" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_TotalLiabilitiesToMarketAdjustedTotalAssetsRatio" xlink:to="glbs_TotalLiabilitiesToMarketAdjustedTotalAssetsRatio_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_TotalLiabilitiesToMarketAdjustedTotalAssetsRatio_doc" xml:lang="en-US">The ratio of the company's total liabilities to its market adjusted total assets, as required by loan agreement covenants.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_UnrealizedCashAndCashEquivalents" xlink:label="glbs_UnrealizedCashAndCashEquivalents" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_UnrealizedCashAndCashEquivalents" xlink:to="glbs_UnrealizedCashAndCashEquivalents_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_UnrealizedCashAndCashEquivalents_doc" xml:lang="en-US">The amount of cash and cash equivalents that the entity should have disclosed in its statements.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment1" xlink:label="glbs_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment1" xlink:to="glbs_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment1_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment1_doc" xml:lang="en-US">This element refers to the useful lives or depreciation rates used for property, plant and equipment.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ValueOfSharesAuthorised" xlink:to="glbs_ValueOfSharesAuthorised_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_ValueOfSharesAuthorised_doc" xml:lang="en-US">The nominal value of shares authorised.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_VesselCapacity" xlink:to="glbs_VesselCapacity_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_VesselCapacity_doc" xml:lang="en-US">The vessel's capacity in deadweight tonnage ("dwt").</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_VesselDeliveryDate" xlink:to="glbs_VesselDeliveryDate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_VesselDeliveryDate_doc" xml:lang="en-US">The date of the vessel delivery to the Company.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_VesselsScrapRatePerTon" xlink:to="glbs_VesselsScrapRatePerTon_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_VesselsScrapRatePerTon_doc" xml:lang="en-US">The estimated vessels' scrap rate per ton.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_VotingRights" xlink:to="glbs_VotingRights_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_VotingRights_doc" xml:lang="en-US">Description of voting rights of common stock. Includes eligibility to vote and votes per share owned.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_WarrantsExpense" xlink:label="glbs_WarrantsExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_WarrantsExpense" xlink:to="glbs_WarrantsExpense_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_WarrantsExpense_doc" xml:lang="en-US">The expense related to the warrants.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_WeightedAverageCostOfCapital" xlink:to="glbs_WeightedAverageCostOfCapital_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_WeightedAverageCostOfCapital_doc" xml:lang="en-US">The weighted average cost of capital (WACC) is a calculation of a firm's cost of capital in which each category of capital is proportionately weighted. All sources of capital, including common stock, preferred stock, bonds, and any other long-term debt, are included in a WACC calculation.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_IssueOfPreferredShares" xlink:to="glbs_IssueOfPreferredShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_IssueOfPreferredShares_doc" xml:lang="en-US">The increase in equity through the issue of preferred shares.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfAdvancesForVesselsAcquisitionExplanatory" xlink:label="glbs_DisclosureOfAdvancesForVesselsAcquisitionExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfAdvancesForVesselsAcquisitionExplanatory" xlink:to="glbs_DisclosureOfAdvancesForVesselsAcquisitionExplanatory_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfAdvancesForVesselsAcquisitionExplanatory_doc" xml:lang="en-US">The disclosure of advances for vessels acquisition.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity" xlink:to="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity_doc" xml:lang="en-US">The increase (decrease) in the number of ordinary shares resulting from the exercise of pre-funded warrants</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_IssueOfEquityIncludingIncreaseThroughExerciseOfWarrants" xlink:label="glbs_IssueOfEquityIncludingIncreaseThroughExerciseOfWarrants" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_IssueOfEquityIncludingIncreaseThroughExerciseOfWarrants" xlink:to="glbs_IssueOfEquityIncludingIncreaseThroughExerciseOfWarrants_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_IssueOfEquityIncludingIncreaseThroughExerciseOfWarrants_doc" xml:lang="en-US">The increase in equity through the issue of equity instruments, including increase in equity resulting from the exercise of warrants.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_BasicAndDilutedLossPerShare" xlink:label="glbs_BasicAndDilutedLossPerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_BasicAndDilutedLossPerShare" xlink:to="glbs_BasicAndDilutedLossPerShare_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_BasicAndDilutedLossPerShare_doc" xml:lang="en-US">The amount of loss per share when the basic and diluted measurements are equal.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_VesselYearBuilt" xlink:to="glbs_VesselYearBuilt_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_VesselYearBuilt_doc" xml:lang="en-US">The year that the vessel was built.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_VesselType" xlink:to="glbs_VesselType_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_VesselType_doc" xml:lang="en-US">The type of vessel.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_NumberOfLoanTranches" xlink:to="glbs_NumberOfLoanTranches_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_NumberOfLoanTranches_doc" xml:lang="en-US">Number of loan tranches.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_NumberOfVesselsFleet" xlink:label="glbs_NumberOfVesselsFleet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_NumberOfVesselsFleet" xlink:to="glbs_NumberOfVesselsFleet_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_NumberOfVesselsFleet_doc" xml:lang="en-US">The number of vessels fleet.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_PercentatgeOfPurchasePrice" xlink:label="glbs_PercentatgeOfPurchasePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_PercentatgeOfPurchasePrice" xlink:to="glbs_PercentatgeOfPurchasePrice_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_PercentatgeOfPurchasePrice_doc" xml:lang="en-US">The percentage of the purchase price for the acquisition of property, plant and equipment.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CashPaymentsForImprovements" xlink:to="glbs_CashPaymentsForImprovements_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_CashPaymentsForImprovements_doc" xml:lang="en-US">The cash outflow for improvements.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DailyFeeAndCommissionIncome" xlink:label="glbs_DailyFeeAndCommissionIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DailyFeeAndCommissionIncome" xlink:to="glbs_DailyFeeAndCommissionIncome_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DailyFeeAndCommissionIncome_doc" xml:lang="en-US">The amount of daily income relating to fees and commissions.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DryDockingCostCapitalised" xlink:to="glbs_DryDockingCostCapitalised_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DryDockingCostCapitalised_doc" xml:lang="en-US">The amount of dry-docking cost capitalised on the asset.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DisclosureOfVoyageAndVesselOperatingExpenses" xlink:label="glbs_DisclosureOfVoyageAndVesselOperatingExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfVoyageAndVesselOperatingExpenses" xlink:to="glbs_DisclosureOfVoyageAndVesselOperatingExpenses_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfVoyageAndVesselOperatingExpenses_doc" xml:lang="en-US">The disclosure for voayage expenses and vessel operating expenses.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_PurchasePriceOfOutstandingWarrants" xlink:to="glbs_PurchasePriceOfOutstandingWarrants_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_PurchasePriceOfOutstandingWarrants_doc" xml:lang="en-US">The purchase price of outstanding warrants.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AgreedAmountOfOneTimeCashBonus" xlink:to="glbs_AgreedAmountOfOneTimeCashBonus_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_AgreedAmountOfOneTimeCashBonus_doc" xml:lang="en-US">The amount of cash bonus agreed the Company to pay to the CEO pursuant to his consultancy agreement.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_ReverseStockSplitConversionRatio1" xlink:label="glbs_ReverseStockSplitConversionRatio1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ReverseStockSplitConversionRatio1" xlink:to="glbs_ReverseStockSplitConversionRatio1_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_ReverseStockSplitConversionRatio1_doc" xml:lang="en-US">Ratio applied to the conversion of a reverse stock split, for example two shares converted to one.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_BasicAndDilutedEarningsLossPerShare" xlink:to="glbs_BasicAndDilutedEarningsLossPerShare_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_BasicAndDilutedEarningsLossPerShare_doc" xml:lang="en-US">The amount of earnings per share when the basic and diluted measurements are equal.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DebtInstrumentNumberOfRepaymentInstallments" xlink:to="glbs_DebtInstrumentNumberOfRepaymentInstallments_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DebtInstrumentNumberOfRepaymentInstallments_doc" xml:lang="en-US">Number of repayment installments of a debt instrument.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_AccruedLoanInterestAndFinancingFees" xlink:label="glbs_AccruedLoanInterestAndFinancingFees" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AccruedLoanInterestAndFinancingFees" xlink:to="glbs_AccruedLoanInterestAndFinancingFees_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_AccruedLoanInterestAndFinancingFees_doc" xml:lang="en-US">Carrying value of obligations payable for loan interest and financing fees.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CreditAdjustmentOfFinanceCost" xlink:to="glbs_CreditAdjustmentOfFinanceCost_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_CreditAdjustmentOfFinanceCost_doc" xml:lang="en-US">Amount of credit adjustment,classified in the income statement component of the consolidated statement of comprehensive income/(loss) under interest and finance costs.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_LeaseAndNonleaseComponents" xlink:to="glbs_LeaseAndNonleaseComponents_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_LeaseAndNonleaseComponents_doc" xml:lang="en-US">Amout of lease and non lease components that is calculated as the difference between total revenue and the non-lease component revenue.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_PercentageOfUpfrontFeeInLoanAgreement" xlink:to="glbs_PercentageOfUpfrontFeeInLoanAgreement_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_PercentageOfUpfrontFeeInLoanAgreement_doc" xml:lang="en-US">Payable upfront fee percentage of the total commitment of the loan.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfVoyageExpenses" xlink:to="glbs_DisclosureOfVoyageExpenses_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfVoyageExpenses_doc" xml:lang="en-US">The disclosure for voayage expenses expenses.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfVesselOperatingExpenses" xlink:to="glbs_DisclosureOfVesselOperatingExpenses_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DisclosureOfVesselOperatingExpenses_doc" xml:lang="en-US">The disclosure for vessel operating expenses.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_LeaseExpirationDate" xlink:to="glbs_LeaseExpirationDate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_LeaseExpirationDate_doc" xml:lang="en-US">Date which lease or group of leases is set to expire, in YYYY-MM format.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CreditFacilityCollateraDescription" xlink:to="glbs_CreditFacilityCollateraDescription_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_CreditFacilityCollateraDescription_doc" xml:lang="en-US">The collateral description of the credit facility.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DebtInstrumentConversionPriceDescription" xlink:to="glbs_DebtInstrumentConversionPriceDescription_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DebtInstrumentConversionPriceDescription_doc" xml:lang="en-US">The conversion price description of the debt instrument.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DescriptionOfBorrowingsScope" xlink:to="glbs_DescriptionOfBorrowingsScope_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DescriptionOfBorrowingsScope_doc" xml:lang="en-US">Description of the scope of a credit facility arrangement.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_PercentageOfCoverageOfBorrowingCapacity" xlink:to="glbs_PercentageOfCoverageOfBorrowingCapacity_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_PercentageOfCoverageOfBorrowingCapacity_doc" xml:lang="en-US">The percentage of coverage of borrowing capacity.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_OneTimeCashBonusPayment" xlink:to="glbs_OneTimeCashBonusPayment_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_OneTimeCashBonusPayment_doc" xml:lang="en-US">The payment of cash bonus pursuant to consultancy agreement.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_RemainingOfOneTimeCashBonusPayment" xlink:to="glbs_RemainingOfOneTimeCashBonusPayment_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_RemainingOfOneTimeCashBonusPayment_doc" xml:lang="en-US">Remaining payment of cash bonus pursuant to consultancy agreement.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_LineOfCreditFacilityInitiationDate2" xlink:label="glbs_LineOfCreditFacilityInitiationDate2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_LineOfCreditFacilityInitiationDate2" xlink:to="glbs_LineOfCreditFacilityInitiationDate2_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_LineOfCreditFacilityInitiationDate2_doc" xml:lang="en-US">Date the credit facility first became available, in YYYY-MM-DD format.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DrawnDownDate" xlink:label="glbs_DrawnDownDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DrawnDownDate" xlink:to="glbs_DrawnDownDate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DrawnDownDate_doc" xml:lang="en-US">The date when the facility was drawn down.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_PrepaymentDate" xlink:label="glbs_PrepaymentDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_PrepaymentDate" xlink:to="glbs_PrepaymentDate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_PrepaymentDate_doc" xml:lang="en-US">The date when the facility was prepaid.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_NoninterestExpenseDirectorsFees1" xlink:to="glbs_NoninterestExpenseDirectorsFees1_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_NoninterestExpenseDirectorsFees1_doc" xml:lang="en-US">Noninterest expense related to directors' fees which are fees paid by an Entity to its directors. Directors' fees may be paid in addition to salary and other benefits.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_DateExpectedDelivery" xlink:label="glbs_DateExpectedDelivery" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DateExpectedDelivery" xlink:to="glbs_DateExpectedDelivery_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_DateExpectedDelivery_doc" xml:lang="en-US">The element refers to the expected date of delivery of vessels, bareboats and other significant assets.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_CommitmentAgreementDateOfAgreement" xlink:label="glbs_CommitmentAgreementDateOfAgreement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CommitmentAgreementDateOfAgreement" xlink:to="glbs_CommitmentAgreementDateOfAgreement_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_CommitmentAgreementDateOfAgreement_doc" xml:lang="en-US">The date the commitment was agreed.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_RepaymentsOfDebt1" xlink:label="glbs_RepaymentsOfDebt1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_RepaymentsOfDebt1" xlink:to="glbs_RepaymentsOfDebt1_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_RepaymentsOfDebt1_doc" xml:lang="en-US">The cash outflow during the period from the repayment of aggregate short-term and long-term debt. Excludes payment of capital lease obligations.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_VesselDeliveryDate1" xlink:to="glbs_VesselDeliveryDate1_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_VesselDeliveryDate1_doc" xml:lang="en-US">The expected  date of the vessel delivery to the Company.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_AdjustingEventsAfterReportingPeriodAxis" xlink:label="glbs_AdjustingEventsAfterReportingPeriodAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AdjustingEventsAfterReportingPeriodAxis" xlink:to="glbs_AdjustingEventsAfterReportingPeriodAxis_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_AdjustingEventsAfterReportingPeriodAxis_doc" xml:lang="en-US">Information about events after the reporting date.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_NumberOfConstructions" xlink:label="glbs_NumberOfConstructions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_NumberOfConstructions" xlink:to="glbs_NumberOfConstructions_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_NumberOfConstructions_doc" xml:lang="en-US">Number of constructions.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities" xlink:to="glbs_PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_doc" xml:lang="en-US">The cash outflow combination for payment of lease liabilities and interest paid classified as financing activities.</link:label>
      <link:loc xlink:type="locator" xlink:href="glbs-20221231.xsd#glbs_VessePurchaseAgreementDate" xlink:label="glbs_VessePurchaseAgreementDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_VessePurchaseAgreementDate" xlink:to="glbs_VessePurchaseAgreementDate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_VessePurchaseAgreementDate_doc" xml:lang="en-US">The date of the agreement to purchase a vessel.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AccruedInterest" xlink:to="glbs_AccruedInterest_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_AccruedInterest_doc" xml:lang="en-US">Amount of accrued interest.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AccruedInterestCurrent" xlink:to="glbs_AccruedInterestCurrent_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_AccruedInterestCurrent_doc" xml:lang="en-US">The current amount of total accrued interest.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ContractualObligationsDueInNextTwelveMonths" xlink:to="glbs_ContractualObligationsDueInNextTwelveMonths_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_ContractualObligationsDueInNextTwelveMonths_doc" xml:lang="en-US">Amount of contractual obligation, including but not limited to, long-term debt, capital lease obligations, operating lease obligations, purchase obligations, and other commitments.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ContractualObligationsDueInSecondYear" xlink:to="glbs_ContractualObligationsDueInSecondYear_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_ContractualObligationsDueInSecondYear_doc" xml:lang="en-US">Amount of contractual obligation to be paid in second fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ContractualObligations" xlink:to="glbs_ContractualObligations_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="glbs_ContractualObligations_doc" xml:lang="en-US">Amount of contractual obligation, including but not limited to, long-term debt, capital lease obligations, operating lease obligations, purchase obligations, and other commitments.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CalypsoShipholdingSA1Member" xlink:to="glbs_CalypsoShipholdingSA1Member_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_CalypsoShipholdingSA1Member_2_lbl" xml:lang="en-US">Calypso Shipholding S.A. [member] [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Revenue" xlink:to="ifrs-full_Revenue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Revenue_2_lbl" xml:lang="en-US">Revenue</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ServicesExpense" xlink:to="ifrs-full_ServicesExpense_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ServicesExpense_3_lbl" xml:lang="en-US">Services expense</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_OperatingCosts" xlink:to="glbs_OperatingCosts_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_OperatingCosts_4_lbl" xml:lang="en-US">Operating expense</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationExpense" xlink:to="ifrs-full_DepreciationExpense_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DepreciationExpense_3_lbl" xml:lang="en-US">Depreciation expense</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DepreciationOfDryDockingCosts" xlink:to="glbs_DepreciationOfDryDockingCosts_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DepreciationOfDryDockingCosts_3_lbl" xml:lang="en-US">Depreciation Of Dry Docking Costs</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdministrativeExpense" xlink:to="ifrs-full_AdministrativeExpense_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdministrativeExpense_3_lbl" xml:lang="en-US">Administrative expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AdministrativeExpenseRelatedPartyTransactions" xlink:to="glbs_AdministrativeExpenseRelatedPartyTransactions_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_AdministrativeExpenseRelatedPartyTransactions_3_lbl" xml:lang="en-US">Administrative Expense Related Party Transactions</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ImpairmentLoss" xlink:to="ifrs-full_ImpairmentLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ImpairmentLoss_2_lbl" xml:lang="en-US">Impairment loss [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossFromOperatingActivities" xlink:to="ifrs-full_ProfitLossFromOperatingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLossFromOperatingActivities_2_lbl" xml:lang="en-US">Profit (loss) from operating activities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinanceCosts" xlink:to="ifrs-full_FinanceCosts_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinanceCosts_3_lbl" xml:lang="en-US">Finance costs</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssets" xlink:to="ifrs-full_NoncurrentAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentAssets_2_lbl" xml:lang="en-US">Non-current assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssets" xlink:to="ifrs-full_CurrentAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAssets_2_lbl" xml:lang="en-US">Current assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Assets" xlink:to="ifrs-full_Assets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Assets_2_lbl" xml:lang="en-US">Assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Equity_4_lbl" xml:lang="en-US">Equity</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ifrs-full_NoncurrentLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentLiabilities_2_lbl" xml:lang="en-US">Non-current liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentDerivativeFinancialLiabilities" xlink:to="ifrs-full_CurrentDerivativeFinancialLiabilities_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentDerivativeFinancialLiabilities_3_lbl" xml:lang="en-US">Current derivative financial liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_CurrentLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentLiabilities_2_lbl" xml:lang="en-US">Current liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Liabilities" xlink:to="ifrs-full_Liabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Liabilities_2_lbl" xml:lang="en-US">Liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAndLiabilities" xlink:to="ifrs-full_EquityAndLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAndLiabilities_2_lbl" xml:lang="en-US">Equity and liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_PaymentsOfDeferredDryDockingCosts" xlink:to="glbs_PaymentsOfDeferredDryDockingCosts_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_PaymentsOfDeferredDryDockingCosts_3_lbl" xml:lang="en-US">Payments Of Deferred Dry Docking Costs</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForProvisions" xlink:to="ifrs-full_AdjustmentsForProvisions_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForProvisions_2_lbl" xml:lang="en-US">Adjustments for provisions</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives" xlink:to="ifrs-full_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives_2_lbl" xml:lang="en-US">Adjustments for gains (losses) on change in fair value of derivatives</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForInterestIncome" xlink:to="ifrs-full_AdjustmentsForInterestIncome_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForInterestIncome_2_lbl" xml:lang="en-US">Adjustments for interest income</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_2_lbl" xml:lang="en-US">Adjustments for decrease (increase) in trade accounts receivable</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_2_lbl" xml:lang="en-US">Adjustments for decrease (increase) in inventories</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets_2_lbl" xml:lang="en-US">Adjustments for decrease (increase) in other assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables" xlink:to="glbs_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables_3_lbl" xml:lang="en-US">Adjustments For Increase Decrease In Accrued Liabilities And Other Payables</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncreaseDecreaseInDeferredIncomeIncludingContractLiabilities" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInDeferredIncomeIncludingContractLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInDeferredIncomeIncludingContractLiabilities_2_lbl" xml:lang="en-US">Adjustments for increase (decrease) in deferred income including contract liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_CashPaymentsForImprovements" xlink:to="glbs_CashPaymentsForImprovements_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_CashPaymentsForImprovements_3_lbl" xml:lang="en-US">Cash payments for improvements</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities" xlink:to="ifrs-full_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities_2_lbl" xml:lang="en-US">Purchase of other long-term assets, classified as investing activities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInInvestingActivities_2_lbl" xlink:type="arc" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:to="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_2_lbl" xml:lang="en-US">Repayments of borrowings, classified as financing activities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PaymentsForShareIssueCosts" xlink:to="ifrs-full_PaymentsForShareIssueCosts_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PaymentsForShareIssueCosts_2_lbl" xml:lang="en-US">Payments for share issue costs</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PaymentsForDebtIssueCosts" xlink:to="ifrs-full_PaymentsForDebtIssueCosts_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PaymentsForDebtIssueCosts_2_lbl" xml:lang="en-US">Payments for debt issue costs</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:to="ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_2_lbl" xml:lang="en-US">Payments of lease liabilities, classified as financing activities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestPaidClassifiedAsFinancingActivities" xlink:to="ifrs-full_InterestPaidClassifiedAsFinancingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestPaidClassifiedAsFinancingActivities_2_lbl" xml:lang="en-US">Interest paid, classified as financing activities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInFinancingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities_2_lbl" xml:lang="en-US">Cash flows from (used in) financing activities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:to="ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges_2_lbl" xml:lang="en-US">Increase (decrease) in cash and cash equivalents before effect of exchange rate changes</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfInventoriesExplanatory" xlink:to="ifrs-full_DisclosureOfInventoriesExplanatory_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfInventoriesExplanatory_2_lbl" xml:lang="en-US">Disclosure of inventories [text block]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory" xlink:to="ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory_2_lbl" xml:lang="en-US">Disclosure of trade and other payables [text block]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory" xlink:to="ifrs-full_DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory_2_lbl" xml:lang="en-US">Disclosure of accrued expenses and other liabilities [text block]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfCommitmentsExplanatory" xlink:to="ifrs-full_DisclosureOfCommitmentsExplanatory_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfCommitmentsExplanatory_2_lbl" xml:lang="en-US">Disclosure of commitments [text block]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:to="ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_2_lbl" xml:lang="en-US">Disclosure of subsidiaries [text block]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfCashAndBankBalancesExplanatory" xlink:to="glbs_DisclosureOfCashAndBankBalancesExplanatory_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DisclosureOfCashAndBankBalancesExplanatory_3_lbl" xml:lang="en-US">Disclosure Of Cash And Bank Balances At Central Banks Explanatory</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfInventoriesConsolidatedStatementOfFinancialPositionExplanatory" xlink:to="glbs_DisclosureOfInventoriesConsolidatedStatementOfFinancialPositionExplanatory_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DisclosureOfInventoriesConsolidatedStatementOfFinancialPositionExplanatory_3_lbl" xml:lang="en-US">Disclosure Of Inventories Consolidated Statement Of Financial Position Explanatory</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfAccruedExpensesAndOtherLiabilitiesConsolidatedStatementOfFinancialPositionExplanatory" xlink:to="glbs_DisclosureOfAccruedExpensesAndOtherLiabilitiesConsolidatedStatementOfFinancialPositionExplanatory_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DisclosureOfAccruedExpensesAndOtherLiabilitiesConsolidatedStatementOfFinancialPositionExplanatory_3_lbl" xml:lang="en-US">Disclosure Of Accrued Expenses And Other Liabilities Consolidated Statement Of Financial Position Explanatory</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DisclosureOfShareBasedPayment_3_lbl" xml:lang="en-US">Disclosure Of Share Based Payment</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfAdministrativeExpenses" xlink:to="glbs_DisclosureOfAdministrativeExpenses_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DisclosureOfAdministrativeExpenses_3_lbl" xml:lang="en-US">Disclosure Of Administrative Expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_DisclosureOfInterestExpenseAndFinanceCostsExplanatory" xlink:to="glbs_DisclosureOfInterestExpenseAndFinanceCostsExplanatory_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_DisclosureOfInterestExpenseAndFinanceCostsExplanatory_3_lbl" xml:lang="en-US">Disclosure Of Interest Expense And Finance Costs Explanatory</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_KeyManagementPersonnelCompensation" xlink:to="ifrs-full_KeyManagementPersonnelCompensation_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_KeyManagementPersonnelCompensation_2_lbl" xml:lang="en-US">Key management personnel compensation</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AccumulatedDepreciationPropertyPlantAndEquipment" xlink:to="glbs_AccumulatedDepreciationPropertyPlantAndEquipment_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_AccumulatedDepreciationPropertyPlantAndEquipment_4_lbl" xml:lang="en-US">Accumulated Depreciation Property Plant And Equipment</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationAndAmortisationExpense" xlink:to="ifrs-full_DepreciationAndAmortisationExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DepreciationAndAmortisationExpense_2_lbl" xml:lang="en-US">Depreciation and amortisation expense</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesIssuedAndFullyPaid" xlink:to="ifrs-full_NumberOfSharesIssuedAndFullyPaid_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfSharesIssuedAndFullyPaid_3_lbl" xml:lang="en-US">Number of shares issued and fully paid</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_AccruedInterestCurrent" xlink:to="glbs_AccruedInterestCurrent_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_AccruedInterestCurrent_3_lbl" xml:lang="en-US">Current Accrued Interest</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_BorrowingsDefaultInterestRate" xlink:to="glbs_BorrowingsDefaultInterestRate_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_BorrowingsDefaultInterestRate_3_lbl" xml:lang="en-US">Borrowings Default Interest Rate [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RawMaterialsAndConsumablesUsed" xlink:to="ifrs-full_RawMaterialsAndConsumablesUsed_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RawMaterialsAndConsumablesUsed_2_lbl" xml:lang="en-US">Raw materials and consumables used</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherExpenseByNature" xlink:to="ifrs-full_OtherExpenseByNature_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherExpenseByNature_2_lbl" xml:lang="en-US">Other expenses, by nature</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_ContractualObligations" xlink:to="glbs_ContractualObligations_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_ContractualObligations_3_lbl" xml:lang="en-US">ContractualObligations</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="glbs_VesselDeliveryDate1" xlink:to="glbs_VesselDeliveryDate1_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="glbs_VesselDeliveryDate1_3_lbl" xml:lang="en-US">Vessel Delivery Date [Default Label]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LeaseLiabilities_2_lbl" xml:lang="en-US">Lease liabilities [Default Label]</link:label>
    </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>18
<FILENAME>glbs-20221231_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.17a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
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<TYPE>XML
<SEQUENCE>24
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663205943792">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2022 </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressesLineItems', window );"><strong>Entity Addresses [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">20-F<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentRegistrationStatement', window );">Document Registration Statement</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentAnnualReport', window );">Document Annual Report</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentTransitionReport', window );">Document Transition Report</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentShellCompanyReport', window );">Document Shell Company Report</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 31,  2022<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2022<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-34985<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Globus
Maritime Limited<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001499780<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">1T<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">128
Vouliagmenis Ave., 3rd Floor<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Glyfada, Attica<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCountry', window );">Entity Address, Country</a></td>
<td class="text">GR<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">166 74<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common&#160;Shares, par value $0.004&#160;per share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">GLBS<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
<td class="text">No<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td>
<td class="text">No<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityInteractiveDataCurrent', window );">Entity Interactive Data Current</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Non-accelerated Filer<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentAccountingStandard', window );">Document Accounting Standard</a></td>
<td class="text">International Financial Reporting Standards<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityShellCompany', window );">Entity Shell Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">20,582,301<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_IcfrAuditorAttestationFlag', window );">ICFR Auditor Attestation Flag</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AuditorFirmId', window );">Auditor Firm ID</a></td>
<td class="text">1457<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AuditorName', window );">Auditor Name</a></td>
<td class="text">Ernst & Young (Hellas) Certified Auditors Accountants S.A.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AuditorLocation', window );">Auditor Location</a></td>
<td class="text">Athens,
Greece<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressesAddressTypeAxis=dei_BusinessContactMember', window );">Business Contact [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressesLineItems', window );"><strong>Entity Addresses [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">128
Vouliagmenis Ave., 3rd Floor<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Glyfada, Attica<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCountry', window );">Entity Address, Country</a></td>
<td class="text">GR<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">166 74<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">+30<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">210 960 8300<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_ContactPersonnelName', window );">Contact Personnel Name</a></td>
<td class="text">Athanasios
Feidakis<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AuditorFirmId">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>PCAOB issued Audit Firm Identifier</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AuditorFirmId</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:nonemptySequenceNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AuditorLocation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AuditorLocation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:internationalNameItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AuditorName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AuditorName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:internationalNameItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_ContactPersonnelName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of contact personnel</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_ContactPersonnelName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentAccountingStandard">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The basis of accounting the registrant has used to prepare the financial statements included in this filing This can either be 'U.S. GAAP', 'International Financial Reporting Standards', or 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentAccountingStandard</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:accountingStandardItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentAnnualReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as an annual report.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentAnnualReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fiscal period values are FY, Q1, Q2, and Q3.  1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fiscalPeriodItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentRegistrationStatement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a registration statement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentRegistrationStatement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentShellCompanyReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true for a Shell Company Report pursuant to section 13 or 15(d) of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentShellCompanyReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentTransitionReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a transition report.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Forms 10-K, 10-Q, 20-F<br> -Number 240<br> -Section 13<br> -Subsection a-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentTransitionReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCountry">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>ISO 3166-1 alpha-2 country code.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCountry</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:countryCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInteractiveDataCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-T<br> -Number 232<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInteractiveDataCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityShellCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityShellCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityVoluntaryFilers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_IcfrAuditorAttestationFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_IcfrAuditorAttestationFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressesAddressTypeAxis=dei_BusinessContactMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressesAddressTypeAxis=dei_BusinessContactMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>25
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663201554368">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Comprehensive Income/(Loss) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevenueAbstract', window );"><strong>REVENUE:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServices', window );">Voyage revenues</a></td>
<td class="nump">$ 61,390<span></span>
</td>
<td class="nump">$ 43,211<span></span>
</td>
<td class="nump">$ 11,753<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FeeAndCommissionIncome', window );">Management &amp; consulting fee income</a></td>
<td class="nump">365<span></span>
</td>
<td class="nump">170<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Total Revenues</a></td>
<td class="nump">61,755<span></span>
</td>
<td class="nump">43,381<span></span>
</td>
<td class="nump">11,753<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaterialIncomeAndExpenseAbstract', window );"><strong>EXPENSES &amp; OTHER OPERATING INCOME:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ServicesExpense', window );">Voyage expenses&#160;</a></td>
<td class="num">(5,373)<span></span>
</td>
<td class="num">(1,128)<span></span>
</td>
<td class="num">(2,490)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_OperatingCosts', window );">Vessel operating expenses&#160;</a></td>
<td class="num">(18,012)<span></span>
</td>
<td class="num">(13,808)<span></span>
</td>
<td class="num">(8,581)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationExpense', window );">Depreciation&#160;</a></td>
<td class="num">(5,600)<span></span>
</td>
<td class="num">(3,910)<span></span>
</td>
<td class="num">(2,398)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DepreciationOfDryDockingCosts', window );">Depreciation of dry-docking costs&#160;</a></td>
<td class="num">(4,646)<span></span>
</td>
<td class="num">(2,751)<span></span>
</td>
<td class="num">(1,335)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative expenses&#160;</a></td>
<td class="num">(2,876)<span></span>
</td>
<td class="num">(2,610)<span></span>
</td>
<td class="num">(1,891)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_AdministrativeExpenseRelatedPartyTransactions', window );">Administrative expenses payable to related parties</a></td>
<td class="num">(1,412)<span></span>
</td>
<td class="num">(1,361)<span></span>
</td>
<td class="num">(1,915)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DirectorsCompensationSharebasedPayment', window );">Share-based payments</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(40)<span></span>
</td>
<td class="num">(40)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLoss', window );">Impairment loss</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(4,615)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherOperatingIncomeExpense', window );">Other (expenses)/income, net&#160;</a></td>
<td class="num">(204)<span></span>
</td>
<td class="nump">171<span></span>
</td>
<td class="nump">89<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income/(loss)</a></td>
<td class="nump">23,632<span></span>
</td>
<td class="nump">17,944<span></span>
</td>
<td class="num">(11,423)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevenueFromInterest', window );">Interest income&#160;</a></td>
<td class="nump">375<span></span>
</td>
<td class="nump">8<span></span>
</td>
<td class="nump">16<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Interest expense and finance costs&#160;</a></td>
<td class="num">(2,320)<span></span>
</td>
<td class="num">(3,262)<span></span>
</td>
<td class="num">(4,155)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives', window );">Gain/(loss) on derivative financial instruments</a></td>
<td class="nump">2,520<span></span>
</td>
<td class="nump">181<span></span>
</td>
<td class="num">(1,647)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss', window );">Foreign exchange gains/(losses), net&#160;</a></td>
<td class="nump">73<span></span>
</td>
<td class="nump">79<span></span>
</td>
<td class="num">(163)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">TOTAL INCOME/(LOSS) FOR THE YEAR</a></td>
<td class="nump">24,280<span></span>
</td>
<td class="nump">14,950<span></span>
</td>
<td class="num">(17,372)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other Comprehensive Income</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR</a></td>
<td class="nump">$ 24,280<span></span>
</td>
<td class="nump">$ 14,950<span></span>
</td>
<td class="num">$ (17,372)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_LossEarningsPerShareAbstract', window );"><strong>&#160;&#160;&#160;Earnings/(Loss) per share (U.S.$):</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DilutedEarningsLossPerShare', window );">&#160;- Basic and Diluted income/(loss) per share for the year</a></td>
<td class="nump">$ 1.18<span></span>
</td>
<td class="nump">$ 1.01<span></span>
</td>
<td class="num">$ (18.11)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_AdministrativeExpenseRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity classifies as being administrative resulting from related party transactions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_AdministrativeExpenseRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DepreciationOfDryDockingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation of dry-docking costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DepreciationOfDryDockingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DirectorsCompensationSharebasedPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to directors in the form of share-based payments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DirectorsCompensationSharebasedPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_LossEarningsPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_LossEarningsPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_OperatingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of all operating expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_OperatingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity classifies as being administrative.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2022-03-24<br> -Paragraph 35<br> -Subparagraph b<br> -Clause vi<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_35_b_vi&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ix<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 81A<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation expense. Depreciation is the systematic allocation of depreciable amounts of tangible assets over their useful lives.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DilutedEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of profit (loss) attributable to ordinary equity holders of the parent entity (the numerator), divided by the weighted average number of ordinary shares outstanding during the period (the denominator), both adjusted for the effects of all dilutive potential ordinary shares. [Refer: Ordinary shares [member]; Weighted average [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2022-03-24<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2022-03-24<br> -Paragraph 67<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_67&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DilutedEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FeeAndCommissionIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income relating to fees and commissions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FeeAndCommissionIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of costs associated with financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 82<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) resulting from change in the fair value of derivatives recognised in profit or loss. [Refer: Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of exchange differences recognised in profit or loss that arise from foreign currency transactions, excluding those arising on financial instruments measured at fair value through profit or loss in accordance with IFRS 9. [Refer: At fair value [member]; Financial instruments, class [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 21<br> -IssueDate 2022-03-24<br> -Paragraph 52<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=21&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_52_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 35<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as a reduction of the carrying amount of an asset or cash-generating unit to its recoverable amount. [Refer: Carrying amount [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2022-03-24<br> -Paragraph 130<br> -Subparagraph d<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_130_d_ii&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2022-03-24<br> -Paragraph 130<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_130_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaterialIncomeAndExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaterialIncomeAndExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B12<br> -Subparagraph b<br> -Clause viii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B12_b_viii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 81A<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_81A_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 91<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph d<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_d_ii&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherOperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of operating income (expense) that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherOperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 18<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 28<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2022-03-24<br> -Paragraph 39L<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2023-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2022-03-24<br> -Paragraph 113<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 81A<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from operating activities of the entity. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2022-03-24<br> -Paragraph IE33<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=32&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_IE33&amp;doctype=Illustrative%20Examples<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 28<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 23<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 32<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 33<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 34<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2022-03-24<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 82<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 10: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income arising from interest.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 23<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_23_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 28<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B13<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B13_e&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromRenderingOfServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of services. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromRenderingOfServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ServicesExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from services.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ServicesExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663201586576">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Statements of Financial Position - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsAbstract', window );"><strong>NON-CURRENT ASSETS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Ships', window );">Vessels, net&#160;</a></td>
<td class="nump">$ 129,461<span></span>
</td>
<td class="nump">$ 130,724<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentPrepayments', window );">Advances for vessel purchase</a></td>
<td class="nump">28,172<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OfficeEquipment', window );">Office furniture and equipment&#160;</a></td>
<td class="nump">90<span></span>
</td>
<td class="nump">97<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Right of use asset</a></td>
<td class="nump">493<span></span>
</td>
<td class="nump">888<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentRestrictedCashAndCashEquivalents', window );">Restricted cash</a></td>
<td class="nump">3,590<span></span>
</td>
<td class="nump">3,576<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialAssets', window );">Fair value of derivative financial instruments</a></td>
<td class="nump">1,315<span></span>
</td>
<td class="nump">417<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentAssets', window );">Other non-current assets&#160;</a></td>
<td class="nump">10<span></span>
</td>
<td class="nump">10<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Total non-current assets</a></td>
<td class="nump">163,131<span></span>
</td>
<td class="nump">135,712<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAssetsAbstract', window );"><strong>CURRENT ASSETS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialAssets', window );">Current portion of fair value of derivative financial instruments</a></td>
<td class="nump">1,092<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentReceivables', window );">Trade accounts receivable</a></td>
<td class="nump">109<span></span>
</td>
<td class="nump">1,003<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="nump">3,028<span></span>
</td>
<td class="nump">852<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets', window );">Prepayments and other assets</a></td>
<td class="nump">2,887<span></span>
</td>
<td class="nump">1,224<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentRestrictedCashAndCashEquivalents', window );">Restricted cash</a></td>
<td class="nump">2,378<span></span>
</td>
<td class="nump">1,648<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">52,833<span></span>
</td>
<td class="nump">45,213<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAssets', window );">Total current assets</a></td>
<td class="nump">62,327<span></span>
</td>
<td class="nump">49,940<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Assets', window );">TOTAL ASSETS</a></td>
<td class="nump">225,458<span></span>
</td>
<td class="nump">185,652<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EquityAbstract', window );"><strong>EQUITY&#160;</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Issued share capital</a></td>
<td class="nump">82<span></span>
</td>
<td class="nump">82<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SharePremium', window );">Share premium</a></td>
<td class="nump">284,406<span></span>
</td>
<td class="nump">284,406<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RetainedEarnings', window );">Accumulated deficit</a></td>
<td class="num">(113,790)<span></span>
</td>
<td class="num">(138,070)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="nump">170,698<span></span>
</td>
<td class="nump">146,418<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_NoncurrentLiabilitiesIAbstract', window );"><strong>NON-CURRENT LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Long-term borrowings, net of current portion</a></td>
<td class="nump">37,522<span></span>
</td>
<td class="nump">26,438<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentProvisionsForEmployeeBenefits', window );">Provision for staff retirement indemnities</a></td>
<td class="nump">148<span></span>
</td>
<td class="nump">114<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentLeaseLiabilities', window );">Lease liabilities</a></td>
<td class="nump">188<span></span>
</td>
<td class="nump">556<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilities', window );">Total non-current liabilities</a></td>
<td class="nump">37,858<span></span>
</td>
<td class="nump">27,108<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesAbstract', window );"><strong>CURRENT LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current portion of long-term borrowings</a></td>
<td class="nump">6,803<span></span>
</td>
<td class="nump">5,044<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade accounts payable and other</a></td>
<td class="nump">3,548<span></span>
</td>
<td class="nump">1,100<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities', window );">Accrued liabilities and other payables</a></td>
<td class="nump">5,814<span></span>
</td>
<td class="nump">3,497<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentLeaseLiabilities', window );">Current portion of lease liabilities</a></td>
<td class="nump">321<span></span>
</td>
<td class="nump">349<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialLiabilities', window );">Fair value of derivative financial instruments</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">92<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredIncomeIncludingContractLiabilities', window );">Deferred revenue</a></td>
<td class="nump">416<span></span>
</td>
<td class="nump">2,044<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentLiabilities', window );">Total current liabilities</a></td>
<td class="nump">16,902<span></span>
</td>
<td class="nump">12,126<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">TOTAL LIABILITIES&#160;</a></td>
<td class="nump">54,760<span></span>
</td>
<td class="nump">39,234<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EquityAndLiabilities', window );">TOTAL EQUITY AND LIABILITIES</a></td>
<td class="nump">$ 225,458<span></span>
</td>
<td class="nump">$ 185,652<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_NoncurrentLiabilitiesIAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_NoncurrentLiabilitiesIAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of a present economic resource controlled by the entity as a result of past events. Economic resource is a right that has the potential to produce economic benefits.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 28<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B13<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 54<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current accrued expenses and other current liabilities. [Refer: Accruals; Other current liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that the entity (a) expects to realise or intends to sell or consume in its normal operating cycle; (b) holds primarily for the purpose of trading; (c) expects to realise within twelve months after the reporting period; or (d) classifies as cash or cash equivalents (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. [Refer: Assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B12<br> -Subparagraph b<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B12_b_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentDerivativeFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current derivative financial assets. [Refer: Derivative financial assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentDerivativeFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentDerivativeFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current derivative financial liabilities. [Refer: Derivative financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentDerivativeFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 47<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The amount of liabilities that: (a) the entity expects to settle in its normal operating cycle; (b) the entity holds primarily for the purpose of trading; (c) are due to be settled within twelve months after the reporting period; or (d) the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period.
Effective 2023-01-01: The amount of liabilities that: (a) the entity expects to settle in its normal operating cycle; (b) the entity holds primarily for the purpose of trading; (c) are due to be settled within twelve months after the reporting period; or (d) the entity does not have the right at the end of the reporting period to defer settlement for at least twelve months after the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B12_b_iii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 69<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentPortionOfLongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentPortionOfLongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current prepayments and other current assets. [Refer: Other current assets; Current prepayments]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentRestrictedCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current restricted cash and cash equivalents. [Refer: Restricted cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentRestrictedCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredIncomeIncludingContractLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities representing income that has been received (or the amount is due) but is not yet earned, including contract liabilities. [Refer: Contract liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredIncomeIncludingContractLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 24<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAndLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of the entity's equity and liabilities. [Refer: Equity; Liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAndLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Inventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2022-03-24<br> -Paragraph 36<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 54<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 68<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Inventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssuedCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The nominal value of capital issued.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssuedCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of a present obligation of the entity to transfer an economic resource as a result of past events. Economic resource is a right that has the potential to produce economic benefits.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 28<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_28_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that do not meet the definition of current assets. [Refer: Current assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B12_b_ii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentDerivativeFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current derivative financial assets. [Refer: Derivative financial assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentDerivativeFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 47<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that do not meet the definition of current liabilities. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B12_b_iv&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 69<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentPrepayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current prepayments. [Refer: Prepayments]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentPrepayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentProvisionsForEmployeeBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current provisions for employee benefits. [Refer: Provisions for employee benefits]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentProvisionsForEmployeeBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentRestrictedCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current restricted cash and cash equivalents. [Refer: Restricted cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentRestrictedCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OfficeEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of property, plant and equipment representing equipment used to support office functions, not specifically used in the production process. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 37<br> -Subparagraph h<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_37_h&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OfficeEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current assets that the entity does not separately disclose in the same statement or note. [Refer: Non-current assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RetainedEarnings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing the entity's cumulative undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph IG6<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_IG6&amp;doctype=Implementation%20Guidance<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RetainedEarnings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that represent a lessee's right to use an underlying asset for the lease term. Underlying asset is an asset that is the subject of a lease, for which the right to use that asset has been provided by a lessor to a lessee.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 53<br> -Subparagraph j<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_53_j&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RightofuseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SharePremium">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount received or receivable from the issuance of the entity's shares in excess of nominal value.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SharePremium</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Ships">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of property, plant and equipment representing seafaring or other maritime vessels used in the entity's operations. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 37<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_37_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Ships</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade payables and current other payables. [Refer: Current trade payables; Other current payables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 54<br> -Subparagraph k<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables and current other receivables. [Refer: Current trade receivables; Other current receivables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 54<br> -Subparagraph h<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_54_h&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<DOCUMENT>
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<title></title>
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<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663202225424">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Statements of Changes in Equity - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Issued capital [member]</div></th>
<th class="th"><div>Share premium [member]</div></th>
<th class="th"><div>Accumulated Deficit [member]</div></th>
<th class="th"><div>Total [member]</div></th>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance at Dec. 31, 2019</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 145,527<span></span>
</td>
<td class="num">$ (135,648)<span></span>
</td>
<td class="nump">$ 9,879<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Income for the year</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(17,372)<span></span>
</td>
<td class="num">(17,372)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive income</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(17,372)<span></span>
</td>
<td class="num">(17,372)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions', window );">Share-based payments (note 12)</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">40<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">40<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments', window );">Issuance of common stock due to conversion (note 11)</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">815<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">815<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IssueOfEquity', window );">Issuance of new common shares (Note 9)</a></td>
<td class="nump">12<span></span>
</td>
<td class="nump">49,305<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">49,317<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity', window );">Issuance of new common shares due to exercise of Warrants (Note 9)</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">194<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">194<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_IssueOfPreferredShares', window );">Issuance of Class B preferred shares (Note 4)</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">300<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">300<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ShareIssueRelatedCost', window );">Transaction costs on issue of new common shares (Note 9)</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(1,079)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(1,079)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance at Dec. 31, 2020</a></td>
<td class="nump">12<span></span>
</td>
<td class="nump">195,102<span></span>
</td>
<td class="num">(153,020)<span></span>
</td>
<td class="nump">42,094<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Income for the year</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">14,950<span></span>
</td>
<td class="nump">14,950<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive income</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">14,950<span></span>
</td>
<td class="nump">14,950<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions', window );">Share-based payments (note 12)</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">40<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">40<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IssueOfEquity', window );">Issuance of new common shares (Note 9)</a></td>
<td class="nump">60<span></span>
</td>
<td class="nump">89,520<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">89,580<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity', window );">Issuance of new common shares due to exercise of Warrants (Note 9)</a></td>
<td class="nump">10<span></span>
</td>
<td class="nump">15<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">25<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_IssueOfPreferredShares', window );">Issuance of Class B preferred shares (Note 4)</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">130<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">130<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ShareIssueRelatedCost', window );">Transaction costs on issue of new common shares (Note 9)</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(401)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(401)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance at Dec. 31, 2021</a></td>
<td class="nump">82<span></span>
</td>
<td class="nump">284,406<span></span>
</td>
<td class="num">(138,070)<span></span>
</td>
<td class="nump">146,418<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Income for the year</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">24,280<span></span>
</td>
<td class="nump">24,280<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive income</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">24,280<span></span>
</td>
<td class="nump">24,280<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance at Dec. 31, 2022</a></td>
<td class="nump">$ 82<span></span>
</td>
<td class="nump">$ 284,406<span></span>
</td>
<td class="num">$ (113,790)<span></span>
</td>
<td class="nump">$ 170,698<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_IssueOfPreferredShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase in equity through the issue of preferred shares.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_IssueOfPreferredShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ix<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 81A<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 24<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from the conversion of convertible instruments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughConversionOfConvertibleInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from the exercise of warrants.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from share-based payment transactions. [Refer: Equity]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph d<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_d_iii&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssueOfEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase in equity through the issue of equity instruments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph d<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_d_iii&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssueOfEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B12<br> -Subparagraph b<br> -Clause viii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B12_b_viii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 81A<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_81A_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 91<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph d<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_d_ii&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 18<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 28<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2022-03-24<br> -Paragraph 39L<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2023-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2022-03-24<br> -Paragraph 113<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 81A<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareIssueRelatedCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cost related to the issuance of shares.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareIssueRelatedCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663201216080">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Cash Flows - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Income / (Loss) for the year</a></td>
<td class="nump">$ 24,280<span></span>
</td>
<td class="nump">$ 14,950<span></span>
</td>
<td class="num">$ (17,372)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForReconcileProfitLossAbstract', window );"><strong>Adjustments for:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDepreciationExpense', window );">Depreciation</a></td>
<td class="nump">5,600<span></span>
</td>
<td class="nump">3,910<span></span>
</td>
<td class="nump">2,398<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts', window );">Depreciation of deferred dry-docking costs</a></td>
<td class="nump">4,646<span></span>
</td>
<td class="nump">2,751<span></span>
</td>
<td class="nump">1,335<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_PaymentsOfDeferredDryDockingCosts', window );">Payment of deferred dry-docking costs</a></td>
<td class="num">(2,995)<span></span>
</td>
<td class="num">(3,664)<span></span>
</td>
<td class="num">(2,663)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForProvisions', window );">Provision for staff retirement indemnities</a></td>
<td class="nump">35<span></span>
</td>
<td class="nump">83<span></span>
</td>
<td class="nump">5<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Impairment loss</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">4,615<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives', window );">(Gain)/Loss on derivative financial instruments</a></td>
<td class="num">(2,520)<span></span>
</td>
<td class="num">(181)<span></span>
</td>
<td class="nump">1,647<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForFinanceCosts', window );">Interest expense and finance costs</a></td>
<td class="nump">2,320<span></span>
</td>
<td class="nump">3,262<span></span>
</td>
<td class="nump">4,155<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForInterestIncome', window );">Interest income</a></td>
<td class="num">(375)<span></span>
</td>
<td class="num">(8)<span></span>
</td>
<td class="num">(16)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains', window );">Foreign exchange (gains)/losses, net</a></td>
<td class="num">(26)<span></span>
</td>
<td class="num">(87)<span></span>
</td>
<td class="nump">121<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForSharebasedPayments', window );">Share based payment</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">40<span></span>
</td>
<td class="nump">40<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable', window );">Trade accounts receivable</a></td>
<td class="nump">894<span></span>
</td>
<td class="num">(850)<span></span>
</td>
<td class="nump">87<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories', window );">Inventories</a></td>
<td class="num">(2,176)<span></span>
</td>
<td class="nump">396<span></span>
</td>
<td class="nump">297<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets', window );">Prepayments and other assets</a></td>
<td class="num">(1,663)<span></span>
</td>
<td class="num">(197)<span></span>
</td>
<td class="num">(874)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable', window );">Trade accounts payable</a></td>
<td class="nump">2,721<span></span>
</td>
<td class="num">(1,917)<span></span>
</td>
<td class="nump">89<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables', window );">Accrued liabilities and other payables</a></td>
<td class="num">(2,207)<span></span>
</td>
<td class="nump">503<span></span>
</td>
<td class="num">(392)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInDeferredIncomeIncludingContractLiabilities', window );">Deferred revenue</a></td>
<td class="num">(1,628)<span></span>
</td>
<td class="nump">1,759<span></span>
</td>
<td class="nump">285<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivities', window );">Net cash generated from / (used in) operating activities</a></td>
<td class="nump">26,906<span></span>
</td>
<td class="nump">20,750<span></span>
</td>
<td class="num">(6,243)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract', window );"><strong>Cash flows from investing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities', window );">Vessel acquisition</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(71,600)<span></span>
</td>
<td class="num">(18,474)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities', window );">Advance for vessel acquisition</a></td>
<td class="num">(28,172)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_CashPaymentsForImprovements', window );">Vessels&#8217; improvements</a></td>
<td class="num">(1,178)<span></span>
</td>
<td class="num">(332)<span></span>
</td>
<td class="num">(54)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities', window );">Purchases of office furniture and equipment</a></td>
<td class="num">(33)<span></span>
</td>
<td class="num">(36)<span></span>
</td>
<td class="num">(30)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestReceivedClassifiedAsInvestingActivities', window );">Interest received</a></td>
<td class="nump">375<span></span>
</td>
<td class="nump">8<span></span>
</td>
<td class="nump">16<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivities', window );">Net cash used in investing activities</a></td>
<td class="num">(29,008)<span></span>
</td>
<td class="num">(71,960)<span></span>
</td>
<td class="num">(18,542)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from loans</a></td>
<td class="nump">18,000<span></span>
</td>
<td class="nump">34,250<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Repayment of long-term debt</a></td>
<td class="num">(5,375)<span></span>
</td>
<td class="num">(3,993)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DebtInstrumentPrepaymentAmount', window );">Prepayment of long-term debt</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(35,507)<span></span>
</td>
<td class="num">(3,040)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProceedsFromIssuingShares', window );">Proceeds from issuance of share capital</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">89,580<span></span>
</td>
<td class="nump">49,317<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_ProceedsFromWarrantExercises', window );">Proceeds from exercise of Warrants</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">25<span></span>
</td>
<td class="nump">194<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PaymentsForShareIssueCosts', window );">Transaction costs on issuance of new common shares</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(401)<span></span>
</td>
<td class="num">(1,079)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInIncreaseDecreaseInCurrentBorrowings', window );">(Increase)/decrease in restricted cash</a></td>
<td class="num">(744)<span></span>
</td>
<td class="num">(3,158)<span></span>
</td>
<td class="nump">369<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PaymentsForDebtIssueCosts', window );">Payment of financing costs</a></td>
<td class="num">(259)<span></span>
</td>
<td class="num">(545)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities', window );">Payment of lease liability - principal</a></td>
<td class="num">(286)<span></span>
</td>
<td class="num">(241)<span></span>
</td>
<td class="num">(159)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestPaidClassifiedAsFinancingActivities', window );">Interest paid</a></td>
<td class="num">(1,614)<span></span>
</td>
<td class="num">(2,624)<span></span>
</td>
<td class="num">(4,146)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInFinancingActivities', window );">Net cash generated from financing activities</a></td>
<td class="nump">9,722<span></span>
</td>
<td class="nump">77,386<span></span>
</td>
<td class="nump">41,456<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges', window );">Net increase in cash and cash equivalents</a></td>
<td class="nump">7,620<span></span>
</td>
<td class="nump">26,176<span></span>
</td>
<td class="nump">16,671<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents at the beginning of the year</a></td>
<td class="nump">45,213<span></span>
</td>
<td class="nump">19,037<span></span>
</td>
<td class="nump">2,366<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents at the end of the year</a></td>
<td class="nump">$ 52,833<span></span>
</td>
<td class="nump">$ 45,213<span></span>
</td>
<td class="nump">$ 19,037<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for depreciation expense of deferred dry-docking costs to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_AdjustmentsForDepreciationExpenseOfDeferredDryDockingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in accrued liabilities and other payables to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_AdjustmentsForIncreaseDecreaseInAccruedLiabilitiesAndOtherPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_CashPaymentsForImprovements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for improvements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_CashPaymentsForImprovements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DebtInstrumentPrepaymentAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of debt prepaid during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DebtInstrumentPrepaymentAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_PaymentsOfDeferredDryDockingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for deferred dry-docking costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_PaymentsOfDeferredDryDockingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_ProceedsFromWarrantExercises">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the amount received from holders exercising their stock warrants.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_ProceedsFromWarrantExercises</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in inventories to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Inventories; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 20<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in other assets to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Other assets; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in trade accounts receivable to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 20<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDepreciationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for depreciation expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDepreciationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForFinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for finance costs to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Finance costs; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 20<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_20_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForFinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for gains (losses) on changes in the fair value of derivatives to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: At fair value [member]; Derivatives [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Impairment loss (reversal of impairment loss) recognised in profit or loss]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 20<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInDeferredIncomeIncludingContractLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for the increase (decrease) in deferred income including contract liabilities to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Deferred income including contract liabilities; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 20<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInDeferredIncomeIncludingContractLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in trade accounts payable to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 20<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForInterestIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for interest income expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Interest income; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForInterestIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for provisions to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Provisions; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 20<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForReconcileProfitLossAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForReconcileProfitLossAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForSharebasedPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for share-based payments to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 20<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForSharebasedPayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for unrealised foreign exchange losses (gains) to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 20<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Section A Statement of cash flows for an entity other than a financial institution<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;doctype=Illustrative%20Examples&amp;dita_xref=IAS07_IE_A__IAS07_IE_A_TI<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cash advances and loans made to other parties (other than advances and loans made by a financial institution), classified as investing activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 16<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_16_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B13<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 54<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) financing activities, which are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 10<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 50<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInIncreaseDecreaseInCurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow (outflow) due to an increase (decrease) in current borrowings. [Refer: Current borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInIncreaseDecreaseInCurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) investing activities, which are the acquisition and disposal of long-term assets and other investments not included in cash equivalents.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 10<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 50<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) operating activities, which are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 10<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 50<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 39<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_39&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in cash and cash equivalents before the effect of exchange rate changes on cash and cash equivalents held in foreign currencies. [Refer: Cash and cash equivalents; Effect of exchange rate changes on cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestPaidClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for interest paid, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 31<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestPaidClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestReceivedClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from interest received, classified as investing activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 31<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestReceivedClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsForDebtIssueCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for debt issue costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsForDebtIssueCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsForShareIssueCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for share issue costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsForShareIssueCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for payment of lease liabilities, classified as financing activities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from borrowings obtained. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromIssuingShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from issuing shares.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromIssuingShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 18<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 28<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2022-03-24<br> -Paragraph 39L<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2023-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2022-03-24<br> -Paragraph 113<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 81A<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchases of long-term assets that the entity does not separately disclose in the same statement or note, classified as investing activities. [Refer: Assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 16<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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<td style="white-space:nowrap;">ifrs-full_PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to settle borrowings, classified as financing activities. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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<td style="white-space:nowrap;">ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities</td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663205547008">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of presentation and general information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract', window );"><strong>Disclosure of subsidiaries [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory', window );">Basis of presentation and general information</a></td>
<td class="text"><p id="xdx_80B_eifrs-full--DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_zMwfhcVkkB41" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>1.
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<span id="xdx_823_zHhQLeMHYyCg">Basis of presentation and general information</span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
accompanying consolidated financial statements include the financial statements of <b><i><span id="xdx_90A_eifrs-full--NameOfReportingEntityOrOtherMeansOfIdentification_c20220101__20221231_z6gl2OY5Bqw1" title="Name of reporting entity">Globus Maritime Limited</span></i></b> (&#8220;Globus&#8221;)
and its wholly owned subsidiaries (collectively the &#8220;Company&#8221;). Globus was formed on July 26, 2006, under the laws of Jersey.
On June 1, 2007, Globus concluded its initial public offering in the United Kingdom and its shares were admitted for trading on the Alternative
Investment Market (&#8220;AIM&#8221;). On November 24, 2010, Globus was redomiciled to the <span id="xdx_90D_eifrs-full--DomicileOfEntity_c20220101__20221231_zgKqhEr0z2H9">Marshall Islands</span> and its shares were admitted
for trading in the United States (NASDAQ Global Market) under the Securities Act of 1933, as amended. On November 26, 2010, Globus&#8217;
shares were  delisted from AIM.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
address of the registered office of Globus is: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><span id="xdx_903_eifrs-full--DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_c20220101__20221231_zkrmjJHcH1v8">The
principal business of the Company is the ownership and operation of a fleet of dry bulk motor vessels (&#8220;m/v&#8221;), providing
maritime services for the transportation of dry cargo products on a worldwide basis.</span> The Company conducts its operations through its
vessel owning subsidiaries.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
operations of the vessels are managed by Globus Shipmanagement Corp. (the &#8220;Manager&#8221;), a wholly owned Marshall Islands corporation.
The Manager has an office in Greece, located at 128 Vouliagmenis Avenue, 166 74 Glyfada, Greece and provides the commercial, technical,
cash management and accounting services necessary for the operation of the fleet in exchange for a management fee. The management fee
is eliminated on consolidation. The consolidated financial statements include the financial statements of Globus and its subsidiaries
listed below, all wholly owned by Globus as at December 31, 2022:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p id="xdx_894_eifrs-full--DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_z6OaK6wDH3x5" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="display: none; font-size: 10pt">Basis
of presentation and general information&#160;</span></p><table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: White"><td style="font-size: 12pt; padding-bottom: 1pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td><td style="font: 11pt Baskerville Win95BT; padding-bottom: 1pt"><span style="font-size: 10pt">&#160;</span></td>
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 0.5pt solid; text-align: center"><p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span id="xdx_91D_ecustom--VesselDeliveryDate_zL3wP0XZpEN5" style="font-size: 10pt"><b>Vessel
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    <td style="font: 11pt Baskerville Win95BT; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font: 11pt Baskerville Win95BT"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 11pt Baskerville Win95BT; text-align: center"><span style="font-size: 10pt">&#160;</span></td><td style="font: 11pt Baskerville Win95BT"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 11pt Baskerville Win95BT; text-align: center"><span style="font-size: 10pt">&#160;</span></td><td style="font: 11pt Baskerville Win95BT"><span style="font-size: 10pt">&#160;</span></td>
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<tr id="xdx_410_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--GlobusShipmanagementCorpMember_zDUIJOWrq2fk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-size: 10pt">Globus Shipmanagement Corp.</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">Marshall Islands</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="-sec-ix-hidden: xdx2ixbrl0572"><span style="font-size: 10pt">&#8212;&#160;</span></span></td><td><span style="font-size: 10pt">&#160;</span></td>
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<tr id="xdx_417_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DevoceanMaritimeLtdMember_zbP0OE33hQwj" style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: left; width: 1%; vertical-align: bottom"><span style="font-size: 10pt"/></td>
    <td style="text-align: center; width: 21%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
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    <td style="text-align: left; width: 1%; vertical-align: bottom"/>
    <td style="text-align: center; width: 21%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    18, 2007</span></td>
    <td style="text-align: left; width: 1%; vertical-align: bottom"/>
    <td style="text-align: center; width: 21%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">m/v
    River Globe</span></td></tr>
  <tr id="xdx_413_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DominaMaritimeLtdMember_zZ12i3IP6Ax" style="vertical-align: top; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Domina
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    <td/>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</span></td>
    <td/>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
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    <td><span style="font-size: 10pt"/></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">m/v
    Sky Globe</span></td></tr>
  <tr id="xdx_41C_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DulacMaritimeSAMember_zLwSJgWYGjT7" style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dulac
    Maritime S.A.</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
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    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">m/v
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  <tr id="xdx_417_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ArtfulShipholdingSAMember_zuO7E9ViFj98" style="vertical-align: top; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Artful
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    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands </span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
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    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">m/v
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  <tr id="xdx_410_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--LongevityMaritimeLimitedMember_zOKLaJxhKdB5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-size: 10pt">Longevity Maritime Limited</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; padding-left: 5.4pt"><span style="font-size: 10pt">Malta</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">September 15, 2011</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">m/v Sun Globe</span></td></tr>
<tr id="xdx_413_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SerenaMaritimeLimitedMember_zDsgqgzHMaP3" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-size: 10pt">Serena Maritime Limited</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">Marshall Islands</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">October 29, 2020</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">m/v Galaxy Globe</span></td></tr>
<tr id="xdx_411_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TalismanMaritimeLimitedMember_z81WA4i6owo2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-size: 10pt">Talisman Maritime Limited</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">Marshall Islands</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">July 20, 2021</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">m/v Power Globe</span></td></tr>
<tr id="xdx_418_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ArgoMaritimeLimitedMember_z4zyJUwenCai" style="vertical-align: top; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Argo
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    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
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    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
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    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">m/v
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  <tr id="xdx_41A_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--CalypsoShipholdingSAMember_zg4glu3Uhofd" style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calypso
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    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
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    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="-sec-ix-hidden: xdx2ixbrl0599">&#8212;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hull
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  <tr id="xdx_419_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DaxosMaritimeLimitedMember_zpd6qAob24b9" style="vertical-align: top; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daxos
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    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="-sec-ix-hidden: xdx2ixbrl0602">&#8212;</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hull
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  <tr id="xdx_416_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--OlympiaShipholdingSAMember_zbw0PDVfmTXk" style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Olympia
    Shipholding S.A.</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="-sec-ix-hidden: xdx2ixbrl0605">&#8212;</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="-sec-ix-hidden: xdx2ixbrl0606"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></span></td></tr>
  <tr id="xdx_419_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ParalusShipholdingSAMember_z8tkmWLcQ0ud" style="vertical-align: top; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paralus
    Shipholding S.A.</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="-sec-ix-hidden: xdx2ixbrl0608">&#8212;</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hull
    No: NE-443*</span></td></tr>
  <tr id="xdx_41A_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SalaminiaMaritimeLimitedMember_zS9mdCZMdGl5" style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Salaminia
    Maritime Limited</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    29, 2021</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">m/v
    Orion Globe</span></td></tr>
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"/>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">* New building
vessels</span></p>

<p id="xdx_8AD_zUjR0ERvv4zj" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The consolidated
financial statements as at December 31, 2022 and 2021 and for the three years in the period ended December 31, 2022, were approved for
issuance by the Board of Directors on March 17, 2023.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; color: blue"><b>&#160;</b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; color: blue"/>




<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"/></p>

<span></span>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663205650240">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of Preparation and Significant Accounting Policies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsAbstract', window );"><strong>Disclosure of initial application of standards or interpretations [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory', window );">Basis of Preparation and Significant Accounting Policies</a></td>
<td class="text"><p id="xdx_809_eifrs-full--DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_zI7BFHhztmti" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#8239;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;<span id="xdx_824_zpInt8IF6gQl">Basis
of Preparation and Significant Accounting Policies</span></b></span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -18pt"><span style="font-size: 10pt">&#160;</span></p>

<p id="xdx_843_eifrs-full--DisclosureOfGoingConcernExplanatory_zsQWnmQIcuf1" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.1
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160; <span id="xdx_861_zrxnIFNn6cXe">Basis of Preparation:</span> </b>The consolidated financial statements have been
prepared on a historical cost basis, except for derivative financial instruments which are measured at fair value. The consolidated
financial statements are presented in U.S. dollars and all values are rounded to the nearest thousand ($ 000s) except when otherwise
indicated.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>Going
concern basis of accounting: </b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The Company
performs on a regular basis an assessment to evaluate its ability to continue as a going concern.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">In assessing
whether the going concern assumption is appropriate, management takes into account all available information about the future, which
is at least, but is not limited to, twelve months from the end of the reporting period. The degree of consideration depends on the facts
in each case and depends on the Company&#8217;s profitability and ready access to financial resources, In certain cases, management may
need to consider a wide range of factors relating to current and expected profitability, debt repayment schedules, compliance with the
financial and security collateral cover ratio covenants under its existing debt agreements and potential sources of replacement financing
before it can satisfy itself that the going concern basis is appropriate. The Company may need to develop detailed cash flow projections
as part of its assessment in such cases. In developing estimates of future cash flows, the Company makes assumptions about the vessels&#8217;
future performance, with the significant assumptions relating to time charter equivalent rates, vessels&#8217; operating expenses, vessels&#8217;
capital expenditures, fleet utilization, Company&#8217;s general and administrative expenses and cash flow requirements for debt servicing.
The assumptions used to develop estimates of future cash flows are based on historical trends as well as future expectations.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">As at
December 31, 2022, the Company reported a total comprehensive income for the year of $<span id="xdx_90C_eifrs-full--ComprehensiveIncome_pn3n3_c20220101__20221231_zYvkZckxy258">24,280</span>, net cash generated from
operating activities of $<span id="xdx_909_eifrs-full--CashFlowsFromUsedInOperatingActivities_pn3n3_c20220101__20221231_zUKA5IIBYrIa">26,906</span>, Cash and cash equivalents of $<span id="xdx_90A_eifrs-full--CashAndCashEquivalents_iI_pn3n3_c20221231_zLrE8dyaQ7ac">52,833</span>, a working capital surplus of $<span id="xdx_906_eifrs-full--CurrentAssetsLiabilities_iI_pn3n3_c20221231_zvoGJxemvsn8" title="Working capital surplus">45,000</span>
 and was in compliance with its debt covenants.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The above
conditions indicate that the Company is expected to be able to operate as a going concern and these consolidated financial statements
were prepared under this assumption.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt"><b>Impact of
COVID-19 on the Company&#8217;s Business</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">The spread
of the COVID-19 virus, which has been declared a pandemic by the World Health Organization in 2020 has caused substantial disruptions
in the global economy and the shipping industry, as well as significant volatility in the financial markets, the severity and duration
of which remains uncertain.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">The impact
of the COVID-19 pandemic continues to unfold and may continue to have a negative effect on the Company&#8217;s business, financial performance
and the results of its operations. As a result, many of the Company&#8217;s estimates and assumptions required increased judgment and
carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company&#8217;s
estimates may change in future periods. Besides reducing demand for cargo, coronavirus may functionally limit 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.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-left: 36pt; text-align: justify"><span style="font-size: 10pt">The Company
has evaluated the impact of the current economic situation on the recoverability of the carrying amount of its vessels. During the first
quarter of 2020, the Company concluded that events and circumstances triggered the existence of potential impairment of its vessels.
These indicators included volatility in the charter market as well as the potential impact the current marketplace may have on the future
operations. As a result, the Company performed an impairment assessment of the Company&#8217;s vessels by comparing the discounted projected
net operating cash flows for each vessel to its carrying values. For the first quarter of 2020, the Company concluded that the recoverable
amounts of the vessels were lower than their carrying amounts and an impairment loss of $<span id="xdx_901_eifrs-full--AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_pn3n3_c20200101__20201231_zxVSpxBZO3P9" title="Impairment loss">4,615</span> was recorded (Note 5). The Company has
re-assessed impairment indicators as at December 31, 2022 and concluded that <span id="xdx_90F_eifrs-full--AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_pn3n3_do_c20220101__20221231_zv9UJCjP0BOf" title="Impairment loss">no</span> further impairment of its vessels should be recorded
or previously recognized impairment should be reversed.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-left: 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Conflicts</b></span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-left: 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
conflict between Russia and Ukraine, which commenced in February 2022, has disrupted supply chains and caused instability and significant
volatility in the global economy. Much uncertainty remains regarding the global impact of the conflict in Ukraine, and it is possible
that such instability, uncertainty and resulting volatility could significantly increase the costs of the Company and adversely affect
its business, including the ability to secure charters and financing on attractive terms, and as a result, adversely affect the Company&#8217;s
business, financial condition, results of operation, estimates and cash flows. Currently there is no direct effect on the
Company&#8217;s operations.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-left: 36pt; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Significant Accounting Policies (continued)</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>Statement
of Compliance: </b>These consolidated financial statements of the Company have been prepared in accordance with <span id="xdx_90C_edei--EntityAccountingStandard_c20220101__20221231_zHN95CfeGFii">International Financial
Reporting Standards</span> (&#8220;IFRS&#8221;) as issued by the International Accounting Standards Board (&#8220;IASB&#8221;).</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>Basis
of Consolidation:</b> The consolidated financial statements comprise the financial statements of Globus and its subsidiaries listed in
Note 1. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting
policies.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">All
inter-company balances and transactions have been eliminated upon consolidation. Subsidiaries are fully consolidated from the date on
which control is transferred to the Company and cease to be consolidated from the date on which control is transferred out of the Company.</span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p id="xdx_848_eifrs-full--DescriptionOfInitialApplicationOfStandardsOrInterpretations_z11MjDrO0fJ8" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;&#8239;&#160;&#160;<span id="xdx_86B_zpgyBprR2dVk">
Standards amendments and interpretations:</span></b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The accounting
policies adopted are consistent with those of previous financial year except for the following amended IFRS which have been adopted by
the Company as at January 1, 2022:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Symbol; font-size: 10pt">&#183;
</span><span style="font-size: 10pt"><b>IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent
Liabilities and Contingent Assets as well as Annual Improvements 2018-2020 (Amendments)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 35.45pt; text-align: justify"><span style="font-size: 10pt">The
amendments are effective for annual periods beginning on or after January 1, 2022 with earlier application permitted. The IASB has
issued narrow-scope amendments to the IFRS Standards as follows:</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;
</span><span style="font-size: 10pt"><b>IFRS 3 Business Combinations (Amendments)</b> update a reference in IFRS 3 to the previous version
of the IASB&#8217;s Conceptual Framework for Financial Reporting to the current version issued in 2018 without significantly changing
the accounting requirements for business combinations.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;
</span><span style="font-size: 10pt"><b>IAS 16 Property, Plant and Equipment (Amendments)</b> prohibit a company from deducting from
the cost of property, plant and equipment any proceeds from the sale of items produced while bringing the asset to the location and condition
necessary for it be capable of operating in the manner intended by management. Instead, a company recognizes such sales proceeds and
related cost in profit or loss.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;
</span><span style="font-size: 10pt"><b>IAS 37 Provisions, Contingent Liabilities and Contingent Assets (Amendments)</b> specify which
costs a company includes in determining the cost of fulfilling a contract for the purpose of assessing whether a contract is onerous.
The amendments clarify, the costs that relate directly to a contract to provide goods or services include both incremental costs and
an allocation of costs directly related to the contract activities. </span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;
</span><span style="font-size: 10pt"><b>Annual Improvements 2018-2020</b> make minor amendments to <b>IFRS 1 First-time Adoption of International
Financial Reporting Standards</b>, <b>IFRS 9 Financial Instruments</b>, <b>IAS 41 Agriculture</b> and the Illustrative Examples accompanying
<b>IFRS 16 Leases</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The amendments
had no impact on the financial statements of the Company.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Symbol; font-size: 10pt">&#183; </span><span style="font-size: 10pt"><b>IFRS
16 Leases-Covid 19 Related Rent Concessions beyond  June 30, 2021 (Amendment)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The
Amendment applies to annual reporting periods beginning on or after April 1, 2021, with earlier application permitted, including in
financial statements not yet authorized for issue at the date the amendment is issued. In March 2021, the Board amended the
conditions of the practical expedient in IFRS 16 that provides relief to lessees from applying the IFRS 16 guidance on lease
modifications to rent concessions arising as a direct consequence of the covid-19 pandemic. Following the amendment, the practical
expedient now applies to rent concessions for which any reduction in lease payments affects only payments originally due on or
before  June 30, 2022, provided the other conditions for applying the practical expedient are met.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The amendments
had no impact on the financial statements of the Company.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;<b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><span style="font-size: 10pt"><b>Standards
issued but not yet effective and not early adopted:</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Symbol; font-size: 10pt">&#183;
</span><span style="font-size: 10pt"><b>IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting
policies (Amendments)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The Amendments
are effective for annual periods beginning on or after January 1, 2023 with earlier application permitted. The amendments provide guidance
on the application of materiality judgements to accounting policy disclosures. In particular, the amendments to IAS 1 replace the requirement
to disclose &#8216;significant&#8217; accounting policies with a requirement to disclose &#8216;material&#8217; accounting policies.
Also, guidance and illustrative examples are added in the Practice Statement to assist in the application of the materiality concept
when making judgements about accounting policy disclosures. Management is in process of assessing the effect of these amendments on
the Company&#8217;s financial statements and disclosures.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><b>&#160;</b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><b/></p>




<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Significant Accounting Policies (continued)</b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Symbol; font-size: 10pt">&#183;
</span><span style="font-size: 10pt"><b>IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting
Estimates (Amendments)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The amendments
become effective for annual reporting periods beginning on or after January 1, 2023 with earlier application permitted and apply to changes
in accounting policies and changes in accounting estimates that occur on or after the start of that period. The amendments introduce
a new definition of accounting estimates, defined as monetary amounts in financial statements that are subject to measurement uncertainty,
if they do not result from a correction of prior period error. Also, the amendments clarify what changes in accounting estimates are
and how these differ from changes in accounting policies and corrections of errors. Management is in process of assessing the effect of these amendments on the Company&#8217;s financial statements
and disclosures.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Symbol; font-size: 10pt">&#183;
</span><span style="font-size: 10pt"><b>IAS 12 Income taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction
(Amendments)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The amendments
are effective for annual periods beginning on or after January 1, 2023 with earlier application permitted. The amendments narrow the
scope of and provide further clarity on the initial recognition exception under IAS 12 and specify how companies should account for deferred
tax related to assets and liabilities arising from a single transaction, such as leases and decommissioning obligations. The amendments
clarify that where payments that settle a liability are deductible for tax purposes, it is a matter of judgement, having considered the
applicable tax law, whether such deductions are attributable for tax purposes to the liability or to the related asset component. Under
the amendments, the initial recognition exception does not apply to transactions that, on initial recognition, give rise to equal taxable
and deductible temporary differences. It only applies if the recognition of a lease asset and lease liability (or decommissioning liability
and decommissioning asset component) give rise to taxable and deductible temporary differences that are not equal. Management has assessed
that these amendments will have no impact on the Company&#8217;s financial position or performance.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Symbol; font-size: 10pt">&#183; </span><span style="font-size: 10pt"><b>IAS
1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (Amendments)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The
amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted, and
will need to be applied retrospectively in accordance with IAS 8. The objective of the amendments is to clarify the principles in
IAS 1 for the classification of liabilities as either current or non-current. The amendments clarify the meaning of a right to defer
settlement, the requirement for this right to exist at the end of the reporting period, that management intent does not affect
current or non-current classification, that options by the counterparty that could result in settlement by the transfer of the
entity&#8217;s own equity instruments do not affect current or non-current classification. Also, the amendments specify that only
covenants with which an entity must comply on or before the reporting date will affect a liability&#8217;s classification.
Additional disclosures are also required for non-current liabilities arising from loan arrangements that are subject to covenants to
be complied with within twelve months after the reporting period. Management is in process of assessing the effect of these
amendments on the Company&#8217;s financial statements and disclosures.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Symbol; font-size: 10pt">&#183;
</span><span style="font-size: 10pt"><b>IFRS 16 Leases: Lease Liability in a Sale and Leaseback (amendments)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The amendments
are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. The amendments
are intended to improve the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction
in IFRS 16, while it does not change the accounting for leases unrelated to sale and leaseback transactions. In particular, the seller-lessee
determines &#8216;lease payments&#8217; or &#8216;revised lease payments&#8217; in such a way that the seller-lessee would not recognize
any amount of the gain or loss that relates to the right of use it retains. Applying these requirements does not prevent the seller-lessee
from recognizing, in profit or loss, any gain or loss relating to the partial or full termination of a lease. A seller-lessee applies
the amendment retrospectively in accordance with IAS 8 to sale and leaseback transactions entered into after the date of initial application,
being the beginning of the annual reporting period in which an entity first applied IFRS 16. Management has assessed that these amendments
will have no impact on the Company&#8217;s financial position or performance.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Symbol; font-size: 10pt">&#183;
</span><span style="font-size: 10pt"><b>Amendment in IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and
Joint Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The amendments
address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS 28, in dealing with the sale or contribution
of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss
is recognized when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognized
when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary. In December 2015
the IASB postponed the effective date of this amendment indefinitely pending the outcome of its research project on the equity method
of accounting. Management has assessed that these amendments will have no impact on the Company&#8217;s financial position or performance.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>




<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Significant Accounting Policies (continued)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p id="xdx_84B_eifrs-full--DisclosureOfAccountingJudgementsAndEstimatesExplanatory_zerouqvHKR1f" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.3
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;<span id="xdx_867_zqFxYAR3DrAe">Significant accounting policies, judgments, estimates and assumptions:</span></b></span>
<span style="font-size: 10pt">The preparation of consolidated financial statements in conformity with IFRS requires management to make
judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the consolidated financial statements and the amounts of revenues and expenses recognized during the reporting
period. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment
to the carrying amount of the asset or liability affected in the future.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -21.25pt"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>Judgments:
</b>In the process of applying the Company&#8217;s accounting policies, management has made the following judgments that had a significant
effect on the amounts recognized in the consolidated financial statements.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b/></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>Impairment
and Reversal of previously recognized impairment:</b> The Company applies judgment in assessing at each reporting date whether indicators
of impairment or reversal of previously recognized impairment loss exist for any vessels. If indicators of possible impairment or
reversal of impairment are identified, the Company estimates the recoverable amount such vessel</span>.</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 35.45pt; text-align: justify"><span style="font-size: 10pt">The
Company considers the following indicators of impairment/reversal of impairment:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 35.45pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;
</span><span style="font-size: 10pt">Observable significant decrease / increase in vessel&#8217;s market value </span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;
</span><span style="font-size: 10pt">Significant adverse / favorable changes in the technological, economic or legal environment incurred
or are expected to be incurred and negatively / positively affect vessel&#8217;s value or decrease / increase its revenue generating
ability</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;
</span><span style="font-size: 10pt">Market interest rates of return on investments have increased / decreased during the period, which
will result in increase /decrease of the discount rate.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">To evaluate
the presence of impairment/reversal of impairment indicators the Company assessed current market conditions as derived from historical
information including analysis over vessel market charter rates and market prices, recent vessels sales and purchase activity, independent
brokers valuations reports and also assesses forward looking industry information regarding vessels market values.as well as various
qualitative factors. Based on such assessment performed as of December 31, 2022 and 2021 the Company concluded that no indicators for
impairment and reversal of impairment were present as of December 31, 2022 and 2021 and no impairment or reversal of previously recognized
impairment losses was recorded for the years ended December 31, 2022 and 2021 (Note 5).</span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"/></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimates
and assumptions</b>: The key assumptions concerning the future and other key sources of estimation uncertainty at the financial position
date, that have a significant risk of causing a significant adjustment to the carrying amount of assets and liabilities within the next
financial year, are discussed below. The Company based its assumptions and estimates on parameters available when the consolidated financial
statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes
or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"> <span style="font-family: Wingdings; font-size: 10pt">&#216;</span> <span style="font-size: 10pt"><i>Carrying amount of vessels, net</i>: Vessels are stated at cost, less accumulated depreciation (including depreciation of dry-docking costs) and accumulated impairment losses. The estimates and assumptions that have the most significant effect on the vessels carrying amount are estimations in relation to useful lives of vessels, their residual value and estimated dry docking dates. The key assumptions used are further explained in notes 2.9 to 2.12.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;
</span><span style="font-size: 10pt"><i>Impairment of  Vessels and Reversal of previously recognized impairment losses</i>:
The Company&#8217;s impairment test for non-financial assets is based on the assets&#8217; recoverable amount, where the recoverable
amount is the greater of fair value less costs to sell and value in use. The Company engaged independent valuation specialists to determine
the fair value of non-financial assets as at December 31, 2022 and 2021. The value in use calculation is based on a discounted cash flow
model. The value in use calculation is most sensitive to the discount rate used for the discounted cash flow model as well as the expected
net cash flows. See notes 2.12 and 5. The Company assesses also at each reporting date whether there is any indication that an impairment
loss recognized in prior periods for a vessel may no longer exist or may have decreased.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b/></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p id="xdx_847_eifrs-full--DescriptionOfAccountingPolicyForRecognitionOfRevenue_zwSiwpG7YWr7" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.4
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160; <span id="xdx_86B_zbIqFGnCFXk1">Accounting for revenue and related
expenses:</span></b> The Company generates its revenues from charterers for the charter hire of its vessels. Vessels are chartered using time charters and
bareboat, where a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate.
If a time charter agreement exists and collection of the related revenue is reasonably assured, revenue is recognized on a straight-line
basis over the period of the time charter. Such Voyage Revenues are treated in accordance with IFRS 16 as lease income, while the portion
of time charter revenues related to technical management services are recognized in accordance with IFRS 15. Associated broker commissions
are recognized on a pro-rata basis over the duration of the period of the time charter. Deferred revenue relates to cash received prior
to the financial position date and is related to revenue earned after such date.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"><b>Interest
income</b>: interest income is recognized as interest on an accrual basis.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>Voyage expenses</b>:
Voyage expenses primarily consisting of port, canal and bunker expenses that are unique to a particular charter under time charter arrangements
are paid by the charterer. Furthermore, voyage expenses include brokerage commission on revenue which is paid by the Company. Voyage
expenses are accounted for on an accrual basis.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -1cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>Vessel operating
expenses</b>: Vessel operating costs include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance
and repairs. Vessel operating expenses are accounted for on an accrual basis.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p id="xdx_840_eifrs-full--DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_zNgFD7HXMl9i" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.5
&#8239;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <span id="xdx_863_zJk6Xb1KMhCi">Foreign currency translation:</span></b></span>
<span style="font-size: 10pt">The functional currency of Globus and its subsidiaries is the U.S. dollar, which is also the presentation
currency of the Company, since the Company&#8217;s vessels operate in international shipping markets, whereby the U.S. dollar is the
currency used for transactions. Transactions involving other currencies during the period are converted into U.S. dollars using the exchange
rates in effect at the time of the transactions. At the financial position dates, monetary assets and liabilities, which are denominated
in currencies other than the U.S. dollar, are translated into the functional currency using the period-end exchange rate. Gains or losses
resulting from foreign currency transactions are included in foreign exchange gains/(losses), net in the consolidated statement of comprehensive
income/(loss).&#160;</span></p>

<p id="xdx_848_eifrs-full--DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory_zsOdnpqe6In9" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.6
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <span id="xdx_862_zWEkmKHbZKYb">Cash
and cash equivalents:</span></b> The Company considers highly liquid investments such as time deposits and certificates of deposit with original
maturity of three months or less to be cash and cash equivalents.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory_zSL1ST0072gf" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.7
&#8239;&#8239;&#8239;
&#8239;&#8239;&#160; <span id="xdx_860_z71pTQilN4Za">Trade accounts receivable, net:</span> </b>The amount shown as trade accounts receivable at each financial position date includes estimated
recoveries from charterers for hire, net of an allowance for doubtful accounts. Trade accounts receivable without a significant financing
component are initially measured at their transaction price and subsequently measured at amortized cost less impairment losses, which
are recognized in the consolidated statement of comprehensive income/(loss). At each financial position date, all potentially uncollectible
accounts are assessed individually for the purpose of determining the appropriate provision for expected credit losses. The provision
for expected credit losses at December 31, 2022 was nil (2021: $<span id="xdx_908_ecustom--AllowanceForDoubtfulTradeReceivables_pn3n3_c20210101__20211231_zEQ7nB9uMep8" title="Provision for doubtful trade receivables">8</span>). <span id="xdx_904_ecustom--AllowanceForDoubtfulTradeReceivables_pn3n3_c20220101__20221231_zbIHSQczhqp1" style="display: none" title="Provision for doubtful trade receivables">0</span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><span style="display: none" title="Provision for doubtful trade receivables"/></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Significant Accounting Policies (continued)</b></span></p>

<p id="xdx_840_eifrs-full--DescriptionOfAccountingPolicyForMeasuringInventories_z8k90gXVfLB1" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.8&#8239;
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; &#8239;<span id="xdx_861_zZICYD4RCCBd">Inventories:</span>
</b>Inventories consist of lubricants, bunkers and gas cylinders and are stated at the lower of cost and net realizable value. The cost
is determined by the first-in, first-out method.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_zyaMj9pfZOAg" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.9
&#8239;&#160; &#8239;&#8239;&#8239;&#8239;&#8239;<span id="xdx_86E_zXFiM99Uiav6">Vessels,
net:</span></b> Vessels are stated at cost, less accumulated depreciation (including depreciation of dry-docking cost) and accumulated impairment losses. Vessel cost consists
of the contract price for the vessel and any material expenses incurred upon acquisition (initial repairs, improvements and delivery
expenses, interest, commissions paid and on-site supervision costs incurred during the construction periods). Subsequent expenditures
for conversions and major improvements are also capitalized when the recognition criteria are met. Otherwise, these amounts are charged
to expenses as incurred.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p id="xdx_84C_eifrs-full--DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory_zvghVckNyMyk" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.10&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
<span id="xdx_86A_z2cTskMjSzO7">Dry-docking costs:</span></b> <span style="font-weight: normal">Vessels are required to be dry-docked for major repairs and maintenance that
cannot be performed while the vessels are operating. Dry-dockings occur approximately every <span id="xdx_90C_ecustom--IntervalBetweenVesselDrydockingSpecialSurvey_dtY_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DeferredDryDockingCostsMember_z8Jdrp6rIy3a" title="Interval Between Vessel Drydocking Special Survey">2.5</span> years. The costs associated with the
dry-dockings are capitalized and depreciated on a straight-line basis over the period between dry-dockings, to a maximum of 2.5 years.
At the date of acquisition of a vessel, management estimates the component of the cost that corresponds to the economic benefit to be
derived until the first scheduled dry-docking of the vessel under the ownership of the Company and this component is depreciated on a
<span id="xdx_909_eifrs-full--DepreciationMethodPropertyPlantAndEquipment_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DeferredDryDockingCostsMember_zIbiSo7fwQ8l" title="Depreciation method">straight-line basis</span> over the remaining period through the estimated dry-docking date.</span></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p id="xdx_845_eifrs-full--DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory_zFrAvOMOqOY1" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.11
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<span id="xdx_86C_zhHGTOKp8jv5">Depreciation:</span></b> The cost of each of the Company&#8217;s vessels is depreciated on a <span id="xdx_901_eifrs-full--DepreciationMethodPropertyPlantAndEquipment_pid_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_z1JpAaNoInDk" title="Depreciation method">straight-line basis</span> over each vessel&#8217;s remaining
useful economic life, after considering the estimated residual value of each vessel, beginning when the vessel is ready for its intended
use. Management estimates that the useful life of new vessels is <span id="xdx_904_eifrs-full--DescriptionOfUsefulLifePropertyPlantAndEquipment_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zhyTsPtghRW3" title="Useful life">25 years</span>, which is consistent with industry practice. The residual value
of a vessel is the product of its lightweight tonnage and estimated scrap value per lightweight ton. The residual values and useful lives
are reviewed at each reporting date and adjusted prospectively. During 2020 the Company maintained the same scrap rate at $<span id="xdx_906_ecustom--VesselsScrapRatePerTon_c20200101__20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zMXZBqbLd2Vc" title="Vessels scrap rate per ton">300</span>/ton(absolute amount). During
the fourth quarter of 2021, the Company adjusted the scrap rate from $300/ton(absolute amount) to $<span id="xdx_90F_ecustom--VesselsScrapRatePerTon_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zkjMidyN9Eb1" title="Vessels scrap rate per ton">380</span>/ton(absolute amount) due to the increased scrap rates worldwide.
This resulted to a decrease of $<span id="xdx_903_ecustom--ExtraDepreciationPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zd4Con8zPfre" title="Decrease in depreciation expense due to changes in scrap rate">145</span> to the depreciation charge included in the consolidated statement of comprehensive income/(loss)
for 2021. During the fourth quarter of 2022, the Company adjusted the scrap rate from $380/ton(absolute amount) to $<span id="xdx_900_ecustom--VesselsScrapRatePerTon_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zf8SIC92rVZj" title="Vessels scrap rate per ton">440</span>/ton(absolute amount) due to the increased scrap
rates worldwide. This resulted to a lower of $<span id="xdx_909_ecustom--ExtraDepreciationPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zzs4hekZts23" title="Decrease in depreciation expense due to changes in scrap rate">118</span> to the depreciation charge included in the consolidated statement of comprehensive
income/(loss) for 2022. The scrap rates throughout these financial statements are in absolute amounts.</span></p>



<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 30.05pt; text-align: justify; text-indent: -30.05pt"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p id="xdx_847_eifrs-full--DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_z1H1c4EQAoN9" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.12&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;<span id="xdx_866_znyHr5focOF9">Impairment of Long-Lived Assets and Reversal of previously recognized impairment losses:</span></b></span>
<span style="font-size: 10pt">The Company assesses at each reporting date whether there is an indication that a vessel may be impaired.
The vessel&#8217;s recoverable amount is estimated when events or changes in circumstances indicate the carrying value may not be recoverable.
If such indication exists and where the carrying value exceeds the estimated recoverable amounts, the vessel is written down to its recoverable
amount. The recoverable amount is the greater of fair value less costs to sell and value-in-use. In assessing value-in-use, the estimated
future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value
of money and the risks specific to the vessel. Impairment losses are recognized in the consolidated statement of comprehensive income/(loss).
The Company assesses also at each reporting date whether there is any indication that an impairment loss recognized in prior periods
for a vessel may no longer exist or may have decreased. A previously recognized impairment loss is reversed only if there has been a
change in the estimates used to determine the asset&#8217;s recoverable amount since the last impairment loss was recognized. If that
is the case, the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying
amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such
reversal is recognized in the consolidated statement of comprehensive income/(loss). After such a reversal, the depreciation charge is
adjusted in future periods to allocate the asset&#8217;s revised carrying amount, less any residual value, on a systematic basis over
its remaining useful life (refer to note 5).</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify; text-indent: -1cm"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify; text-indent: -1cm"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify; text-indent: -1cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p id="xdx_846_eifrs-full--DescriptionOfAccountingPolicyForBorrowingsExplanatory_zCiTXZLGkLA3" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.13&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <span id="xdx_86E_zPyTkR0jdMEk">Long-term
debt:</span></b> Long-term debt is initially recognized at the fair value of the consideration received net of financing costs
directly attributable to the borrowing. After initial recognition, long-term debt is subsequently measured at amortized cost using
the effective interest rate method. Amortized cost is calculated by taking into account any financing costs and any discount or
premium on settlement. Gains and losses are recognized in the income statement component of the consolidated statement of
comprehensive income/(loss) when the liabilities are derecognized or impaired, as well as through the amortization process. Accrued
interest at the end of the reporting period is added at the current portion of long-term debt. As at December 31, 2021 amount of
$<span id="xdx_903_eifrs-full--CurrentPortionOfLongtermBorrowings_iI_pn3n3_c20211231__ifrs-full--ConsolidatedAndSeparateFinancialStatementsAxis__custom--CurrentAccruedInterestMember_zwcgPknLM4O2">179</span> that was previously presented under
Accrued Liabilities was reclassified under Current portion of long-term borrowings.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify">&#160;<span style="font-size: 10pt">&#160;</span></p>



<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Significant Accounting Policies (continued)</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"/>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForFinanceCostsExplanatory_zvfQJzaj81n9" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.14&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
<span id="xdx_868_zkjHvp2YOGO3">Financing costs:</span></b> Fees incurred for obtaining new loans or refinancing existing loans are deferred and amortized over the life of
the related debt, using the effective interest rate method. Any unamortized balance of costs relating to loans repaid or refinanced is
expensed in the period the repayment or refinancing is made. For the year ended December 31, 2022, the Company deferred financing costs
of $<span id="xdx_906_eifrs-full--BorrowingCostsCapitalised_pn3n3_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zhvgviLdEB3g" title="Borrowing costs capitalised">259</span>, which relate to the costs incurred for the top up loan amount of $<span id="xdx_907_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pn3n3_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zgfHywhJYbIe">18,000</span>  with CIT Bank N.A. (see Note 11 for more details).
For the year ended December 31, 2021, the Company deferred financing costs of $<span id="xdx_905_eifrs-full--BorrowingCostsCapitalised_pn3n3_c20210101__20211231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zUuqETNikrk4" title="Borrowing costs capitalised">545</span>, which relate to the costs incurred for the loan agreement
with CIT Bank N.A. (This loan facility is referred to as the CIT Loan Facility, see Note 11 for more details). For the year ended December
31, 2020, the Company did not incur any financing costs. <span id="xdx_90B_eifrs-full--BorrowingCostsCapitalised_pn3n3_c20200101__20201231_z2NB0DrD2Tnf" style="display: none" title="Borrowing costs capitalised">0</span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify"><span style="font-size: 10pt"><i>&#160;</i></span></p>

<p id="xdx_843_eifrs-full--DescriptionOfAccountingPolicyForBorrowingCostsExplanatory_zR7LfkRqbEVl" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.15&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
<span id="xdx_860_zMN5CcEocfBi">Borrowing costs:</span></b> Borrowing costs consist of interest and other costs that the Company incurs in connection with the borrowing
of funds. Borrowing costs are expensed to the income statement component of the consolidated statement of comprehensive income/(loss)
as incurred under &#8220;interest expense and finance costs&#8221; except borrowing costs that relate to a qualifying asset. A qualifying
asset is an asset that necessarily takes a substantial period of time to get ready for its intended use. Borrowing costs that relate
to qualifying assets are capitalized.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForSegmentReportingExplanatory_ziW8NUgCOXPf" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;
<span id="xdx_860_zYBz8fJmOUff">Operating segment:</span></b> The Company reports financial information and evaluates its operations by charter revenues and not by other factors
such as length of ship employment for its customers i.e., spot or time charters or type of vessel. The Company does not use discrete
financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types
of charters, management cannot and does not identify expenses, profitability or other financial information for these charters. As a
result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results
of the fleet and thus the Company has determined that it operates as <span id="xdx_908_ecustom--NumberOfOperatingSegments_dc_uPure_c20220101__20221231_zrqVHIGKsyzf" title="Number Of Operating Segments">one</span> operating segment. Furthermore, when the Company charters a
vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographical information
is impracticable.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p id="xdx_84A_eifrs-full--DescriptionOfAccountingPolicyForProvisionsExplanatory_zkBVDSNTj264" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.17
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<span id="xdx_86E_zsFUXUFtNU5f">Provisions and contingencies:</span></b></span> <span style="font-size: 10pt">Provisions
are recognized when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow
of resources embodying economic benefits will be required to settle the obligation and, a reliable estimate of the amount of the obligation
can be made. Provisions are reviewed at each financial position date and adjusted to reflect the present value of the expenditure expected
to be required to settle the obligation. Contingent liabilities are not recognized in the consolidated financial statements but are disclosed
unless the possibility of an outflow of resources embodying economic benefits is remote, in which case there is no disclosure. Contingent
assets are not recognized in the consolidated financial statements but are disclosed when an inflow of economic benefits is probable.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p id="xdx_848_eifrs-full--DescriptionOfAccountingPolicyForTerminationBenefits_zDpO9kgEvXm2" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.18&#8239;
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<span id="xdx_864_z2C2Aw0suEye">Pension and retirement benefit obligations:</span> </b>The crew on board the vessels owned by the ship-owning companies, wholly owned subsidiaries
of Globus, is employed under short-term contracts (usually up to nine months) and, accordingly, the Company is not liable for any pension
or post-retirement benefits payable to the crew.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>Provision
for employees&#8217; severance compensation: </b>The Greek employees of the Company are bound by the Greek Labor law. Accordingly, compensation
is payable to such employees upon dismissal or retirement. The amount of compensation is based on the number of years of service and
the amount of remuneration at the date of dismissal or retirement. <span id="xdx_90D_eifrs-full--DescriptionOfNatureOfBenefitsProvidedByPlan_pip0_c20220101__20221231_zIoL9r1VSyi2" title="Description of nature of benefits provided by plan">If the employee remains in the employment of the Company until normal
retirement age, they are entitled to retirement compensation which is equal to 40% of the compensation amount that would be payable if
they were dismissed at that time.</span> The number of employees that will remain with the Company until retirement age is not known. The Company
has provided for the employees&#8217; retirement compensation liability which amounted to $<span id="xdx_90B_eifrs-full--LiabilityAssetOfDefinedBenefitPlans_iI_pn3n3_c20221231_zW7vhgfPYSd6" title="Net defined benefit liability">148</span> as at December 31, 2022 (2021: $<span id="xdx_902_eifrs-full--LiabilityAssetOfDefinedBenefitPlans_iI_pn3n3_c20211231_z2B2WODeovDj" title="Net defined benefit liability">114</span>),
calculated by using the Projected Unit Credit Method and disclosed under non-current liabilities in the consolidated statement of financial
position.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p id="xdx_847_eifrs-full--DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory_zlEXp6a5Kev8" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.19&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
<span id="xdx_866_z7wltvw4rNV9">Offsetting of financial assets and liabilities:</span> </b>Financial assets and liabilities are offset and the net amount is presented in the
consolidated financial position only when the Company has a legally enforceable right to set off the recognized amounts and intend either
to settle such asset and liability on a net basis or to realize the asset and settle the liability simultaneously.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"><b/></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p id="xdx_842_eifrs-full--DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory_zXCNtYm1cOTl" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.20&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;
<span id="xdx_863_zu1AiChKe1gk">Financial assets and liabilities:</span></b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt"><b>i. Classification
and measurement of financial assets and financial liabilities</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">Under IFRS
9, on initial recognition, a financial asset is classified as measured at: amortized cost; fair value through other comprehensive income
(FVOCI) - debt investment; FVOCI - equity investment; or fair value through profit or loss (FVTPL). The classification of financial assets
under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Significant Accounting Policies (continued)</span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">A financial
asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:	</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"/><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">it
                                            is held within a business model whose objective is to hold assets to collect contractual
                                            cash flows; and</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"/><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">its
                                            contractual terms give rise on specified dates to cash flows that are solely payments of
                                            principal and interest on the principal amount outstanding.</span></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">A debt investment
is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"/><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">it
                                            is held within a business model whose objective is achieved by both collecting contractual
                                            cash flows and selling financial assets; and</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"/><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">its
                                            contractual terms give rise on specified dates to cash flows that are solely payments of
                                            principal and interest on the principal amount outstanding.</span></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">All financial
assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. On initial recognition, the Company
may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at
FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">A financial
asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price)
is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt"><b>ii. Impairment
of financial assets</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">The financial
assets at amortized cost consist of trade accounts receivable and cash and cash equivalents.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">Under IFRS
9, loss allowances are measured on either of the following bases:</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"/><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">12-month
                                            ECLs: these are ECLs that result from possible default events within the 12 months after
                                            the reporting date; and</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"/><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">lifetime
                                            ECLs: these are ECLs that result from all possible default events over the expected life
                                            of a financial instrument.</span></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">When determining
whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company
considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative
and qualitative information and analyses, based on the Company's historical experience and informed credit assessment and including forward-looking
information.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">The Company
assumes that the credit risk on a financial asset has increased significantly if it is more than 180 days past due.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">The Company
considers a financial asset to be in default when:</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"/><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">the
                                            counterparty is unlikely to pay its contractual obligations to the Company in full, without
                                            recourse by the Company to actions such as realizing security (if any is held); or</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"/><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">the
                                            financial asset is more than 1 year past due.</span></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">The maximum
period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">ECLs are a
probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference
between cash flows due to the entity in accordance with the contract and cash flows that the Company expects to receive). ECLs are discounted
at the effective interest rate of the financial asset.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 36pt; text-align: justify"><span style="font-size: 10pt">Loss
allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt"><b>iii. Derecognition
of financial assets </b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"><span style="font-size: 10pt">A financial
asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognized where:</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"/><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">the
                                            rights to receive cash flows from the asset have expired;</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"/><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">the
                                            Company retains the right to receive cash flows from the asset, but has assumed an obligation
                                            to pay them in full without material delay to a third party under a &#8220;pass-through&#8221;
                                            arrangement; or </span></td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"/>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b/></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Significant Accounting Policies (continued)</b></span></p>


<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"/><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">the
                                            Company has transferred its rights to receive cash flows from the asset and either (a) has
                                            transferred substantially all the risks and rewards of the assets, or (b) has neither transferred
                                            nor retained substantially all the risks and rewards of the asset but has transferred control
                                            of the asset.</span></td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">Where the Company
has transferred its rights to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and
rewards of the asset nor transferred control of the asset, the asset is recognized to the extent of the Company&#8217;s continuing involvement
in the asset.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">Continuing
involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of
the asset and the maximum amount of consideration that the Company could be required to repay.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt"><b>iv. Derecognition
of Financial liabilities: </b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><span style="font-size: 10pt">A
financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">Where an existing
financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability
are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition
of a new liability and, the difference in the respective carrying amounts is recognized in profit or loss.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p id="xdx_841_ecustom--DescriptionOfAccountingPolicyForLesseeExplanatory_zxqLUFC2q5Ee" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.21&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;
<span id="xdx_866_zKjm0fx2BiLa">Leases:</span> </b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -0.55pt"><span style="font-size: 10pt"><b>Leases
&#8211; where the Company is the lessee: </b>The Company applies a single recognition and measurement approach for all leases,
except for short term leases and leases of low value assets. The Company recognizes lease liabilities to make payments and right of
use assets representing the right of use of the underlying asset. The Company recognizes right-of-use assets at the commencement
date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any
accumulated depreciation and impairment losses and adjusted for any remeasurement of lease liabilities. The cost of right-of-use
assets includes the amount of lease liabilities recognized, initial direct costs incurred and lease payments made at or before the
commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter
of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Company at the end
of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life
of the asset.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -0.55pt"><span style="font-size: 10pt">At
the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease payments to be made
over the lease term. The lease payments include fixed payments (including any in-substance fixed payments) less any lease incentives
receivable, variable lease payments that depend on an index or a rate, and any amounts expected to be paid under residual value guarantees.
The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments
of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments
that do not depend on an index or a rate are recognized as expenses (unless they are incurred to produce inventories) in the period in
which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company uses its
incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable.
After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease
payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease
term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine
such lease payments) or a change in the assessment of an option to purchase the underlying asset.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0pt"><span style="font-size: 10pt"><b>Leases
&#8211; where an entity is the lessor: </b>Leases of vessels where the entity does not transfer substantially all the risks and benefits
of ownership of the vessel are classified as operating leases. Lease income on operating leases is recognized on a straight-line basis
over the lease term. Contingent rents are recognized as revenue in the period in which they are earned.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"><span style="font-size: 10pt">For time
charters that qualify as leases, the Company is required to disclose lease and non-lease components of lease revenue. The revenue earned
under time charters is not negotiated its two separate components, but as a whole. For purposes of determining the standalone selling
price of the vessel lease and technical management service components of the Company&#8217;s time charters, the Company concluded that
the residual approach would be the most appropriate method to use given that vessel lease rates are highly variable depending on shipping
market conditions, the duration of such charters and the age of the vessel.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Significant Accounting Policies (continued)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 35.45pt; text-align: justify"><span style="font-size: 10pt">The Company believes that the standalone transaction price
attributable to the technical management service component, including crewing services, is more readily determinable than the price of
the lease component and, accordingly, the price of the service component is estimated using data provided by its technical department,
which includes crew expenses, maintenance and consumable costs and was approximately $<span id="xdx_90A_eifrs-full--DirectOperatingExpenseFromInvestmentProperty_pn3n3_c20220101__20221231_zPKTKrzRhQf1" title="Direct operating expense from investment property">18,451</span> for the year ended December 31, 2022. The
lease component that is disclosed then is calculated as the difference between total revenue and the non-lease component revenue and
was approximately $<span id="xdx_90A_ecustom--LeaseAndNonleaseComponents_pn3n3_c20220101__20221231_zOHxBS2NRGWl" title="Lease components">42,939</span> for the year ended December 31, 2022.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"/>

<p id="xdx_849_eifrs-full--DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_z5ClyUYEhei7" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.22
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <span id="xdx_861_zbkQZYgovDf2">Share based compensation:</span> </b>Globus operated
equity-settled, share-based compensation plans. The value of the service received in exchange of the grant of shares was recognized
as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the share
awards at the grant date. The relevant expense was recognized in the income statement component of the consolidated statement of
comprehensive income/(loss), with a corresponding impact in equity.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><span style="font-size: 10pt; letter-spacing: -0.1pt"><b>&#160;</b></span></p>

<p id="xdx_84A_eifrs-full--DescriptionOfAccountingPolicyForIssuedCapitalExplanatory_zj7g7blNiHZh" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt; letter-spacing: -0.1pt"><b>2.23
&#160;&#8239;&#8239;&#8239;&#8239;&#8239;
</b></span><b><span style="font-size: 10pt"><span id="xdx_863_zLV2RZi4ThRa">Share capital and Warrants:</span><span style="letter-spacing: -0.1pt"> </span></span></b><span style="font-size: 10pt">Common
shares and preferred shares are classified as equity. Incremental costs directly attributable to the issue of new shares are recognized
in equity as a deduction from the proceeds. The Company&#8217;s warrants meet the classification criteria as per IAS 32 and, accordingly,
are classified in equity.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt; letter-spacing: -0.1pt">&#160;</span></p>

<p id="xdx_84C_eifrs-full--DescriptionOfAccountingPolicyForDividendsExplanatory_zzzieWaVoxr9" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.24
&#160;&#8239;&#8239;&#8239; &#8239;&#8239;<span id="xdx_861_zJw9IpMqSfTj">Dividends:</span><span style="letter-spacing: -0.1pt"> </span></b>Dividends to shareholders
are recognized in the period in which the dividends are declared and appropriately authorized and are accounted for as dividends
payable until paid.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p id="xdx_841_eifrs-full--DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory_zEkR4IZ70q8a" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.25
&#8239;&#8239;&#8239;&#8239;&#160; <span id="xdx_869_zKbzfL6dWO0k">Fair value measurement:</span></b> The Company measures financial instruments, such as
derivatives  at fair value at each reporting date. In addition, fair values of financial instruments
measured at amortized cost are disclosed in note 21. Fair value is the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is
based on the presumption that the transaction to sell the asset or transfer the liability takes place either, a) in the principal
market for the asset or the liability or b) in the absence of a principal market, in the most advantageous market for the asset or
liability both being accessible by the Company. The fair value of an asset or a liability is measured using the assumptions that the
market participants would use when pricing the asset or liability, assuming that the market participants act in their best economic
interest. A fair value measurement of a non-financial asset takes into account the market participant&#8217;s ability to generate
economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the
asset in its highest and best use. The Company uses valuation techniques that are appropriate in the circumstances and for which
sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of
unobservable inputs</span>.</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
Company uses the following hierarchy for determining and disclosing the fair value of assets and liabilities by valuation technique:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">Level
1: quoted (unadjusted) prices in active markets for identical assets or liabilities.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 81pt; text-align: justify; text-indent: -45pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: -27.8pt"><span style="font-size: 10pt">Level
2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or
indirectly.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: -27.8pt"><span style="font-size: 10pt">Level
3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">For assets
and liabilities that are recognized in the consolidated financial statements on a recurring basis, the Company determines whether transfers
have occurred between levels in the hierarchy by reassessing categorization at the end of each reporting period.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><span style="font-size: 10pt">The
Company engaged independent valuation specialists to determine the fair value of non-financial assets.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p id="xdx_84A_ecustom--DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements_z7XxmXT3vmSe" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.26
&#8239;&#8239;&#8239;&#160;&#8239; <span id="xdx_86C_zd0BgKFxv568">Current versus non-current classification:</span></b> The Company presents assets and
liabilities in the consolidated statement of financial position based on current/non-current classification.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">An
asset as current when it is:</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 28.35pt"/><td style="text-align: center; width: 21.3pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Expected
                                            to be realized or intended to be sold or consumed in a normal operating cycle </span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 28.35pt"/><td style="text-align: center; width: 21.3pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Held
                                            primarily for the purpose of trading </span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 28.35pt"/><td style="text-align: center; width: 21.3pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Expected
                                            to be realized within twelve months after the reporting period</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 28.35pt"/><td style="text-align: center; width: 21.3pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Cash
                                            or cash equivalent</span></td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"/>



<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Significant Accounting Policies (continued)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">All
other assets are classified as non-current.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">A
liability is current:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 28.35pt"/><td style="text-align: center; width: 21.3pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">It
                                            is expected to be settled in a normal operating cycle</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 28.35pt"/><td style="text-align: center; width: 21.3pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">It
                                            is held primarily for the purpose of trading </span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 28.35pt"/><td style="text-align: center; width: 21.3pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">It
                                            is due to be settled within twelve months after the reporting period</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 28.35pt"/><td style="text-align: center; width: 21.3pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">There
                                            is no unconditional right to defer the settlement of the liability for at least twelve months
                                            after the reporting period.</span></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">All
other liabilities are classified as non-current.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p id="xdx_840_ecustom--DescriptionOfAccountingPolicyForRestrictedCashExplanatory_zCvjRyq92cXd" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.27&#8239;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;
<span id="xdx_86E_zejx9ogkBNL8">Restricted Cash:</span></b> Restricted cash represents pledged cash deposits or minimum liquidity required to be maintained under the Company's
borrowing arrangements. In the event that the obligation to maintain such deposits is expected to be terminated within the next twelve
months, these deposits are classified as current assets. Otherwise, they are classified as non-current assets.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -35.45pt"><span style="font-size: 10pt">&#160;</span></p>

<p id="xdx_84C_ecustom--DescriptionOfAccountingPolicyForInterestRateSwapExplanatory_znHV7CIG9LDd" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.28
&#160;&#8239;&#8239;&#8239;&#8239;&#8239;
<span id="xdx_867_zFb57RFfm3r1">Interest Rate Swap:</span></b> The Company enters into interest rate swap agreements to manage its exposure to fluctuations of interest rate
risk associated with its borrowings. Interest Rate Swaps are measured at fair value. The Company uses valuation techniques that are appropriate
in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs
and minimizing the use of unobservable inputs. The valuation technique used for the Interest Rate Swaps is the discounted cash flow (see
also note 21). The Company has not designated these interest rate swaps for hedge accounting.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -35.45pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 35.45pt; text-align: justify"><span style="font-size: 10pt">The fair
value of the Interest Rate Swaps is classified under &#8220;Fair value of derivative financial instruments&#8221; either under assets
or liabilities in the consolidated statement of financial position. In the event that the respective asset or liability is expected to
be materialized within the next twelve months, it is classified as current asset or liability. Otherwise, the respective asset or liability
is classified as non-current asset or liability.</span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The change
in fair value deriving from the valuation of the Interest Rate Swap at the end of each reporting period is classified under &#8220;Gain/
(Loss) on derivative financial instruments&#8221; in the consolidated statement of comprehensive income/(loss). Realized gains or losses
resulting from interest rate swaps are recognized in profit or loss under &#8220;Gain / (Loss) on derivative financial instruments&#8221;
in the consolidated statement of comprehensive income/(loss).</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p id="xdx_841_ecustom--DescriptionOfAccountingPolicyForManagementAndConsultingFeeIncomeExplanatory_zWItTNd8fZs" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.29&#8239;&#8239;&#8239;&#8239;
&#160; <span id="xdx_863_zLtIFzTQ6Moh">Management &amp; consulting fee income:</span> </b>The Company enters into consultancy
agreements with other companies for the purpose of providing consultancy services. For these services the Company receives a fee.
The total income from these fees is classified in the income statement component of the consolidated statement of comprehensive
income/(loss) under management &amp; consulting fee income.</span></p>

<p id="xdx_851_zHk7DEVMg7Z7" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<span></span>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663205698704">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cash and cash equivalents and Restricted cash<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsAbstract', window );"><strong>Cash and cash equivalents [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory', window );">Cash and cash equivalents and Restricted cash</a></td>
<td class="text"><p id="xdx_809_eifrs-full--DisclosureOfCashAndCashEquivalentsExplanatory_zwJaVRxD6Yq6" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">3.&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#160;&#160;&#8239;&#8239;&#8239;<span id="xdx_823_zmkfdgzCCQr3">Cash
and cash equivalents and Restricted cash</span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"><span style="font-size: 10pt">For the purpose
of the consolidated statement of financial position, cash and cash equivalents comprise the following:</span></p>

<p id="xdx_89B_ecustom--DisclosureOfCashAndBankBalancesExplanatory_zUEQnf2HcLzc" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><span style="display: none; font-size: 10pt">Cash
and cash equivalents and Restricted cash</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&#160;</td>
    <td id="xdx_493_20221231_zuoI35rNNKRg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 21.9pt">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_49A_20211231_z3DtmulDSy6l" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 21.9pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="3" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 21.9pt"><span style="font-size: 10pt"><b>December
    31,</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; width: 79%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2021</b></span></td></tr>
  <tr id="xdx_407_eifrs-full--CashOnHand_iI_pn3n3_maCACEzwtA_ze99PmmCYgIb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Cash
    on hand</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">36</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">25</span></td></tr>
  <tr id="xdx_40E_eifrs-full--BalancesWithBanks_iI_pn3n3_maCACEzwtA_zAVFlJxRTvX9" style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Cash
    at banks</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">52,797</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">45,188</span></td></tr>
  <tr id="xdx_406_eifrs-full--CashAndCashEquivalents_iTI_pn3n3_mtCACEzwtA_zzjC2fw9Qf3a" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>52,833</b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>45,213</b></span></td></tr>
  </table>
<p id="xdx_8A7_zv4pqkksAjRg" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -0.55pt"><span style="font-size: 10pt">Cash
held in banks earns interest at floating rates based on daily bank deposit rates.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -0.55pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -0.55pt"><span style="font-size: 10pt">The
fair value of cash and cash equivalents as at December 31, 2022 and 2021, was $<span id="xdx_90C_ecustom--CashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20221231_ztVdMhPk3nni" title="Cash And Cash Equivalents Fair Value Disclosure">52,833</span> and $<span id="xdx_90E_ecustom--CashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20211231_zjath0lHPOU" title="Cash And Cash Equivalents Fair Value Disclosure">45,213</span>, respectively.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -0.55pt"><span style="font-size: 10pt">As
at December 31, 2022 and 2021, the Company had pledged an amount of $<span id="xdx_902_eifrs-full--RestrictedCashAndCashEquivalents_iI_pn3n3_c20221231_zSxZ7rwu3Af7" title="Restricted cash and cash equivalents">5,968</span> and $<span id="xdx_905_eifrs-full--RestrictedCashAndCashEquivalents_iI_pn3n3_c20211231_zGdzW0fyIfX9" title="Restricted cash and cash equivalents">5,224</span>, respectively, in order to fulfill collateral requirements.
The fair value of the restricted cash as at December 31, 2022 was $<span id="xdx_908_ecustom--RestrictedCashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20221231_zUSmQBDzXKR7" title="Restricted cash and cash equivalents fair value disclosure">5,968</span>, $<span id="xdx_903_eifrs-full--NoncurrentRestrictedCashAndCashEquivalents_iI_pn3n3_c20221231_z5SH0p2G9esd" title="Non-current restricted cash and cash equivalents">3,590</span> included in non-current assets and $<span id="xdx_90E_eifrs-full--CurrentRestrictedCashAndCashEquivalents_iI_pn3n3_c20221231_zOUrToqsrnnh" title="Current restricted cash and cash equivalents">2,378</span> included in
current assets. The fair value of the restricted cash as at December 31, 2021 was $<span id="xdx_90D_ecustom--RestrictedCashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20211231_z00Syz7p8FWg" title="Restricted cash and cash equivalents fair value disclosure">5,224</span>, $<span id="xdx_90D_eifrs-full--NoncurrentRestrictedCashAndCashEquivalents_iI_pn3n3_c20211231_ziKxeEeDw3tj" title="Non-current restricted cash and cash equivalents">3,576</span> included in non-current assets and $<span id="xdx_908_eifrs-full--CurrentRestrictedCashAndCashEquivalents_iI_pn3n3_c20211231_zZ4D8tdltfg3" title="Current restricted cash and cash equivalents">1,648</span>
included in current assets as at December 31, 2021. The cash and cash equivalents are held with reputable bank and financial institution
counterparties with high ratings.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663201200464">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Transactions with Related Parties<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract', window );"><strong>Disclosure of transactions between related parties [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory', window );">Transactions with Related Parties</a></td>
<td class="text"><p id="xdx_808_eifrs-full--DisclosureOfTransactionsBetweenRelatedPartiesExplanatory_zRoPICy1Ic8k" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">4.
&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_824_zvzOMjT9K436">Transactions with Related Parties</span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">The following
are the major transactions which the Company has entered into with related parties during the years ended December 31, 2022, 2021 and
2020:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>4. &#160;&#160;&#160;&#160;&#160;&#160;&#160;Transactions
with Related Parties (continued)&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 1cm; text-align: justify"><span style="font-size: 10pt">In August 2006,
Globus entered into a rental agreement for 350 square meters of office space for its operations within a building owned by Cyberonica
S.A. (an affiliate of Globus&#8217;s chairman). In 2016 the Company renewed the rental agreement at a monthly rate of Euro <span id="xdx_908_ecustom--MonthlyRentalExpense_pp0p0_uEUR_c20160101__20161231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_z9SneOshkzf4">10,360</span> (absolute
amount) ($<span id="xdx_900_ecustom--MonthlyRentalExpense_pdn3_uUSD_c20160101__20161231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_z5HLo4oZnYq">11.9</span>) with a lease period ending January 2, 2025. On August 5, 2021, the Company entered into a new rental agreement for 902
square meters of office space for its operations within a building leased by Cyberonica S.A. (an affiliate of Globus&#8217;s chairman)
at a monthly rate of Euro <span id="xdx_908_ecustom--MonthlyRentalExpense_pp0p0_uEUR_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zwmfGZsonflj">26,000</span> (absolute amount) with a lease period ending <span id="xdx_905_ecustom--LeaseExpirationDate_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zerrYV6p8w0d">August 4, 2024</span>. The previous rental agreement was terminated.
Under IFRS 16 the new contract comprised of two parts, a modification of the old lease and a new lease for the extra space of 552 square
meters, compared to the 350 square meters included in the previous rental agreement. The modification of the previous rental agreement
resulted  in $<span id="xdx_909_ecustom--CreditAdjustmentOfFinanceCost_pn3n3_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zVxDrtuql49e" title="Credit adjustment of finance cost">39</span> credit adjustment classified in the income statement component of the consolidated statement of comprehensive income/(loss)
under interest and finance costs. In June 2022, the Company entered into a new rental agreement with F.G. Europe (an affiliate of Globus&#8217;s
chairman) for the same office space, at the same rate of Euro <span id="xdx_908_ecustom--MonthlyRentalExpense_pp0p0_uEUR_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--FGEuropeMember_zv33TjlWASPa" title="Monthly Rental Expense">26,000</span> (absolute amount) and with the same lease period ending of <span id="xdx_905_ecustom--LeaseExpirationDate_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--FGEuropeMember_zjZHUtilGdT">August
4, 2024</span>. The previous rental agreement with Cyberonica was terminated resulting in a gain of $<span id="xdx_90F_ecustom--CreditAdjustmentOfFinanceCost_pn3n3_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zCcdtSbHlH7g" title="Credit adjustment of finance cost">40</span> classified in the income statement component
of the consolidated statement of comprehensive income/(loss) under interest and finance costs. The Company does not presently own any
real estate. During the years ended December 31, 2022, 2021 and 2020, the rent charged amounted to $<span id="xdx_908_eifrs-full--LeasesAsLesseeRelatedPartyTransactions_pn3n3_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zgj6DB42gCN9" title="Leases as lessee, related party transactions">341</span>, $<span id="xdx_90F_eifrs-full--LeasesAsLesseeRelatedPartyTransactions_pn3n3_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zkGgE60rP86e" title="Leases as lessee, related party transactions">242</span> and $<span id="xdx_900_eifrs-full--LeasesAsLesseeRelatedPartyTransactions_pn3n3_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zJ6uaYz6Wu5" title="Leases as lessee, related party transactions">141</span>, respectively.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 1cm; text-align: justify"><span style="font-size: 10pt">The depreciation
charge for right-of-use asset for the years ended December 31, 2022, 2021 and 2020, was $<span id="xdx_909_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20220101__20221231_z8nZh672EJC3">327</span></span><span style="font-size: 10pt">,
$<span id="xdx_904_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20210101__20211231_zfFQj59ytnQ2">206</span></span> <span style="font-size: 10pt">and
$<span id="xdx_905_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20200101__20201231_zYhRpefm1amc">112</span></span><span style="font-size: 10pt">,
respectively, and was recognized in the income statement component of the consolidated statement of comprehensive income/(loss) under
depreciation. The interest expense on lease liabilities for the years ended December 31, 2022, 2021 and 2020, was $<span id="xdx_90C_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20220101__20221231_zuvfCD4pwdMg">54</span></span><span style="font-size: 10pt">,
$<span id="xdx_902_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20210101__20211231_z0qr9GGQqRQf">52</span></span> <span style="font-size: 10pt">and
$<span id="xdx_90C_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20200101__20201231_zriK3oZUFyce">44</span></span><span style="font-size: 10pt">,
respectively, and recognized under interest expense and finance costs, respectively in the income statement component of the consolidated
statement of comprehensive income/(loss). The total cash outflows for leases for the years ended December 31, 2022, 2021 and 2020, were
approximately $<span id="xdx_901_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20220101__20221231_zxkVAri4Rz42">341</span></span><span style="font-size: 10pt">,
$<span id="xdx_90A_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20210101__20211231_zgszQTjmT9n2">314
</span></span><span style="font-size: 10pt">and $<span id="xdx_906_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20200101__20201231_zoYWhCZUBJm7">229</span></span><span style="font-size: 10pt">,
respectively, and were recognized in the consolidated statement of cash flows under the Payment of lease liability &#8211; principal
and Interest Paid.&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">As at December
28, 2015, Athanasios Feidakis assumed the position of Chief Executive Officer (&#8220;CEO&#8221;) and Chief Financial Officer. On August
18, 2016, the Company entered into a consultancy agreement with an affiliated company (Goldenmare Limited) of its CEO, Mr. Athanasios
Feidakis, for the purpose of providing consulting services to the Company in connection with the Company&#8217;s international shipping
and capital raising activities, including but not limited to assisting and advising the Company&#8217;s CEO at an annual fee of Euro
<span id="xdx_905_ecustom--ConsultingFeesExpense_pip0_uEUR_c20160101__20160818__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zwqO3V55Wgie" title="Consulting Fees Expense">200,000</span> (absolute amount). On December 3, 2020, the Company agreed to increase the consultancy fees of Goldenmare Limited,
from Euro 200,000 to Euro <span id="xdx_909_ecustom--ConsultingFeesExpense_pip0_uEUR_c20200101__20201203__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_z2p1HGA8uGDl" title="Consulting Fees Expense">400,000</span> (absolute amount) per annum and additionally pay a one-time cash bonus of $<span id="xdx_906_ecustom--AgreedAmountOfOneTimeCashBonus_iI_pn3n3_c20201203__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zDVQkb9iQZt8" title="Amount of one-time cash bonus">1,500</span>  to the CEO pursuant
to his consultancy agreement, which has been paid. Specifically, in February 2021, the Company paid to the CEO of Goldenmare Limited
(Mr. Athanasios Feidakis) the amount of $<span id="xdx_902_ecustom--OneTimeCashBonusPayment_pn3n3_c20210101__20210228__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zieEsmzwmb7c" title="One time cash bonus payment">1,000</span> and in September 2021 the remaining amount of $<span id="xdx_907_ecustom--RemainingOfOneTimeCashBonusPayment_pn3n3_c20210101__20210930__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zp4RDVNKpgsd" title="Remaining of one time cash bonus payment">500</span>. In addition, in December 2021, the
Company agreed to pay a one-time cash bonus of $<span id="xdx_90F_ecustom--AgreedAmountOfOneTimeCashBonus_iI_pn3n3_c20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zf8OnoZ0gUB2">1,500</span>  to Goldenmare Limited pursuant to the consultancy agreement, half of which
was to be paid immediately and the other half during 2022, if at the time of the payment Mr. Athanasios Feidakis remains CEO and the consultant
has not terminated its consultancy agreement. At the time of the filing of these Consolidated Financial Statements, the bonus approved
in 2021 has not been paid. The related expense for the years ended December 31, 2022, 2021 and 2020, amounted to  $<span id="xdx_901_ecustom--ConsultingFeesExpense_pn3n3_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zjrv2AvP2BTa" title="Consulting Fees Expense">1,172</span>, $<span id="xdx_909_ecustom--ConsultingFeesExpense_pn3n3_c20210101__20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zBpIqTMbyFU8" title="Consulting Fees Expense">1,216</span>
and $<span id="xdx_90C_ecustom--ConsultingFeesExpense_pn3n3_c20200101__20201231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_z75lZTCU2adi" title="Consulting Fees Expense">1,772</span>, respectively.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">On June 12,
2020, the Company entered into a stock purchase agreement and issued <span id="xdx_906_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20200101__20200612__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_z06Zgvuyg3Y7" title="Increase in number of shares outstanding">50</span> newly designated Series B Preferred Shares, par value $<span id="xdx_90C_eifrs-full--ParValuePerShare_iI_pip0_c20200612__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zJq9VzZuzyPl">0.001</span>
per share, to Goldenmare Limited, an affiliated company of its CEO, Athanasios Feidakis, in return for $<span id="xdx_902_ecustom--IssueOfPreferredShares_pn3n3_c20200101__20200612__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zTkYZgec9k56" title="Issue of preferred shares">150</span>, which amount was settled
by reducing, on a dollar-for-dollar basis, the amount payable by the Company to Goldenmare Limited pursuant to a consultancy agreement.
On July 27, 2020, the Company issued an additional <span id="xdx_908_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20200101__20200727__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_z2lA15xJI0Ph" title="Increase in number of shares outstanding">250</span> of its Series B preferred shares to Goldenmare Limited in return for $<span id="xdx_905_ecustom--IssueOfPreferredShares_pn3n3_c20200101__20200727__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zpipXlycrZb2" title="Issue of preferred shares">150</span>. The
$<span id="xdx_904_ecustom--IssueOfPreferredShares_pn3n3_c20200101__20200727__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_z8LMdhBS7bY">150</span> was settled by reducing, on a dollar-for-dollar basis, the amount payable by the Company to Goldenmare Limited pursuant to a consultancy
agreement. The issuance of the Series B preferred shares to Goldenmare Limited was approved by an independent committee of the Company&#8217;s
Board of Directors, which received fairness opinions from an independent financial advisor.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">On March 2,
2021, the Company entered into a stock purchase agreement and issued <span id="xdx_906_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20210101__20210302__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zPjQZs1rvsuf" title="Increase  in number of shares outstanding">10,000</span> Series B Preferred Shares, par value $<span id="xdx_90C_eifrs-full--ParValuePerShare_iI_pip0_c20210302__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zO3uAH14Dbn5">0.001</span> per share, to
Goldenmare Limited in return for $<span id="xdx_902_ecustom--IssueOfPreferredShares_pn3n3_c20210101__20210302__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zWGyRxQCNEAk" title="Issue of preferred shares">130</span>, which amount was settled by reducing, on a dollar-for-dollar basis, the amount payable as executive
compensation by the Company to Goldenmare Limited pursuant to a consultancy agreement. The issuance of the Series B preferred shares
to Goldenmare Limited was approved by an independent committee of the Company&#8217;s Board of Directors.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">As at
December 31, 2022, and 2021, Goldenmare Limited owned <span id="xdx_904_eifrs-full--SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zYyCrc6EITqb"><span id="xdx_90D_eifrs-full--SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zeoncK7Prje3">10,300</span></span> of the Company&#8217;s Series B preferred shares. <span id="xdx_903_ecustom--VotingRights_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zpyHMH4Jhnvh">Each Series B
preferred share has 25,000 votes, provided that no holder of Series B preferred shares may exercise voting rights pursuant to Series
B preferred shares that would result in the aggregate voting power of the beneficial owner of any such holder of Series B preferred
shares, together with its affiliates, exceeding 49.99% of the total number of votes eligible to be cast on any matter submitted to a
vote of shareholders. Except as otherwise provided by applicable law, holders of the Company&#8217;s Series B preferred shares and
the Company&#8217;s common shares vote together as a single class on all matters submitted to a vote of shareholders, including the
election of directors. Athanasios Feidakis has substantial control and influence over the Company&#8217;s management and affairs and
over matters requiring shareholder approval, including the election of directors and significant corporate transactions, through his
ability to direct the vote of such Series B preferred shares</span>.&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"/>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>4. &#160;&#160;&#160;&#160;&#160;&#160;&#160;Transactions
with Related Parties (continued)&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">As at December
31, 2022 and 2021, Mr. George Feidakis beneficially owned <span id="xdx_909_ecustom--ProportionOfOwnershipInterestsHeldByControllingParty_dp_uPure_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ChairmanOfTheBoardOfDirectorsMember_zmhpge78R9Ok" title="Proportion Of Ownership Interests Held By Controlling Party"><span id="xdx_90C_ecustom--ProportionOfOwnershipInterestsHeldByControllingParty_dp_uPure_c20210101__20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ChairmanOfTheBoardOfDirectorsMember_z3oeBHtqr1B4" title="Proportion Of Ownership Interests Held By Controlling Party">3.7</span></span>% of Globus&#8217; shares. Mr. George Feidakis (father
of Mr. Athanasios Feidakis) is also the chairman of the Board of Directors of Globus.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">In November
2018, Globus entered into a credit facility for up to $<span id="xdx_90B_ecustom--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn3n3_c20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zRKHVS6tziId" title="Line Of Credit Facility Maximum Borrowing Capacity">15,000</span> with Firment Shipping Inc., an affiliate of the Company&#8217;s chairman,
for the purpose <span id="xdx_905_ecustom--DescriptionOfBorrowingsScope_c20180101__20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zP18K5WCxdGl" title="Description of borrowings">of financing its general working capital needs</span> (&#8220;Firment Shipping Credit Facility&#8221;). <span id="xdx_90A_ecustom--CreditFacilityCollateraDescription_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zf3nzEBtwPO3" title="Credit facility collateral description">The Firment Shipping
Credit Facility was unsecured and remained available until its final maturity date</span> at <span id="xdx_90C_eifrs-full--BorrowingsMaturity_c20180101__20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zJD3q8eUXVX5" title="Borrowings, maturity">October 31, 2021</span>, as amended. The Company had the
right to draw-down any amount up to $15,000 or prepay any amount in multiples of $<span id="xdx_90B_ecustom--LineOfCreditFacilityDrawndownAmountsMultiples_pn3n3_c20180101__20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zun9l2SdlI97" title="Line Of Credit Facility Drawndown Amounts Multiples">100</span>. Any prepaid amount could be re-borrowed in accordance
with the terms of the facility. Interest on drawn and outstanding amounts was charged at <span id="xdx_90D_eifrs-full--BorrowingsInterestRateBasis_c20180101__20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zngsPzjNBPz">7% per annum</span> and no commitment fee was charged
on the amounts remaining available and undrawn. Interest was payable the last day of a period of three months after the Draw-down Date,
after this period in case of failure to pay any sum due, a default interest of <span id="xdx_90B_eifrs-full--BorrowingsAdjustmentToInterestRateBasis_iI_dp_c20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_z7Ni8wHWEEDh" title="Borrowings Default Interest Rate">2</span>% per annum above the regular interest was charged. Globus
also had the right, in its sole option, to convert in whole or in part the outstanding unpaid principal amount and accrued but unpaid
interest under the Firment Shipping Credit Facility into common stock. <span id="xdx_90C_ecustom--DebtInstrumentConversionPriceDescription_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zeIFChycDFZb" title="Debt instrument conversion price description">The conversion price should equal the higher of (i) the average
of the daily dollar volume-weighted average sale price for the common stock on the principal market on any trading day during the period
beginning at 9.30 a.m. New York City time and ending at 4.00 p.m. (&#8220;VWAP&#8221;) over the pricing period multiplied by 80%, where
the &#8220;Pricing Period&#8221; equals the ten consecutive trading days immediately preceding the date on which the conversion notice
was executed or, (ii) Two Hundred Eighty US Dollars ($280.00) (absolute amount)</span>.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">For the year
ended December 31, 2020, the Company recognized Firment Shipping Credit Facility as hybrid financial instrument,
which included an embedded derivative related to the conversion option (see Note 11) and recognized a loss on this derivative financial instrument amounting to $<span id="xdx_906_eifrs-full--GainsLossesOnChangeInFairValueOfDerivatives_pn3n3_c20200101__20201231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zVzyH9PdMdDl" title="Loss on change in fair value of derivatives">189</span>, which was classified
under &#8220;gain/(loss) on derivative financial instruments&#8221; in the income statements component of the consolidated statement
of comprehensive income/(loss).</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">On May 8,
2020 the Company entered into an Amended and Restated Agreement with Firment Shipping Inc. and converted the existing Revolving
Credit Facility to a Term Credit Facility, increased the available undrawn amount to $<span id="xdx_90C_ecustom--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pdn6_c20200508__ifrs-full--BorrowingsByNameAxis__custom--AmendedAndRestatedAgreementMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_z6J1E0s0tYEb">14.2 </span></span><span style="font-size: 10pt">million
(absolute amount) and extended the maturity date to <span id="xdx_906_eifrs-full--BorrowingsMaturity_c20200101__20200508__ifrs-full--BorrowingsByNameAxis__custom--AmendedAndRestatedAgreementMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zgQkytE92bHh">October
31, 2021</span></span><span style="font-size: 10pt; background-color: White">.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">On July 27,
2020, the Company repaid the total outstanding principal and interest of the Firment Shipping Credit Facility amounting to $<span id="xdx_907_eifrs-full--RepaymentsOfCurrentBorrowings_pn3n3_c20200101__20200727__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember__ifrs-full--BorrowingsByNameAxis__custom--AmendedAndRestatedAgreementMember_zh0q5hgHP8sl" title="Repayments of current borrowings">863</span>. Furthermore,
the Company recognized a gain on this derivative financial instrument amounting to $<span id="xdx_90F_eifrs-full--GainsLossesOnChangeInFairValueOfDerivatives_pn3n3_c20200101__20200727__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember__ifrs-full--BorrowingsByNameAxis__custom--AmendedAndRestatedAgreementMember_zB0MkxiAzG28" title="Gains on change in fair value of derivatives">220</span>, which was classified under &#8220;gain/(loss)
on derivative financial instruments&#8221; in the income statement component of the consolidated statement of comprehensive income/(loss).
The facility with Firment Shipping Inc. expired on <span id="xdx_90F_eifrs-full--BorrowingsMaturity_c20180101__20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_z9BKZ7KvNFSd" title="Borrowings, maturity">October 31, 2021</span>.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">For the year
ended December 31, 2020, Globus recognized interest expense of $<span id="xdx_902_eifrs-full--InterestExpense_pn3n3_c20200101__20201231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember__ifrs-full--BorrowingsByNameAxis__custom--AmendedAndRestatedAgreementMember_zeaTFWJkMwak" title="Interest expense">26</span>, which was classified in the income statement component of the consolidated
statements of comprehensive income/(loss) under interest expense and finance costs.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">On July 15,
2021 Globus entered into a consultancy agreement with Eolos Shipmanagement S.A. for the purpose of providing consultancy services to
Eolos Shipmanagement S.A. For these services the Company receives a daily fee of $<span id="xdx_908_ecustom--ConsultingFeesExpense_pp0p0_c20210101__20210715__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--EolosShipmanagementMember__ifrs-full--CapitalRequirementsAxis__custom--DailyRateMember_z4P0hNirL9Wb">1,000
</span></span><span style="font-size: 10pt">(absolute amount). The chairman of the board of Globus is the majority shareholder of Eolos
Shipmanagement.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">On February
14, 2022 the Company changed the compensation of the non-executive directors. In the aggregate, the annual service fee for each of
the directors (based on their current roles and committee seats) has been set at $<span id="xdx_908_ecustom--NoninterestExpenseDirectorsFees1_pn3n3_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_ziZE1QOtf6H2" title="Annual Service Fee">80</span>,
payable in cash based on the annual service fees, committee fees, and other similar fees.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm"><span style="font-size: 10pt">Compensation of Key Management
Personnel of the Company:</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-size: 10pt">Compensation
to Globus non-executive directors is analyzed as follows:</span></p>

<p id="xdx_89D_ecustom--DisclosureOfCompensationOfNonExecutiveDirectors_zd59rqqVZfGf" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="display: none; font-size: 10pt">Transactions
with Related Parties - Compensation to the Company's Non-Executive Directors</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td id="xdx_490_20220101__20221231_zzbbddEOQbE2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_491_20210101__20211231_zNGaxwvK64o8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_49A_20200101__20201231_zVhwLMiZuP9d" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td></tr>
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="5" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;For
    the year ended December 31,</b></span></td></tr>
  <tr>
    <td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2021</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2020</b></span></td></tr>
  <tr id="xdx_401_eifrs-full--DirectorsRemunerationExpense_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_maKMPCzHgk_zIy1tMrqt6h8" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Directors&#8217;
    remuneration </span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">240</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">145</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">143</span></td></tr>
  <tr id="xdx_40B_ecustom--DirectorsCompensationSharebasedPayment_pn3n3_d0_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_maKMPCzHgk_zkcYChffrSOe" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Share-based
    payments (Note 12) </span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">40</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">40</span></td></tr>
  <tr id="xdx_403_eifrs-full--KeyManagementPersonnelCompensation_iT_pn3n3_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_mtKMPCzHgk_zitG8augCtd1" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>240</b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>185</b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>183</b></span></td></tr>
  </table>
<p id="xdx_8A8_zbhulxkraH46" style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">As at
December 31, 2022, and 2021, $<span id="xdx_905_ecustom--AccruedDirectorsCompensation_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_zNK6LFw4uP18" title="Accrued Directors Compensation">60</span>
and $<span id="xdx_908_ecustom--AccruedDirectorsCompensation_iI_pn3n3_c20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_zLgw5VWIPhhk" title="Accrued Directors Compensation">105</span>
of the compensation to non-executive directors was remaining due and unpaid, respectively. Amounts payable to non-executive
directors are classified as trade accounts payable and other in the consolidated statements of financial position.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt"/></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>4. &#160;&#160;&#160;&#160;&#160;&#160;&#160;Transactions
with Related Parties (continued)&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">Compensation
to the Company&#8217;s executive director is analyzed as follows:</span></p>

<p id="xdx_892_ecustom--DisclosureOfCompensationOfExecutiveDirector_zqpu5XUB7LNg" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="display: none; font-size: 10pt">Transactions
with Related Parties - Compensation to the Company's Executive Director</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td id="xdx_49A_20220101__20221231_zjq09M4hV9e7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_49F_20210101__20211231_zk3ETR84ONT1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_496_20200101__20201231_zHlKwKgMccx" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td></tr>
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="5" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>For
    the year ended December 31,</b></span></td></tr>
  <tr>
    <td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2021</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2020</b></span></td></tr>
  <tr id="xdx_40C_eifrs-full--KeyManagementPersonnelCompensationShorttermEmployeeBenefits_pn3n3_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--ExecutiveDirectorMember_maKMPCzSqc_zKRbLxH1Aua9" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Short-term
    employee benefits </span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,172</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,216</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,772</span></td></tr>
  <tr id="xdx_409_eifrs-full--KeyManagementPersonnelCompensation_iT_pn3n3_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--ExecutiveDirectorMember_mtKMPCzSqc_za04b6n7hbXj" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>1,172</b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>1,216</b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>1,772</b></span></td></tr>
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<p id="xdx_8A6_z42qQBMxebsh" style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">As at December
31, 2022, and 2021, $<span id="xdx_904_ecustom--AccruedDirectorsCompensation_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ExecutiveDirectorMember_zkcBvgo7z0qh" title="Accrued Directors Compensation">2,088</span> and $<span id="xdx_901_ecustom--AccruedDirectorsCompensation_iI_pn3n3_c20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ExecutiveDirectorMember_zYSRwaQnWMbh" title="Accrued Directors Compensation">985</span> of the compensation to the executive director was remaining due and unpaid, respectively.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify">&#160;</p>

<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2022-03-24<br> -Paragraph 18<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_18&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663205698288">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Vessels, net<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract', window );"><strong>Disclosure of detailed information about property, plant and equipment [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory', window );">Vessels, net</a></td>
<td class="text"><p id="xdx_807_eifrs-full--DisclosureOfPropertyPlantAndEquipmentExplanatory_z2WFDIkppHo3" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">5.&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#160;&#160;<span id="xdx_820_zLcM73vp0KSk">Vessels,
net</span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">The amounts
in the consolidated statement of financial position are analyzed as follows:</span></p>

<p id="xdx_891_ecustom--DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfFinancialPositionExplanatory_zVY3yQEUsLpc" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="display: none; font-size: 10pt">Vessels,
net - Consolidated Statement of Financial Position</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="white-space: nowrap; width: 46%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Vessels
    cost</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Vessels
    accumulated depreciation</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Dry
    docking costs</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Accumulated
    depreciation of dry-docking costs</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Net
    Book Value</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Balance at January 1,
    2020</b></span></td>
    <td id="xdx_98C_eifrs-full--Ships_iS_pn3n3_c20191231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_ztXkjazm3uUc" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>149,579</b></span></td>
    <td>&#160;</td>
    <td id="xdx_984_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20191231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_z0nscAXdEOgj" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>(101,858)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98C_eifrs-full--Ships_iS_pn3n3_c20191231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zUmBKy0AlySc" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>7,600</b></span></td>
    <td>&#160;</td>
    <td id="xdx_982_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20191231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zhrUSPBG3pi4" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance"><span style="font-size: 10pt"><b>(7,079)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_988_eifrs-full--Ships_iS_pn3n3_c20191231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zZeFc1G20Gv5" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>48,242</b></span></td></tr>
  <tr style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Additions/ Dry Docking Component</span></td>
    <td id="xdx_981_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20200101__20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zQH2FYegF8fl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"><span style="font-size: 10pt">18,028</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20200101__20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zLhcxo8ocRX6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"><span style="font-size: 10pt">4,283</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_981_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20200101__20201231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z4F3pFgv8qKb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"><span style="font-size: 10pt">22,311</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Impairment loss</span></td>
    <td id="xdx_98E_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_c20200101__20201231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zKbia8GRLEJ2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Impairment loss"><span style="font-size: 10pt">(4,615)</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_988_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_c20200101__20201231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z4oGoMGXzW87" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Impairment loss"><span style="font-size: 10pt">(4,615)</span></td></tr>
  <tr style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Depreciation expense</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20200101__20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zUcnaZFBboob" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"><span style="font-size: 10pt">(2,253)</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20200101__20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zHFoMOheUXk3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"><span style="font-size: 10pt">(1,335)</span></td>
    <td>&#160;</td>
    <td id="xdx_987_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20200101__20201231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zrPlhGdodask" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"><span style="font-size: 10pt">(3,588)</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Balance at December 31,
    2020</b></span></td>
    <td id="xdx_988_eifrs-full--Ships_iS_pn3n3_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_z0vY4KUDz1Cb" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>162,992</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98A_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zNu0Jq9b5pHa" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>(104,111)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98C_eifrs-full--Ships_iS_pn3n3_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zuyWU6ag4vIb" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>11,883</b></span></td>
    <td>&#160;</td>
    <td id="xdx_987_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zclWxNPA7Gwa" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>(8,414)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--Ships_iS_pn3n3_c20201231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zkM9Vwga4N37" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>62,350</b></span></td></tr>
  <tr style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Additions/ Dry Docking Component</span></td>
    <td id="xdx_985_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zZnOtcEO4ur" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"><span style="font-size: 10pt">70,746</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_988_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zKdTEGFrncf6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"><span style="font-size: 10pt">4,044</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_984_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z8Gvelhbf122" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"><span style="font-size: 10pt">74,790</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Depreciation expense</span></td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_z9x8RjfXdWU2" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"><span style="font-size: 10pt">(3,665)</span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_980_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zYAfZhETJTua" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"><span style="font-size: 10pt">(2,751)</span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20210101__20211231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zVmL0Y4tYLga" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"><span style="font-size: 10pt">(6,416)</span></td></tr>
  <tr style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Balance at December 31,
    2021</b></span></td>
    <td id="xdx_981_eifrs-full--Ships_iS_pn3n3_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zY6nBi2MtdN" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>233,738</b></span></td>
    <td>&#160;</td>
    <td id="xdx_987_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zHp3w5FBfDNc" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>(107,776)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98E_eifrs-full--Ships_iS_pn3n3_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zJxz6O6m8Hkl" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>15,927</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98F_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zYVPU2Vcy1La" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>(11,165)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98B_eifrs-full--Ships_iS_pn3n3_c20211231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zsmK2gsnJdl7" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>130,724</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Additions/ Dry Docking Component</span></td>
    <td id="xdx_98F_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zGOJPe0HdbCd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"><span style="font-size: 10pt">1,178</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_982_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zVHMt6a8Nbwc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"><span style="font-size: 10pt">7,438</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zq5HxDP640Z8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"><span style="font-size: 10pt">8,616</span></td></tr>
  <tr style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Depreciation expense</span></td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zkrZVlofQH31" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"><span style="font-size: 10pt">(5,233)</span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zcEN9YHvmwA8" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"><span style="font-size: 10pt">(4,646)</span></td>
    <td>&#160;</td>
    <td id="xdx_984_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z2B9XwLgere1" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"><span style="font-size: 10pt">(9,879)</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Balance at December 31,
    2022</b></span></td>
    <td id="xdx_981_eifrs-full--Ships_iE_pn3n3_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zqfyT7FnSGa6" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"><span style="font-size: 10pt"><b>234,916</b></span></td>
    <td>&#160;</td>
    <td id="xdx_984_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNE_pn3n3_di_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zHXtA3qTx5c8" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"><span style="font-size: 10pt"><b>(113,009)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_981_eifrs-full--Ships_iE_pn3n3_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zDxOUFcz3A4h" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"><span style="font-size: 10pt"><b>23,365</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98E_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNE_pn3n3_di_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zNmtc4QFUjsl" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"><span style="font-size: 10pt"><b>(15,811)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--Ships_iE_pn3n3_c20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z2Fvl5zRWoni" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"><span style="font-size: 10pt"><b>129,461</b></span></td></tr>
  </table>
<p id="xdx_8AD_zgBhPxWNphse" style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">On
October 29, 2020, the Company took delivery of the m/v &#8220;Galaxy Globe&#8221;, a <span id="xdx_907_ecustom--VesselYearBuilt_c20200101__20201029__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--GalaxyGlobeMember_zVCQzX50RdYb">2015</span>-built <span id="xdx_90F_ecustom--VesselType_c20200101__20201029__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--GalaxyGlobeMember_zo79xZqNium7">Kamsarmax</span>
dry bulk carrier, through its subsidiary, Serena Maritime Limited, for a purchase price of $<span id="xdx_907_eifrs-full--CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_pdn6_c20200101__20201029__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--GalaxyGlobeMember_zpN0tszjQPTb" title="Purchase price">18.4</span>
million (absolute amount), free of charter party, financed with available cash. The m/v &#8220;Galaxy Globe&#8221; was built at the Hudong-Zhonghua
Shipyard in China and has a carrying capacity of <span id="xdx_90B_ecustom--VesselCapacity_uPure_c20200101__20201029__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--GalaxyGlobeMember_znrdjtUQ1gEh" title="Vessel Capacity">81,167</span>
dwt. Upon the acquisition of the vessel, a total amount of $<span id="xdx_90F_ecustom--DryDockingCostCapitalised_pn3n3_c20200101__20201029__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--GalaxyGlobeMember_z0HaTiXQN834" title="Dry-docking cost capitalised">500</span>
was recorded as dry-docking component and is being amortized until the vessel&#8217;s next scheduled survey to be performed in July
2023.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 7.05pt 0pt 1cm; text-align: justify"><span style="font-size: 10pt">On
February 18, 2021, the Company entered into a memorandum of agreement with an unrelated third party, for the acquisition of the m/v
&#8220;Nord Venus&#8221;, a <span id="xdx_903_ecustom--VesselYearBuilt_c20210101__20210218__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--NordVenusMember_zekfhlV5Vb1">2011</span>-built <span id="xdx_900_ecustom--VesselType_c20210101__20210218__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--NordVenusMember_zc90BfmQavOe">Kamsarmax</span>
dry bulk carrier, for a purchase price of $<span id="xdx_90D_eifrs-full--CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_pdn6_c20210101__20210218__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--NordVenusMember_zF70mbwlnhY3" title="Purchase price">16.2</span>
million (absolute amount). No initial dry-docking component has been recognized as the vessel underwent dry-docking subsequent to
her delivery. The m/v &#8220;Nord Venus&#8221; was built at the Universal Shipbuilding Corporation in Japan and has a carrying
capacity of <span id="xdx_901_ecustom--VesselCapacity_uPure_c20210101__20210218__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--NordVenusMember_zFvau9SBAbPl" title="Vessel Capacity">80,655</span>
dwt. On <span id="xdx_90F_ecustom--VesselDeliveryDate_dd_c20210101__20210218__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--NordVenusMember_zNS4QSCMzpgg">July
20, 2021</span>, the Company took delivery of the m/v &#8220;Nord Venus&#8221; that was renamed to &#8220;Power
Globe&#8221;.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify"><span style="font-size: 10pt">On
March 19, 2021, the Company entered into a memorandum of agreement with an unrelated third party, for the acquisition of the m/v
&#8220;Yangze 11&#8221;, a <span id="xdx_90B_ecustom--VesselYearBuilt_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_zgLsZERexcw3">2018</span>-built <span id="xdx_905_ecustom--VesselType_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_zpUx2hEH0VU2">Kamsarmax</span>
dry bulk carrier, for a purchase price of $<span id="xdx_904_eifrs-full--CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_pdn6_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_zaXZ2AiLz3Wf" title="Purchase price">27.0</span>
million (absolute amount), the vessel cost amounted to $<span id="xdx_904_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pdn6_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_z24yJeFQY5o6" title="Additions other than through business combinations, property, plant and equipment">26.4</span>
million (absolute amount), and the initial dry-docking component amounted to $<span id="xdx_90D_ecustom--DryDockingCostCapitalised_pdn6_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_zjgvT5Mx0CLc">0.6</span>
million(absolute amount). The m/v &#8220;Yangze 11&#8221; was built at Jiangsu New Yangzi Shipbuilding Co., Ltd and has a carrying capacity
of <span id="xdx_906_ecustom--VesselCapacity_uPure_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_zfNfTDJVbYT9">82,027</span>
dwt. On <span id="xdx_901_ecustom--VesselDeliveryDate_dd_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_z4EngNuBtV1h">June
9, 2021</span>, the Company took delivery of the m/v &#8220;Yangze 11&#8221; that was renamed to &#8220;Diamond
Globe&#8221;.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">On
September 22, 2021, the Company entered into a memorandum of agreement with an unrelated third party, for the acquisition of the m/v
&#8220;Peak Liberty&#8221;, a <span id="xdx_90D_ecustom--VesselYearBuilt_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_zYQ3a7UIqBr5">2015</span>-built <span id="xdx_90D_ecustom--VesselType_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_zMDn80ssGnw">Kamsarmax</span>
dry bulk carrier, for a purchase price of $<span id="xdx_909_eifrs-full--CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_pdn6_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_zA6cNn5bd1C3" title="Purchase price">28.4</span>
million (absolute amount), the vessel cost amounted to $<span id="xdx_908_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pdn6_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_zsWJXMaNydGe">27.9</span>
million (absolute amount), and the initial dry-docking component amounted to $<span id="xdx_90F_ecustom--DryDockingCostCapitalised_pdn6_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_z3TC48uqW6Y">0.5</span>
million (absolute amount). The m/v &#8220;Peak Liberty&#8221; was built at Tsuneishi Zosen in Japan and has a carrying capacity of <span id="xdx_90D_ecustom--VesselCapacity_uPure_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_zPpXzvwJXLfj">81,837</span>
dwt. On <span id="xdx_907_ecustom--VesselDeliveryDate_dd_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_zdot1oofHAOc">November
29, 2021</span>, the Company took delivery of the m/v &#8220;Peak Liberty&#8221; that was renamed to &#8220;Orion
Globe&#8221;.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"/><p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">5.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#160;Vessels,
net (continued)</span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">For
the purpose of the consolidated statement of comprehensive income/(loss), depreciation, as stated in the income statement component,
comprises the following:</span></p>

<p id="xdx_891_ecustom--DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory_zetytVWPYMkc" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"><span style="display: none; font-size: 10pt">Vessels,
net - Consolidated Statement of Comprehensive Income/ (loss)</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td id="xdx_498_20220101__20221231_z9W01QTRvT6l" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_498_20210101__20211231_zEceAi0NagPk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_49C_20200101__20201231_z8az3lhu3Pr8" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr>
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="5" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>For the year
    ended December 31,</b></span></td></tr>
  <tr>
    <td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2021</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2020</b></span></td></tr>
  <tr id="xdx_404_eifrs-full--DepreciationPropertyPlantAndEquipment_pn3n3_zIYBCK1N0b85" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Vessels
    depreciation</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">5,233</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">3,665</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,253</span></td></tr>
  <tr id="xdx_400_ecustom--DepreciationOfficeFurnitureAndEquipment_pn3n3_z6WyEsJY2sL7" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Depreciation
    on office furniture and equipment</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">40</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">39</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">33</span></td></tr>
  <tr id="xdx_403_eifrs-full--DepreciationRightofuseAssets_pn3n3_zrepiIBlieVe" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Depreciation
    of right of use asset (Note 18)</span></td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">327</span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">206</span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">112</span></td></tr>
  <tr id="xdx_402_eifrs-full--DepreciationExpense_iT_pn3n3_zao3prfq1iTk" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>5,600</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>3,910</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2,398</b></span></td></tr>
  </table>
<p id="xdx_8A5_zFVWE6BQ3un5" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">As at December 31, 2022 the Company&#8217;s vessels, except the m/v Power and Diamond Globe, have been pledged as collateral to secure
the bank loans discussed in note 11.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">During
the year ended December 31, 2022 the Company installed ballast water treatment system (&#8220;BWTS&#8221;)on five of its vessels
amounting to an addition of approximately $<span id="xdx_90D_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n6_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--FiveVesselsMember_zIeks5znU3V2" title="Ballast water treatment system additions">1.1</span>
million (absolute amount).</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>Impairment
of non-financial assets:</b> The Company performed an impairment assessment as at March 31, 2020 on whether there were indicators
that a vessel(s) may be impaired and concluded that impairment indicators existed for all vessels. As at December 31, 2020, the
Company performed an assessment on whether there were indicators that a vessel(s) may be impaired and impairment indicators were
identified for two of the Company&#8217;s vessels. As impairment indicators were identified during 2020, discounted future cash
flows for each vessel with impairment indicators were determined and compared to the vessel&#8217;s carrying value. For the discount
factor, the Company applied the Weighted Average Cost of Capital rate that was calculated to be <span id="xdx_903_ecustom--WeightedAverageCostOfCapital_iI_dp_c20201231_zoFvBeF0CNdk">4.06</span>%
as at December 31, 2020. The projected net discounted future cash flows for the first year were determined by considering an
estimated daily time charter equivalent based on the most recent blended (for modern and older vessels) FFA (i.e. Forward Freight
Agreements) time charter rate for the fiscal year 2021 for each type of vessel. For the remaining useful life of the vessels, <span id="xdx_90B_ecustom--TimePeriodConsidered_c20220101__20221231_zTlIPaIf59Sa">the
Company used the historical ten-year blended average one-year time charter rates</span> substituting for the year 2016 that was
considered as extreme values, with the year 2010. Expected outflows for scheduled vessels maintenance were taken into consideration
as well as vessel operating expenses assuming an average annual increase rate of <span id="xdx_907_ecustom--AssumptionOfExpectedRatesOfInflation_iI_pdp0_dp_c20221231_zNXLN17xELbg" title="Assumption Of Expected Rates Of Inflation">1</span>%
based on the historical trend derived from actual results for the Company&#8217;s vessels since their delivery under the
Company&#8217;s technical management. The average time charter rates used were in line with the overall chartering strategy,
especially in periods/years of depressed charter rates; reflecting the full operating history of vessels of the same type and
particulars with the Company&#8217;s operating fleet (Supramax and Panamax vessels with a deadweight (&#8220;dwt&#8221;) of over <span id="xdx_909_ecustom--VesselCapacity_uPure_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SupramaxMember_zbXJNyP2kuih">50,000</span>
and <span id="xdx_902_ecustom--VesselCapacity_uPure_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PanamaxMember_zsifBILhD9o4">70,000</span>,
respectively) and they covered at least one full business cycle. Effective fleet utilization was assumed at <span id="xdx_90C_ecustom--AssumptionOfFleetUtilisationRate_iI_pdp0_dp_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SupramaxMember_zHKtJd2Cotj" title="Assumption Of Fleet Utilisation Rate">87</span>%
and <span id="xdx_902_ecustom--AssumptionOfFleetUtilisationRate_iI_pdp0_dp_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PanamaxMember_zl6fczSUq2fi" title="Assumption Of Fleet Utilisation Rate">90</span>%
(including ballast days) for the Supramaxes and the Panamaxes, respectively taking into account the period(s) each vessel is
expected to undergo her scheduled maintenance (dry-docking and special surveys), as well as an estimate of the period(s) needed for
finding suitable employment and off-hire for reasons other than scheduled maintenance, assumptions in line with the Company&#8217;s
expectations for future fleet utilization under the current fleet deployment strategy.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">As
at March 31, 2020, the Company concluded that the recoverable amounts of the vessels were lower than their carrying amounts and recognized
an impairment loss of $<span id="xdx_908_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_c20200101__20201231_zMH0wM3BjNaf" title="Impairment loss recognised in profit or loss, property, plant and equipment">4,615</span>. As at December 31, 2020, the Company concluded that no additional impairment loss should be recognized.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
impairment loss for the year ended December 31, 2020, analyzed by vessel is as follows:</span></p>

<p id="xdx_89B_eifrs-full--DisclosureOfImpairmentOfAssetsExplanatory_zTYS2QuUEAc8" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><span style="display: none; font-size: 10pt">Vessels,
net - Impairment loss</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&#160;</td>
    <td id="xdx_49B_20200101__20201231_z9H2eySqDvMc" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr>
  <tr>
    <td style="white-space: nowrap; width: 90%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b><span style="text-decoration: underline">Vessel</span></b></span></td>
    <td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>For
    the year ended December 31, 2020</b></span></td>
    </tr>
  <tr id="xdx_406_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_hifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MVRiverGlobeMember_zZ6Eo3tyHwqh" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">m/v
    River Globe</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(332)</span></td>
    </tr>
  <tr id="xdx_40C_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_hifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MVSkyGlobeMember_zE3CV0nWPyid" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">m/v
    Sky Globe</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(1,231)</span></td>
    </tr>
  <tr id="xdx_40B_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_hifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MVStarGlobeMember_zq358a3Izlz9" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">m/v
    Star Globe</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(460)</span></td>
    </tr>
  <tr id="xdx_401_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_hifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MVSunGlobeMember_ziegyOo9c3s4" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">m/v
    Sun Globe</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(2,013)</span></td>
    </tr>
  <tr id="xdx_404_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_hifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MVMoonGlobeMember_zVKCt3rNQwfh" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">m/v
    Moon Globe</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(579)</span></td>
    </tr>
  <tr id="xdx_403_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_zWV8Pk1XsVi5" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Impairment
    loss</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>(4,615)</b></span></td>
    </tr>
  </table>
<p id="xdx_8AF_zfTjBsq1pCb9" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>




<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">5.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#160;Vessels,
net (continued)</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt"><span style="font-size: 10pt">As
at December 31, 2022 and 2021, the Company performed an assessment on whether there were indicators that a vessel(s) may be impaired
and no impairment indicators were identified for the Company&#8217;s vessels. <span id="xdx_90C_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_c20220101__20221231_zKOCXW0GOnbf" title="Impairment loss recognised in profit or loss, property, plant and equipment"><span id="xdx_90B_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_c20210101__20211231_zk2gCyUfEK96" style="display: none" title="Impairment loss recognised in profit or loss, property, plant and equipment">0</span></span></span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;doctype=Standard&amp;dita_xref=IAS16_g73-79__IAS16_g73-79_TI<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663205945984">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Inventories<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfInventoriesAbstract', window );"><strong>Classes of current inventories [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInventoriesExplanatory', window );">Inventories</a></td>
<td class="text"><p id="xdx_80E_eifrs-full--DisclosureOfInventoriesExplanatory_zTMy9MYGPVUl" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<span id="xdx_82D_zR6b1kCJyGV9">Inventories</span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">Inventories
in the consolidated statement of financial position are analyzed as follows:</span></p>

<p id="xdx_890_ecustom--DisclosureOfInventoriesConsolidatedStatementOfFinancialPositionExplanatory_z9LUtPrReyI2" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="display: none; font-size: 10pt">Inventories&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td id="xdx_495_20221231_zigFSqyVyEg9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_494_20211231_zRUoQtA7h9d9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td></tr>
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="3" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;December
    31,</b></span></td></tr>
  <tr>
    <td style="white-space: nowrap; width: 79%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2021</b></span></td></tr>
  <tr id="xdx_403_ecustom--LubricantsInventoryCurrent_iI_pn3n3_zMtswD3IGxfg" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Lubricants
    </span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,062</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">765</span></td></tr>
  <tr id="xdx_404_ecustom--GasCylindersInventoryCurrent_iI_pn3n3_zdZrnUY3z7gc" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Gas
    cylinders </span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">133</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">87</span></td></tr>
  <tr id="xdx_402_ecustom--BunkerInventoryCurrent_iI_pn3n3_d0_zcNCPzetj0B1" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Bunkers</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,833</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr id="xdx_403_eifrs-full--Inventories_iTI_pn3n3_zOC9d3ONV6k6" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>3,028</b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>852</b></span></td></tr>
  </table>
<p id="xdx_8AD_z1EZMBTo0rK5" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<span></span>
</td>
</tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfInventoriesAbstract</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for inventories.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2022-03-24<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2022-en-r&amp;doctype=Standard&amp;dita_xref=IAS02_g36-39__IAS02_g36-39_TI<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInventoriesExplanatory</td>
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<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663205650144">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Trade accounts payable<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayablesAbstract', window );"><strong>Trade and other payables [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory', window );">Trade accounts payable</a></td>
<td class="text"><p id="xdx_800_eifrs-full--DisclosureOfTradeAndOtherPayablesExplanatory_zaJtCXP3jljf" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt"><b>7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<span id="xdx_82B_zyRLrCksr9Ol">Trade accounts payable</span></b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">Trade
accounts payable in the consolidated statement of financial position as at December 31, 2022 and 2021, amounted to $<span id="xdx_901_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20221231_zXX2AoYa0BXi" title="Trade and other current payables">3,548</span> and $<span id="xdx_904_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20211231_zO4BlhUD5D0h" title="Trade and other current payables">1,100</span>,
respectively. Trade accounts payable are non-interest bearing.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of trade and other payables. [Refer: Trade and other payables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherPayablesAbstract</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663205594544">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accrued liabilities and other payables<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MiscellaneousCurrentLiabilitiesAbstract', window );"><strong>Miscellaneous current liabilities [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory', window );">Accrued liabilities and other payables</a></td>
<td class="text"><p id="xdx_80A_eifrs-full--DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory_zd1F2WyXpc7c" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<span id="xdx_823_zXhpVxIZL5k6">Accrued liabilities and other payables</span> </b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 48pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">Accrued
liabilities and other payables in the consolidated statement of financial position are analyzed as follows:</span></p>

<p id="xdx_89A_ecustom--DisclosureOfAccruedExpensesAndOtherLiabilitiesConsolidatedStatementOfFinancialPositionExplanatory_zOUONpktSvse" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"><span style="display: none; font-size: 10pt">Accrued
liabilities and other payables</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td id="xdx_496_20221231_zatYmdwlrE7c" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_498_20211231_zhAcmwxx5poi" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td></tr>
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="3" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;December
    31,</b></span></td></tr>
  <tr>
    <td style="white-space: nowrap; width: 79%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2021</b></span></td></tr>
  <tr id="xdx_40C_eifrs-full--CurrentDebtInstrumentsIssued_iI_pn3n3_d0_zGlwshMpOUB8" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Accrued
    Interest Swap Loss</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">30</span></td></tr>
  <tr id="xdx_402_ecustom--AccruedAuditFeesCurrent_iI_pn3n3_zqC5gc2Dqq2e" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Accrued
    audit fees</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">77</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">82</span></td></tr>
  <tr id="xdx_409_ecustom--OtherAccruals_iI_pn3n3_zFpoH3WH7Fge" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Other
    accruals</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">5,552</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">3,262</span></td></tr>
  <tr id="xdx_40B_ecustom--CurrentInsuranceDeductibles_iI_pn3n3_zKuVJNK1n68g" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Insurance
    deductibles </span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">104</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">64</span></td></tr>
  <tr id="xdx_405_eifrs-full--OtherCurrentPayables_iI_pn3n3_z6gNxOa8wIF8" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Other
    payables</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">81</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">59</span></td></tr>
  <tr id="xdx_408_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iTI_pn3n3_zpTVM2dg8Wja" style="background-color: White">
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    <td style="border-top: Black 0.5pt double; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>5,814</b></span></td>
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">Other payables are non-interest bearing.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm">&#160;&#160;</p>




<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"/>

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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663206201936">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share Capital and Share Premium<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalAbstract', window );"><strong>Disclosure of classes of share capital [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory', window );">Share Capital and Share Premium</a></td>
<td class="text"><p id="xdx_80F_eifrs-full--DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_zX1NTYk8vMj2" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">9.&#160;&#160;&#160;&#8239;&#160;&#160;&#160;&#160;
<span id="xdx_828_zlhfR6yQN26h">Share Capital and Share Premium</span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
authorized share capital of Globus consisted of the following:</span></p>

<p id="xdx_893_eifrs-full--DisclosureOfClassesOfShareCapitalExplanatory_zhgiOrpxCPHj" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><span style="display: none; font-size: 10pt">Share
Capital and Share Premium - Authorized share capital</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="5" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;December
    31,</b></span></td></tr>
  <tr>
    <td style="width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2021</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2020</b></span></td></tr>
  <tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Authorized share capital:</b></span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><span id="xdx_905_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zPEi0VuTcXQa" title="Number of shares authorised"><span id="xdx_905_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zPMykCjjxz1"><span id="xdx_90D_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zbNbREXW58z1">500,000,000</span></span></span> Common shares
    of par value $<span id="xdx_902_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zHKm90HR3AQ3" title="Par value per share"><span id="xdx_90C_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zgmFJGb2MNP" title="Par value per share"><span id="xdx_905_eifrs-full--ParValuePerShare_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zUgxrflnv987" title="Par value per share">0.004</span></span></span> each</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><span id="xdx_909_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zwuQ1RJohWBa">2,000</span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><span id="xdx_909_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zDDKdGZ7Mlw7">2,000</span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><span id="xdx_901_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zGax0ZWMBRaa">2,000</span></span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><span id="xdx_902_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zxbCAk1G6UCl" title="Number of shares authorised"><span id="xdx_909_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zpPurs14kncl" title="Number of shares authorised"><span id="xdx_907_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zGfGNgJ5LAkd" title="Number of shares authorised">100,000,000</span></span></span> Class B Common
    shares of par value $<span id="xdx_90D_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_z4TngE8o7Gc" title="Par value per share"><span id="xdx_909_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zDKNOX014Zxf" title="Par value per share"><span id="xdx_90C_eifrs-full--ParValuePerShare_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zHEMOWPJBhx" title="Par value per share">0.001</span></span></span> each</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><span id="xdx_901_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zFYRJjEjPvC7">100</span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><span id="xdx_90B_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zGrTPseGH7t1">100</span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><span id="xdx_902_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zquskyYjMY1a">100</span></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><span id="xdx_90F_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zkFHBQhcQvGj" title="Number of shares authorised"><span id="xdx_90B_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zrNMHXMpMpe5" title="Number of shares authorised"><span id="xdx_90B_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_z744a1ArT6Qk" title="Number of shares authorised">100,000,000</span></span></span> Preferred shares
    of par value $<span id="xdx_902_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zOTVOTEwxn3a" title="Par value per share"><span id="xdx_909_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zFlBATecxyV2" title="Par value per share"><span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zAM1RrPaTp1e" title="Par value per share">0.001</span></span></span> each </span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><span id="xdx_901_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_z1a3qSdzbzo1">100</span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><span id="xdx_903_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zJjMitsLM1c5">100</span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><span id="xdx_907_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_z5gi9J6UeVv1">100</span></span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total authorized share
    capital</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><span id="xdx_902_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231_zptSHJR2VOV9" title="Total value of shares authorised">2,200</span></b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><span id="xdx_906_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231_zgQ1UcpwPCEk" title="Total value of shares authorised">2,200</span></b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><span id="xdx_90A_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20201231_zpuYEfih0Fzj" title="Total value of shares authorised">2,200</span></b></span></td></tr>
  </table>
<p id="xdx_8A9_zWuSXyQEvMh4" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><span id="xdx_900_ecustom--VotingRights_pid_c20220101__20221231_zvnfD9otQb0b">Holders
of the Company&#8217;s common shares and Class B common shares have equivalent economic rights, but holders of Company&#8217;s
common shares are entitled to one vote per share and holders of the Company&#8217;s Class B common shares are entitled to twenty
votes per share.</span> Each holder of Class B common shares may convert, at its option, any or all of the Class B common shares
held by such holder into an equal number of common shares.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p id="xdx_895_ecustom--DisclosureOfCommonSharesExplanatory_zPVV4BmVvro7" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="display: none; font-size: 10pt">&#160;Share Capital and Share Premium - Common Shares issued and fully paid</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="width: 79%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 1.65pt"><span style="font-size: 10pt"><b>Common Shares
    issued and fully paid</b></span></td>
    <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Number
    of shares </b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>USD</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>As at January 1, 2020</b></span></td>
    <td id="xdx_98F_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iS_pip0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zsYhZlQLpejb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>52,235</b></span></td>
    <td>&#160;</td>
    <td id="xdx_984_eifrs-full--IssuedCapital_iS_pn3n3_d0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zODX58XW33zh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>&#8212;</b></span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Issued during the year for
    share-based compensation (note 12)</span></td>
    <td id="xdx_981_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_pip0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zJG23l4GwPDj" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issued during the year for share-based compensation (note 12)"><span style="font-size: 10pt">2,812</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Issuance of common stock
    due to conversion of loan</span></td>
    <td id="xdx_98C_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughConversionOfConvertibleInstruments_pip0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zJ4f9eD2QS85" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of common stock due to conversion of loan"><span style="font-size: 10pt">11,678</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Issuance of new common stocks</span></td>
    <td id="xdx_983_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity_pip0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zuWLW0okvs35" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of new common stocks"><span style="font-size: 10pt">2,942,848</span></td>
    <td>&#160;</td>
    <td id="xdx_98C_eifrs-full--IssueOfEquity_pn3n3_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zeAXR9g1tnQe" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of new common stocks"><span style="font-size: 10pt">12</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Issuance of common stock
    due to exercise of pre-funded warrants</span></td>
    <td id="xdx_986_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity_pip0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zDpd4RM1HUjk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of common stock due to exercise of pre-funded warrants"><span style="font-size: 10pt">25,000</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Issuance of common stock
    due to exercise of warrants</span></td>
    <td id="xdx_989_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_pip0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_z0aKFBA9bCFg" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of common stock due to exercise of warrants"><span style="font-size: 10pt">5,550</span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>As at December 31, 2020</b></span></td>
    <td id="xdx_980_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iS_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zvOxa975P9Qb" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>3,040,123</b></span></td>
    <td>&#160;</td>
    <td id="xdx_980_eifrs-full--IssuedCapital_iS_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_z3IS68fOIm64" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>12</b></span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Issued during the year for
    share-based compensation (note 12)</span></td>
    <td id="xdx_98E_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zgVSnj80Y054" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issued during the year for share-based compensation (note 12)"><span style="font-size: 10pt">12,178</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Issuance of new common stocks</span></td>
    <td id="xdx_98B_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zt1UHYKR54Ec" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of new common stocks"><span style="font-size: 10pt">14,905,000</span></td>
    <td>&#160;</td>
    <td id="xdx_989_eifrs-full--IssueOfEquity_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zKpTCzRNx28l" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of new common stocks"><span style="font-size: 10pt">60</span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Issuance of common stock
    due to exercise of pre-funded warrants</span></td>
    <td id="xdx_985_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_z3WZwW8VbOPh" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of common stock due to exercise of pre-funded warrants"><span style="font-size: 10pt">2,625,000</span></td>
    <td>&#160;</td>
    <td id="xdx_989_eifrs-full--IncreaseDecreaseThroughExerciseOfWarrantsEquity_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_z1lPxqsw5kT9" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of common stock due to exercise of pre-funded warrants"><span style="font-size: 10pt">10</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>As at December 31, 2021</b></span></td>
    <td id="xdx_981_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iS_pip0_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zgQNoj1BDCq2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>20,582,301</b></span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--IssuedCapital_iS_pn3n3_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zf4IHZNwHph" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>82</b></span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Issued during the year for
    share-based compensation</span></td>
    <td id="xdx_987_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_pip0_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zCQxcTcwdnHc" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issued during the year for share-based compensation"><span style="font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1188">&#8212;</span></b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>&#8212;</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>As at December 31, 2022</b></span></td>
    <td id="xdx_984_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iE_pip0_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zPyEvQtT3m3b" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"><span style="font-size: 10pt"><b>20,582,301</b></span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--IssuedCapital_iE_pn3n3_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zL8SFn605Zka" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"><span style="font-size: 10pt"><b>82</b></span></td></tr>
  </table>
<p id="xdx_8A9_zW3F6sofiDGg" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">During
the years ended December 31, 2021 and 2020, Globus issued <span id="xdx_90B_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zOIsNf6d7pck" title="Increase in number of shares outstanding">12,178</span>
and <span id="xdx_90C_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zK8ukbvp2d3c" title="Increase in number of shares outstanding">2,812</span>
common shares, respectively (par value $<span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zOAUx7eTLXra" title="Par value per share"><span id="xdx_901_eifrs-full--ParValuePerShare_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zkGQRju3fNv3" title="Par value per share">0.004</span></span>
per share) as share-based payments. For the year ended December 31, 2022 Globus has not issued any common shares as share-based
payment. </span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">As
at December 31, 2022, 2021 and 2020, <span id="xdx_90E_eifrs-full--NumberOfSharesOutstanding_iI_pip0_do_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_z0rc25v2Sc"><span id="xdx_907_eifrs-full--NumberOfSharesOutstanding_iI_pip0_do_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_z2wIEgZ4RI24"><span id="xdx_90F_eifrs-full--NumberOfSharesOutstanding_iI_pip0_do_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zqpGzhGyGP6g">no</span></span></span>
Class B common shares or Series A preferred shares (par value $<span id="xdx_90A_eifrs-full--ParValuePerShare_iI_pip0_do_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zgDeARi4wY4b"><span id="xdx_905_eifrs-full--ParValuePerShare_iI_pip0_do_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_z5PI9fMP12p8"><span id="xdx_904_eifrs-full--ParValuePerShare_iI_pip0_do_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zcRIoBmnmY0k">0.001</span></span></span>
per share) were outstanding. <span id="xdx_90A_eifrs-full--NumberOfSharesOutstanding_iI_pip0_do_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_z76lWAzmdkjf"><span id="xdx_900_eifrs-full--NumberOfSharesOutstanding_iI_pip0_do_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zKzt32Id3Qce" style="display: none"><span id="xdx_907_eifrs-full--NumberOfSharesOutstanding_iI_pip0_do_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zh9NmIwMwMW6">0</span></span></span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">On
June 12, 2020, the Company entered into a stock purchase agreement and issued <span id="xdx_908_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20200612__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBPreferredSharesMember_zw685aMY9lUf" title="Increase in number of shares outstanding">50</span> of newly designated Series B Preferred Shares, par value
$<span id="xdx_90C_eifrs-full--ParValuePerShare_iI_pip0_c20200612__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBPreferredSharesMember_zkpEyGTr5dbi"><span id="xdx_908_eifrs-full--ParValuePerShare_iI_pip0_c20200727__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBPreferredSharesMember_zsf9XDzWwI62">0.001</span></span> per share, to Goldenmare Limited, a company controlled by the Chief Executive Officer, Athanasios Feidakis, in return for $<span id="xdx_90B_ecustom--IssueOfPreferredShares_pn3n3_c20200101__20200612__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBPreferredSharesMember_zAjkFEtI9kRh">150</span>,
which amount was settled by reducing, on a dollar-for-dollar basis, the amount payable by the Company to Goldenmare Limited pursuant
to a consultancy agreement. On July 27, 2020, the Company issued an additional <span id="xdx_905_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20200727__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBPreferredSharesMember_zHrrw03XQW31">250</span> of its Series B preferred shares to Goldenmare Limited
in return for $<span id="xdx_902_ecustom--IssueOfPreferredShares_pn3n3_c20200101__20200727__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBPreferredSharesMember_zrbWiFPslpgk">150</span>. The $150 was settled by reducing, on a dollar-for-dollar basis, the amount payable by the Company to Goldenmare Limited
pursuant to a consultancy agreement. The issuance of the Series B preferred shares to Goldenmare Limited was approved by an independent
committee of the Company&#8217;s Board of Directors, which received fairness opinions from an independent financial advisor.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Book Antiqua, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"/><p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">9.&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#160;&#160;Share
Capital and Share Premium (continued)</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">On
March 2, 2021, the Company entered into a stock purchase agreement and issued <span id="xdx_903_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20210101__20210302__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBPreferredSharesMember_zLKBnN9n3Y9f" title="Increase in number of shares outstanding">10,000</span> Series B Preferred Shares, par value $<span id="xdx_902_eifrs-full--ParValuePerShare_iI_pip0_c20210302__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBPreferredSharesMember_zXNZ5g2Gq2g9" title="Par value per share">0.001</span> per
share, to Goldenmare Limited, a company controlled by the Company&#8217;s Chief Executive Officer, Athanasios Feidakis, in return for
$<span id="xdx_902_ecustom--IssueOfPreferredShares_pn3n3_c20210101__20210302__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBPreferredSharesMember_zcPyIL4bFzzd" title="Issue of preferred shares | $">130</span>, which amount was settled by reducing, on a dollar-for-dollar basis, the amount payable as executive compensation by the Company
to Goldenmare Limited pursuant to a consultancy agreement. The issuance of the Series B preferred shares to Goldenmare Limited was approved
by an independent committee of the Company&#8217;s Board of Directors, which received fairness opinions from an independent financial
advisor.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">During
the year ended December 31, 2020, and further to the conversion clause included into the Convertible Note   an amount of approximately
$<span id="xdx_909_eifrs-full--Borrowings_iI_pn3n3_c20201231__ifrs-full--BorrowingsByNameAxis__custom--ConvertibleNoteMember_z3YAmXHlK6Q4">1,168</span>, principal and accrued interest, was converted to share capital at a conversion price of $<span id="xdx_902_ecustom--DebtInstrumentConvertibleConversionPrice_iI_pip0_c20201231__ifrs-full--BorrowingsByNameAxis__custom--ConvertibleNoteMember_z3CP5glO9jD7">100</span> per share and a total number of
<span id="xdx_90F_eifrs-full--NumberOfSharesIssued_iI_pip0_uShares_c20201231__ifrs-full--BorrowingsByNameAxis__custom--ConvertibleNoteMember_zgbsCZfWA9Lb">11,678</span> new shares, par value $<span id="xdx_90E_eifrs-full--ParValuePerShare_iI_pip0_c20201231__ifrs-full--BorrowingsByNameAxis__custom--ConvertibleNoteMember_zSdpfYKR1QMd">0.004</span> per share, were issued in name of the holder of the Convertible Note.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">On
June 22, 2020, the Company issued <span id="xdx_90D_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20200622_zb6KnZey1FKi" title="Increase in number of shares outstanding">342,857</span> of its common shares, par value $<span id="xdx_908_eifrs-full--ParValuePerShare_iI_pip0_c20211231_z45tPR9DVTii">0.004</span> per share, in an underwritten public offering at a price
of $<span id="xdx_901_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20200622_zGSPsEog1Tah">35</span> per unit. Each unit consisted of one common share and one Class A warrant to purchase one common share and immediately separated
upon issuance. In addition, the Company granted to the underwriter a 45-day option to purchase up to an additional <span id="xdx_901_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20200101__20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember__ifrs-full--MaturityAxis__custom--FortyFiveDayOptionMember_zFB6Jfredzof" title="Increase in number of shares outstanding">51,429</span> common shares,
par value $<span id="xdx_909_eifrs-full--ParValuePerShare_iI_pip0_c20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember__ifrs-full--MaturityAxis__custom--FortyFiveDayOptionMember_zXGpJYxFOlp1">0.004</span> per share, (or pre-funded warrants in lieu thereof) and Class A warrants to purchase up to <span id="xdx_90D_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_c20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember__ifrs-full--MaturityAxis__custom--FortyFiveDayOptionMember_zCR1urHJJ9Th">51,429</span> common shares, at
the public offering price less discounts and commissions. The underwriter exercised its option and purchased <span id="xdx_902_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20200101__20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember_zy0MPLwd5Zrg">51,393</span> common shares, par
value $<span id="xdx_907_eifrs-full--ParValuePerShare_iI_pip0_c20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember_z7l5LyFnRBXc">0.004</span> per share and Class A warrants to purchase <span id="xdx_908_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20200101__20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember_zZrJ1aZUrKfc">51,393</span> common shares. Each Class A warrant is immediately exercisable for one
common share at an exercise price of $<span id="xdx_901_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember_z3HUUaNr5wjg">35</span> per share and expires <span id="xdx_908_eifrs-full--DescriptionOfOptionLifeShareOptionsGranted_dc_uPure_c20200101__20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember_z6Gh8UBrMWMh">five</span> years from issuance. Total proceeds amounted to $<span id="xdx_90D_eifrs-full--ProceedsFromExerciseOfOptions_pn3n3_c20200101__20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember_z41IU8ih9rG1">12,695</span> before issuance
expenses.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Class A Warrants are exercisable for a period of five years commencing on the date of issuance. If a registration statement registering
the issuance of the common shares underlying the warrants under the Securities Act is not effective or available, the holder may, in
its sole discretion, elect to exercise the warrant through a cashless exercise, in which case the holder would receive upon such exercise
the net number of common shares determined according to the formula set forth in the warrant. We may be required to pay certain amounts
as liquidated damages as specified in the warrants in the event we do not deliver common shares upon exercise of the warrants within
the time periods specified in the warrants.</span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">As
at December 31, 2022 and 2021, the Company had issued <span id="xdx_90A_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_pip0_uShares_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_z7GyLXgn1hs8"><span id="xdx_900_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_pip0_uShares_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zbubOth4Fhb5">5,550</span></span> common shares, par value $<span id="xdx_905_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_z66ejfp82FB8"><span id="xdx_90E_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zULjaCCmmkfj">0.004</span></span> per share, pursuant to exercise of outstanding
Class A Warrants, resulting to cash proceeds of $<span id="xdx_90E_ecustom--ProceedsFromWarrantExercises_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zZfp7mo9UIL5"><span id="xdx_906_ecustom--ProceedsFromWarrantExercises_pn3n3_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zBZjuE8d7yM1">194</span></span>, and had <span id="xdx_904_ecustom--NumberOfWarrantsOutstanding_iI_pip0_uShares_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zqZvavBpMlT6"><span id="xdx_906_ecustom--NumberOfWarrantsOutstanding_iI_pip0_uShares_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_ztpZ0gBqs256">388,700</span></span> Class A Warrants outstanding to purchase an aggregate of <span id="xdx_90E_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zk6SzPQ1Imui"><span id="xdx_902_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zP7blgvoI1bl">388,700</span></span>
common shares, par value $<span id="xdx_902_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zlR5wDXtm7qj"><span id="xdx_905_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zpOa4gIO5tl">0.004</span></span> per share.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 96.4pt; text-align: justify; text-indent: -25.55pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">On
June 30, 2020, the Company issued <span id="xdx_905_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20200630__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_ztd3plmKyy72">458,500</span> of its common shares, par value $<span id="xdx_904_eifrs-full--ParValuePerShare_iI_pip0_c20200630__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zPyyQPTeMewh">0.004</span> per share, in a registered direct offering and warrants
(&#8220;PP Warrants&#8221;) to purchase <span id="xdx_909_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20200630__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zkscRE5fXvg9">458,500</span> common shares in a concurrent private placement for a purchase price of $<span id="xdx_90F_ecustom--PurchasePriceOfOutstandingWarrants_iI_pip0_c20200630__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zBmRJU6OWFH2">27</span> per common
share and PP Warrant. The warrants were exercisable upon issuance and had an exercise price of $<span id="xdx_904_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20200630__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember__srt--RangeAxis__ifrs-full--TopOfRangeMember_zTOz14Z9CB67">30</span> per share, subsequently reduced to
$<span id="xdx_904_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20200630__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember__srt--RangeAxis__ifrs-full--BottomOfRangeMember_zp81LYwd7HB5">18</span> per share. Total proceeds amounted to $<span id="xdx_90C_ecustom--ProceedsFromWarrantExercises_pn3n3_c20200101__20200630__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zf4JBUVY9Yv">11,513</span> before issuance expenses.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">On
July 21, 2020, the Company issued <span id="xdx_90F_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20200721__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zyWsEG8zGROb">833,333</span> of its common shares, par value $<span id="xdx_90D_eifrs-full--ParValuePerShare_iI_pip0_c20200721__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zjuqJMJ7Vxkg">0.004</span> per share, in a registered direct offering and PP Warrants
to purchase <span id="xdx_908_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20200721__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zsX7ty5Fw7L3">833,333</span> common shares in a concurrent private placement for a purchase price of $<span id="xdx_904_ecustom--PurchasePriceOfOutstandingWarrants_iI_pip0_c20200721__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_z8JOUGV4aaYd">18</span> per common share and PP Warrant. The
exercise price of each PP Warrant was $<span id="xdx_903_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20200721__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_z85ntQtiRHp6">18</span> per share. Concurrently with this offering the exercise price of the PP Warrants issued on
June 30, 2020, were reduced to $18 per share. Total proceeds amounted to $<span id="xdx_909_ecustom--ProceedsFromWarrantExercises_pn3n3_c20200101__20200721__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zwV59MVdjnf5">13,950</span> before issuance expenses.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
PP Warrants are exercisable for a period of five and one-half years commencing on the date of issuance. The warrants are exercisable,
at the option of each holder, in whole or in part by delivering to the Company 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 private placement warrants under the Securities Act is not effective or available at any time
after the six month anniversary of the date of issuance of the private placement warrants, the holder may, in its sole discretion, elect
to exercise the private placement warrant through a cashless exercise, in which case the holder would receive upon such exercise the
net number of common shares determined according to the formula set forth in the warrant. If the Company does not issue the shares in
a timely fashion, the warrant contains certain liquidated damages provisions.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">As
at December 31, 2022 and 2021, no PP Warrants had been exercised and the Company had <span id="xdx_903_ecustom--NumberOfWarrantsOutstanding_iI_pip0_uShares_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zn2eYP6tvIg"><span id="xdx_906_ecustom--NumberOfWarrantsOutstanding_iI_pip0_uShares_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_znNVSwVZyvgf">1,291,833</span></span> PP Warrants outstanding to purchase an
aggregate of <span id="xdx_90F_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_znRHe9boFJrl"><span id="xdx_909_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zcQ3az0St9Ye">1,291,833</span></span> common shares.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">On
December 10, 2020, the Company entered into a securities purchase agreement with certain unaffiliated institutional investors to issue
in a registered direct offering to issue (a) <span id="xdx_901_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20201209__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_ztbByvlXsbhb">1,256,765</span> of its common shares, par value $<span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20201209__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zStKIqE8KCZb">0.004</span> per share, (b) pre-funded warrants to purchase
<span id="xdx_906_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20201210__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zzpdxfsyIhb7">155,000</span> common shares, par value $<span id="xdx_90D_eifrs-full--ParValuePerShare_iI_pip0_c20201210__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zM7p5C5Mlm3">0.004</span> per share, (&#8220;December 2020 Pre-Funded Warrants&#8221;), and (c) warrants (&#8220;December
2020 Warrants&#8221;) to purchase <span id="xdx_908_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20201210__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--DecemberWarrantsMember_zkJwqbZVM7q9">1,270,587</span> common shares with an exercise price of $<span id="xdx_90D_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20201210__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--DecemberWarrantsMember_zA2jEK2nbWK2">8.50</span> per share. On December 9, 2020, the Company
issued <span id="xdx_90E_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20201209__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zDHYvHJa8Dj8">1,256,765</span> of its common shares, par value $<span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20201209__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_z5FbjIm4qvX1">0.004</span> per share, pursuant to this agreement. Total proceeds amounted to $<span id="xdx_900_eifrs-full--ProceedsFromIssuingShares_pn3n3_c20200101__20201210__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zjnutbddx1x">11,159</span> before
issuance expenses.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
December 2020 Pre-Funded Warrants are exercisable at any time after their original issuance until exercised in full. The Pre-Funded Warrants
are exercisable, at the option of each holder, in whole or in part by delivering to the Company a duly executed exercise notice with
payment in full in immediately available funds for the number of common shares purchased upon such exercise. The exercise price for the
December 2020 Pre-Funded Warrants is $0.01 per share. The December 2020 Pre-Funded Warrants are exercisable at any time after their original
issuance until exercised in full.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"/><p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Share Capital and Share Premium (continued)</span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">As
at December 31, 2020, <span id="xdx_902_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity_pip0_uShares_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember_zevl02JDMqvd">25,000</span> December 2020 Pre-Funded Warrants had been exercised, resulting to net proceeds of $<span id="xdx_908_eifrs-full--ProceedsFromExerciseOfOptions_pdn3_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember_zjiktC0zAEOd">0.25 </span></span><span style="font-size: 10pt">and
the Company had <span id="xdx_900_ecustom--NumberOfWarrantsOutstanding_iI_pip0_uShares_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember_zJjJKB5n4um8">130,000 </span></span><span style="font-size: 10pt">December
2020 Pre-Funded Warrants outstanding to purchase an aggregate of <span id="xdx_906_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember_ztxYVejeIyvh">130,000 </span></span><span style="font-size: 10pt">common
shares. On January 13, 2021, the remaining 130,000 December 2020 Pre-Funded Warrants were exercised, resulting to net proceeds of
approximately $<span id="xdx_904_eifrs-full--ProceedsFromExerciseOfOptions_pdn3_c20210101__20210113__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember_ztTaidSyIM4g">1 </span></span><span style="font-size: 10pt">and
the issuance of <span id="xdx_904_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_pip0_uShares_c20210101__20210113__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember_zMhc6gZG5Cdb">130,000 </span></span><span style="font-size: 10pt">common
shares.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 0; text-align: justify; text-indent: 0cm">&#160;&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
December 2020 Warrants are exercisable for a period of five and one-half years commencing on the date of issuance. The warrants
are exercisable, at the option of each holder, in whole or in part by delivering to the Company 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 issuance of the common shares underlying the warrants under the Securities Act is not effective, the holder may, in its sole discretion,
elect to exercise the warrant through a cashless exercise, in which case the holder would receive upon such exercise the net number of
common shares determined according to the formula set forth in the warrant. If the Company does not issue the shares in a timely fashion,
the warrant contains certain liquidated damages provisions.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">As
at December 31, 2022 and 2021, no December 2020 Warrants had been exercised and the Company had December 2020 Warrants outstanding to
purchase an aggregate of <span id="xdx_90B_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--DecemberWarrantsMember_zvIqGRwc1K7"><span id="xdx_90D_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--DecemberWarrantsMember_zonVqJxanB9h">1,270,587</span></span> common shares.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">Total
transaction costs for the issuance of common shares in relation to the offerings in 2020 amounted to $<span id="xdx_903_eifrs-full--ShareIssueRelatedCost_pn3n3_c20200101__20201231_zDtrNogSqIUk">1,079</span>.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">On
January 29, 2021, the Company entered into a securities purchase agreement with certain unaffiliated institutional investors to issue
(a) <span id="xdx_902_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20210101__20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zSpHKdCQUPCk">2,155,000</span> common shares, par value $<span id="xdx_90F_eifrs-full--ParValuePerShare_iI_pip0_c20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_z1hzidRvQYJe">0.004</span> per share, (b) pre-funded warrants to purchase <span id="xdx_906_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20210129__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_z3zBJisECDA5">445,000</span> common shares, par value $<span id="xdx_902_eifrs-full--ParValuePerShare_iI_pip0_c20210129__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zNE4VHGwc1B3">0.004</span>
per share and (c) warrants (the &#8220;January 2021 Warrants&#8221;) to purchase <span id="xdx_90C_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--January2021WarrantsMember_zAleTFOOFSC3">1,950,000</span> common shares, par value $<span id="xdx_909_eifrs-full--ParValuePerShare_iI_pip0_c20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--January2021WarrantsMember_zg7fASp4jMUh">0.004</span> per share,
at an exercise price of $<span id="xdx_90E_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--January2021WarrantsMember_z2aimvK7jkje">6.25</span> per share. Total proceeds, net of commission retained by the placement agent, amounted to $<span id="xdx_90B_eifrs-full--ProceedsFromIssuingShares_pn3n3_c20210101__20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_z0GNTek4YkU6">15,108</span>, before
issuance expenses of $<span id="xdx_906_eifrs-full--ShareIssueRelatedCost_pn3n3_c20210101__20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_z0lUBfa2V7N1">120</span>. All 445,000 pre-funded warrants were exercised subsequently with total proceeds of $<span id="xdx_90F_eifrs-full--ProceedsFromExerciseOfOptions_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--January2021WarrantsMember_zV6wHPxBlAK5">5</span>.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">The January
2021 Warrants are exercisable for a period of five and one-half years commencing on the date of issuance. The warrants are exercisable,
at the option of each holder, in whole or in part by delivering to the Company 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
issuance of the common shares underlying the warrants under the Securities Act is not effective, the holder may, in its sole discretion,
elect to exercise the warrant through a cashless exercise, in which case the holder would receive upon such exercise the net number of
common shares determined according to the formula set forth in the warrant. If the Company does not issue the shares in a timely fashion,
the warrant contains certain liquidated damages provisions.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">As
at December 31, 2022 and 2021, no January 2021 Warrants had been exercised and the Company had January 2021 Warrants outstanding to purchase
an aggregate of <span id="xdx_90D_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--January2021WarrantsMember_z8dENZ54Ftch"><span id="xdx_90C_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--January2021WarrantsMember_zlyeDidJPEte">1,950,000</span></span> common shares.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">On
February 17, 2021, the Company entered into a securities purchase agreement with certain unaffiliated institutional investors to issue
(a) <span id="xdx_90C_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20210101__20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zSSWRVbR80E6">3,850,000</span> common shares par value $<span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zwqQ6BbJN7i3">0.004</span> per share, (b) pre-funded warrants to purchase <span id="xdx_903_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20210217__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_z8KajBCjPK9j">950,000</span> common shares, par value $<span id="xdx_90C_eifrs-full--ParValuePerShare_iI_pip0_c20210217__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zdncmzd9Iot2">0.004</span> par
value, and (c) warrants (the &#8220;February 2021 Warrants&#8221;) to purchase <span id="xdx_90C_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--February2021WarrantsMember_znhpLygdixH">4,800,000</span> common shares, par value $<span id="xdx_903_eifrs-full--ParValuePerShare_iI_pip0_c20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--February2021WarrantsMember_ziXlWLpcVG3b">0.004</span> per share, at
an exercise price of $<span id="xdx_90B_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--February2021WarrantsMember_zR6ARWyLVuI3">6.25</span> per share. Total proceeds, net of commission retained by the placement agent, amounted to $<span id="xdx_90F_eifrs-full--ProceedsFromIssuingShares_pn3n3_c20210101__20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_z0DLsAX5dxz9">27,891</span>, before
issuance expenses of $<span id="xdx_90F_eifrs-full--ShareIssueRelatedCost_pn3n3_c20210101__20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zNfgeuhvfU8l">152</span>. All 950,000 pre-funded warrants were exercised subsequently with total proceeds of $<span id="xdx_901_eifrs-full--ProceedsFromExerciseOfOptions_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--February2021WarrantsMember_zUn6VBgCfs25">10</span>.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
February 2021 Warrants are exercisable for a period of five and one-half years commencing on the date of issuance. The warrants are exercisable, at the option of each holder, in whole or in part by delivering to the Company 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 issuance of the common shares underlying the warrants under the Securities Act is not effective, the holder may, in its sole discretion,
elect to exercise the warrant through a cashless exercise, in which case the holder would receive upon such exercise the net number of
common shares determined according to the formula set forth in the warrant. If the Company does not issue the shares in a timely fashion,
the warrant contains certain liquidated damages provisions.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">As
at December 31, 2022 and 2021, no February 2021 Warrants had been exercised and the Company had February 2021 Warrants outstanding to
purchase an aggregate of <span id="xdx_90A_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--February2021WarrantsMember_z2aID7SeWWS"><span id="xdx_908_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--February2021WarrantsMember_zjyWWKskmrKf">4,800,000</span></span> common shares.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">On
June 29, 2021, the Company entered into a securities purchase agreement with certain unaffiliated institutional investors to issue (a)
<span id="xdx_906_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20210301__20210629__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zT6FDuJjR6H7">8,900,000</span> common shares par value $<span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20210629__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_z5TJfOD461Yl">0.004</span> per share, (b) pre-funded warrants to purchase <span id="xdx_90F_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20210629__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_z7LiKD0XzUzk">1,100,000</span> common shares, par value $<span id="xdx_906_eifrs-full--ParValuePerShare_iI_pip0_c20210629__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zzmyyWlYx5Fe">0.004</span> par
value, and (c) warrants (the &#8220;June 2021 Warrants&#8221;) to purchase <span id="xdx_90E_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20210629__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--June2021WarrantsMember_zUNa3FKbCQxa">10,000,000</span> common shares, par value $<span id="xdx_901_eifrs-full--ParValuePerShare_iI_pip0_c20210629__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--June2021WarrantsMember_z9PySo19j5kc">0.004</span> per share, at an
exercise price of $<span id="xdx_906_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20210629__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--June2021WarrantsMember_zhYiASS71drd">5.00</span> per share. Total proceeds, net of commission retained by the placement agent, amounted to $<span id="xdx_904_eifrs-full--ProceedsFromIssuingShares_pn3n3_c20210301__20210629__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zgZ64ATgVwCa">46,581</span>, before issuance
expenses of approximately $<span id="xdx_903_eifrs-full--ShareIssueRelatedCost_pn3n3_c20210301__20210629__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zncaRqJS2Mk3">129</span>. As at September 30, 2021, 1,100,000 pre-funded warrants were exercised and the total proceeds amounted
to $<span id="xdx_901_eifrs-full--ProceedsFromExerciseOfOptions_pn3n3_c20210101__20210930__ifrs-full--ClassesOfShareCapitalAxis__custom--June2021WarrantsMember_zkrORBW5FHPe">11</span>.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm">&#160;</p>




<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Share Capital and Share Premium (continued)</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
June 2021 Warrants are exercisable for a period of five and one-half years commencing on the date of issuance. The warrants are exercisable,
at the option of each holder, in whole or in part by delivering to the Company 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
issuance of the common shares underlying the warrants under the Securities Act is not effective, the holder may, in its sole discretion,
elect to exercise the warrant through a cashless exercise, in which case the holder would receive upon such exercise the net number of
common shares determined according to the formula set forth in the warrant. If the Company does not issue the shares in a timely fashion,
the warrant contains certain liquidated damages provisions.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">As
at December 31, 2022 and 2021, no June 2021 Warrants had been exercised and the Company had June 2021 Warrants outstanding to purchase
an aggregate of <span id="xdx_905_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--June2021WarrantsMember_zbEAF9Yw1v1a"><span id="xdx_90B_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--June2021WarrantsMember_zT5IcGYGUmNd">10,000,000</span></span> common shares.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">Total
transaction costs for the issuance of common shares in relation to the offerings in 2021 amounted to $<span id="xdx_900_eifrs-full--ShareIssueRelatedCost_pn3n3_c20210101__20211231_zxXfGLPx0Tm">401</span>.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
Company&#8217;s warrants were classified as equity in accordance with the provisions of IAS 32 meet the classification criteria as per
IAS 32 and, accordingly, are classified in equity.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">Share
premium includes the contribution of Globus&#8217; shareholders to the acquisition of the Company&#8217;s vessels. Additionally, share
premium includes the effects of the Globus initial and follow-on public offerings, the effects of the settlement of the related party
loans (note 4) with the issuance of the Company&#8217;s common shares and the effects of the share-based payments described in note 12.
Accordingly, at December 31, 2022 and 2021, Globus share premium amounted to $<span id="xdx_906_eifrs-full--SharePremium_iI_pn3n3_c20221231_zD3lKRY2Jqfi"><span id="xdx_904_eifrs-full--SharePremium_iI_pn3n3_c20211231_zVc0jRJW3qFc">284,406</span></span>, and at December 31, 2020 amounted to $<span id="xdx_90E_eifrs-full--SharePremium_iI_pn3n3_c20201231_zy1xtibMlVa">195,102</span>.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for share capital, reserves and other equity interest.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 79<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663203578224">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Earnings/(Loss) per Share<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EarningsPerShareAbstract', window );"><strong>Earnings per share [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfEarningsPerShareExplanatory', window );">Earnings/(Loss) per Share</a></td>
<td class="text"><p id="xdx_807_eifrs-full--DisclosureOfEarningsPerShareExplanatory_z70EVfuMfKjb" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>10.&#160;&#160;&#160;&#160;&#160;
<span id="xdx_82D_z6VAcNvoFAQl">Earnings/(Loss) per Share</span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">Basic earnings
/ (loss) per share (&#8220;EPS&#8221; / &#8220;LPS&#8221;) is calculated by dividing the net income /(loss) for the year attributable
to Globus shareholders by the weighted average number of shares issued, paid and outstanding.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">Diluted earnings
/ (loss) per share is calculated by dividing the net income / (loss) attributable to common equity holders of the parent by the weighted
average shares outstanding during the year plus the weighted average number of common shares that would be issued on the conversion of
all the dilutive potential common shares into common shares. The incremental shares (the difference between the number of shares assumed
issued and the number of shares assumed purchased) are included in the denominator of the diluted earnings/(losses) per share computation
unless such inclusion would be anti-dilutive.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">As for the years
ended December 31, 2022 and 2021, the securities that could potentially dilute basic EPS in the future are any incremental shares of
unexercised warrants (Note 9). As the warrants were out-of-the money during the periods ended December 31, 2022 and 2021, these were
not included in the computation of diluted EPS, because to do so would have anti-dilutive effect.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">As the Company
reported losses for the year ended December 31, 2020, the effect of any incremental shares would be antidilutive and thus excluded from
the computation of the LPS.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">The following
reflects the net income/(loss) per common share:</span></p>

<p id="xdx_89A_ecustom--DisclosureOfEarningsPerShareTableExplanatory_zkf3yqy4KBzb" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-size: 10pt"><span style="display: none; font-size: 10pt">Earnings/(Loss)
per Share</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td id="xdx_498_20220101__20221231_z4nsmHxkYSP9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_499_20210101__20211231_zbbOgXAENu9b" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_49F_20200101__20201231_z2evNAKmJWCc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td></tr>
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="5" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>&#160;&#160;&#160;For
    the year ended December 31,</b></span></td></tr>
  <tr>
    <td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2021</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2020</b></span></td></tr>
  <tr id="xdx_401_eifrs-full--ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity_pn3n3_zdiz6CUZkpAi" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Income/(Loss)
    attributable to common equity holders</span></td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">24,280</span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">14,950</span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(17,372)</span></td></tr>
  <tr id="xdx_408_eifrs-full--WeightedAverageShares_pn3n3_zcLbM69m94ga" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Weighted
    average number of shares &#8211; basic and diluted</span></td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">20,582,301</span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">14,809,536</span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">959,157</span></td></tr>
  <tr id="xdx_401_ecustom--BasicAndDilutedEarningsLossPerShare_pip0_zbp3aw0817Dc" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Net
    income/(loss) per common share &#8211; basic and diluted</span></td>
    <td style="border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1.18</span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1.01</span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(18.11)</span></td></tr>
  </table>
<p id="xdx_8A2_z1e7tB3DZd3k" style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"/>




<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm">&#160;</p>

<span></span>
</td>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfEarningsPerShareExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for earnings per share.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2022-03-24<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2022-en-r&amp;doctype=Standard&amp;dita_xref=IAS33_g70-73A__IAS33_g70-73A_TI<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfEarningsPerShareExplanatory</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EarningsPerShareAbstract</td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663205614448">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Long-Term Debt, net<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsAbstract', window );"><strong>Disclosure of detailed information about borrowings [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBorrowingsExplanatory', window );">Long-Term Debt, net</a></td>
<td class="text"><p id="xdx_80A_eifrs-full--DisclosureOfBorrowingsExplanatory_zkFhbSm2sTul" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">11.&#160;&#160;&#160;&#160;&#160;&#160;
<span id="xdx_82B_zGobxV8RH3K9">Long-Term Debt, net</span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">Long-term
debt in the consolidated statement of financial position is analysed as follows:</span></p>

<p id="xdx_898_ecustom--DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition_zBpCqccOvH5b" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="display: none; font-size: 10pt"><span style="font-size: 10pt">&#160;Long-Term
Debt, net - Consolidated statement of financial position</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="border-bottom: Black 1pt solid; vertical-align: top; width: 56%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>
    <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>Borrower</b></span></p></td>
    <td style="width: 1%"><span style="font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Principal</b></span></td>
    <td style="width: 1%"><span style="font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Deferred
    finance costs</b></span></td>
    <td style="width: 1%"><span style="font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-size: 10pt"><b>Accrued
    Interest</b></span></td>
    <td style="width: 1%"><span style="font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Amortized
    cost</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Devocean Maritime LTD., Domina Maritime LTD., Dulac Maritime S.A., Artful Shipholding S.A., Longevity Maritime Limited,  Serena
    Maritime Limited and Salaminia Maritime Limited.</b></span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zHIMJDHrSwsk" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"><span style="font-size: 10pt">44,375</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_ecustom--DebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zcgUlUpmryFl" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Unamortized Debt Discount"><span style="font-size: 10pt">(541)</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_ecustom--AccruedInterest_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zmiEfKtQIkz3" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">491</td>
    <td>&#160;</td>
    <td id="xdx_982_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zMa3xWul4CLj" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Total Borrowings"><span style="font-size: 10pt">44,325</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid">&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total
    at December 31, 2022</b></span></td>
    <td>&#160;</td>
    <td id="xdx_983_ecustom--BorrowingsGross_iI_pn3n3_c20221231_zhRObwknHObh" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"><span style="font-size: 10pt"><b>44,375</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98F_ecustom--DebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231_zG2nRhtoIy3g" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Unamortized Debt Discount"><span style="font-size: 10pt"><b>(541)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_989_ecustom--AccruedInterest_iI_pn3n3_c20221231_z8nGbPELI5nf" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>491</b></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--Borrowings_iI_pn3n3_c20221231_zIrXRvwEI4q7" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Total Borrowings"><span style="font-size: 10pt"><b>44,325</b></span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Less:
    Current Portion</b></span></td>
    <td>&#160;</td>
    <td id="xdx_988_ecustom--CurrentPortionOfLongTermBorrowingsGross_iI_pn3n3_c20221231_zAQAmyXHGWPh" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance - Current Portion"><span style="font-size: 10pt"><b>(6,500)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_981_ecustom--CurrentPortionOfDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231_zHQLyK48ezj1" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Unamortized Debt Discount- Current Portion"><span style="font-size: 10pt"><b>188</b></span></td>
    <td><b>&#160;</b></td>
    <td id="xdx_984_ecustom--AccruedInterestCurrent_iNI_pn3n3_di_c20221231_z4684zpoBb02" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest - Current Portion"><b>(491)</b></td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--CurrentPortionOfLongtermBorrowings_iNI_pn3n3_di_c20221231_z8lFRzkDIQFk" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Total Borrowings - Current Portion"><span style="font-size: 10pt"><b>(6,803)</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Long-Term
    Portion</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98F_ecustom--LongTermBorrowingsGross_iI_pn3n3_c20221231_zFaBU7K8KAPh" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance - Long-Term Portion"><span style="font-size: 10pt"><b>37,875</b></span></td>
    <td>&#160;</td>
    <td id="xdx_988_ecustom--LongTermDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231_zGvnSrtblPK8" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Unamortized Debt Discount - Long-Term Portion"><span style="font-size: 10pt"><b>(353)</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;<b>&#8212;</b></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--LongtermBorrowings_iI_pn3n3_c20221231_zhf9drukakPl" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Total Borrowings - Long-Term Portion"><span style="font-size: 10pt"><b>37,522</b></span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total
    at December 31, 2021</b></span></td>
    <td>&#160;</td>
    <td id="xdx_984_ecustom--BorrowingsGross_iI_pn3n3_c20211231_z6LAgXqR616a" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"><span style="font-size: 10pt"><b>31,750</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98F_ecustom--DebtInstrumentUnamortisedDiscount_iI_pn3n3_c20211231_zyYVNThi0BI2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Unamortized Debt Discount"><span style="font-size: 10pt"><b>(447)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_982_ecustom--AccruedInterest_iI_pn3n3_c20211231_zFIL6xdw6TIa" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>179</b></td>
    <td>&#160;</td>
    <td id="xdx_98D_eifrs-full--Borrowings_iI_pn3n3_c20211231_zbIq0CbhDKoa" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Total Borrowings"><span style="font-size: 10pt"><b>31,482</b></span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Less:
    Current Portion</b></span></td>
    <td>&#160;</td>
    <td id="xdx_985_ecustom--CurrentPortionOfLongTermBorrowingsGross_iI_pn3n3_c20211231_zyvRRgd5HAef" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance - Current Portion"><span style="font-size: 10pt"><b>(5,000)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_982_ecustom--CurrentPortionOfDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20211231_zXaqrvyvJYW" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Unamortized Debt Discount- Current Portion"><span style="font-size: 10pt"><b>135</b></span></td>
    <td>&#160;</td>
    <td id="xdx_982_ecustom--AccruedInterestCurrent_iNI_pn3n3_di_c20211231_z0ofL4tPFNWi" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest - Current Portion"><b>(179)</b></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--CurrentPortionOfLongtermBorrowings_iNI_pn3n3_di_c20211231_z0W0k1y1RQak" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Total Borrowings - Current Portion"><span style="font-size: 10pt"><b>(5,044)</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Long-Term
    Portion</b></span></td>
    <td>&#160;</td>
    <td id="xdx_985_ecustom--LongTermBorrowingsGross_iI_pn3n3_c20211231_zZXKJDXn7Fb5" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance - Long-Term Portion"><span style="font-size: 10pt"><b>26,750</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98A_ecustom--LongTermDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20211231_zKP0cxEvk6l1" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Unamortized Debt Discount - Long-Term Portion"><span style="font-size: 10pt"><b>(312)</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;<b>&#8212;</b></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--LongtermBorrowings_iI_pn3n3_c20211231_ziOCcXvbYylf" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Total Borrowings - Long-Term Portion"><span style="font-size: 10pt"><b>26,438</b></span></td></tr>
  </table>
<p id="xdx_8A7_zhuwGxWP4lvh" style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0%"/><td style="width: 2%"><span style="font-size: 10pt"><b/></span></td><td style="text-align: justify; width: 98%"><span style="font-size: 10pt">In
                                            June 2019, Globus through its wholly owned subsidiaries, Devocean Maritime Ltd.(the &#8220;Borrower
                                            A&#8221;), Domina Maritime Ltd. (the &#8220;Borrower B&#8221;), Dulac Maritime S.A. (the
                                            &#8220;Borrower C&#8221;), Artful Shipholding S.A. (the &#8220;Borrower D&#8221;) and Longevity
                                            Maritime Limited (the &#8220;Borrower E&#8221;), vessel owning companies of m/v River Globe,
                                            m/v Sky Globe, m/v Star Globe, m/v Moon Globe and m/v Sun Globe, respectively, entered a
                                            new term loan facility for up to $<span id="xdx_901_ecustom--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn3n3_c20190630__ifrs-full--BorrowingsByNameAxis__custom--EnTrustMember_z0t5NVXDHEb">37,000</span> with EnTrust Global&#8217;s Blue Ocean Fund <span id="xdx_90B_ecustom--DescriptionOfBorrowingsScope_c20190101__20190630__ifrs-full--BorrowingsByNameAxis__custom--EnTrustMember_zJ8Tm7XKrDpe">for
                                            the purpose of refinancing the existing indebtedness secured on the ships and for general
                                            corporate purposes.</span> The loan facility was in the names of Devocean Maritime Ltd., Domina
                                            Maritime Ltd, Dulac Maritime S.A., Artful Shipholding S.A. and Longevity Maritime Limited
                                            as the borrowers and is guaranteed by Globus. The loan facility bore interest at <span id="xdx_90A_eifrs-full--BorrowingsInterestRateBasis_c20190101__20190630__ifrs-full--BorrowingsByNameAxis__custom--EnTrustMember_zo20lnBzQdak">LIBOR plus
                                            a margin</span> of <span id="xdx_903_eifrs-full--BorrowingsAdjustmentToInterestRateBasis_iI_pip0_dp_c20190630__ifrs-full--BorrowingsByNameAxis__custom--EnTrustMember_z1gch9etxl2c">8.50</span>% (or <span id="xdx_908_ecustom--BorrowingsDefaultInterestRate_iI_pip0_dp_c20190630__ifrs-full--BorrowingsByNameAxis__custom--EnTrustMember_zykqoZmTLra9">10.5</span>% default interest) for interest periods of three months. This
                                            loan facility was referred to as EnTrust loan facility. </span></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">In March
2021, the Company prepaid $<span id="xdx_902_ecustom--DebtInstrumentPrepaymentAmount_pdn6_c20210101__20210331__ifrs-full--BorrowingsByNameAxis__custom--EnTrustMember_zl938t7NBgc9">6.0</span> million of the Entrust loan facility, which represented all amounts that would otherwise come due during
calendar year 2021 and on May 10, 2021, the Company fully prepaid the balance of the EnTrust Loan facility.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0%"/><td style="width: 2%"><span style="font-size: 10pt"><b/></span></td><td style="text-align: justify; width: 98%"><span style="font-size: 10pt">In November 2018, Globus Maritime Limited entered into a
                                                                                                  credit facility for up to $<span id="xdx_901_ecustom--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn3n3_c20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zecetcZZwue5">15,000</span>
                                                                                                  with Firment Shipping Inc., an affiliate of the Company&#8217;s chairman, for the purpose <span id="xdx_907_ecustom--DescriptionOfBorrowingsScope_c20180101__20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zDHZFcvVuwTc">of
                                                                                                  financing its general working capital needs</span>. The Firment Shipping Credit Facility was unsecured and remained available until
                                                                                                  its final maturity date on <span id="xdx_90F_eifrs-full--BorrowingsMaturity_c20180101__20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zwpL7YmIw3N4">October
                                                                                                  31, 2021</span> . The Company had the right to draw-down any amount of up to $15,000 or prepay any amount in multiples of $<span id="xdx_90C_ecustom--LineOfCreditFacilityDrawndownAmountsMultiples_pn3n3_c20180101__20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zUPaib8B7je2">100</span>.
                                                                                                  Any prepaid amount could be re-borrowed in accordance with the terms of the facility. Interest on drawn and outstanding amounts was
                                                                                                  charged at <span id="xdx_901_eifrs-full--BorrowingsInterestRate_iI_pip0_dp_c20201231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_z5MCuArtI2q2">3.5</span>%
                                                                                                  per annum until December 31, 2020, and thereafter at <span id="xdx_906_eifrs-full--BorrowingsInterestRate_iI_pip0_dp_uPure_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zY3hHo3szVR">7</span>%
                                                                                                  per annum and no commitment fee was charged on the amounts remaining available and undrawn. Interest was payable the last day of a
                                                                                                  period of three months after the draw-down date, after this period in case of failure to pay any sum due, a default interest of 2%
                                                                                                  per annum above the regular interest was charged. </span></td></tr></table>

<p style="font: 11pt Book Antiqua, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0pt"><span style="font-size: 10pt">Globus
also had the right, in its sole option, to convert in whole or in part the outstanding unpaid principal amount and accrued but unpaid
interest under the Firment Shipping Credit Facility into common stock. The conversion price would equal the higher of (i) the average
of the daily dollar volume-weighted average sale price for the common stock on the principal market on any trading day during the period
beginning at 9.30 a.m. New York City time and ending at 4.00 p.m. (&#8220;VWAP&#8221;) over the pricing period multiplied by <span id="xdx_90D_ecustom--DebtInstrumentConvertibleConversionMultiplier_dp_c20180101__20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zo4Tdx4BZwz6">80</span>%, where
the &#8220;Pricing Period&#8221; equaled the ten consecutive trading days immediately preceding the date on which the conversion notice
was executed or (ii) Two hundred eighty US Dollars ($280) (absolute amount).</span></p>

<p style="font: 11pt Book Antiqua, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0pt"><span style="font-size: 10pt">As
per the conversion clause included in the Firment Shipping Credit Facility, the Company had recognized this agreement as a hybrid financial
instrument which included an embedded derivative. This embedded derivative component was separated from the non-derivative host. The
derivative component was shown separately from the non-derivative host in the consolidated statement of financial position at fair value.
The changes in the fair value of the derivative financial instrument were recognized in the income statement component of the consolidated
statement of comprehensive income/(loss). For the year ended December 31, 2020, the amount drawn and outstanding with respect to Firment
Shipping Credit Facility was nil.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0pt"><span style="font-size: 10pt">On
July 27, 2020, the Company repaid the total outstanding principal and interest of the Firment Shipping Credit Facility amounting to $<span id="xdx_90B_eifrs-full--RepaymentsOfCurrentBorrowings_pn3n3_c20200101__20200727__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_z26wW8AjN2Z5">863</span>.
The Company recognized a gain on this derivative financial instrument amounting to $<span id="xdx_908_eifrs-full--GainsLossesOnChangeInFairValueOfDerivatives_pn3n3_c20200101__20200727__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zcdwNY9PMQE2">220</span>, which was classified under &#8220;gain/(loss)
on derivative financial instruments&#8221; in the income statement component of the consolidated statement of comprehensive income/(loss).</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">On May 8,
2020 the Amended and Restated Agreement converted the existing Revolving Credit Facility to a Term Credit Facility and extended the maturity
date to October 31, 2021. The facility with Firment Shipping Inc. expired on October 31, 2021.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">The Firment
Shipping Credit Facility required that Athanasios Feidakis remained Chief Executive Officer and that Firment Shipping maintained at least
a <span id="xdx_90C_ecustom--ProportionOfOwnershipInterestsHeldByControllingParty_dp_c20220101__20221231__ifrs-full--RangeAxis__srt--MinimumMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zqhD9OWzMZW2">40</span>% shareholding in Globus, other than due to actions taken by Firment Shipping, such as sales of shares. In connection with the public
offering on June 22, 2020 and the registered direct offering on June 30, 2020, July 21, 2020, December 7, 2020, January 27, 2021, February
12, 2021 and June 25, 2021 (collectively, the &#8220;Filings&#8221;), the Company obtained waivers from Firment Shipping Inc. The waivers
consented to the Company making the Filings and waived the requirement to maintain at least a 40% shareholding in Globus as a result
of the issuance of common shares and warrants.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"/><p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">11.&#160;&#160;&#160;&#160;Long-Term Debt, net (continued)</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 21.3pt; text-align: justify"><span style="font-size: 10pt">In
May 2021, Globus through its wholly owned subsidiaries, Devocean Maritime Ltd.(the &#8220;Borrower A&#8221;), Domina Maritime Ltd. (the
&#8220;Borrower B&#8221;), Dulac Maritime S.A. (the &#8220;Borrower C&#8221;), Artful Shipholding S.A. (the &#8220;Borrower D&#8221;),
Longevity Maritime Limited (the &#8220;Borrower E&#8221;) and Serena Maritime Limited (the &#8220;Borrower F&#8221;), vessel owning companies
of m/v River Globe, m/v Sky Globe, m/v Star Globe, m/v Moon Globe, m/v Sun Globe and m/v Galaxy Globe, respectively, entered a new term
loan facility for up to $34,250 with First Citizens Bank &amp; Trust Company (&#8220;CIT Loan Facility&#8221;) (formerly known as CIT
Bank N.A.) for the purpose of refinancing the existing indebtedness secured on the ships. The loan facility is in the names of Devocean
Maritime Ltd., Domina Maritime Ltd, Dulac Maritime S.A., Artful Shipholding S.A., Longevity Maritime Limited and Serena Maritime Limited
as the borrowers and is guaranteed by Globus. This loan facility is referred to as the &#8220;CIT loan facility&#8221;. The loan facility
bore interest at LIBOR plus a margin of 3.75% for interest periods of three months.</span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt"/></p>


<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">The loan
agreement was for the lesser of $<span id="xdx_902_ecustom--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn3n3_c20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zWRYyuCLKALg">34,250</span>
and <span id="xdx_903_ecustom--PercentageOfCoverageOfBorrowingCapacity_iI_pip2_c20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zb5GWggrs8c3">52.5</span>%
of the aggregate market value of the Company&#8217;s ships. The Company drew an aggregate of $<span id="xdx_904_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pn3n3_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zxEUpAAcrrzh">34,250</span>
at closing and <span id="xdx_90D_ecustom--DescriptionOfBorrowingsScope_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zePYpG2XyxSb">used
a significant portion of the proceeds to fully repay the amounts outstanding under the loan agreement with EnTrust.</span> The
Company also entered into a swap agreement with respect to LIBOR. The Company paid CIT Bank an upfront fee in the amount of <span id="xdx_905_ecustom--PercentageOfUpfrontFeeInLoanAgreement_iI_pip2_c20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--SWAPAgreementMember_zzFFi1wbyu8d">1.25</span>%
of the total commitment of the loan.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">On May
10, 2021</span><span style="font-size: 10pt">, the Company drew down $34,250, paid $<span id="xdx_902_eifrs-full--BorrowingCostsIncurred_pn3n3_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zcF2VJ3o3NW">545</span>
   of borrowing costs incurred for the CIT loan facility, which were deferred over the duration of the loan
facility, and fully prepaid the balance of the EnTrust loan facility. The CIT loan facility consists of <span id="xdx_90B_ecustom--NumberOfLoanTranches_iI_dc_uPure_c20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zsrx8R18rTK">six </span></span><span style="font-size: 10pt">tranches,
which shall be repaid in <span id="xdx_900_ecustom--DebtInstrumentNumberOfRepaymentInstallments_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zP1ZsYAMAaqj">20 </span></span><span style="font-size: 10pt">consecutive <span id="xdx_905_ecustom--BorrowingsFrequencyOfPeriodicPayment_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zE3B1DlL7z2e">quarterly </span></span><span style="font-size: 10pt">instalments
with each instalment in an aggregate amount of $<span id="xdx_902_ecustom--BorrowingsPeriodicPayment_pdn6_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zY1wm9Qj6DPa">1.25 </span></span><span style="font-size: 10pt">million
(absolute amount) as well as a balloon payment in an aggregate amount of $<span id="xdx_908_ecustom--BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid_iI_pdn6_c20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zMLbbadQjKhj">9.25 </span></span><span style="font-size: 10pt">million
(absolute amount) due together with the 20th and final instalment due in <span id="xdx_90E_eifrs-full--BorrowingsMaturity_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_ztXOXy5s6pbe">May
2026</span></span><span style="font-size: 10pt">. The CIT Loan Facility bore interest at <span id="xdx_907_eifrs-full--BorrowingsInterestRateBasis_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zXKhWmZ4tjnh">LIBOR </span></span><span style="font-size: 10pt">plus <span id="xdx_90F_eifrs-full--BorrowingsAdjustmentToInterestRateBasis_iI_pip2_c20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zM25On7slJ3">3.75</span></span><span style="font-size: 10pt">%
(or <span id="xdx_90C_ecustom--BorrowingsDefaultInterestRate_iI_pip2_c20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zSYbcFy3c39d">5.75</span></span><span style="font-size: 10pt">%
default interest).</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 21.3pt; text-align: justify"><span style="font-size: 10pt">Following
the agreement reached in August 2022 the benchmark rate of the CIT Loan Facility was amended from LIBOR to SOFR and the applicable margin
was decreased from 3.75% to 3.35%. This amendment to the loan agreement falls within the scope of Interest Rate Benchmark Reform &#8211;
Phase 2, Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (&#8220;Amendments&#8221;), which have been published by IASB in August
2020 and adopted by the Company as of January 1, 2021. In particular, the Company applied the practical expedient available under the
Amendments and adjusted the effective interest rate when accounting for changes in the basis for determining the contractual cash flows
under CIT loan facility. No adjustment to the carrying amount of the loan was necessary. The Company has also amended its interest rate
swap agreement with First Citizens Bank &amp; Trust Company (formerly known as CIT Bank N.A.) and replaced the respective benchmark rate
from LIBOR to SOFR in order to depict the change of base rate of the CIT Loan Facility. As a result of this amendment, and the revaluation
of the interest rate swap, the Company recognized a realized gain of $<span id="xdx_904_eifrs-full--GainsLossesOnChangeInFairValueOfDerivatives_pn3n3_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zrMCqLx6OwT9">163</span>, which is included under Gain/(Loss) on derivative financial
instruments, net in the income statement component of the consolidated statement of comprehensive income for the year ended December
31, 2022.</span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">In
August 2022, the Company also reached an agreement with First Citizens Bank &amp; Trust Company (formerly known as CIT Bank N.A.)
for a deed of accession, amendment and restatement of the CIT loan facility by the accession of an additional borrower in order to
increase the loan facility from a total of $34.25 million (absolute amount) to $<span id="xdx_900_ecustom--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pdn6_c20220810__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_znuJcrCcWKCb">52.25 </span></span><span style="font-size: 10pt">million
(absolute amount), by a top up loan amount of $18 million (absolute amount) <span id="xdx_902_ecustom--DescriptionOfBorrowingsScope_c20220101__20220810__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zIf0ZvhugMwl">for
the purpose of financing vessel Orion Globe and for general corporate and working capital purposes of all the borrowers and
Globus</span>. The CIT loan facility (including the new top up loan amount) became further secured by a first preferred mortgage
over the vessel Orion Globe. Furthermore, the loan facility bears interest at Term <span id="xdx_90E_eifrs-full--BorrowingsInterestRateBasis_c20220101__20220810__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zQaAZ6NanSj9">SOFR
plus a margin</span> <span id="xdx_906_eifrs-full--BorrowingsAdjustmentToInterestRateBasis_iI_pip2_c20220810__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zE2sDXHzUvWc">3.35</span>%
for the whole CIT loan facility. The Company also entered into a new swap agreement in order for the additional borrower to enter
into hedging transactions (separately from those entered by the other borrowers) with First Citizens Bank &amp; Trust Company
(formerly known as CIT Bank N.A.). On August 10, 2022, the Company drew down $<span id="xdx_90E_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pdn6_c20220101__20220810__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zUGqyUicBCY8">18</span>
million (absolute amount), paid approximately $<span id="xdx_908_eifrs-full--BorrowingCostsIncurred_pn3n3_c20220101__20220810__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zOTSZ7j6UtRg">259</span>
of borrowing costs incurred, which were deferred over the duration of the loan facility.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">The CIT Loan
Facility may be prepaid. If the prepayment of any tranche other than the tranche financing Orion Globe occurs on or before May 10, 2023
but after May 10, 2022, the prepayment fee is <span id="xdx_907_ecustom--PercentageOfUpfrontFeeInLoanAgreement_iI_pip2_c20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--SWAPAgreementMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--PrepaymentOnOrBeforeMay2023ButAfterMay2022Member_zV9sBLo3WLN8">1</span>% of the amount prepaid, subject to certain exceptions. If the prepayment of the tranche
financing Orion Globe occurs on or before August 10, 2023, the prepayment fee is <span id="xdx_90B_ecustom--PercentageOfUpfrontFeeInLoanAgreement_iI_pip2_c20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--SWAPAgreementMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--PrepaymentOnOrBeforeAugust2023ButAfterMay2023Member_z9XyyBeXyxsl">2</span>% of the amount prepaid and thereafter until August
10, 2024, the prepayment fee is <span id="xdx_904_ecustom--PercentageOfUpfrontFeeInLoanAgreement_iI_pip2_c20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--SWAPAgreementMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--PrepaymentOnOrBeforeAugust2024ButAfterAugust2023Member_zkiHq3J9mUC3">1</span>% of the amount prepaid, subject to certain exceptions. The Company cannot reborrow any amount of the
CIT Loan that is prepaid or repaid.</span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">The CIT Loan
Facility is secured by:</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#8226; First
preferred mortgage over m/v River Globe, m/v Sky Globe, m/v Star Globe, m/v Moon Globe, m/v Sun Globe, m/v Galaxy Globe and m/v Orion
Globe.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#8226; Guarantee
from Globus Maritime Limited and joint liability of the seven vessel owning companies (each of which is a borrower under the CIT Loan
Facility).</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 21.3pt; text-align: justify"><span style="font-size: 10pt">&#8226; Shares
pledges respecting each borrower.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">&#160;</p>




<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"/>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">11.&#160;&#160;&#160;&#160;&#160;Long-Term Debt, net (continued)</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#8226; Pledges
of bank accounts, a pledge of each borrower&#8217;s rights under any interest rate hedging agreement in respect of the CIT Loan Facility,
a general assignment over each ship's earnings, insurances and any requisition compensation in relation to that ship, and an assignment
of the rights of Globus with respect to any indebtedness owed to it by the borrowers.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">The
Company is not permitted, without the written consent of CIT, to enter into a charter the duration of which exceeds or is capable of
exceeding, by virtue of any optional extensions, 12 months.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 21.3pt; text-align: justify"><span style="font-size: 10pt">The CIT Loan
Facility contains various covenants requiring the vessels owning companies and/or Globus Maritime Limited to, among other things, ensure
that:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 242pt 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;<span style="font-family: Symbol">&#183;
</span>The borrowers, must maintain a minimum liquidity at all times of not less than $500 for each mortgaged ship.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;<span style="font-family: Symbol">&#183;
</span>A minimum loan (including any exposure under a related hedging agreement) to value ratio of 70%, except for the tranche financing
Orion Globe, for which for the first 18 months of the utilization of that tranche including any exposure under a related hedging agreement),
a minimum loan to value ratio of 75% and thereafter 70%.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;<span style="font-family: Symbol">&#183;
</span>Each borrower must maintain in its earnings account $150 in respect of each ship then subject to a mortgage.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;<span style="font-family: Symbol">&#183;
</span>Globus Maritime Limited must maintain cash in an amount of not less than $150 for each ship that it owns that is not subject to
a mortgage as part of the CIT Loan.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;<span style="font-family: Symbol">&#183;
</span>Globus Maritime Limited must have a maximum leverage ratio of 0.75:1.00.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;<span style="font-family: Symbol">&#183;
</span>If Globus Maritime Limited pays a dividend, subject to certain exceptions, then the debt service coverage ratio (i.e., aggregate
EBITDA of Globus Maritime Limited for any period to the debt service for such period) after such dividend and for the remain of the CIT
Loan Facility shall be at least 1.15:1.00.</span></p>


<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 18pt"><span style="font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt"><span id="xdx_904_ecustom--DebtSecuritiesCovenants_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_z6EoghwE6ot3">Each
borrower must create a reserve fund in the reserve account to meet the anticipated dry docking and special survey fees and expenses
for the relevant ship owned by it and (for certain ships) the installation of ballast water treatment system on the ship owned by it
by maintaining in the reserve account a minimum credit balance that may not be withdrawn (other than for the purpose of covering the
documented and incurred costs and expenses for the next special survey of that ship). Amounts must be paid into this reserve account
quarterly, such that $1,200 is set aside by each borrower for its ship&#8217;s special survey, except for Serena Maritime Limited
and Salaminia Maritime Limited, each of which are required to set aside quarterly payments that aggregate to $900.</span></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">Globus
Maritime Limited is prohibited from making dividends (other than up to $500 annually on or in respect of its preferred share) in
cash or redeem or repurchase its shares unless there is no event of default under the CIT Loan Facility, the net loan (including any
exposure under a related hedging agreement)  to value ratio is less than 60% before the making of the dividend and Globus
Maritime Limited is in compliance with the debt service coverage ratio, and Globus Maritime Limited must prepay the CIT Loan
Facility in an equal amount of the dividend.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">The CIT Loan
Facility also prohibits certain changes of control, including, among other things, the delisting of Globus from the Nasdaq or another
internationally recognized stock exchange, or the acquisition by any person or group of persons (acting in concert) of a majority of
the shareholder voting rights or the ability to appoint a majority of board members or to give directions with respect to the operating
and financial policies of Globus Maritime Limited with which the directors are obliged to comply, other than those persons disclosed
to CIT Bank on or around the date of the CIT Loan Facility and their affiliates and immediate family members.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">The
Company was in compliance with the covenants of the CIT Loan Facility as at December 31, 2022 and 2021.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
contractual annual loan principal payments  to be made subsequent to December 31, 2022, were as follows:</span></p>

<p id="xdx_89B_ecustom--DisclosureOfLongTermDebtAnnualPrincipalPayments_zXG0zGWFsH74" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><span style="display: none; font-size: 10pt">Long-Term
Debt, net - Annual loan principal payments</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="vertical-align: bottom; font-weight: bold; text-align: left; width: 89%"><span style="font-size: 10pt"><b>December
    31,</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: right; width: 10%"><span style="font-size: 10pt"><b>First
    Citizens Bank &amp; Trust Company (formerly known as CIT Bank N.A.)</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt">2023</span></td>
    <td>&#160;</td>
    <td id="xdx_988_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zzoBBTG5vg4d" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan Balance"><span style="font-size: 10pt">6,500</span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt">2024</span></td>
    <td>&#160;</td>
    <td id="xdx_980_ecustom--BorrowingsGross_iI_pn3n3_uUSD_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zKJu35ns4g9g" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan Balance"><span style="font-size: 10pt">6,500</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt">2025</span></td>
    <td>&#160;</td>
    <td id="xdx_98A_ecustom--BorrowingsGross_iI_pn3n3_uUSD_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanThreeYearsAndNotLaterThanFourYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zQaqpn3jIzWk" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan Balance"><span style="font-size: 10pt">6,500</span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt">2026 </span></td>
    <td>&#160;</td>
    <td id="xdx_985_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanFourYearsAndNotLaterThanFiveYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_z9SxNlFWypG2" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan Balance"><span style="font-size: 10pt">24,875</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td>&#160;</td>
    <td id="xdx_980_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zvNJYWLMCGoi" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan Balance"><span style="font-size: 10pt"><b>44,375</b></span></td></tr>
  </table>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 18pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
contractual annual loan principal payments  to be made subsequent to December 31, 2021, were as follows:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="vertical-align: bottom; font-weight: bold; text-align: left; width: 89%"><span style="font-size: 10pt"><b>December
    31,</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: right; width: 10%"><span style="font-size: 10pt">First
    Citizens Bank &amp; Trust Company (formerly known as <b>CIT Bank N.A.)</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt">2022</span></td>
    <td>&#160;</td>
    <td id="xdx_987_ecustom--BorrowingsGross_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_z6kKqk2fICRk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"><span style="font-size: 10pt">5,000</span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt">2023</span></td>
    <td>&#160;</td>
    <td id="xdx_989_ecustom--BorrowingsGross_iI_pn3n3_uUSD_c20211231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zrUg6WRPY71e" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"><span style="font-size: 10pt">5,000</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt">2024</span></td>
    <td>&#160;</td>
    <td id="xdx_98B_ecustom--BorrowingsGross_iI_pn3n3_uUSD_c20211231__ifrs-full--MaturityAxis__ifrs-full--LaterThanThreeYearsAndNotLaterThanFourYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zfgIOEN3sxEf" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"><span style="font-size: 10pt">5,000</span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt">2025</span></td>
    <td>&#160;</td>
    <td id="xdx_98D_ecustom--BorrowingsGross_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__ifrs-full--LaterThanFourYearsAndNotLaterThanFiveYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zkvVFlpIGcfk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"><span style="font-size: 10pt">5,000</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt">2026 and thereafter&#160;&#160;</span></td>
    <td>&#160;</td>
    <td id="xdx_980_ecustom--BorrowingsGross_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__ifrs-full--LaterThanFiveYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zGT6dpnThdCf" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"><span style="font-size: 10pt">11,750</span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td>&#160;</td>
    <td id="xdx_989_ecustom--BorrowingsGross_iI_pn3n3_c20211231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zD980e5ilCs1" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"><span style="font-size: 10pt"><b>31,750</b></span></td></tr>
  </table>
<p id="xdx_8A1_zH9oPKdGMEvc" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm"><span style="font-size: 10pt">The weighted average interest rate
for the years ended December 31, 2022 and 2021, was <span id="xdx_90F_eifrs-full--BorrowingsInterestRate_iI_pip0_dp_c20221231__ifrs-full--RangeAxis__ifrs-full--WeightedAverageMember_zTbcIjIZRBU3">5.58</span>% and <span id="xdx_90A_eifrs-full--BorrowingsInterestRate_iI_pip0_dp_c20211231__ifrs-full--RangeAxis__ifrs-full--WeightedAverageMember_zD8QFCRIwR8d">5.69</span>%, respectively.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm"><span style="font-size: 10pt">&#160;</span></p>



<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -1cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -1cm"/>

<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfBorrowingsExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsAbstract">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsAbstract</td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663203829872">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share Based Payment<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementAbstract', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory', window );">Share Based Payment</a></td>
<td class="text"><p id="xdx_80A_eifrs-full--DisclosureOfSharebasedPaymentArrangementsExplanatory_zbnD6S4DTC6k" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">12.&#160;&#160;&#160;&#160;&#160;&#160;
<span id="xdx_824_zSmdWrQ2ttvg">Share Based Payment</span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">Share-based
payments are quarterly restrictive shares issued to the Company&#8217;s Non-executive directors for their services and in accordance
with appointment letters.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-size: 10pt">Share
based payment comprise the following:&#160;</span></p>

<p id="xdx_89D_ecustom--DisclosureOfShareBasedPayment_zgC0oWCrMXii" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="display: none; font-size: 10pt">Share
Based Payment&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="vertical-align: bottom; width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-size: 10pt"><b>Year 2021</b></span></td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Number
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    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Number
    of preferred shares </b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Share
    premium</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Retained
    earnings</b></span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"/></td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Non-executive directors&#8217;
    payment </span></td>
    <td id="xdx_987_eifrs-full--IncreaseDecreaseInNumberOfOrdinarySharesIssued_pip0_c20210101__20211231__ifrs-full--ClassesOfOrdinarySharesAxis__custom--NumberOfCommonSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_zpNN26bTBq3h" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Stock issued during the year (shares) - Share based compensation"><span style="font-size: 10pt">12,178</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--IncreaseDecreaseThroughSharebasedPaymentTransactions_pn3n3_c20210101__20211231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--SharePremiumMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_zL1khYvGbK4e" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Stock issued during the year (value) - Share based compensation"><span style="font-size: 10pt">40</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Balance at December
    31, 2021</b></span></td>
    <td id="xdx_989_eifrs-full--IncreaseDecreaseInNumberOfOrdinarySharesIssued_pip0_c20210101__20211231__ifrs-full--ClassesOfOrdinarySharesAxis__custom--NumberOfCommonSharesMember_zNLVWv2ufYq" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>12,178</b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>&#8212;</b></span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--IncreaseDecreaseThroughSharebasedPaymentTransactions_pn3n3_c20210101__20211231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--SharePremiumMember_zu2tP2vgQcu" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>40</b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>&#8212;</b></span></td></tr>
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="vertical-align: bottom; width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-size: 10pt"><b>Year 2020</b></span></td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Number
    of common shares</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Number
    of preferred shares </b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Share
    premium</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Retained
    earnings</b></span></td></tr>
  <tr>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Non-executive directors&#8217;
    payment </span></td>
    <td id="xdx_98E_eifrs-full--IncreaseDecreaseInNumberOfOrdinarySharesIssued_pip0_c20200101__20201231__ifrs-full--ClassesOfOrdinarySharesAxis__custom--NumberOfCommonSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_z0MLlbpzhaAg" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Stock issued during the year (shares) - Share based compensation"><span style="font-size: 10pt">2,812</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98B_eifrs-full--IncreaseDecreaseThroughSharebasedPaymentTransactions_pn3n3_c20200101__20201231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--SharePremiumMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_zBjX4AEKidSe" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Stock issued during the year (value) - Share based compensation"><span style="font-size: 10pt">40</span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Balance at December
    31, 2020</b></span></td>
    <td id="xdx_982_eifrs-full--IncreaseDecreaseInNumberOfOrdinarySharesIssued_pip0_c20200101__20201231__ifrs-full--ClassesOfOrdinarySharesAxis__custom--NumberOfCommonSharesMember_z3wtI8Exv3m9" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2,812</b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>&#8212;</b></span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--IncreaseDecreaseThroughSharebasedPaymentTransactions_pn3n3_c20200101__20201231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--SharePremiumMember_zYF5Orf7EPNf" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>40</b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>&#8212;</b></span></td></tr>
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<p id="xdx_8A3_z089tmW1VGpj" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><span style="font-size: 10pt">For the year ended December
31, 2022 there were no share based payments, as in 2022 the Company changed the compensation of the non-executive directors (see Note
4).</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<span></span>
</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for share-based payment arrangements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2022-03-24<br> -Paragraph 44<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_44&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory</td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663320140288">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Voyage Expenses and Vessel Operating Expenses<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExpenseByNatureAbstract', window );"><strong>Expenses by nature [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherOperatingExpenseExplanatory', window );">Voyage Expenses and Vessel Operating Expenses</a></td>
<td class="text"><p id="xdx_803_eifrs-full--DisclosureOfOtherOperatingExpenseExplanatory_ztX61OnYMKN9" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>13.&#160;&#160;&#160;&#160;&#160;
<span id="xdx_82D_zwnZKqTK3nW3">Voyage Expenses and Vessel Operating Expenses</span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><span style="font-size: 10pt">Voyage expenses
and vessel operating expenses in the consolidated statements of comprehensive income/(loss) consisted of the following:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p id="xdx_898_ecustom--DisclosureOfVoyageExpenses_z3bKQfchFQl8" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="display: none; font-size: 10pt">Voyage
Expenses and Vessel Operating Expenses - Voyage expenses</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-size: 10pt"><b>Voyage
expenses consisted of:</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td id="xdx_495_20220101__20221231_zqFwTA6spPNc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_499_20210101__20211231_zGJb4S7WnYbe" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_491_20200101__20201231_zXsCHo5qw2G9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td></tr>
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="5" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For
    the year ended December 31,</b></span></td></tr>
  <tr>
    <td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td style="width: 1%">&#160;</td>
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<p id="xdx_8AF_zQzsx9GTPUUg" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-size: 10pt"><b>Vessel operating
expenses consisted of:</b></span></p>

<p id="xdx_89C_ecustom--DisclosureOfVesselOperatingExpenses_zicJFRwSBMq1" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-size: 10pt"><span id="xdx_8BD_zZYvkD3Bq8Y7" style="display: none">Voyage
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<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
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    <td style="width: 1%">&#160;</td>
    <td id="xdx_495_20210101__20211231_zHGYTW25akg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td id="xdx_491_20200101__20201231_z0LfNxvNSQwg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%">&#160;</td></tr>
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2021</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2020</b></span></td></tr>
  <tr id="xdx_403_eifrs-full--WagesAndSalaries_pn3n3_maOCzIBf_zajWv8u43NJc" style="background-color: rgb(204,238,255)">
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    wages and related costs</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">8,952</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">7,570</span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">924</span></td>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">555</span></td>
    <td>&#160;</td>
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,340</span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">787</span></td></tr>
  <tr id="xdx_40A_eifrs-full--MiscellaneousOtherOperatingExpense_pn3n3_maOCzIBf_zL8YCY3v0zK2" style="background-color: White">
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">512</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">490</span></td>
    <td>&#160;</td>
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  <tr id="xdx_400_ecustom--OperatingCosts_iT_pn3n3_mtOCzIBf_zZi6SyPKcpTa" style="background-color: rgb(204,238,255)">
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    <td>&#160;</td>
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<p id="xdx_8A3_zHAwCnJcmMZ1" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/>

<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of other operating expense. [Refer: Other operating income (expense)]</p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663203669024">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Administrative Expenses<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SellingGeneralAndAdministrativeExpenseAbstract', window );"><strong>Selling, general and administrative expense [abstract]</strong></a></td>
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><span style="font-size: 10pt">The amount
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<p id="xdx_896_ecustom--DisclosureOfAdministrativeExpenses_zk52v1Z0dt91" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="display: none; font-size: 10pt">Administrative
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<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td id="xdx_490_20220101__20221231_zAcATd3pTcU" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
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    <td id="xdx_493_20210101__20211231_znipZVjxcAvl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
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    <td id="xdx_49A_20200101__20201231_zVQUMUK3SZO1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td></tr>
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<tr>
    <td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
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<p id="xdx_8A6_zZXRa9Q2fZh5" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of general and administrative expenses. [Refer: Administrative expenses]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663206137152">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Interest Expense and Finance Costs<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestCostsAbstract', window );"><strong>Interest costs [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInterestExpenseExplanatory', window );">Interest Expense and Finance Costs</a></td>
<td class="text"><p id="xdx_80A_eifrs-full--DisclosureOfInterestExpenseExplanatory_zl43i3rsvofi" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>15.&#160;&#160;&#160;&#160;&#160;
<span id="xdx_82D_zVNwgBV59ym9">Interest Expense and Finance Costs</span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt"><span style="font-size: 10pt">The
amounts in the consolidated statements of comprehensive income/(loss) are analyzed as follows:</span></p>

<p id="xdx_891_ecustom--DisclosureOfInterestExpenseAndFinanceCostsExplanatory_zCDbEFb73cQ9" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="display: none; font-size: 10pt">&#160;Interest
Expense and Finance Costs</span><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt"><span style="font-size: 10pt"/></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td id="xdx_495_20220101__20221231_zTwQNsNzcgY3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 2.85pt; text-align: center; text-indent: -2.85pt">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_495_20210101__20211231_zF8pBR2tLtGg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 2.85pt; text-align: center; text-indent: -2.85pt">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_49C_20200101__20201231_zGtdy2jinvV1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 2.85pt; text-align: center; text-indent: -2.85pt">&#160;</td></tr>
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="5" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For
    the year ended December 31,</b></span></td></tr>
  <tr>
    <td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="white-space: nowrap; width: 10%; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b>2022</b></span></td>
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    <td style="width: 10%; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b>2020</b></span></td></tr>
  <tr id="xdx_40A_eifrs-full--InterestExpense_pn3n3_zyzfrV7aLAtc" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Interest
    payable on long-term borrowings</span></td>
    <td style="border-top: Black 0.5pt solid; white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,047</span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,958</span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">3,721</span></td></tr>
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    <td style="white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">60</span></td>
    <td>&#160;</td>
    <td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">59</span></td>
    <td>&#160;</td>
    <td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">69</span></td></tr>
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    <td style="white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">165</span></td>
    <td>&#160;</td>
    <td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">547</span></td>
    <td>&#160;</td>
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    <td style="white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">54</span></td>
    <td>&#160;</td>
    <td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">52</span></td>
    <td>&#160;</td>
    <td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">44</span></td></tr>
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    <td style="white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">34</span></td>
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    <td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">646</span></td>
    <td>&#160;</td>
    <td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">28</span></td></tr>
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    from termination of lease liability</span></td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(40)</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right">&#8212;<span style="font-size: 10pt">&#160;</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right">&#8212;<span style="font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_eifrs-full--FinanceCosts_iT_pn3n3_zshVe2xtUuRe" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td style="border-bottom: Black 2pt double; white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2,320</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 2pt double; white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>3,262</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 2pt double; white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>4,155</b></span></td></tr>
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<p id="xdx_8A7_zVsT2zCuoTkg" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">Other finance
expenses for 2021 include approximately $<span id="xdx_904_eifrs-full--OtherFinanceCost_pdn6_c20210101__20211231__ifrs-full--BorrowingsByNameAxis__custom--EnTrustMember_zz6UxjpNxd61">0.6
</span></span><span style="font-size: 10pt">million (absolute amount) that were the loan prepayment fee and expenses relating to the
prepayment of EnTrust loan facility. Interest on long-term debt is normally settled quarterly throughout the year</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of interest expense. [Refer: Interest expense]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663201642944">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Dividends<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDividendsExplanatory', window );">Dividends</a></td>
<td class="text"><p id="xdx_802_eifrs-full--DisclosureOfDividendsExplanatory_zl2g3FdLQE2f" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><span style="font-size: 10pt"><b>16.&#160;&#160;&#160;&#160;&#160;
<span id="xdx_829_zHLwQ1FzPDVc">Dividends</span> </b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt; font-weight: normal">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt; font-weight: normal"><span id="xdx_900_eifrs-full--DividendsPaidClassifiedAsFinancingActivities_do_c20220101__20221231_zkpsxv7ojyoj" title="Dividends paid"><span id="xdx_907_eifrs-full--DividendsPaidClassifiedAsFinancingActivities_do_c20210101__20211231_zokAy5yp9781" title="Dividends paid"><span id="xdx_90E_eifrs-full--DividendsPaidClassifiedAsFinancingActivities_do_c20200101__20201231_zL6egQ9KHA5i" title="Dividends paid">No</span></span></span>
dividends were declared or paid on common shares during the years ended December 31, 2022, 2021 and 2020.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt; font-weight: normal"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of dividends. Dividends are distributions of profits to holders of equity investments in proportion to their holdings of a particular class of capital.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663203582000">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Contingencies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesAbstract', window );"><strong>Disclosure of contingent liabilities [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesExplanatory', window );">Contingencies</a></td>
<td class="text"><p id="xdx_805_eifrs-full--DisclosureOfContingentLiabilitiesExplanatory_zFYRKKVNZaIc" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_82B_z5unVNHunhE7">Contingencies</span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">Various claims,
suits and complaints, including those involving government regulations, arise in the ordinary course of the shipping business. In addition,
losses may arise from disputes with charterers, environmental claims, agents, and insurers and from claims with suppliers relating to
the operations of the Company&#8217;s vessels. Currently, management is not aware of any such claims or contingent liabilities, which
are material for disclosure.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>



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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of contingent liabilities. [Refer: Contingent liabilities [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2022-03-24<br> -Paragraph 86<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_86&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663205545296">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfCommitmentsExplanatory', window );">Commitments</a></td>
<td class="text"><p id="xdx_803_eifrs-full--DisclosureOfCommitmentsExplanatory_zPatVekw9wx4" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;<b>18.&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_82A_zOIM6EUklyOg">Commitments</span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>Voyage
revenue</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 37.35pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">The Company
enters into time charter arrangements on its vessels. As at December 31, 2022, the non-cancellable arrangements had remaining terms between
nil days to eight months, assuming redelivery at the earliest possible date. As at December 31, 2021, the non-cancellable arrangements
had remaining terms between nil days to two and a half months, assuming redelivery at the earliest possible date. Future net minimum
lease revenues receivable under non-cancellable operating leases as at December 31, 2022 and 2021, were as follows (vessel off-hires
and dry-docking days that could occur but are not currently known are not taken into consideration and early delivery of the vessels
by the charterers is not accounted for):</span></p>

<p id="xdx_898_ecustom--DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory_zUYUvpopoJzf" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="display: none; font-size: 10pt">Commitments - Future
minimum lease revenues receivable under non-cancellable operating leases</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 79%; padding-left: 9.45pt; text-align: justify; font-size: 11pt; text-indent: -9.45pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 10%; text-align: right; font-size: 11pt; text-indent: 0cm"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 10%; text-align: right; font-size: 11pt; text-indent: 0cm"><span style="font-size: 10pt"><b>2021</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 9.45pt; text-align: justify; font-size: 11pt; text-indent: -9.45pt"><span style="font-size: 10pt">Within
    one year</span></td>
    <td id="xdx_98D_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zFiQigOGJE64" style="border-top: Black 0.5pt solid; text-align: right; font-size: 11pt; text-indent: 0cm" title="Within one year"><span style="font-size: 10pt">6,675</span></td>
    <td>&#160;</td>
    <td id="xdx_983_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zIypZugYkMB3" style="border-top: Black 0.5pt solid; text-align: right; font-size: 11pt; text-indent: 0cm" title="Within one year"><span style="font-size: 10pt">6,082</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: bottom; padding-right: 5.4pt; font-size: 11pt; text-indent: 0cm; text-align: justify"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td id="xdx_98F_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20221231_zDEmSaIlJ7fg" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: top; font-size: 11pt; text-indent: 0cm; text-align: right" title="Total"><span style="font-size: 10pt"><b>6,675</b></span></td>
    <td>&#160;</td>
    <td id="xdx_988_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20211231_zOlty7WdPNd4" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: top; font-size: 11pt; text-indent: 0cm; text-align: right" title="Total"><span style="font-size: 10pt"><b>6,082</b></span></td></tr>
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<p id="xdx_8AE_zfbWuF4i9qxe" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">These
amounts include consideration for other elements of the arrangement apart from the right to use the vessel such as maintenance and crewing
and its related costs.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>Office
lease contract</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">As
further discussed in Note 4 the Company has recognized a right of use asset and a corresponding liability with respect to the rental
agreement of office space for its operations within a building leased by FG Europe (an affiliate of Globus&#8217;s chairman).</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
depreciation charge for right-of-use assets for the years ended December 31, 2022, 2021 and 2020, was $<span id="xdx_90B_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20220101__20221231_znpQafAuXC7b">327</span>,
$<span id="xdx_900_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20210101__20211231_zJYFEuPBGbJ9">206</span> and $<span id="xdx_90D_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20200101__20201231_zYqDxpfJymsk">112</span>,
respectively, and recognized under depreciation in the income statement component of the consolidated statements of comprehensive
income/(loss). The interest expense on lease liability for the years ended December 31, 2022, 2021 and 2020, was $<span id="xdx_904_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20220101__20221231_zJfCisPX2eP2">54</span>,
 $<span id="xdx_901_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20210101__20211231_zmrVNPfkkM9k">52</span> and $<span id="xdx_901_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20200101__20201231_zNJi1H3d5ybg">44</span>
respectively, and recognized under interest expense and finance costs in the income statement component of the consolidated
statements of comprehensive income/(loss).</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">At
December 31, 2022 and 2021, the current lease liability amounted to $<span id="xdx_90E_eifrs-full--CurrentLeaseLiabilities_iI_pn3n3_c20221231_zpFoyyfHvkci">321</span>
and $<span id="xdx_905_eifrs-full--CurrentLeaseLiabilities_iI_pn3n3_c20211231_zuPLIOgdLGC3">349</span>, respectively. The
non-current lease liability amounted to $<span id="xdx_90C_eifrs-full--NoncurrentLeaseLiabilities_iI_pn3n3_c20221231_z5E5VqyWRMVi">188</span>
and $<span id="xdx_90E_eifrs-full--NoncurrentLeaseLiabilities_iI_pn3n3_c20211231_zpjHwOzfczyf">556</span>, respectively. As at
December 31, 2022 and 2021, the net carrying amount of the right of use asset was $<span id="xdx_90A_eifrs-full--RightofuseAssets_iI_pn3n3_c20221231_zh2ATeyBB0J6">493
and </span> $<span id="xdx_905_eifrs-full--RightofuseAssets_iI_pn3n3_c20211231_zb0B4Zrsyiic">888</span>,
respectively. These are included in the accompanying consolidated statements of financial position. The total cash outflows for
leases for the years ended December 31, 2022, 2021 and 2020, were approximately $<span id="xdx_905_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20220101__20221231_ztvPZUyC0xak" title="Payment of lease liability - principal and Interest Paid">341</span>,
$<span id="xdx_908_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20210101__20211231_zGoS42ZFpbBd" title="Payment of lease liability - principal and Interest Paid">314</span>
and $<span id="xdx_90B_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20200101__20201231_zaJcMS5dy1f5" title="Payment of lease liability - principal and Interest Paid">229</span>,
respectively, and were recognized in the consolidated statement of cash flows under the Payment of lease liability &#8211; principal
and Interest Paid.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-size: 10pt">Commitments
under shipbuilding contracts</span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"/><p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">On
                                                                                                                 April 29, 2022, the Company entered into a contract, through its subsidiary, Calypso Shipholding S.A., for the construction and
                                                                                                                 purchase of one fuel efficient <span id="xdx_90E_ecustom--VesselType_c20220101__20220429__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zXp87IDNMosj">bulk
                                                                                                                 carrier</span> of about <span id="xdx_90D_ecustom--VesselCapacity_pip0_uPure_c20220101__20220429__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zXe6A3BoKWlj">64,000</span>
                                                                                                                 dwt vessel. The vessel will be built at Nihon Shipyard Co. in Japan and is scheduled to be delivered <span id="xdx_90B_ecustom--VesselDeliveryDate1_uPure_c20220101__20220429__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zGrM2oQo4aL1">during
                                                                                                                 the first half of 2024</span>. The total consideration for the construction of the vessel is approximately $<span id="xdx_90D_eifrs-full--CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_pdn6_c20220101__20220429__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zPJhRemePmCh" title="Purchase price">37.5</span>
                                                                                                                 million (absolute amount), which the Company intends to finance with a combination of debt and equity. In May 2022 the Company paid
                                                                                                                 the 1st instalment of $<span id="xdx_90E_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20220101__20220531__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zXbeehr68qc5">7.4</span>
                                                                                                                 million (absolute amount), which is included under Advances for vessel purchase in the consolidated statement of financial
                                                                                                                 position.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">On
May 13, 2022, the Company has signed two contracts, through its subsidiaries, Daxos Maritime Limited and Paralus Shipholding S.A.,
for the construction and purchase of two fuel efficient <span id="xdx_90C_ecustom--VesselType_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedMember_zLGpeMSFEZz1"><span id="xdx_900_ecustom--VesselType_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ParalusShipholdingSAMember_zoUiPs0QZQ93">bulk
carrier</span></span> of about <span id="xdx_90C_ecustom--VesselCapacity_pip0_uPure_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedMember_znxc5Th3hpU1"><span id="xdx_908_ecustom--VesselCapacity_pip0_uPure_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ParalusShipholdingSAMember_zqnHLx7M1j42">64,000</span></span>
dwt each. The sister vessels will be built at Nantong COSCO KHI Ship Engineering Co. in China with the first one scheduled to be
delivered <span id="xdx_907_ecustom--VesselDeliveryDate1_uPure_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedMember_zCGBYLgys73j">during
the third quarter of 2024</span> and the second one scheduled <span id="xdx_901_ecustom--VesselDeliveryDate1_uPure_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ParalusShipholdingSAMember_zE87B4eP9HBb">during
the fourth quarter of 2024</span>. The total consideration for the construction of both vessels is approximately $<span id="xdx_906_eifrs-full--CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_pdn6_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedandParalusShipholdingSAMember_zwKhriNU0Xti" title="Purchase price">70.3</span>
million (absolute amount), which the Company intends to finance with a combination of debt and equity. In May 2022 the Company paid
the 1st instalment of $<span id="xdx_907_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20220101__20220531__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedandParalusShipholdingSAMember_zracAGxWe9gk">13.8</span>
million (absolute amount) and in November 2022 paid the 2nd instalment of $<span id="xdx_902_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20220601__20221130__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedandParalusShipholdingSAMember_zCePCpmpu4Y3">6.9</span>
million (absolute amount)  for both vessels under construction. Both instalments are included under Advances for vessel purchase in
the consolidated statement of financial position.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><b>&#160;</b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-size: 10pt"><b>The
contractual annual payments per subsidiary to be made subsequent to December 31, 2022, were as follows:</b></span></p>

<p id="xdx_89D_ecustom--DisclosureOfContractualAnnualPaymentsPerSubsidiaryExplanatory_zur4LrRH6Emc" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-size: 10pt"><span style="display: none">Commitments   - Future minimum contractual obligations</span></span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"/>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 67%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-size: 10pt"><b>December
    31,</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td id="xdx_497_20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zLcZAorDpP18" style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Calypso
    Shipholding S.A.</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td id="xdx_498_20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedandParalusShipholdingSAMember_zepVWHd0If01" style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Daxos
    Maritime Limited </b></span></td>
    <td style="width: 1%">&#160;</td>
    <td id="xdx_491_20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ParalusShipholdingSAMember_z0EnCZZ8e74h" style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Paralus
    Shipholding S.A.</b></span></td></tr>
  <tr id="xdx_407_ecustom--ContractualObligationsDueInNextTwelveMonths_iI_d0_maCOzWax_zY6B6N4Zc7Sc" style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">2023</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">11,100</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr id="xdx_400_ecustom--ContractualObligationsDueInSecondYear_iI_d0_maCOzWax_zx7nXETQdIcl" style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">2024</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">18,500</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">24,785</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">24,785</span></td></tr>
  <tr id="xdx_404_ecustom--ContractualObligations_iTI_d0_mtCOzWax_zXVpn4ztUQE1" style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>29,600</b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>24,785</b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>24,785</b></span></td></tr>
  </table>
<p id="xdx_8AA_zcC3juxPn9P5" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"/></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"/>

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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663205655056">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income Tax<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract', window );"><strong>Major components of tax expense (income) [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfIncomeTaxExplanatory', window );">Income Tax</a></td>
<td class="text"><p id="xdx_804_eifrs-full--DisclosureOfIncomeTaxExplanatory_z96wWM35EAAa" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>19.&#160;&#160;&#160;&#160;&#160;
<span id="xdx_829_zA1lyRd28Eui">Income Tax</span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">Under
the laws of the countries of the vessel owning companies&#8217; incorporation and / or vessels&#8217; registration, vessel owning companies
are not subject to tax on international shipping income; however, they are subject to registration and tonnage taxes,which are included
in vessel operating expenses in the accompanying consolidated statements of income/(loss).&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt"><b><i>Greek
Authorities Tax</i></b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">In January 2013,
the tax Law 4110/2013 amended the 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 89/67 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 satisfies all income tax obligations of both the ship-owning 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. As at December 31, 2022, 2021 and 2020, the tax expense under the law amounted to $<span id="xdx_901_eifrs-full--TaxExpenseOtherThanIncomeTaxExpense_pn3n3_c20220101__20221231_zZaJjdsozDwl">292</span>, $<span id="xdx_902_eifrs-full--TaxExpenseOtherThanIncomeTaxExpense_pn3n3_c20210101__20211231_zZgR1U0X5Oic">185</span> and $<span id="xdx_90B_eifrs-full--TaxExpenseOtherThanIncomeTaxExpense_pn3n3_c20200101__20201231_zcGM2xUXlhBd">130</span>, respectively
and is included in administrative expenses in the consolidated statements of comprehensive income/(loss).</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-size: 10pt"><b><i>U.S.
Federal Income Tax</i></b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">Globus is a
foreign corporation with wholly owned subsidiaries that are foreign corporations, which derive income from the international operation
of a ship or ships that may earn United States (&#8220;U.S&#8221;) source shipping income for U.S. federal income tax purposes.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">Globus believes
that under &#167; 883 of the Internal Revenue Code, its income and the income of its ship-owning subsidiaries, to the extent derived
from the international operation of a ship or ships, were exempt from U.S. federal income tax in 2022.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">The following
is a summary, discussing the application of the U.S. federal income tax laws to the Company relating to income derived from the international
operation of a ship or ships. The discussion and its conclusion are based upon existing U.S. federal income tax law, including the Internal
Revenue Code (the &#8220;Code&#8221;) and final U.S. Treasury Regulations (the &#8220;Regs&#8221;) as currently in effect, all of which
are subject to change, possibly with retroactive effect.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">In general,
under &#167; 883, certain non-U.S. corporations are not subject to U.S. federal income tax on their U.S. source income derived from the
international operation of a ship or ships (&#8220;gross transportation income&#8221;). Absent &#167; 883 or a tax treaty exemption,
such income generally would be subject to a 4% gross basis tax, or in certain cases, to a net income tax plus a 30% branch profits tax.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">For this purpose,
U.S. source gross transportation income includes 50% of the shipping income that is attributable to transportation that begins or ends
(but that does not both begin and end) in the United States.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">Shipping income
attributable to transportation exclusively between non-U.S. ports is generally not subject to any U.S. federal income tax. &#8220;Shipping
income&#8221; generally means income that is derived from:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify"><span style="font-size: 10pt">(a) the use
of vessels;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify"><span style="font-size: 10pt">(b) the hiring
or leasing of vessels for use on a time, operating or bareboat charter basis;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify"><span style="font-size: 10pt">(c) the participation
in a pool, partnership, strategic alliance, joint operating agreement or other joint venture it directly or indirectly owns or participates
in that generates such income; or</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify"><span style="font-size: 10pt">(d) the performance
of services directly related to those uses.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">The Regs provide
that a foreign corporation will qualify for the benefits of &#167; 883 if, in relevant part, the foreign country in which the foreign
corporation is organized grants an equivalent exemption to corporations organized in the U.S. and the foreign corporation meets either
the qualified shareholder test or the publicly traded test described below.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 1cm; text-align: justify"><span style="font-size: 10pt"><i>Qualified
Shareholder Test</i></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 1cm; text-align: justify"><span style="font-size: 10pt">A foreign corporation
having more than 50 percent of the value of its outstanding shares owned, directly or indirectly by application of specific attribution
rules, for at least half of the number of days in the foreign corporation's taxable year by one or more qualified shareholders will meet
the qualified shareholder test. In part, an individual who is a shareholder will be considered a qualified shareholder if he or she is
a resident of a qualified foreign country (which means for this purpose that he or she is fully liable to tax in such country, and maintains
a tax home in such country for 183 days or more in the taxable year, or certain other rules apply) and does not own his or her interest
in the foreign corporation through bearer shares (except for bearer shares held in a dematerialized or immobilized book entry system),
either directly or indirectly by application of the attribution rules. In addition, in order to meet the qualified shareholder test,
a foreign corporation will need to obtain certifications from its qualified shareholders (including from intermediary entities) substantiating
their stock ownership.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt"><i/></span></p>




<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><span style="font-size: 10pt"><b>&#160;19.&#160;&#160;&#160;&#160;&#160;&#160;Income Tax (continued)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 1cm; text-align: justify"><span style="font-size: 10pt"><i>Publicly
Traded Test</i></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">The Publicly
Traded Test requires that one or more classes of equity representing more than 50% of the voting power and value in a non-United States
corporation be &#8220;primarily and regularly traded&#8221; on an established securities market either in the United States or in a foreign
country that grants an equivalent exemption. Among others, &#167; 883 provides, in relevant part, that the shares of a non-United States
corporation will be considered to be &#8220;primarily traded&#8221; on an established securities market in a country if the number of
shares of each class of shares that are traded during any taxable year on all established securities markets in that country exceeds
the number of shares in each such class that are traded during that year on established securities markets in any other single country.
</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">Notwithstanding
the foregoing, &#167; 883 provides, in relevant part, that a class of shares will not be considered to be &#8220;regularly traded&#8221;
on an established securities market for any taxable year in which 50% or more of the vote and value of the outstanding shares of such
class are owned, actually or constructively under specified share attribution rules, on more than half the days during the taxable year
by persons who each own 5% or more of the vote and value of such class of outstanding shares which is referred as the 5 Percent Override
Rule.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">In the event
that the 5 Percent Override Rule is triggered, &#167; 883 provides that such rule will not apply if the Company can establish that within
the group of 5% shareholders, there are sufficient qualified shareholders within the meaning of &#167; 883 to preclude non-qualified
shareholders in such group from owning 50% or more of the total value of the Company&#8217;s common shares for more than half the number
of days during the taxable year.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">For the
years ended December 31, 2022 and 2021, Globus and its wholly owned subsidiaries deriving income from the operation of international
ships were organized in foreign countries that grant equivalent exemptions to corporations organized in the U.S. Globus&#8217;s
common shares, representing more than 50% of the voting power and value in Globus, were primarily and regularly traded on the Nasdaq
Capital Market, which is an established securities market. Although Globus&#8217;s ship-owning and operating subsidiaries were not
publicly traded, they should have qualified for the qualified shareholder test by virtue of their ownership by Globus. Accordingly,
all of Globus&#8217; and its ship-owning or operating subsidiaries that relied on &#167; 883 for exempting U.S. source income from
the international operation of ships should not have been subject to U.S. federal income tax for the years ended December 31, 2022
and 2021. It was not clear whether Globus was able to rely on the &#167; 883 exemption for the year ended December 31, 2020.
Nevertheless, because Globus and its subsidiaries earned no U.S. source gross transportation income (because none of Globus&#8217;s
vessels made a voyage to or from the United States in 2020) neither the U.S. 4% gross basis tax nor the net income tax should be
owed for 2020. </span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">Under the laws
of the Republic of Malta, the country of incorporation of one of the Company&#8217;s vessel-owning company&#8217;s, this vessel-owning
company is not liable for any income tax on its income derived from shipping operations. The Republic of Malta is a country that has
an income tax treaty with the United States. Accordingly, income earned by vessel-owning companies organized under the laws of the Republic
of Malta may qualify for a treaty-based exemption. Specifically, Article 8 (Shipping and Air Transport) of the treaty sets out
the relevant rule to the effect that profits of an enterprise of a Contracting State from the operation of ships in international traffic
shall be taxable only in that State.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for income taxes.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;doctype=Standard&amp;dita_xref=IAS12_g79-88__IAS12_g79-88_TI<br> -URIDate 2022-03-24<br></p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663202220512">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial risk management objectives and policies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsAbstract', window );"><strong>Disclosure of detailed information about financial instruments [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialRiskManagementExplanatory', window );">Financial risk management objectives and policies</a></td>
<td class="text"><p id="xdx_801_eifrs-full--DisclosureOfFinancialRiskManagementExplanatory_zwMjx3aFLDp3" style="font: 9pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>20.&#160;&#160;&#160;&#160;&#160;
<span id="xdx_82A_zCN9PHjzI6nf">Financial risk management objectives and policies</span></b></span></p>

<p style="font: 9pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
Company&#8217;s financial liabilities are long-term borrowings, trade and other payables and the financial derivative instrument. The
main purpose of these financial liabilities is to assist the Company in the financing of its operations and the acquisition of vessels.
The Company has various financial assets such as trade accounts receivable, financial derivative instrument and cash and short-term deposits
including restricted cash, which arise directly from its operations. The main risks arising from the Company&#8217;s financial instruments
are cash flow interest rate risk, credit risk, liquidity risk and foreign currency risk.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>Interest
rate risk</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">Interest
rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. The Company&#8217;s exposure to the risk of changes in market interest rates relates primarily to the Company&#8217;s
long-term debt obligations with floating interest rates. As at December 31, 2022 and 2021, the Company had no long-term borrowings at
a fixed interest rate.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>Interest
rate risk table</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
following table demonstrates the sensitivity to a reasonably possible change in interest rates, with all other variables held constant,
on the Company&#8217;s income/(loss).</span></p>




<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"><b>20. &#160;&#160;&#160;&#160;&#160;
Financial risk management objectives and policies (continued)</b></span></p>

<p id="xdx_891_ecustom--DisclosureOfInterestRateRiskExplanatory_zHV7JUJRClDj" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="display: none; font-size: 10pt">Financial
risk management objectives and policies - Interest rate risk</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="vertical-align: top; width: 79%; padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: top; width: 10%; text-align: right"><span style="font-size: 10pt"><b>Increase/(Decrease) in basis points</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; text-align: right"><span style="font-size: 10pt"><b>Effect on income / (loss)</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: right; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td style="text-align: right; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"><span style="font-size: 10pt"><b>$ Libor/SOFR</b></span></td>
    <td id="xdx_980_ecustom--IncreaseInInterestRates_pip0_uPure_c20220101__20221231_zJpSUCsgtyVi" style="text-align: right; text-indent: 0cm" title="Increase in Libor/SOFR"><span style="font-size: 10pt">+15</span></td>
    <td>&#160;</td>
    <td id="xdx_983_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20220101__20221231_zH11xznxbUEj" style="text-align: right; text-indent: 0cm" title="Effect on loss (Increase in Libor/SOFR)"><span style="font-size: 10pt">(55)</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"><span style="font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_ecustom--DecreaseInInterestRates_pip0_uPure_c20220101__20221231_zyQ0PRXsH1A" style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR"><span style="font-size: 10pt">-20</span></td>
    <td>&#160;</td>
    <td id="xdx_985_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20220101__20221231_zBsvRh4yaDXf" style="text-align: right; text-indent: 0cm" title="Effect on loss (Decrease in Libor/SOFR)"><span style="font-size: 10pt">73</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"><span style="font-size: 10pt"><b>2021</b></span></td>
    <td style="text-align: right; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td id="xdx_98A_ecustom--IncreaseInInterestRates_pip0_uPure_c20210101__20211231_zXplXyQ2M3V3" style="text-align: right; text-indent: 0cm" title="Increase in Libor"><span style="font-size: 10pt">+15</span></td>
    <td>&#160;</td>
    <td id="xdx_984_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20210101__20211231_ztDgW1hsI6Ch" style="text-align: right; text-indent: 0cm" title="Effect on loss (Increase in Libor)"><span style="font-size: 10pt">(52)</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"><span style="font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_ecustom--DecreaseInInterestRates_pip0_uPure_c20210101__20211231_zcOXSBq5ZWOi" style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR"><span style="font-size: 10pt">-20</span></td>
    <td>&#160;</td>
    <td id="xdx_987_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20210101__20211231_zW44bxdfuhJg" style="text-align: right; text-indent: 0cm" title="Effect on loss (Decrease in Libor)"><span style="font-size: 10pt">69</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"><span style="font-size: 10pt"><b>2020</b></span></td>
    <td style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR"><span style="font-size: 10pt"><b>&#160;</b></span></td>
    <td><span style="font-size: 10pt"><b>&#160;</b></span></td>
    <td style="text-align: right; text-indent: 0cm" title="Effect on loss (Decrease in Libor)"><span style="font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"><span style="font-size: 10pt"><b>$ Libor</b></span></td>
    <td id="xdx_98E_ecustom--IncreaseInInterestRates_pip0_uPure_c20200101__20201231_z2RcEzYiZgD6" style="text-align: right; text-indent: 0cm" title="Increase in Libor"><span style="font-size: 10pt">+15</span></td>
    <td><span style="font-size: 10pt"><b>&#160;</b></span></td>
    <td id="xdx_98E_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20200101__20201231_zucDT0D94hV" style="text-align: right; text-indent: 0cm" title="Effect on loss (Increase in Libor)"><span style="font-size: 10pt">(57)</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt">&#160;</td>
    <td id="xdx_98A_ecustom--DecreaseInInterestRates_pip0_uPure_c20200101__20201231_zFbf2vnLVNp8" style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR">-20</td>
    <td>&#160;</td>
    <td id="xdx_988_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20200101__20201231_zl6bZZPz9Uta" style="text-align: right; text-indent: 0cm" title="Effect on loss (Decrease in Libor)">75</td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt">&#160;</td>
    <td style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right; text-indent: 0cm" title="Effect on loss (Decrease in Libor)">&#160;</td></tr>
  </table>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"/>

<p id="xdx_8AA_zsnDFPgITSAh" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-size: 10pt"><b>Foreign
currency risk</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">The following
table demonstrates the sensitivity to a reasonably possible change in the Euro exchange rate, with all other variables held constant,
to the Company&#8217;s loss due to changes in the fair value of monetary assets and liabilities. The Company&#8217;s exposure to foreign
currency changes for all other currencies as at December 31, 2022 and 2021, was not material.</span></p>

<p id="xdx_898_ecustom--DisclosureOfForeignCurrencyRiskExplanatory_zCwWZIhOjQX4" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="display: none; font-size: 10pt">Financial
risk management objectives and policies - Foreign currency risk</span><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 79%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Change in
    rate</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Effect on income
    / (loss) </b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td id="xdx_98A_ecustom--IncreaseInExchangeRates_pip0_uPure_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zC4CSIZzU95l" style="padding-right: 5.4pt; text-align: right" title="Increase in Euro exchange rate"><span style="font-size: 10pt">+10%</span></td>
    <td>&#160;</td>
    <td id="xdx_983_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zo6M9rvy3hP8" style="text-align: right" title="Effect on loss (Increase in Euro exchange rate)"><span style="font-size: 10pt">(573)</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_ecustom--DecreaseInExchangeRates_pip0_uPure_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zig7dbvj33vc" style="padding-right: 5.4pt; text-align: right" title="Decrease in Euro exchange rate"><span style="font-size: 10pt">-10%</span></td>
    <td>&#160;</td>
    <td id="xdx_98A_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zVIvgdl5skpl" style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)"><span style="font-size: 10pt">573</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>2021</b></span></td>
    <td id="xdx_98C_ecustom--IncreaseInExchangeRates_pip0_uPure_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zaxRhFosYLLl" style="padding-right: 5.4pt; text-align: right" title="Increase in Euro exchange rate"><span style="font-size: 10pt">+10%</span></td>
    <td>&#160;</td>
    <td id="xdx_980_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zkp6mvJlCRf9" style="text-align: right" title="Effect on loss (Increase in Euro exchange rate)"><span style="font-size: 10pt">(478)</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_ecustom--DecreaseInExchangeRates_pip0_uPure_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zduLN0hyks4j" style="padding-right: 5.4pt; text-align: right" title="Decrease in Euro exchange rate"><span style="font-size: 10pt">-10%</span></td>
    <td>&#160;</td>
    <td id="xdx_98E_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zuESJBOy5wY9" style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)"><span style="font-size: 10pt">478</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="padding-right: 5.4pt; text-align: right" title="Decrease in Euro exchange rate">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>2020</b></span></td>
    <td id="xdx_984_ecustom--IncreaseInExchangeRates_pip0_uPure_c20200101__20201231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zbxkdz6OyS9e" style="padding-right: 5.4pt; text-align: right" title="Increase in Euro exchange rate"><span style="font-size: 10pt">+10%</span></td>
    <td><span style="font-size: 10pt"><b>&#160;</b></span></td>
    <td id="xdx_98B_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20200101__20201231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_z8DafdUkuol1" style="text-align: right" title="Effect on loss (Increase in Euro exchange rate)"><span style="font-size: 10pt">(258)<b/></span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td id="xdx_984_ecustom--DecreaseInExchangeRates_pip0_uPure_c20200101__20201231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zkIoOUF9pTei" style="padding-right: 5.4pt; text-align: right" title="Decrease in Euro exchange rate"><span style="font-size: 10pt">-10%</span></td>
    <td>&#160;</td>
    <td id="xdx_98B_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20200101__20201231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zRSPmpWRySRk" style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)"><span style="font-size: 10pt">258</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="padding-right: 5.4pt; text-align: right" title="Decrease in Euro exchange rate">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)">&#160;</td></tr>
  </table>
<p id="xdx_8A1_ztK6hEeSaHr" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -7.65pt"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -7.65pt"><span style="font-size: 10pt"><b>Credit
risk</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
Company operates only with recognized, creditworthy third parties including major charterers, commodity traders and government owned
entities. Receivable balances are monitored on an ongoing basis with the result that the Company&#8217;s exposure to impairment on trade
accounts receivable is not significant. The maximum exposure is the carrying value of trade accounts receivable as indicated in the consolidated
statement of financial position. With respect to the credit risk arising from other financial assets of the Company such as cash and
cash equivalents, the Company&#8217;s exposure to credit risk arises from default of the counter parties, which are recognized financial
institutions. The Company performs annual evaluations of the relative credit standing of these counter parties. The exposure of these
financial instruments is equal to their carrying amount as indicated in the consolidated statement of financial position.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -7.65pt"><span style="font-size: 10pt"><b>Concentration
of credit risk table:</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
following table provides information with respect to charterers who individually, accounted for approximately more than 10% of the Company&#8217;s
revenue for the years ended December 31, 2022, 2021 and 2020:</span>&#160;<span style="font-size: 10pt"><b/></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p id="xdx_890_ecustom--DisclosureOfConcentrationOfCreditRiskExplanatory_zFL3SWuFhtKl" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"><span style="display: none; font-size: 10pt">Financial
risk management objectives and policies - Concentration of credit risk table</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt"><b/></span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="font-weight: bold; text-align: right; width: 34%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 10%"><span style="font-size: 9pt"><b>2022</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 10%"><span style="font-size: 9pt"><b>%</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 10%"><span style="font-size: 9pt"><b>2021</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 10%"><span style="font-size: 9pt"><b>%</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 10%"><span style="font-size: 9pt"><b>2020</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 10%"><span style="font-size: 9pt"><b>%</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-size: 9pt">A</span></td>
    <td>&#160;</td>
    <td id="xdx_982_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zWFivZWbKt8c" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-size: 9pt">6,606</span></td>
    <td>&#160;</td>
    <td id="xdx_98D_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zuSCeMCwTkce" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt">11%</span></td>
    <td>&#160;</td>
    <td id="xdx_98E_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zCbaOJhF5Ssk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-size: 9pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_980_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zFT4WLne7gB3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_984_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zn8HmDcPDO4a" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-size: 9pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_984_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_z6lN0AwXxe46" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt">&#8212;</span></td></tr>
  <tr style="background-color: White">
    <td style="text-align: left"><span style="font-size: 9pt">B</span></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zhN70z8UcJU9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-size: 9pt">6,548</span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zGbuqu9HNA0f" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt">11%</span></td>
    <td>&#160;</td>
    <td id="xdx_987_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_z373HEIBWDL7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-size: 9pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zZrWusyV3oR4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_989_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zAMqq3ncmASl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-size: 9pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_984_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zbL0AHe2Beqc" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt">&#8212;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-size: 9pt">C</span></td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_z46Z7Llh3j1l" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-size: 9pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98D_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zkjL7SquX0m5" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_989_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_z7yvdFNGA1Bg" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-size: 9pt">7,726</span></td>
    <td>&#160;</td>
    <td id="xdx_981_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zsbU3ApgaQC9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt">18%</span></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_z7XylfJ0bSRa" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-size: 9pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98E_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_z1zK8OLZGD96" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt">&#8212;</span></td></tr>
  <tr style="background-color: White">
    <td style="text-align: left"><span style="font-size: 9pt">D</span></td>
    <td>&#160;</td>
    <td id="xdx_981_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zwibcAUL7JG5" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-size: 9pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zcfZvOnDoBG3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_981_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zz4hYGiwM9E8" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-size: 9pt">4,571</span></td>
    <td>&#160;</td>
    <td id="xdx_982_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zqmAdFIrcRjb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt">11%</span></td>
    <td>&#160;</td>
    <td id="xdx_983_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_z6ojPu3lYxLd" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-size: 9pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98D_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zv4nXtpCalPc" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt">&#8212;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-size: 9pt">Other </span></td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zTqKi36RGgSh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-size: 9pt">48,236</span></td>
    <td>&#160;</td>
    <td id="xdx_98C_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zV3HKHURdwSa" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt">78%</span></td>
    <td>&#160;</td>
    <td id="xdx_980_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zlD21EKt4YZ" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-size: 9pt">30,914</span></td>
    <td>&#160;</td>
    <td id="xdx_987_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_z2Hd9aWJBWV4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt">71%</span></td>
    <td>&#160;</td>
    <td id="xdx_981_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zTn6Ou3mP2bk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-size: 9pt">11,753</span></td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zgHMvjTXY8z3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt">100%</span></td></tr>
  <tr style="background-color: White">
    <td style="text-align: left"><span style="font-size: 9pt"><b>Total</b></span></td>
    <td>&#160;</td>
    <td id="xdx_988_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20220101__20221231_zeugv3zWe0N7" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><b>61,390</b></span></td>
    <td>&#160;</td>
    <td id="xdx_987_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20220101__20221231_zgtuKQh8phMk" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><b>100%</b></span></td>
    <td>&#160;</td>
    <td id="xdx_984_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20210101__20211231_zEwEYoxQ1knj" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><b>43,211</b></span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20210101__20211231_zccAzRxu4fj3" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><b>100%</b></span></td>
    <td>&#160;</td>
    <td id="xdx_983_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20200101__20201231_zLrkHmxp8qee" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><b>11,753</b></span></td>
    <td>&#160;</td>
    <td id="xdx_987_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20200101__20201231_zaxoNVBO39Wh" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><b>100%</b></span></td></tr>
  </table>
<p id="xdx_8A4_zIM9J785KFB" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -7.65pt"><span style="font-size: 10pt"><b>Liquidity
risk	</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
Company mitigates liquidity risk by managing cash generated by its operations, applying cash collection targets appropriately. The vessels
are normally chartered under time-charter, bareboat and spot agreements where, as per the industry practice, the charterer pays for the
transportation service 15 days in advance, supporting the management of cash generation. Vessel acquisitions are carefully controlled,
with authorization limits operating up to board level and cash payback periods applied as part of the investment appraisal process. In
this way, the Company maintains a good credit rating to facilitate fund raising. In its funding strategy, the Company&#8217;s objective
is to maintain a balance between continuity of funding and flexibility through the use of bank loans. Excess cash
used in managing liquidity is only invested in financial instruments exposed to insignificant risk of changes in market value or are being
placed on interest bearing deposits with maturities fixed usually for no more than 3 months. The Company monitors its risk relating to
the shortage of funds by considering the maturity of its financial liabilities and its projected cash flows from operations.</span></p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm">&#160;<span style="font-size: 10pt"><b>20.&#160;&#160;&#160;&#160;&#160;&#160;Financial risk management objectives and policies (continued)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
table below summarizes the maturity profile of the Company&#8217;s financial liabilities (including interest) at December 31, 2022 and
2021 based on contractual undiscounted cash flows.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p id="xdx_89D_eifrs-full--DescriptionOfManagingLiquidityRisk_zDe9VNDrUuv2" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"><span style="display: none; font-size: 10pt">Financial
risk management objectives and policies - Liquidity risk</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Year ended
    December 31, 2022</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Less
    than 3 months</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>3
    to 12 months</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>1
    to 5 years</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>More
    than 5 years</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Total</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Long-term debt</span></td>
    <td>&#160;</td>
    <td id="xdx_982_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zsbEBN0ATtR4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-size: 10pt">2,495</span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zholTVXOZ3g4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-size: 10pt">7,266</span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zKvxICgIRzP6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-size: 10pt">43,816</span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zGpLG6yqoGUh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98B_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231_zGmprW1OmkWd" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-size: 10pt">53,577</span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Lease liabilities </span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zObascA6rtda" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-size: 10pt">80</span></td>
    <td>&#160;</td>
    <td id="xdx_983_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zuIkrjDP5E07" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-size: 10pt">241</span></td>
    <td>&#160;</td>
    <td id="xdx_989_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zgCYB5GIRjH3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-size: 10pt">188</span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--LeaseLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zLRu4uwJ4Vr2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98E_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231_z1DiIXfsl7M" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-size: 10pt">509</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Accrued liabilities and
    other payables</span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zPxM4T8vm55b" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-size: 10pt">5,814</span></td>
    <td>&#160;</td>
    <td id="xdx_983_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zSV3d9IzoD7k" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_983_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zNJtHkd0plcl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_989_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zw4QAUrNpVUa" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20221231_zvYkJnAXlMic" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-size: 10pt">5,814</span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Trade accounts payables</span></td>
    <td>&#160;</td>
    <td id="xdx_987_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zJ8RE2Kp8Lp6" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-size: 10pt">3,548</span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zNjzoQBrIDsl" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98D_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zC1KUN8x9yn4" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98C_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zN4iNQI5P1Jk" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_983_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20221231_zQAn8uillqAk" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-size: 10pt">3,548</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td>&#160;</td>
    <td id="xdx_984_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_z6FwY6Ka4iE1" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>11,937</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_z3LDIOukRrL4" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>7,507</b></span></td>
    <td>&#160;</td>
    <td id="xdx_980_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zPfZRg1Kglu3" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>44,004</b></span></td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--FinancialLiabilities_iTI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zCzUJ6L2UpUh" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>&#8212;</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231_z76puX9r7PM8" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>63,448</b></span></td></tr>
  </table>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Year ended
    December 31, 2021</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Less
    than 3 months</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>3
    to 12 months</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>1
    to 5 years</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>More
    than 5 years</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Total</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Long-term debt</span></td>
    <td>&#160;</td>
    <td id="xdx_983_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zBI3tVy94gs1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-size: 10pt">1,566</span></td>
    <td>&#160;</td>
    <td id="xdx_981_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zd48sHaPFjKc" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-size: 10pt">4,614</span></td>
    <td>&#160;</td>
    <td id="xdx_987_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zzvhSxKgZGt8" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-size: 10pt">29,325</span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zQa6Rq5jEKbh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20211231_z0TsNNiT1Ji6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-size: 10pt">35,505</span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Lease liabilities </span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--LeaseLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zoFubLCDvQj4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-size: 10pt">92</span></td>
    <td>&#160;</td>
    <td id="xdx_98D_eifrs-full--LeaseLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zfHJR0B8zYjf" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-size: 10pt">275</span></td>
    <td>&#160;</td>
    <td id="xdx_98C_eifrs-full--LeaseLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zg0cnhZcuWNg" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-size: 10pt">585</span></td>
    <td>&#160;</td>
    <td id="xdx_98B_eifrs-full--LeaseLiabilities_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zA1cPOpnsRda" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--LeaseLiabilities_iI_pn3n3_c20211231_zhrHEHry4Fyj" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-size: 10pt">952</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Accrued liabilities and
    other payables</span></td>
    <td>&#160;</td>
    <td id="xdx_989_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zvrnUX2yJSZh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-size: 10pt">3,497</span></td>
    <td>&#160;</td>
    <td id="xdx_98C_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_z16iFnTOf5x6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_ztD2tyiyqZE2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_981_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zJjx58GZIJT7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98D_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20211231_z7PfFyIRp7f8" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-size: 10pt">3,497</span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Trade accounts payables</span></td>
    <td>&#160;</td>
    <td id="xdx_98B_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zSkuxAoCzsah" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-size: 10pt">1,100</span></td>
    <td>&#160;</td>
    <td id="xdx_989_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zViERfpnfVE6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_987_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zAhSmG5VgIBl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_989_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zhHT5YTVAR4a" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98C_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20211231_zA12ndxcwsxf" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-size: 10pt">1,100</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Current portion of fair
    value of derivative financial instruments</span></td>
    <td>&#160;</td>
    <td id="xdx_982_eifrs-full--CurrentDerivativeFinancialLiabilities_iIP3ifrs-full--TradeAndOtherCurrentPayables_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zyWrWXtWNEWc" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"><span style="font-size: 10pt">23</span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--CurrentDerivativeFinancialLiabilities_iIP3ifrs-full--TradeAndOtherCurrentPayables_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zr5LKZGamDIi" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"><span style="font-size: 10pt">69</span></td>
    <td>&#160;</td>
    <td id="xdx_989_eifrs-full--CurrentDerivativeFinancialLiabilities_iIP3ifrs-full--TradeAndOtherCurrentPayables_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zkRaih07Hvqh" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--CurrentDerivativeFinancialLiabilities_iIP3ifrs-full--TradeAndOtherCurrentPayables_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zUzuDivBL9P7" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_980_eifrs-full--CurrentDerivativeFinancialLiabilities_iIP2ifrs-full--FinancialLiabilities_pn3n3_c20211231_zdBsMPZUKEZ6" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">92</span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td>&#160;</td>
    <td id="xdx_981_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zXCVxwzsqebl" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>6,278</b></span></td>
    <td>&#160;</td>
    <td id="xdx_987_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zPPd998JGRT3" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>4,958</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zb74skEy8K55" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>29,910</b></span></td>
    <td>&#160;</td>
    <td id="xdx_983_eifrs-full--FinancialLiabilities_iTI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zywFfe3bkKw5" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>&#8212;</b></span></td>
    <td>&#160;</td>
    <td id="xdx_980_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20211231_zjkbDM0RO7fb" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>41,146</b></span></td></tr>
  </table>
<p id="xdx_8A9_zU84Jxr6vjk3" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 96.4pt; text-align: justify; text-indent: -68.05pt"><span style="font-size: 10pt"><b>Capital
management</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 96.4pt; text-align: justify; text-indent: -60.4pt"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
primary objective of the Company&#8217;s capital management is to ensure that it maintains a strong credit rating and healthy capital
ratios in order to support its business and maximize shareholder value. The Company manages its capital structure and makes adjustments
to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Company may adjust the dividend payment
to shareholders, return capital to shareholders or issue new shares as well as managing the outstanding level of debt. Lenders may impose
capital structure or solvency ratios (refer to note 11). No changes were made in the objectives, policies or processes during the years
ended December 31, 2022 and 2021.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the entity's financial risk management practices and policies.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663205941088">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair values<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<td class="text"><p id="xdx_807_eifrs-full--DisclosureOfFairValueMeasurementExplanatory_z4sN1kphIVPe" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>21.&#160;&#160;&#160;&#160;&#160;
<span id="xdx_82E_zKZ3TbZLgJ47">Fair values</span></b></span></p>

<p style="font: 9pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>Carrying
amounts and fair values</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the
fair value hierarchy (as defined in note 2.27). It does not include fair value information for financial assets and financial liabilities
not measured at fair value if the carrying amount is a reasonable approximation of fair value, such as cash and cash equivalents, restricted
cash, trade receivables and trade payables.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm">&#160;</p>




<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"><b>21.<span style="font-size: 10pt">&#160;&#160;&#160;&#8239;&#160;&#160;
Fair values (continued)</span></b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><b>&#160;</b></p>

<p id="xdx_897_ecustom--DisclosureOfFairValuesExplanatory_z8vskmVdEHa8" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"><span style="display: none; font-size: 10pt">Fair
values measurement</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b>Carrying amount</b></span></td>
    <td>&#160;</td>
    <td colspan="7" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><b>Fair value</b></span></td></tr>
  <tr>
    <td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="text-align: right; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b>Level 1</b></span></td>
    <td style="text-align: right; width: 1%">&#160;</td>
    <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b>Level 2</b></span></td>
    <td style="text-align: right; width: 1%">&#160;</td>
    <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b>Level 3</b></span></td>
    <td style="text-align: right; width: 1%">&#160;</td>
    <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b>Total</b></span></td></tr>
  <tr>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 9pt"><b>December&#160;31, 2022</b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b>Financial assets</b></span></td>
    <td>&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 9pt"><b>Financial assets measured at fair value</b></span></td>
    <td>&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Non-current portion of fair value of derivative
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    <td>&#160;</td>
    <td id="xdx_98D_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_z2whBS7BdaHl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,315</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;&#160;</span></td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_98C_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_zRU3wGX7Wk13" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,315</span></td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_981_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zZhhIE1alBoc" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>1,315</b></span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Current portion of fair value of derivative financial
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    <td>&#160;</td>
    <td id="xdx_982_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zuT2QOAG45A" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,092</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_986_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_z5UD7ZbKqu8f" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,092</span></td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_987_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zHOQXvdeaZrh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>1,092</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_984_eifrs-full--FinancialAssetsAtFairValue_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_z4CPHsVGRv84" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b>2,407</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr>
  <tr style="background-color: White">
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b>Financial liabilities</b></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 9pt"><b>Financial liabilities not measured at fair value</b></span></td>
    <td>&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 9pt">Long-term borrowings</span></td>
    <td>&#160;</td>
    <td id="xdx_98E_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember_zWLN9g89OyC4" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt">44,375</span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt">&#8212;&#160;</span></td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_984_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember_zhLB0ENAa3Sj" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt">45,549</span></td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt">&#8212;&#160;</span></td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_98B_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember_zzRfvS8SS6n2" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b>45,549</b></span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--FinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember_zOD7R8iBbYf7" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b>44,375</b></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr>
  </table>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"><b>&#160;</b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"><b>&#160;</b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b>Carrying amount</b></span></td>
    <td>&#160;</td>
    <td colspan="7" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><b>Fair value</b></span></td></tr>
  <tr>
    <td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b>Level 1</b></span></td>
    <td style="text-align: right; width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b>Level 2</b></span></td>
    <td style="text-align: right; width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b>Level 3</b></span></td>
    <td style="text-align: right; width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b>Total</b></span></td></tr>
  <tr>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 9pt"><b>December&#160;31, 2021</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b>Financial assets</b></span></td>
    <td>&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 9pt"><b>Financial assets measured at fair value</b></span></td>
    <td>&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Derivative financial instruments</span></td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20211231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zSObVLCxAex4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">417</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;&#160;</span></td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_98C_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20211231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_zYLBHPm2XqP3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">417</span></td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_989_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20211231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_z6rf7Rk6WgX1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>417</b></span></td></tr>
  <tr style="background-color: White">
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--FinancialAssetsAtFairValue_iI_pn3n3_c20211231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zeNUnNIuz8Wj" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b>417</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b>Financial liabilities</b></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
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    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
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    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;&#160;</span></td>
    <td style="text-align: right">&#160;</td>
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    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_983_eifrs-full--NoncurrentDerivativeFinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--FinancialLiabilitiesAtFairValueIIMember_zwUbv9g97E85" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>92</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_988_eifrs-full--FinancialLiabilitiesAtFairValue_iI_pn3n3_c20211231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--FinancialLiabilitiesAtFairValueIIMember_zr9Ec3EAVrOh" style="border-top: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b>92</b></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 9pt"><b>Financial liabilities not measured at fair value</b></span></td>
    <td>&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
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    <td>&#160;</td>
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    <td style="text-align: right">&#160;</td>
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    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;&#160;</span></td>
    <td style="text-align: right">&#160;</td>
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  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_984_eifrs-full--FinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--MeasurementAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember_zXq1qLCaDPnj" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b>31,750</b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-top: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-top: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-top: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr>
  </table>

<p id="xdx_8AE_zoBSYWREMHq5" style="margin-top: 0; margin-bottom: 0">&#160;</p>



<p style="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0pt 0pt 9pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>21.&#160;&#160;&#160;&#160;&#160;&#160;
Fair values (continued)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 1cm"><span style="font-size: 10pt"><b>Measurement
of fair values</b></span></p>

<p style="font: 9pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 1cm"><span style="font-size: 10pt"><b>Valuation
techniques and significant unobservable inputs</b></span></p>

<p style="font: 9pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
following tables show the valuation techniques used in measuring Level 1, Level 2 and Level 3 fair values, as well as the significant
unobservable inputs used.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p id="xdx_89A_ecustom--DisclosureOfValuationTechniquesAndSignificantUnobservableInputs_zLa8SgyqGnO8" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><span style="display: none; font-size: 10pt">&#160;Valuation
techniques and significant unobservable inputs</span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: 0cm"/><table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-decoration: underline; font-size: 9pt; font-weight: bold; text-align: left; padding-left: 5.4pt; width: 48%"><span style="font-size: 10pt">Financial
    instruments measured at fair value</span></td><td style="width: 1%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt; width: 25%"><span style="font-size: 10pt">&#160;</span></td><td style="width: 1%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt; width: 25%"><span style="font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; padding-bottom: 1pt; padding-left: 5.4pt"><span style="font-size: 10pt">Type</span></td><td style="font-size: 9pt; font-weight: bold; font-style: italic; padding-bottom: 1pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><span style="font-size: 10pt">Valuation
    Techniques</span></td><td style="font-size: 9pt; font-weight: bold; font-style: italic; padding-bottom: 1pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><span style="font-size: 10pt">Significant
    unobservable inputs</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 9pt; text-align: left; padding-left: 5.4pt"><span style="font-size: 10pt">Derivative financial instruments:</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 9pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><span style="font-size: 10pt">Interest Rate
    Swap</span></td><td style="font-size: 9pt; padding-bottom: 1pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 9pt; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><span style="font-size: 10pt">Discounted
    cash flow</span></td><td style="font-size: 9pt; padding-bottom: 1pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 9pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;&#160;Discount
    rate</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 9pt; text-align: left; padding-left: 5.4pt"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"><b><span style="text-decoration: underline">Financial
                                            instruments not measured at fair value</span></b></span></p></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-decoration: underline; font-size: 9pt; font-weight: bold; text-align: left; padding-left: 5.4pt"><span style="font-size: 10pt">Asset
    and liabilities not measured at fair value</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; padding-bottom: 1pt; padding-left: 5.4pt"><span style="font-size: 10pt">Type</span></td><td style="font-size: 9pt; font-weight: bold; font-style: italic; padding-bottom: 1pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><span style="font-size: 10pt">Valuation
    Techniques</span></td><td style="font-size: 9pt; font-weight: bold; font-style: italic; padding-bottom: 1pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><span style="font-size: 10pt">Significant
    unobservable inputs</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 9pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><span style="font-size: 10pt">Long-term borrowings</span></td><td style="font-size: 9pt; padding-bottom: 1pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 9pt; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><span style="font-size: 10pt">Discounted
    cash flow</span></td><td style="font-size: 9pt; padding-bottom: 1pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 9pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><span style="font-size: 10pt">Discount rate</span></td></tr>
</table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"/>

<p id="xdx_8A8_zhlTOo805XUk" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 1cm"><span style="font-size: 10pt"><b>Transfers between Level
1, 2 and 3</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-size: 10pt">There
were no transfers between these levels in 2021 and 2022.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-size: 10pt">&#160;</span></p>

<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for fair value measurement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2022-03-24<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2022-en-r&amp;doctype=Standard&amp;dita_xref=IFRS13_g91-99__IFRS13_g91-99_TI<br> -URIDate 2022-03-24<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663201648704">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Events after the reporting date<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract', window );"><strong>Disclosure of non-adjusting events after reporting period [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory', window );">Events after the reporting date</a></td>
<td class="text"><p id="xdx_80F_eifrs-full--DisclosureOfEventsAfterReportingPeriodExplanatory_zAnIzpdwHeba" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><span style="font-size: 10pt"><b>22.&#160;&#160;&#160;&#160;&#160;&#160;
<span id="xdx_820_zSkgFJ3FkO9d">Events after the reporting date</span></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 6, 2023, the Company, through a wholly owned subsidiary, entered into an agreement to sell the <span id="xdx_903_ecustom--VesselYearBuilt_c20230101__20230306__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SunGlobeMember_zF2qtHyS07R7">2007</span>-built Sun Globe for a gross
price of $<span id="xdx_902_eifrs-full--ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_pdn6_c20230101__20230306__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SunGlobeMember_zoz5m90EL3S2" title="Vessel sale gross price">14.1</span> million (absolute amount), before commissions, to an unaffiliated third party, which sale is subject to standard closing
conditions. The Company expects to recognize a gain of approximately $<span id="xdx_908_eifrs-full--GainsOnDisposalsOfInvestmentProperties_pdn6_c20230101__20230306__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SunGlobeMember_zxj9qvJYbQx4">4.5</span> million (absolute amount) as a result of the sale, which will
be classified in the income statement component of the consolidated statement of comprehensive income/(loss).</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2023 the Company, through its subsidiary, Calypso Shipholding S.A., paid the 2<sup>nd</sup> instalment under the contract dated
April 29, 2022, for the construction and purchase of one fuel efficient <span id="xdx_90F_ecustom--VesselType_c20230101__20230306__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSA1Member_zh2eXEOxaLAb">bulk carrier</span> of about <span id="xdx_90B_ecustom--VesselCapacity_pip0_uPure_c20230101__20230331__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSA1Member_zhx3GnL0bGTb">64,000</span> dwt vessel, amounting to $<span id="xdx_900_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20230101__20230331__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSA1Member_z9CFYqLaSAQf">3.7</span> million
(absolute amount).</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-size: 10pt"/></p>

<span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for events after the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 10<br> -IssueDate 2022-03-24<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=10&amp;code=ifrs-tx-2022-en-r&amp;doctype=Standard&amp;dita_xref=IAS10_g17-22_IAS10_g17-22_TI<br> -URIDate 2022-03-24<br></p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663201432848">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of Preparation and Significant Accounting Policies (Policies)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsAbstract', window );"><strong>Disclosure of initial application of standards or interpretations [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfGoingConcernExplanatory', window );">Basis of Preparation:</a></td>
<td class="text"><p id="xdx_843_eifrs-full--DisclosureOfGoingConcernExplanatory_zsQWnmQIcuf1" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.1
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160; <span id="xdx_861_zrxnIFNn6cXe">Basis of Preparation:</span> </b>The consolidated financial statements have been
prepared on a historical cost basis, except for derivative financial instruments which are measured at fair value. The consolidated
financial statements are presented in U.S. dollars and all values are rounded to the nearest thousand ($ 000s) except when otherwise
indicated.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>Going
concern basis of accounting: </b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The Company
performs on a regular basis an assessment to evaluate its ability to continue as a going concern.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">In assessing
whether the going concern assumption is appropriate, management takes into account all available information about the future, which
is at least, but is not limited to, twelve months from the end of the reporting period. The degree of consideration depends on the facts
in each case and depends on the Company&#8217;s profitability and ready access to financial resources, In certain cases, management may
need to consider a wide range of factors relating to current and expected profitability, debt repayment schedules, compliance with the
financial and security collateral cover ratio covenants under its existing debt agreements and potential sources of replacement financing
before it can satisfy itself that the going concern basis is appropriate. The Company may need to develop detailed cash flow projections
as part of its assessment in such cases. In developing estimates of future cash flows, the Company makes assumptions about the vessels&#8217;
future performance, with the significant assumptions relating to time charter equivalent rates, vessels&#8217; operating expenses, vessels&#8217;
capital expenditures, fleet utilization, Company&#8217;s general and administrative expenses and cash flow requirements for debt servicing.
The assumptions used to develop estimates of future cash flows are based on historical trends as well as future expectations.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">As at
December 31, 2022, the Company reported a total comprehensive income for the year of $<span id="xdx_90C_eifrs-full--ComprehensiveIncome_pn3n3_c20220101__20221231_zYvkZckxy258">24,280</span>, net cash generated from
operating activities of $<span id="xdx_909_eifrs-full--CashFlowsFromUsedInOperatingActivities_pn3n3_c20220101__20221231_zUKA5IIBYrIa">26,906</span>, Cash and cash equivalents of $<span id="xdx_90A_eifrs-full--CashAndCashEquivalents_iI_pn3n3_c20221231_zLrE8dyaQ7ac">52,833</span>, a working capital surplus of $<span id="xdx_906_eifrs-full--CurrentAssetsLiabilities_iI_pn3n3_c20221231_zvoGJxemvsn8" title="Working capital surplus">45,000</span>
 and was in compliance with its debt covenants.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The above
conditions indicate that the Company is expected to be able to operate as a going concern and these consolidated financial statements
were prepared under this assumption.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt"><b>Impact of
COVID-19 on the Company&#8217;s Business</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">The spread
of the COVID-19 virus, which has been declared a pandemic by the World Health Organization in 2020 has caused substantial disruptions
in the global economy and the shipping industry, as well as significant volatility in the financial markets, the severity and duration
of which remains uncertain.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">The impact
of the COVID-19 pandemic continues to unfold and may continue to have a negative effect on the Company&#8217;s business, financial performance
and the results of its operations. As a result, many of the Company&#8217;s estimates and assumptions required increased judgment and
carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company&#8217;s
estimates may change in future periods. Besides reducing demand for cargo, coronavirus may functionally limit 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.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 36pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-left: 36pt; text-align: justify"><span style="font-size: 10pt">The Company
has evaluated the impact of the current economic situation on the recoverability of the carrying amount of its vessels. During the first
quarter of 2020, the Company concluded that events and circumstances triggered the existence of potential impairment of its vessels.
These indicators included volatility in the charter market as well as the potential impact the current marketplace may have on the future
operations. As a result, the Company performed an impairment assessment of the Company&#8217;s vessels by comparing the discounted projected
net operating cash flows for each vessel to its carrying values. For the first quarter of 2020, the Company concluded that the recoverable
amounts of the vessels were lower than their carrying amounts and an impairment loss of $<span id="xdx_901_eifrs-full--AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_pn3n3_c20200101__20201231_zxVSpxBZO3P9" title="Impairment loss">4,615</span> was recorded (Note 5). The Company has
re-assessed impairment indicators as at December 31, 2022 and concluded that <span id="xdx_90F_eifrs-full--AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_pn3n3_do_c20220101__20221231_zv9UJCjP0BOf" title="Impairment loss">no</span> further impairment of its vessels should be recorded
or previously recognized impairment should be reversed.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-left: 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Conflicts</b></span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-left: 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
conflict between Russia and Ukraine, which commenced in February 2022, has disrupted supply chains and caused instability and significant
volatility in the global economy. Much uncertainty remains regarding the global impact of the conflict in Ukraine, and it is possible
that such instability, uncertainty and resulting volatility could significantly increase the costs of the Company and adversely affect
its business, including the ability to secure charters and financing on attractive terms, and as a result, adversely affect the Company&#8217;s
business, financial condition, results of operation, estimates and cash flows. Currently there is no direct effect on the
Company&#8217;s operations.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-left: 36pt; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Significant Accounting Policies (continued)</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>Statement
of Compliance: </b>These consolidated financial statements of the Company have been prepared in accordance with <span id="xdx_90C_edei--EntityAccountingStandard_c20220101__20221231_zHN95CfeGFii">International Financial
Reporting Standards</span> (&#8220;IFRS&#8221;) as issued by the International Accounting Standards Board (&#8220;IASB&#8221;).</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>Basis
of Consolidation:</b> The consolidated financial statements comprise the financial statements of Globus and its subsidiaries listed in
Note 1. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting
policies.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">All
inter-company balances and transactions have been eliminated upon consolidation. Subsidiaries are fully consolidated from the date on
which control is transferred to the Company and cease to be consolidated from the date on which control is transferred out of the Company.</span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfInitialApplicationOfStandardsOrInterpretations', window );">Standards amendments and interpretations:</a></td>
<td class="text"><p id="xdx_848_eifrs-full--DescriptionOfInitialApplicationOfStandardsOrInterpretations_z11MjDrO0fJ8" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;&#8239;&#160;&#160;<span id="xdx_86B_zpgyBprR2dVk">
Standards amendments and interpretations:</span></b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The accounting
policies adopted are consistent with those of previous financial year except for the following amended IFRS which have been adopted by
the Company as at January 1, 2022:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Symbol; font-size: 10pt">&#183;
</span><span style="font-size: 10pt"><b>IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent
Liabilities and Contingent Assets as well as Annual Improvements 2018-2020 (Amendments)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 35.45pt; text-align: justify"><span style="font-size: 10pt">The
amendments are effective for annual periods beginning on or after January 1, 2022 with earlier application permitted. The IASB has
issued narrow-scope amendments to the IFRS Standards as follows:</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;
</span><span style="font-size: 10pt"><b>IFRS 3 Business Combinations (Amendments)</b> update a reference in IFRS 3 to the previous version
of the IASB&#8217;s Conceptual Framework for Financial Reporting to the current version issued in 2018 without significantly changing
the accounting requirements for business combinations.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;
</span><span style="font-size: 10pt"><b>IAS 16 Property, Plant and Equipment (Amendments)</b> prohibit a company from deducting from
the cost of property, plant and equipment any proceeds from the sale of items produced while bringing the asset to the location and condition
necessary for it be capable of operating in the manner intended by management. Instead, a company recognizes such sales proceeds and
related cost in profit or loss.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;
</span><span style="font-size: 10pt"><b>IAS 37 Provisions, Contingent Liabilities and Contingent Assets (Amendments)</b> specify which
costs a company includes in determining the cost of fulfilling a contract for the purpose of assessing whether a contract is onerous.
The amendments clarify, the costs that relate directly to a contract to provide goods or services include both incremental costs and
an allocation of costs directly related to the contract activities. </span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;
</span><span style="font-size: 10pt"><b>Annual Improvements 2018-2020</b> make minor amendments to <b>IFRS 1 First-time Adoption of International
Financial Reporting Standards</b>, <b>IFRS 9 Financial Instruments</b>, <b>IAS 41 Agriculture</b> and the Illustrative Examples accompanying
<b>IFRS 16 Leases</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The amendments
had no impact on the financial statements of the Company.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Symbol; font-size: 10pt">&#183; </span><span style="font-size: 10pt"><b>IFRS
16 Leases-Covid 19 Related Rent Concessions beyond  June 30, 2021 (Amendment)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The
Amendment applies to annual reporting periods beginning on or after April 1, 2021, with earlier application permitted, including in
financial statements not yet authorized for issue at the date the amendment is issued. In March 2021, the Board amended the
conditions of the practical expedient in IFRS 16 that provides relief to lessees from applying the IFRS 16 guidance on lease
modifications to rent concessions arising as a direct consequence of the covid-19 pandemic. Following the amendment, the practical
expedient now applies to rent concessions for which any reduction in lease payments affects only payments originally due on or
before  June 30, 2022, provided the other conditions for applying the practical expedient are met.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The amendments
had no impact on the financial statements of the Company.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;<b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><span style="font-size: 10pt"><b>Standards
issued but not yet effective and not early adopted:</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Symbol; font-size: 10pt">&#183;
</span><span style="font-size: 10pt"><b>IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting
policies (Amendments)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The Amendments
are effective for annual periods beginning on or after January 1, 2023 with earlier application permitted. The amendments provide guidance
on the application of materiality judgements to accounting policy disclosures. In particular, the amendments to IAS 1 replace the requirement
to disclose &#8216;significant&#8217; accounting policies with a requirement to disclose &#8216;material&#8217; accounting policies.
Also, guidance and illustrative examples are added in the Practice Statement to assist in the application of the materiality concept
when making judgements about accounting policy disclosures. Management is in process of assessing the effect of these amendments on
the Company&#8217;s financial statements and disclosures.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><b>&#160;</b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><b/></p>




<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Significant Accounting Policies (continued)</b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Symbol; font-size: 10pt">&#183;
</span><span style="font-size: 10pt"><b>IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting
Estimates (Amendments)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The amendments
become effective for annual reporting periods beginning on or after January 1, 2023 with earlier application permitted and apply to changes
in accounting policies and changes in accounting estimates that occur on or after the start of that period. The amendments introduce
a new definition of accounting estimates, defined as monetary amounts in financial statements that are subject to measurement uncertainty,
if they do not result from a correction of prior period error. Also, the amendments clarify what changes in accounting estimates are
and how these differ from changes in accounting policies and corrections of errors. Management is in process of assessing the effect of these amendments on the Company&#8217;s financial statements
and disclosures.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Symbol; font-size: 10pt">&#183;
</span><span style="font-size: 10pt"><b>IAS 12 Income taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction
(Amendments)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The amendments
are effective for annual periods beginning on or after January 1, 2023 with earlier application permitted. The amendments narrow the
scope of and provide further clarity on the initial recognition exception under IAS 12 and specify how companies should account for deferred
tax related to assets and liabilities arising from a single transaction, such as leases and decommissioning obligations. The amendments
clarify that where payments that settle a liability are deductible for tax purposes, it is a matter of judgement, having considered the
applicable tax law, whether such deductions are attributable for tax purposes to the liability or to the related asset component. Under
the amendments, the initial recognition exception does not apply to transactions that, on initial recognition, give rise to equal taxable
and deductible temporary differences. It only applies if the recognition of a lease asset and lease liability (or decommissioning liability
and decommissioning asset component) give rise to taxable and deductible temporary differences that are not equal. Management has assessed
that these amendments will have no impact on the Company&#8217;s financial position or performance.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Symbol; font-size: 10pt">&#183; </span><span style="font-size: 10pt"><b>IAS
1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (Amendments)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The
amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted, and
will need to be applied retrospectively in accordance with IAS 8. The objective of the amendments is to clarify the principles in
IAS 1 for the classification of liabilities as either current or non-current. The amendments clarify the meaning of a right to defer
settlement, the requirement for this right to exist at the end of the reporting period, that management intent does not affect
current or non-current classification, that options by the counterparty that could result in settlement by the transfer of the
entity&#8217;s own equity instruments do not affect current or non-current classification. Also, the amendments specify that only
covenants with which an entity must comply on or before the reporting date will affect a liability&#8217;s classification.
Additional disclosures are also required for non-current liabilities arising from loan arrangements that are subject to covenants to
be complied with within twelve months after the reporting period. Management is in process of assessing the effect of these
amendments on the Company&#8217;s financial statements and disclosures.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Symbol; font-size: 10pt">&#183;
</span><span style="font-size: 10pt"><b>IFRS 16 Leases: Lease Liability in a Sale and Leaseback (amendments)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The amendments
are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. The amendments
are intended to improve the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction
in IFRS 16, while it does not change the accounting for leases unrelated to sale and leaseback transactions. In particular, the seller-lessee
determines &#8216;lease payments&#8217; or &#8216;revised lease payments&#8217; in such a way that the seller-lessee would not recognize
any amount of the gain or loss that relates to the right of use it retains. Applying these requirements does not prevent the seller-lessee
from recognizing, in profit or loss, any gain or loss relating to the partial or full termination of a lease. A seller-lessee applies
the amendment retrospectively in accordance with IAS 8 to sale and leaseback transactions entered into after the date of initial application,
being the beginning of the annual reporting period in which an entity first applied IFRS 16. Management has assessed that these amendments
will have no impact on the Company&#8217;s financial position or performance.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Symbol; font-size: 10pt">&#183;
</span><span style="font-size: 10pt"><b>Amendment in IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and
Joint Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The amendments
address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS 28, in dealing with the sale or contribution
of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss
is recognized when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognized
when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary. In December 2015
the IASB postponed the effective date of this amendment indefinitely pending the outcome of its research project on the equity method
of accounting. Management has assessed that these amendments will have no impact on the Company&#8217;s financial position or performance.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>




<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Significant Accounting Policies (continued)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory', window );">Significant accounting policies, judgments, estimates and assumptions:</a></td>
<td class="text"><p id="xdx_84B_eifrs-full--DisclosureOfAccountingJudgementsAndEstimatesExplanatory_zerouqvHKR1f" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.3
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;<span id="xdx_867_zqFxYAR3DrAe">Significant accounting policies, judgments, estimates and assumptions:</span></b></span>
<span style="font-size: 10pt">The preparation of consolidated financial statements in conformity with IFRS requires management to make
judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the consolidated financial statements and the amounts of revenues and expenses recognized during the reporting
period. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment
to the carrying amount of the asset or liability affected in the future.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -21.25pt"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>Judgments:
</b>In the process of applying the Company&#8217;s accounting policies, management has made the following judgments that had a significant
effect on the amounts recognized in the consolidated financial statements.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b/></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>Impairment
and Reversal of previously recognized impairment:</b> The Company applies judgment in assessing at each reporting date whether indicators
of impairment or reversal of previously recognized impairment loss exist for any vessels. If indicators of possible impairment or
reversal of impairment are identified, the Company estimates the recoverable amount such vessel</span>.</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 35.45pt; text-align: justify"><span style="font-size: 10pt">The
Company considers the following indicators of impairment/reversal of impairment:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 35.45pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;
</span><span style="font-size: 10pt">Observable significant decrease / increase in vessel&#8217;s market value </span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;
</span><span style="font-size: 10pt">Significant adverse / favorable changes in the technological, economic or legal environment incurred
or are expected to be incurred and negatively / positively affect vessel&#8217;s value or decrease / increase its revenue generating
ability</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;
</span><span style="font-size: 10pt">Market interest rates of return on investments have increased / decreased during the period, which
will result in increase /decrease of the discount rate.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">To evaluate
the presence of impairment/reversal of impairment indicators the Company assessed current market conditions as derived from historical
information including analysis over vessel market charter rates and market prices, recent vessels sales and purchase activity, independent
brokers valuations reports and also assesses forward looking industry information regarding vessels market values.as well as various
qualitative factors. Based on such assessment performed as of December 31, 2022 and 2021 the Company concluded that no indicators for
impairment and reversal of impairment were present as of December 31, 2022 and 2021 and no impairment or reversal of previously recognized
impairment losses was recorded for the years ended December 31, 2022 and 2021 (Note 5).</span></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"/></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimates
and assumptions</b>: The key assumptions concerning the future and other key sources of estimation uncertainty at the financial position
date, that have a significant risk of causing a significant adjustment to the carrying amount of assets and liabilities within the next
financial year, are discussed below. The Company based its assumptions and estimates on parameters available when the consolidated financial
statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes
or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"> <span style="font-family: Wingdings; font-size: 10pt">&#216;</span> <span style="font-size: 10pt"><i>Carrying amount of vessels, net</i>: Vessels are stated at cost, less accumulated depreciation (including depreciation of dry-docking costs) and accumulated impairment losses. The estimates and assumptions that have the most significant effect on the vessels carrying amount are estimations in relation to useful lives of vessels, their residual value and estimated dry docking dates. The key assumptions used are further explained in notes 2.9 to 2.12.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">&#216;
</span><span style="font-size: 10pt"><i>Impairment of  Vessels and Reversal of previously recognized impairment losses</i>:
The Company&#8217;s impairment test for non-financial assets is based on the assets&#8217; recoverable amount, where the recoverable
amount is the greater of fair value less costs to sell and value in use. The Company engaged independent valuation specialists to determine
the fair value of non-financial assets as at December 31, 2022 and 2021. The value in use calculation is based on a discounted cash flow
model. The value in use calculation is most sensitive to the discount rate used for the discounted cash flow model as well as the expected
net cash flows. See notes 2.12 and 5. The Company assesses also at each reporting date whether there is any indication that an impairment
loss recognized in prior periods for a vessel may no longer exist or may have decreased.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b/></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue', window );">Accounting for revenue and related expenses:</a></td>
<td class="text"><p id="xdx_847_eifrs-full--DescriptionOfAccountingPolicyForRecognitionOfRevenue_zwSiwpG7YWr7" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.4
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160; <span id="xdx_86B_zbIqFGnCFXk1">Accounting for revenue and related
expenses:</span></b> The Company generates its revenues from charterers for the charter hire of its vessels. Vessels are chartered using time charters and
bareboat, where a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate.
If a time charter agreement exists and collection of the related revenue is reasonably assured, revenue is recognized on a straight-line
basis over the period of the time charter. Such Voyage Revenues are treated in accordance with IFRS 16 as lease income, while the portion
of time charter revenues related to technical management services are recognized in accordance with IFRS 15. Associated broker commissions
are recognized on a pro-rata basis over the duration of the period of the time charter. Deferred revenue relates to cash received prior
to the financial position date and is related to revenue earned after such date.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"><b>Interest
income</b>: interest income is recognized as interest on an accrual basis.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>Voyage expenses</b>:
Voyage expenses primarily consisting of port, canal and bunker expenses that are unique to a particular charter under time charter arrangements
are paid by the charterer. Furthermore, voyage expenses include brokerage commission on revenue which is paid by the Company. Voyage
expenses are accounted for on an accrual basis.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -1cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>Vessel operating
expenses</b>: Vessel operating costs include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance
and repairs. Vessel operating expenses are accounted for on an accrual basis.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory', window );">Foreign currency translation:</a></td>
<td class="text"><p id="xdx_840_eifrs-full--DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_zNgFD7HXMl9i" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.5
&#8239;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <span id="xdx_863_zJk6Xb1KMhCi">Foreign currency translation:</span></b></span>
<span style="font-size: 10pt">The functional currency of Globus and its subsidiaries is the U.S. dollar, which is also the presentation
currency of the Company, since the Company&#8217;s vessels operate in international shipping markets, whereby the U.S. dollar is the
currency used for transactions. Transactions involving other currencies during the period are converted into U.S. dollars using the exchange
rates in effect at the time of the transactions. At the financial position dates, monetary assets and liabilities, which are denominated
in currencies other than the U.S. dollar, are translated into the functional currency using the period-end exchange rate. Gains or losses
resulting from foreign currency transactions are included in foreign exchange gains/(losses), net in the consolidated statement of comprehensive
income/(loss).&#160;</span></p>

<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory', window );">Cash and cash equivalents:</a></td>
<td class="text"><p id="xdx_848_eifrs-full--DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory_zsOdnpqe6In9" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.6
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;  <span id="xdx_862_zWEkmKHbZKYb">Cash
and cash equivalents:</span></b> The Company considers highly liquid investments such as time deposits and certificates of deposit with original
maturity of three months or less to be cash and cash equivalents.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory', window );">Trade accounts receivable, net:</a></td>
<td class="text"><p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory_zSL1ST0072gf" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.7
&#8239;&#8239;&#8239;
&#8239;&#8239;&#160; <span id="xdx_860_z71pTQilN4Za">Trade accounts receivable, net:</span> </b>The amount shown as trade accounts receivable at each financial position date includes estimated
recoveries from charterers for hire, net of an allowance for doubtful accounts. Trade accounts receivable without a significant financing
component are initially measured at their transaction price and subsequently measured at amortized cost less impairment losses, which
are recognized in the consolidated statement of comprehensive income/(loss). At each financial position date, all potentially uncollectible
accounts are assessed individually for the purpose of determining the appropriate provision for expected credit losses. The provision
for expected credit losses at December 31, 2022 was nil (2021: $<span id="xdx_908_ecustom--AllowanceForDoubtfulTradeReceivables_pn3n3_c20210101__20211231_zEQ7nB9uMep8" title="Provision for doubtful trade receivables">8</span>). <span id="xdx_904_ecustom--AllowanceForDoubtfulTradeReceivables_pn3n3_c20220101__20221231_zbIHSQczhqp1" style="display: none" title="Provision for doubtful trade receivables">0</span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><span style="display: none" title="Provision for doubtful trade receivables"/></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Significant Accounting Policies (continued)</b></span></p>

<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories', window );">Inventories:</a></td>
<td class="text"><p id="xdx_840_eifrs-full--DescriptionOfAccountingPolicyForMeasuringInventories_z8k90gXVfLB1" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.8&#8239;
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; &#8239;<span id="xdx_861_zZICYD4RCCBd">Inventories:</span>
</b>Inventories consist of lubricants, bunkers and gas cylinders and are stated at the lower of cost and net realizable value. The cost
is determined by the first-in, first-out method.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory', window );">Vessels, net:</a></td>
<td class="text"><p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_zyaMj9pfZOAg" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.9
&#8239;&#160; &#8239;&#8239;&#8239;&#8239;&#8239;<span id="xdx_86E_zXFiM99Uiav6">Vessels,
net:</span></b> Vessels are stated at cost, less accumulated depreciation (including depreciation of dry-docking cost) and accumulated impairment losses. Vessel cost consists
of the contract price for the vessel and any material expenses incurred upon acquisition (initial repairs, improvements and delivery
expenses, interest, commissions paid and on-site supervision costs incurred during the construction periods). Subsequent expenditures
for conversions and major improvements are also capitalized when the recognition criteria are met. Otherwise, these amounts are charged
to expenses as incurred.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory', window );">Dry-docking costs:</a></td>
<td class="text"><p id="xdx_84C_eifrs-full--DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory_zvghVckNyMyk" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.10&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
<span id="xdx_86A_z2cTskMjSzO7">Dry-docking costs:</span></b> <span style="font-weight: normal">Vessels are required to be dry-docked for major repairs and maintenance that
cannot be performed while the vessels are operating. Dry-dockings occur approximately every <span id="xdx_90C_ecustom--IntervalBetweenVesselDrydockingSpecialSurvey_dtY_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DeferredDryDockingCostsMember_z8Jdrp6rIy3a" title="Interval Between Vessel Drydocking Special Survey">2.5</span> years. The costs associated with the
dry-dockings are capitalized and depreciated on a straight-line basis over the period between dry-dockings, to a maximum of 2.5 years.
At the date of acquisition of a vessel, management estimates the component of the cost that corresponds to the economic benefit to be
derived until the first scheduled dry-docking of the vessel under the ownership of the Company and this component is depreciated on a
<span id="xdx_909_eifrs-full--DepreciationMethodPropertyPlantAndEquipment_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DeferredDryDockingCostsMember_zIbiSo7fwQ8l" title="Depreciation method">straight-line basis</span> over the remaining period through the estimated dry-docking date.</span></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory', window );">Depreciation:</a></td>
<td class="text"><p id="xdx_845_eifrs-full--DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory_zFrAvOMOqOY1" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.11
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<span id="xdx_86C_zhHGTOKp8jv5">Depreciation:</span></b> The cost of each of the Company&#8217;s vessels is depreciated on a <span id="xdx_901_eifrs-full--DepreciationMethodPropertyPlantAndEquipment_pid_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_z1JpAaNoInDk" title="Depreciation method">straight-line basis</span> over each vessel&#8217;s remaining
useful economic life, after considering the estimated residual value of each vessel, beginning when the vessel is ready for its intended
use. Management estimates that the useful life of new vessels is <span id="xdx_904_eifrs-full--DescriptionOfUsefulLifePropertyPlantAndEquipment_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zhyTsPtghRW3" title="Useful life">25 years</span>, which is consistent with industry practice. The residual value
of a vessel is the product of its lightweight tonnage and estimated scrap value per lightweight ton. The residual values and useful lives
are reviewed at each reporting date and adjusted prospectively. During 2020 the Company maintained the same scrap rate at $<span id="xdx_906_ecustom--VesselsScrapRatePerTon_c20200101__20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zMXZBqbLd2Vc" title="Vessels scrap rate per ton">300</span>/ton(absolute amount). During
the fourth quarter of 2021, the Company adjusted the scrap rate from $300/ton(absolute amount) to $<span id="xdx_90F_ecustom--VesselsScrapRatePerTon_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zkjMidyN9Eb1" title="Vessels scrap rate per ton">380</span>/ton(absolute amount) due to the increased scrap rates worldwide.
This resulted to a decrease of $<span id="xdx_903_ecustom--ExtraDepreciationPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zd4Con8zPfre" title="Decrease in depreciation expense due to changes in scrap rate">145</span> to the depreciation charge included in the consolidated statement of comprehensive income/(loss)
for 2021. During the fourth quarter of 2022, the Company adjusted the scrap rate from $380/ton(absolute amount) to $<span id="xdx_900_ecustom--VesselsScrapRatePerTon_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zf8SIC92rVZj" title="Vessels scrap rate per ton">440</span>/ton(absolute amount) due to the increased scrap
rates worldwide. This resulted to a lower of $<span id="xdx_909_ecustom--ExtraDepreciationPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zzs4hekZts23" title="Decrease in depreciation expense due to changes in scrap rate">118</span> to the depreciation charge included in the consolidated statement of comprehensive
income/(loss) for 2022. The scrap rates throughout these financial statements are in absolute amounts.</span></p>



<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 30.05pt; text-align: justify; text-indent: -30.05pt"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory', window );">Impairment of Long-Lived Assets and Reversal of previously recognized impairment losses:</a></td>
<td class="text"><p id="xdx_847_eifrs-full--DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_z1H1c4EQAoN9" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.12&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;<span id="xdx_866_znyHr5focOF9">Impairment of Long-Lived Assets and Reversal of previously recognized impairment losses:</span></b></span>
<span style="font-size: 10pt">The Company assesses at each reporting date whether there is an indication that a vessel may be impaired.
The vessel&#8217;s recoverable amount is estimated when events or changes in circumstances indicate the carrying value may not be recoverable.
If such indication exists and where the carrying value exceeds the estimated recoverable amounts, the vessel is written down to its recoverable
amount. The recoverable amount is the greater of fair value less costs to sell and value-in-use. In assessing value-in-use, the estimated
future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value
of money and the risks specific to the vessel. Impairment losses are recognized in the consolidated statement of comprehensive income/(loss).
The Company assesses also at each reporting date whether there is any indication that an impairment loss recognized in prior periods
for a vessel may no longer exist or may have decreased. A previously recognized impairment loss is reversed only if there has been a
change in the estimates used to determine the asset&#8217;s recoverable amount since the last impairment loss was recognized. If that
is the case, the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying
amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such
reversal is recognized in the consolidated statement of comprehensive income/(loss). After such a reversal, the depreciation charge is
adjusted in future periods to allocate the asset&#8217;s revised carrying amount, less any residual value, on a systematic basis over
its remaining useful life (refer to note 5).</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify; text-indent: -1cm"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify; text-indent: -1cm"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify; text-indent: -1cm"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory', window );">Long-term debt:</a></td>
<td class="text"><p id="xdx_846_eifrs-full--DescriptionOfAccountingPolicyForBorrowingsExplanatory_zCiTXZLGkLA3" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.13&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <span id="xdx_86E_zPyTkR0jdMEk">Long-term
debt:</span></b> Long-term debt is initially recognized at the fair value of the consideration received net of financing costs
directly attributable to the borrowing. After initial recognition, long-term debt is subsequently measured at amortized cost using
the effective interest rate method. Amortized cost is calculated by taking into account any financing costs and any discount or
premium on settlement. Gains and losses are recognized in the income statement component of the consolidated statement of
comprehensive income/(loss) when the liabilities are derecognized or impaired, as well as through the amortization process. Accrued
interest at the end of the reporting period is added at the current portion of long-term debt. As at December 31, 2021 amount of
$<span id="xdx_903_eifrs-full--CurrentPortionOfLongtermBorrowings_iI_pn3n3_c20211231__ifrs-full--ConsolidatedAndSeparateFinancialStatementsAxis__custom--CurrentAccruedInterestMember_zwcgPknLM4O2">179</span> that was previously presented under
Accrued Liabilities was reclassified under Current portion of long-term borrowings.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify">&#160;<span style="font-size: 10pt">&#160;</span></p>



<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Significant Accounting Policies (continued)</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"/>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFinanceCostsExplanatory', window );">Financing costs:</a></td>
<td class="text"><p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForFinanceCostsExplanatory_zvfQJzaj81n9" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.14&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
<span id="xdx_868_zkjHvp2YOGO3">Financing costs:</span></b> Fees incurred for obtaining new loans or refinancing existing loans are deferred and amortized over the life of
the related debt, using the effective interest rate method. Any unamortized balance of costs relating to loans repaid or refinanced is
expensed in the period the repayment or refinancing is made. For the year ended December 31, 2022, the Company deferred financing costs
of $<span id="xdx_906_eifrs-full--BorrowingCostsCapitalised_pn3n3_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zhvgviLdEB3g" title="Borrowing costs capitalised">259</span>, which relate to the costs incurred for the top up loan amount of $<span id="xdx_907_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pn3n3_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zgfHywhJYbIe">18,000</span>  with CIT Bank N.A. (see Note 11 for more details).
For the year ended December 31, 2021, the Company deferred financing costs of $<span id="xdx_905_eifrs-full--BorrowingCostsCapitalised_pn3n3_c20210101__20211231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zUuqETNikrk4" title="Borrowing costs capitalised">545</span>, which relate to the costs incurred for the loan agreement
with CIT Bank N.A. (This loan facility is referred to as the CIT Loan Facility, see Note 11 for more details). For the year ended December
31, 2020, the Company did not incur any financing costs. <span id="xdx_90B_eifrs-full--BorrowingCostsCapitalised_pn3n3_c20200101__20201231_z2NB0DrD2Tnf" style="display: none" title="Borrowing costs capitalised">0</span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify"><span style="font-size: 10pt"><i>&#160;</i></span></p>

<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory', window );">Borrowing costs:</a></td>
<td class="text"><p id="xdx_843_eifrs-full--DescriptionOfAccountingPolicyForBorrowingCostsExplanatory_zR7LfkRqbEVl" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.15&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
<span id="xdx_860_zMN5CcEocfBi">Borrowing costs:</span></b> Borrowing costs consist of interest and other costs that the Company incurs in connection with the borrowing
of funds. Borrowing costs are expensed to the income statement component of the consolidated statement of comprehensive income/(loss)
as incurred under &#8220;interest expense and finance costs&#8221; except borrowing costs that relate to a qualifying asset. A qualifying
asset is an asset that necessarily takes a substantial period of time to get ready for its intended use. Borrowing costs that relate
to qualifying assets are capitalized.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory', window );">Operating segment:</a></td>
<td class="text"><p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForSegmentReportingExplanatory_ziW8NUgCOXPf" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;
<span id="xdx_860_zYBz8fJmOUff">Operating segment:</span></b> The Company reports financial information and evaluates its operations by charter revenues and not by other factors
such as length of ship employment for its customers i.e., spot or time charters or type of vessel. The Company does not use discrete
financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types
of charters, management cannot and does not identify expenses, profitability or other financial information for these charters. As a
result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results
of the fleet and thus the Company has determined that it operates as <span id="xdx_908_ecustom--NumberOfOperatingSegments_dc_uPure_c20220101__20221231_zrqVHIGKsyzf" title="Number Of Operating Segments">one</span> operating segment. Furthermore, when the Company charters a
vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographical information
is impracticable.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory', window );">Provisions and contingencies:</a></td>
<td class="text"><p id="xdx_84A_eifrs-full--DescriptionOfAccountingPolicyForProvisionsExplanatory_zkBVDSNTj264" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.17
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<span id="xdx_86E_zsFUXUFtNU5f">Provisions and contingencies:</span></b></span> <span style="font-size: 10pt">Provisions
are recognized when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow
of resources embodying economic benefits will be required to settle the obligation and, a reliable estimate of the amount of the obligation
can be made. Provisions are reviewed at each financial position date and adjusted to reflect the present value of the expenditure expected
to be required to settle the obligation. Contingent liabilities are not recognized in the consolidated financial statements but are disclosed
unless the possibility of an outflow of resources embodying economic benefits is remote, in which case there is no disclosure. Contingent
assets are not recognized in the consolidated financial statements but are disclosed when an inflow of economic benefits is probable.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForTerminationBenefits', window );">Pension and retirement benefit obligations:</a></td>
<td class="text"><p id="xdx_848_eifrs-full--DescriptionOfAccountingPolicyForTerminationBenefits_zDpO9kgEvXm2" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.18&#8239;
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<span id="xdx_864_z2C2Aw0suEye">Pension and retirement benefit obligations:</span> </b>The crew on board the vessels owned by the ship-owning companies, wholly owned subsidiaries
of Globus, is employed under short-term contracts (usually up to nine months) and, accordingly, the Company is not liable for any pension
or post-retirement benefits payable to the crew.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"><b>Provision
for employees&#8217; severance compensation: </b>The Greek employees of the Company are bound by the Greek Labor law. Accordingly, compensation
is payable to such employees upon dismissal or retirement. The amount of compensation is based on the number of years of service and
the amount of remuneration at the date of dismissal or retirement. <span id="xdx_90D_eifrs-full--DescriptionOfNatureOfBenefitsProvidedByPlan_pip0_c20220101__20221231_zIoL9r1VSyi2" title="Description of nature of benefits provided by plan">If the employee remains in the employment of the Company until normal
retirement age, they are entitled to retirement compensation which is equal to 40% of the compensation amount that would be payable if
they were dismissed at that time.</span> The number of employees that will remain with the Company until retirement age is not known. The Company
has provided for the employees&#8217; retirement compensation liability which amounted to $<span id="xdx_90B_eifrs-full--LiabilityAssetOfDefinedBenefitPlans_iI_pn3n3_c20221231_zW7vhgfPYSd6" title="Net defined benefit liability">148</span> as at December 31, 2022 (2021: $<span id="xdx_902_eifrs-full--LiabilityAssetOfDefinedBenefitPlans_iI_pn3n3_c20211231_z2B2WODeovDj" title="Net defined benefit liability">114</span>),
calculated by using the Projected Unit Credit Method and disclosed under non-current liabilities in the consolidated statement of financial
position.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory', window );">Offsetting of financial assets and liabilities:</a></td>
<td class="text"><p id="xdx_847_eifrs-full--DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory_zlEXp6a5Kev8" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.19&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
<span id="xdx_866_z7wltvw4rNV9">Offsetting of financial assets and liabilities:</span> </b>Financial assets and liabilities are offset and the net amount is presented in the
consolidated financial position only when the Company has a legally enforceable right to set off the recognized amounts and intend either
to settle such asset and liability on a net basis or to realize the asset and settle the liability simultaneously.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"><b/></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory', window );">Financial assets and liabilities:</a></td>
<td class="text"><p id="xdx_842_eifrs-full--DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory_zXCNtYm1cOTl" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.20&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;
<span id="xdx_863_zu1AiChKe1gk">Financial assets and liabilities:</span></b></span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt"><b>i. Classification
and measurement of financial assets and financial liabilities</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">Under IFRS
9, on initial recognition, a financial asset is classified as measured at: amortized cost; fair value through other comprehensive income
(FVOCI) - debt investment; FVOCI - equity investment; or fair value through profit or loss (FVTPL). The classification of financial assets
under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Significant Accounting Policies (continued)</span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">A financial
asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:	</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"/><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">it
                                            is held within a business model whose objective is to hold assets to collect contractual
                                            cash flows; and</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"/><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">its
                                            contractual terms give rise on specified dates to cash flows that are solely payments of
                                            principal and interest on the principal amount outstanding.</span></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">A debt investment
is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"/><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">it
                                            is held within a business model whose objective is achieved by both collecting contractual
                                            cash flows and selling financial assets; and</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"/><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">its
                                            contractual terms give rise on specified dates to cash flows that are solely payments of
                                            principal and interest on the principal amount outstanding.</span></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">All financial
assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. On initial recognition, the Company
may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at
FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">A financial
asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price)
is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt"><b>ii. Impairment
of financial assets</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">The financial
assets at amortized cost consist of trade accounts receivable and cash and cash equivalents.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">Under IFRS
9, loss allowances are measured on either of the following bases:</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"/><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">12-month
                                            ECLs: these are ECLs that result from possible default events within the 12 months after
                                            the reporting date; and</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"/><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">lifetime
                                            ECLs: these are ECLs that result from all possible default events over the expected life
                                            of a financial instrument.</span></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">When determining
whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company
considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative
and qualitative information and analyses, based on the Company's historical experience and informed credit assessment and including forward-looking
information.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">The Company
assumes that the credit risk on a financial asset has increased significantly if it is more than 180 days past due.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">The Company
considers a financial asset to be in default when:</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"/><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">the
                                            counterparty is unlikely to pay its contractual obligations to the Company in full, without
                                            recourse by the Company to actions such as realizing security (if any is held); or</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"/><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">the
                                            financial asset is more than 1 year past due.</span></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">The maximum
period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">ECLs are a
probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference
between cash flows due to the entity in accordance with the contract and cash flows that the Company expects to receive). ECLs are discounted
at the effective interest rate of the financial asset.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 36pt; text-align: justify"><span style="font-size: 10pt">Loss
allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt"><b>iii. Derecognition
of financial assets </b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"><span style="font-size: 10pt">A financial
asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognized where:</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"/><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">the
                                            rights to receive cash flows from the asset have expired;</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"/><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">the
                                            Company retains the right to receive cash flows from the asset, but has assumed an obligation
                                            to pay them in full without material delay to a third party under a &#8220;pass-through&#8221;
                                            arrangement; or </span></td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"/>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b/></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Significant Accounting Policies (continued)</b></span></p>


<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"/><td style="width: 18pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">the
                                            Company has transferred its rights to receive cash flows from the asset and either (a) has
                                            transferred substantially all the risks and rewards of the assets, or (b) has neither transferred
                                            nor retained substantially all the risks and rewards of the asset but has transferred control
                                            of the asset.</span></td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">Where the Company
has transferred its rights to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and
rewards of the asset nor transferred control of the asset, the asset is recognized to the extent of the Company&#8217;s continuing involvement
in the asset.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">Continuing
involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of
the asset and the maximum amount of consideration that the Company could be required to repay.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt"><b>iv. Derecognition
of Financial liabilities: </b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><span style="font-size: 10pt">A
financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">Where an existing
financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability
are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition
of a new liability and, the difference in the respective carrying amounts is recognized in profit or loss.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DescriptionOfAccountingPolicyForLesseeExplanatory', window );">Leases:</a></td>
<td class="text"><p id="xdx_841_ecustom--DescriptionOfAccountingPolicyForLesseeExplanatory_zxqLUFC2q5Ee" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.21&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;
<span id="xdx_866_zKjm0fx2BiLa">Leases:</span> </b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -0.55pt"><span style="font-size: 10pt"><b>Leases
&#8211; where the Company is the lessee: </b>The Company applies a single recognition and measurement approach for all leases,
except for short term leases and leases of low value assets. The Company recognizes lease liabilities to make payments and right of
use assets representing the right of use of the underlying asset. The Company recognizes right-of-use assets at the commencement
date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any
accumulated depreciation and impairment losses and adjusted for any remeasurement of lease liabilities. The cost of right-of-use
assets includes the amount of lease liabilities recognized, initial direct costs incurred and lease payments made at or before the
commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter
of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Company at the end
of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life
of the asset.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -0.55pt"><span style="font-size: 10pt">At
the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease payments to be made
over the lease term. The lease payments include fixed payments (including any in-substance fixed payments) less any lease incentives
receivable, variable lease payments that depend on an index or a rate, and any amounts expected to be paid under residual value guarantees.
The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments
of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments
that do not depend on an index or a rate are recognized as expenses (unless they are incurred to produce inventories) in the period in
which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company uses its
incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable.
After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease
payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease
term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine
such lease payments) or a change in the assessment of an option to purchase the underlying asset.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0pt"><span style="font-size: 10pt"><b>Leases
&#8211; where an entity is the lessor: </b>Leases of vessels where the entity does not transfer substantially all the risks and benefits
of ownership of the vessel are classified as operating leases. Lease income on operating leases is recognized on a straight-line basis
over the lease term. Contingent rents are recognized as revenue in the period in which they are earned.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"><span style="font-size: 10pt">For time
charters that qualify as leases, the Company is required to disclose lease and non-lease components of lease revenue. The revenue earned
under time charters is not negotiated its two separate components, but as a whole. For purposes of determining the standalone selling
price of the vessel lease and technical management service components of the Company&#8217;s time charters, the Company concluded that
the residual approach would be the most appropriate method to use given that vessel lease rates are highly variable depending on shipping
market conditions, the duration of such charters and the age of the vessel.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Significant Accounting Policies (continued)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 35.45pt; text-align: justify"><span style="font-size: 10pt">The Company believes that the standalone transaction price
attributable to the technical management service component, including crewing services, is more readily determinable than the price of
the lease component and, accordingly, the price of the service component is estimated using data provided by its technical department,
which includes crew expenses, maintenance and consumable costs and was approximately $<span id="xdx_90A_eifrs-full--DirectOperatingExpenseFromInvestmentProperty_pn3n3_c20220101__20221231_zPKTKrzRhQf1" title="Direct operating expense from investment property">18,451</span> for the year ended December 31, 2022. The
lease component that is disclosed then is calculated as the difference between total revenue and the non-lease component revenue and
was approximately $<span id="xdx_90A_ecustom--LeaseAndNonleaseComponents_pn3n3_c20220101__20221231_zOHxBS2NRGWl" title="Lease components">42,939</span> for the year ended December 31, 2022.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"/>

<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory', window );">Share based compensation:</a></td>
<td class="text"><p id="xdx_849_eifrs-full--DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_z5ClyUYEhei7" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.22
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <span id="xdx_861_zbkQZYgovDf2">Share based compensation:</span> </b>Globus operated
equity-settled, share-based compensation plans. The value of the service received in exchange of the grant of shares was recognized
as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the share
awards at the grant date. The relevant expense was recognized in the income statement component of the consolidated statement of
comprehensive income/(loss), with a corresponding impact in equity.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><span style="font-size: 10pt; letter-spacing: -0.1pt"><b>&#160;</b></span></p>

<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory', window );">Share capital and Warrants:</a></td>
<td class="text"><p id="xdx_84A_eifrs-full--DescriptionOfAccountingPolicyForIssuedCapitalExplanatory_zj7g7blNiHZh" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt; letter-spacing: -0.1pt"><b>2.23
&#160;&#8239;&#8239;&#8239;&#8239;&#8239;
</b></span><b><span style="font-size: 10pt"><span id="xdx_863_zLV2RZi4ThRa">Share capital and Warrants:</span><span style="letter-spacing: -0.1pt"> </span></span></b><span style="font-size: 10pt">Common
shares and preferred shares are classified as equity. Incremental costs directly attributable to the issue of new shares are recognized
in equity as a deduction from the proceeds. The Company&#8217;s warrants meet the classification criteria as per IAS 32 and, accordingly,
are classified in equity.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt; letter-spacing: -0.1pt">&#160;</span></p>

<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory', window );">Dividends:</a></td>
<td class="text"><p id="xdx_84C_eifrs-full--DescriptionOfAccountingPolicyForDividendsExplanatory_zzzieWaVoxr9" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.24
&#160;&#8239;&#8239;&#8239; &#8239;&#8239;<span id="xdx_861_zJw9IpMqSfTj">Dividends:</span><span style="letter-spacing: -0.1pt"> </span></b>Dividends to shareholders
are recognized in the period in which the dividends are declared and appropriately authorized and are accounted for as dividends
payable until paid.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory', window );">Fair value measurement:</a></td>
<td class="text"><p id="xdx_841_eifrs-full--DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory_zEkR4IZ70q8a" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.25
&#8239;&#8239;&#8239;&#8239;&#160; <span id="xdx_869_zKbzfL6dWO0k">Fair value measurement:</span></b> The Company measures financial instruments, such as
derivatives  at fair value at each reporting date. In addition, fair values of financial instruments
measured at amortized cost are disclosed in note 21. Fair value is the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is
based on the presumption that the transaction to sell the asset or transfer the liability takes place either, a) in the principal
market for the asset or the liability or b) in the absence of a principal market, in the most advantageous market for the asset or
liability both being accessible by the Company. The fair value of an asset or a liability is measured using the assumptions that the
market participants would use when pricing the asset or liability, assuming that the market participants act in their best economic
interest. A fair value measurement of a non-financial asset takes into account the market participant&#8217;s ability to generate
economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the
asset in its highest and best use. The Company uses valuation techniques that are appropriate in the circumstances and for which
sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of
unobservable inputs</span>.</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
Company uses the following hierarchy for determining and disclosing the fair value of assets and liabilities by valuation technique:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">Level
1: quoted (unadjusted) prices in active markets for identical assets or liabilities.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 81pt; text-align: justify; text-indent: -45pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: -27.8pt"><span style="font-size: 10pt">Level
2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or
indirectly.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: -27.8pt"><span style="font-size: 10pt">Level
3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">For assets
and liabilities that are recognized in the consolidated financial statements on a recurring basis, the Company determines whether transfers
have occurred between levels in the hierarchy by reassessing categorization at the end of each reporting period.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><span style="font-size: 10pt">The
Company engaged independent valuation specialists to determine the fair value of non-financial assets.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements', window );">Current versus non-current classification:</a></td>
<td class="text"><p id="xdx_84A_ecustom--DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements_z7XxmXT3vmSe" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.26
&#8239;&#8239;&#8239;&#160;&#8239; <span id="xdx_86C_zd0BgKFxv568">Current versus non-current classification:</span></b> The Company presents assets and
liabilities in the consolidated statement of financial position based on current/non-current classification.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">An
asset as current when it is:</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 28.35pt"/><td style="text-align: center; width: 21.3pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Expected
                                            to be realized or intended to be sold or consumed in a normal operating cycle </span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 28.35pt"/><td style="text-align: center; width: 21.3pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Held
                                            primarily for the purpose of trading </span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 28.35pt"/><td style="text-align: center; width: 21.3pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Expected
                                            to be realized within twelve months after the reporting period</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 28.35pt"/><td style="text-align: center; width: 21.3pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Cash
                                            or cash equivalent</span></td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"/>



<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><b>2.&#160;&#160;&#160;&#160;&#160;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Basis
of Preparation and Significant Accounting Policies (continued)</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">All
other assets are classified as non-current.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">A
liability is current:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 28.35pt"/><td style="text-align: center; width: 21.3pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">It
                                            is expected to be settled in a normal operating cycle</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 28.35pt"/><td style="text-align: center; width: 21.3pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">It
                                            is held primarily for the purpose of trading </span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 28.35pt"/><td style="text-align: center; width: 21.3pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">It
                                            is due to be settled within twelve months after the reporting period</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 28.35pt"/><td style="text-align: center; width: 21.3pt"><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td><td style="text-align: justify"><span style="font-size: 10pt">There
                                            is no unconditional right to defer the settlement of the liability for at least twelve months
                                            after the reporting period.</span></td></tr></table>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">All
other liabilities are classified as non-current.</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"/></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DescriptionOfAccountingPolicyForRestrictedCashExplanatory', window );">Restricted Cash:</a></td>
<td class="text"><p id="xdx_840_ecustom--DescriptionOfAccountingPolicyForRestrictedCashExplanatory_zCvjRyq92cXd" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.27&#8239;&#160;&#8239;&#8239;&#8239;&#8239;&#8239;
<span id="xdx_86E_zejx9ogkBNL8">Restricted Cash:</span></b> Restricted cash represents pledged cash deposits or minimum liquidity required to be maintained under the Company's
borrowing arrangements. In the event that the obligation to maintain such deposits is expected to be terminated within the next twelve
months, these deposits are classified as current assets. Otherwise, they are classified as non-current assets.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -35.45pt"><span style="font-size: 10pt">&#160;</span></p>

<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DescriptionOfAccountingPolicyForInterestRateSwapExplanatory', window );">Interest Rate Swap:</a></td>
<td class="text"><p id="xdx_84C_ecustom--DescriptionOfAccountingPolicyForInterestRateSwapExplanatory_znHV7CIG9LDd" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.28
&#160;&#8239;&#8239;&#8239;&#8239;&#8239;
<span id="xdx_867_zFb57RFfm3r1">Interest Rate Swap:</span></b> The Company enters into interest rate swap agreements to manage its exposure to fluctuations of interest rate
risk associated with its borrowings. Interest Rate Swaps are measured at fair value. The Company uses valuation techniques that are appropriate
in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs
and minimizing the use of unobservable inputs. The valuation technique used for the Interest Rate Swaps is the discounted cash flow (see
also note 21). The Company has not designated these interest rate swaps for hedge accounting.</span></p>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -35.45pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 35.45pt; text-align: justify"><span style="font-size: 10pt">The fair
value of the Interest Rate Swaps is classified under &#8220;Fair value of derivative financial instruments&#8221; either under assets
or liabilities in the consolidated statement of financial position. In the event that the respective asset or liability is expected to
be materialized within the next twelve months, it is classified as current asset or liability. Otherwise, the respective asset or liability
is classified as non-current asset or liability.</span></p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><span style="font-size: 10pt">The change
in fair value deriving from the valuation of the Interest Rate Swap at the end of each reporting period is classified under &#8220;Gain/
(Loss) on derivative financial instruments&#8221; in the consolidated statement of comprehensive income/(loss). Realized gains or losses
resulting from interest rate swaps are recognized in profit or loss under &#8220;Gain / (Loss) on derivative financial instruments&#8221;
in the consolidated statement of comprehensive income/(loss).</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DescriptionOfAccountingPolicyForManagementAndConsultingFeeIncomeExplanatory', window );">Management &amp; consulting fee income:</a></td>
<td class="text"><p id="xdx_841_ecustom--DescriptionOfAccountingPolicyForManagementAndConsultingFeeIncomeExplanatory_zWItTNd8fZs" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"><span style="font-size: 10pt"><b>2.29&#8239;&#8239;&#8239;&#8239;
&#160; <span id="xdx_863_zLtIFzTQ6Moh">Management &amp; consulting fee income:</span> </b>The Company enters into consultancy
agreements with other companies for the purpose of providing consultancy services. For these services the Company receives a fee.
The total income from these fees is classified in the income statement component of the consolidated statement of comprehensive
income/(loss) under management &amp; consulting fee income.</span></p>

<span></span>
</td>
</tr>
</table>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for leases acting as lessee.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DescriptionOfAccountingPolicyForManagementAndConsultingFeeIncomeExplanatory</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for restricted cash.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DescriptionOfAccountingPolicyForRestrictedCashExplanatory</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The description of the accounting policy used to determine the characteristics of current and noncurrent elements as in the statement of financial position.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for interest and other costs that the entity incurs in connection with the borrowing of funds.
Effective 2023-01-01: The description of the entity's material accounting policy information for interest and other costs that the entity incurs in connection with the borrowing of funds.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for borrowings. [Refer: Borrowings]
Effective 2023-01-01: The description of the entity's material accounting policy information for borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for depreciation expense. [Refer: Depreciation and amortisation expense]
Effective 2023-01-01: The description of the entity's material accounting policy information for depreciation expense. [Refer: Depreciation and amortisation expense]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for dividends. Dividends are distributions of profits to holders of equity investments in proportion to their holdings of a particular class of capital.
Effective 2023-01-01: The description of the entity's material accounting policy information for dividends. Dividends are distributions of profits to holders of equity investments in proportion to their holdings of a particular class of capital.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for fair value measurement. [Refer: At fair value [member]]
Effective 2023-01-01: The description of the entity's material accounting policy information for fair value measurement. [Refer: At fair value [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForFinanceCostsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for finance costs. [Refer: Finance costs]
Effective 2023-01-01: The description of the entity's material accounting policy information for finance costs. [Refer: Finance costs]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForFinanceCostsExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for financial liabilities. [Refer: Financial liabilities]
Effective 2023-01-01: The description of the entity's material accounting policy information for financial liabilities. [Refer: Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for foreign currency translation.
Effective 2023-01-01: The description of the entity's material accounting policy information for foreign currency translation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory</td>
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<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for the impairment of non-financial assets. [Refer: Financial assets]
Effective 2023-01-01: The description of the entity's material accounting policy information for the impairment of non-financial assets. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory</td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for issued capital. [Refer: Issued capital]
Effective 2023-01-01: The description of the entity's material accounting policy information for issued capital. [Refer: Issued capital]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for measuring inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2022-03-24<br> -Paragraph 36<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_36_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for the offsetting of financial instruments. [Refer: Financial instruments, class [member]]
Effective 2023-01-01: The description of the entity's material accounting policy information for the offsetting of financial instruments. [Refer: Financial instruments, class [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for property, plant and equipment. [Refer: Property, plant and equipment]
Effective 2023-01-01: The description of the entity's material accounting policy information for property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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</tr>
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<td><strong> Period Type:</strong></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for provisions. [Refer: Provisions]
Effective 2023-01-01: The description of the entity's material accounting policy information for provisions. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for recognising revenue. [Refer: Revenue]
Effective 2023-01-01: The description of the entity's material accounting policy information for recognising revenue. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for regulatory deferral accounts. [Refer: Regulatory deferral account balances [member]]
Effective 2023-01-01: The description of the entity's material accounting policy information for regulatory deferral accounts. [Refer: Regulatory deferral account balances [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for restricted cash and cash equivalents. [Refer: Restricted cash and cash equivalents]
Effective 2023-01-01: The description of the entity's material accounting policy information for restricted cash and cash equivalents. [Refer: Restricted cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for segment reporting.
Effective 2023-01-01: The description of the entity's material accounting policy information for segment reporting.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory</td>
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<tr>
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<td>ifrs-full_</td>
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<td>dtr-types:textBlockItemType</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for transactions in which the entity: (a) receives goods or services from the supplier of those goods or services (including an employee) in a share-based payment arrangement; or (b) incurs an obligation to settle the transaction with the supplier in a share-based payment arrangement when another group entity receives those goods or services. [Refer: Share-based payment arrangements [member]]
Effective 2023-01-01: The description of the entity's material accounting policy information for transactions in which the entity: (a) receives goods or services from the supplier of those goods or services (including an employee) in a share-based payment arrangement; or (b) incurs an obligation to settle the transaction with the supplier in a share-based payment arrangement when another group entity receives those goods or services. [Refer: Share-based payment arrangements [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for termination benefits. [Refer: Termination benefits expense]
Effective 2023-01-01: The description of the entity's material accounting policy information for termination benefits. [Refer: Termination benefits expense]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForTerminationBenefits</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2023-01-01: The description of the entity's accounting policy for trade and other receivables. [Refer: Trade and other receivables]
Effective 2023-01-01: The description of the entity's material accounting policy information for trade and other receivables. [Refer: Trade and other receivables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Effective 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2023-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 117<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-b&amp;anchor=para_117_b&amp;doctype=Standard&amp;forcepdf=true<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the initial application of an IFRS. [Refer: IFRSs [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 28<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_28&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfInitialApplicationOfStandardsOrInterpretations</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of judgements that management has made in the process of applying the entity's accounting policies that have the most significant effect on amounts recognised in the financial statements along with information about the assumptions that the entity makes about the future, and other major sources of estimation uncertainty at the end of the reporting period, that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next year. [Refer: Carrying amount [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the entity's ability to continue as a going concern.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663231776352">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of presentation and general information (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract', window );"><strong>Disclosure of subsidiaries [abstract]</strong></a></td>
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<td class="text"><p id="xdx_894_eifrs-full--DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_z6OaK6wDH3x5" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"><span style="display: none; font-size: 10pt">Basis
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<tr id="xdx_417_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DevoceanMaritimeLtdMember_zbP0OE33hQwj" style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; width: 34%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Devocean
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    <td style="text-align: left; width: 1%; vertical-align: bottom"><span style="font-size: 10pt"/></td>
    <td style="text-align: center; width: 21%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</span></td>
    <td style="text-align: left; width: 1%; vertical-align: bottom"/>
    <td style="text-align: center; width: 21%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
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    <td style="text-align: left; width: 1%; vertical-align: bottom"/>
    <td style="text-align: center; width: 21%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">m/v
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  <tr id="xdx_413_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DominaMaritimeLtdMember_zZ12i3IP6Ax" style="vertical-align: top; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Domina
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    <td/>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</span></td>
    <td/>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
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    <td><span style="font-size: 10pt"/></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">m/v
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  <tr id="xdx_41C_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DulacMaritimeSAMember_zLwSJgWYGjT7" style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dulac
    Maritime S.A.</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
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    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
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    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">m/v
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  <tr id="xdx_417_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ArtfulShipholdingSAMember_zuO7E9ViFj98" style="vertical-align: top; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Artful
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    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands </span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
    22, 2011</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">m/v
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  <tr id="xdx_410_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--LongevityMaritimeLimitedMember_zOKLaJxhKdB5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-size: 10pt">Longevity Maritime Limited</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; padding-left: 5.4pt"><span style="font-size: 10pt">Malta</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">September 15, 2011</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">m/v Sun Globe</span></td></tr>
<tr id="xdx_413_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SerenaMaritimeLimitedMember_zDsgqgzHMaP3" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-size: 10pt">Serena Maritime Limited</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">Marshall Islands</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">October 29, 2020</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">m/v Galaxy Globe</span></td></tr>
<tr id="xdx_411_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TalismanMaritimeLimitedMember_z81WA4i6owo2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-size: 10pt">Talisman Maritime Limited</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">Marshall Islands</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">July 20, 2021</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">m/v Power Globe</span></td></tr>
<tr id="xdx_418_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ArgoMaritimeLimitedMember_z4zyJUwenCai" style="vertical-align: top; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Argo
    Maritime Limited</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
    9, 2021</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">m/v
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  <tr id="xdx_41A_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--CalypsoShipholdingSAMember_zg4glu3Uhofd" style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calypso
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    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="-sec-ix-hidden: xdx2ixbrl0599">&#8212;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hull
    No: S-1885*</span></td></tr>
  <tr id="xdx_419_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DaxosMaritimeLimitedMember_zpd6qAob24b9" style="vertical-align: top; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daxos
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    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="-sec-ix-hidden: xdx2ixbrl0602">&#8212;</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hull
    No: NE-442*</span></td></tr>
  <tr id="xdx_416_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--OlympiaShipholdingSAMember_zbw0PDVfmTXk" style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Olympia
    Shipholding S.A.</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="-sec-ix-hidden: xdx2ixbrl0605">&#8212;</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="-sec-ix-hidden: xdx2ixbrl0606"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></span></td></tr>
  <tr id="xdx_419_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ParalusShipholdingSAMember_z8tkmWLcQ0ud" style="vertical-align: top; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paralus
    Shipholding S.A.</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="-sec-ix-hidden: xdx2ixbrl0608">&#8212;</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hull
    No: NE-443*</span></td></tr>
  <tr id="xdx_41A_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SalaminiaMaritimeLimitedMember_zS9mdCZMdGl5" style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Salaminia
    Maritime Limited</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marshall
    Islands</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    29, 2021</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">m/v
    Orion Globe</span></td></tr>
  </table>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"/>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"><span style="font-size: 10pt">* New building
vessels</span></p>

<span></span>
</td>
</tr>
</table>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of subsidiaries. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2022-03-24<br> -Paragraph 16<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_16_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B4<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B4_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663231848896">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cash and cash equivalents and Restricted cash (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsAbstract', window );"><strong>Cash and cash equivalents [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DisclosureOfCashAndBankBalancesExplanatory', window );">Cash and cash equivalents and Restricted cash</a></td>
<td class="text"><p id="xdx_89B_ecustom--DisclosureOfCashAndBankBalancesExplanatory_zUEQnf2HcLzc" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><span style="display: none; font-size: 10pt">Cash
and cash equivalents and Restricted cash</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&#160;</td>
    <td id="xdx_493_20221231_zuoI35rNNKRg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 21.9pt">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_49A_20211231_z3DtmulDSy6l" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 21.9pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="3" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 21.9pt"><span style="font-size: 10pt"><b>December
    31,</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; width: 79%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2021</b></span></td></tr>
  <tr id="xdx_407_eifrs-full--CashOnHand_iI_pn3n3_maCACEzwtA_ze99PmmCYgIb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Cash
    on hand</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">36</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">25</span></td></tr>
  <tr id="xdx_40E_eifrs-full--BalancesWithBanks_iI_pn3n3_maCACEzwtA_zAVFlJxRTvX9" style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Cash
    at banks</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">52,797</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">45,188</span></td></tr>
  <tr id="xdx_406_eifrs-full--CashAndCashEquivalents_iTI_pn3n3_mtCACEzwtA_zzjC2fw9Qf3a" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>52,833</b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>45,213</b></span></td></tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DisclosureOfCashAndBankBalancesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure for cash on hand and at banks.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663202542848">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Transactions with Related Parties (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<td class="text">&#160;<span></span>
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</tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DisclosureOfCompensationOfNonExecutiveDirectors', window );">Transactions with Related Parties - Compensation to the Company's Non-Executive Directors</a></td>
<td class="text"><p id="xdx_89D_ecustom--DisclosureOfCompensationOfNonExecutiveDirectors_zd59rqqVZfGf" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="display: none; font-size: 10pt">Transactions
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DisclosureOfCompensationOfExecutiveDirector', window );">Transactions with Related Parties - Compensation to the Company's Executive Director</a></td>
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    <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2021</b></span></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for compensation of executive director.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663202364912">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Vessels, net (Tables)<br></strong></div></th>
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    <td id="xdx_98C_eifrs-full--Ships_iS_pn3n3_c20191231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_ztXkjazm3uUc" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>149,579</b></span></td>
    <td>&#160;</td>
    <td id="xdx_984_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20191231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_z0nscAXdEOgj" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>(101,858)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98C_eifrs-full--Ships_iS_pn3n3_c20191231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zUmBKy0AlySc" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>7,600</b></span></td>
    <td>&#160;</td>
    <td id="xdx_982_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20191231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zhrUSPBG3pi4" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance"><span style="font-size: 10pt"><b>(7,079)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_988_eifrs-full--Ships_iS_pn3n3_c20191231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zZeFc1G20Gv5" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>48,242</b></span></td></tr>
  <tr style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Additions/ Dry Docking Component</span></td>
    <td id="xdx_981_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20200101__20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zQH2FYegF8fl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"><span style="font-size: 10pt">18,028</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20200101__20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zLhcxo8ocRX6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"><span style="font-size: 10pt">4,283</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_981_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20200101__20201231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z4F3pFgv8qKb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"><span style="font-size: 10pt">22,311</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Impairment loss</span></td>
    <td id="xdx_98E_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_c20200101__20201231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zKbia8GRLEJ2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Impairment loss"><span style="font-size: 10pt">(4,615)</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_988_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_c20200101__20201231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z4oGoMGXzW87" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Impairment loss"><span style="font-size: 10pt">(4,615)</span></td></tr>
  <tr style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Depreciation expense</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20200101__20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zUcnaZFBboob" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"><span style="font-size: 10pt">(2,253)</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20200101__20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zHFoMOheUXk3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"><span style="font-size: 10pt">(1,335)</span></td>
    <td>&#160;</td>
    <td id="xdx_987_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20200101__20201231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zrPlhGdodask" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"><span style="font-size: 10pt">(3,588)</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Balance at December 31,
    2020</b></span></td>
    <td id="xdx_988_eifrs-full--Ships_iS_pn3n3_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_z0vY4KUDz1Cb" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>162,992</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98A_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zNu0Jq9b5pHa" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>(104,111)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98C_eifrs-full--Ships_iS_pn3n3_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zuyWU6ag4vIb" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>11,883</b></span></td>
    <td>&#160;</td>
    <td id="xdx_987_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zclWxNPA7Gwa" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>(8,414)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--Ships_iS_pn3n3_c20201231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zkM9Vwga4N37" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>62,350</b></span></td></tr>
  <tr style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Additions/ Dry Docking Component</span></td>
    <td id="xdx_985_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zZnOtcEO4ur" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"><span style="font-size: 10pt">70,746</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_988_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zKdTEGFrncf6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"><span style="font-size: 10pt">4,044</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_984_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z8Gvelhbf122" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"><span style="font-size: 10pt">74,790</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Depreciation expense</span></td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_z9x8RjfXdWU2" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"><span style="font-size: 10pt">(3,665)</span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_980_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zYAfZhETJTua" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"><span style="font-size: 10pt">(2,751)</span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20210101__20211231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zVmL0Y4tYLga" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"><span style="font-size: 10pt">(6,416)</span></td></tr>
  <tr style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Balance at December 31,
    2021</b></span></td>
    <td id="xdx_981_eifrs-full--Ships_iS_pn3n3_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zY6nBi2MtdN" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>233,738</b></span></td>
    <td>&#160;</td>
    <td id="xdx_987_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zHp3w5FBfDNc" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>(107,776)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98E_eifrs-full--Ships_iS_pn3n3_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zJxz6O6m8Hkl" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>15,927</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98F_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zYVPU2Vcy1La" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>(11,165)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98B_eifrs-full--Ships_iS_pn3n3_c20211231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zsmK2gsnJdl7" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>130,724</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Additions/ Dry Docking Component</span></td>
    <td id="xdx_98F_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zGOJPe0HdbCd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"><span style="font-size: 10pt">1,178</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_982_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zVHMt6a8Nbwc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"><span style="font-size: 10pt">7,438</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zq5HxDP640Z8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"><span style="font-size: 10pt">8,616</span></td></tr>
  <tr style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Depreciation expense</span></td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zkrZVlofQH31" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"><span style="font-size: 10pt">(5,233)</span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
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  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>Balance at December 31,
    2022</b></span></td>
    <td id="xdx_981_eifrs-full--Ships_iE_pn3n3_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zqfyT7FnSGa6" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"><span style="font-size: 10pt"><b>234,916</b></span></td>
    <td>&#160;</td>
    <td id="xdx_984_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNE_pn3n3_di_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zHXtA3qTx5c8" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"><span style="font-size: 10pt"><b>(113,009)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_981_eifrs-full--Ships_iE_pn3n3_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zDxOUFcz3A4h" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"><span style="font-size: 10pt"><b>23,365</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98E_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNE_pn3n3_di_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zNmtc4QFUjsl" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"><span style="font-size: 10pt"><b>(15,811)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--Ships_iE_pn3n3_c20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z2Fvl5zRWoni" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"><span style="font-size: 10pt"><b>129,461</b></span></td></tr>
  </table>
<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory', window );">Vessels, net - Consolidated Statement of Comprehensive Income/ (loss)</a></td>
<td class="text"><p id="xdx_891_ecustom--DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory_zetytVWPYMkc" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"><span style="display: none; font-size: 10pt">Vessels,
net - Consolidated Statement of Comprehensive Income/ (loss)</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td id="xdx_498_20220101__20221231_z9W01QTRvT6l" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_498_20210101__20211231_zEceAi0NagPk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_49C_20200101__20201231_z8az3lhu3Pr8" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr>
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="5" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>For the year
    ended December 31,</b></span></td></tr>
  <tr>
    <td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2021</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2020</b></span></td></tr>
  <tr id="xdx_404_eifrs-full--DepreciationPropertyPlantAndEquipment_pn3n3_zIYBCK1N0b85" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Vessels
    depreciation</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">5,233</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">3,665</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,253</span></td></tr>
  <tr id="xdx_400_ecustom--DepreciationOfficeFurnitureAndEquipment_pn3n3_z6WyEsJY2sL7" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Depreciation
    on office furniture and equipment</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">40</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">39</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">33</span></td></tr>
  <tr id="xdx_403_eifrs-full--DepreciationRightofuseAssets_pn3n3_zrepiIBlieVe" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Depreciation
    of right of use asset (Note 18)</span></td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">327</span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">206</span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">112</span></td></tr>
  <tr id="xdx_402_eifrs-full--DepreciationExpense_iT_pn3n3_zao3prfq1iTk" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>5,600</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>3,910</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2,398</b></span></td></tr>
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<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory', window );">Vessels, net - Impairment loss</a></td>
<td class="text"><p id="xdx_89B_eifrs-full--DisclosureOfImpairmentOfAssetsExplanatory_zTYS2QuUEAc8" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><span style="display: none; font-size: 10pt">Vessels,
net - Impairment loss</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&#160;</td>
    <td id="xdx_49B_20200101__20201231_z9H2eySqDvMc" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr>
  <tr>
    <td style="white-space: nowrap; width: 90%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b><span style="text-decoration: underline">Vessel</span></b></span></td>
    <td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>For
    the year ended December 31, 2020</b></span></td>
    </tr>
  <tr id="xdx_406_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_hifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MVRiverGlobeMember_zZ6Eo3tyHwqh" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">m/v
    River Globe</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(332)</span></td>
    </tr>
  <tr id="xdx_40C_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_hifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MVSkyGlobeMember_zE3CV0nWPyid" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">m/v
    Sky Globe</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(1,231)</span></td>
    </tr>
  <tr id="xdx_40B_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_hifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MVStarGlobeMember_zq358a3Izlz9" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">m/v
    Star Globe</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(460)</span></td>
    </tr>
  <tr id="xdx_401_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_hifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MVSunGlobeMember_ziegyOo9c3s4" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">m/v
    Sun Globe</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(2,013)</span></td>
    </tr>
  <tr id="xdx_404_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_hifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MVMoonGlobeMember_zVKCt3rNQwfh" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">m/v
    Moon Globe</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(579)</span></td>
    </tr>
  <tr id="xdx_403_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_zWV8Pk1XsVi5" style="background-color: White">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Impairment
    loss</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>(4,615)</b></span></td>
    </tr>
  </table>
<span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure for the amounts of property, plant and equipment in the consolidated statement of comprehensive income / (loss).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the impairment of assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2022-03-24<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2022-en-r&amp;doctype=Standard&amp;dita_xref=IAS36_g126-137__IAS36_g126-137_TI<br> -URIDate 2022-03-24<br></p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663203828432">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Inventories (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfInventoriesAbstract', window );"><strong>Classes of current inventories [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure for the amounts of inventories in the consolidated statement of financial position.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663205447312">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accrued liabilities and other payables (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MiscellaneousCurrentLiabilitiesAbstract', window );"><strong>Miscellaneous current liabilities [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DisclosureOfAccruedExpensesAndOtherLiabilitiesConsolidatedStatementOfFinancialPositionExplanatory', window );">Accrued liabilities and other payables</a></td>
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<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td id="xdx_496_20221231_zatYmdwlrE7c" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
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    <td colspan="3" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;December
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  <tr>
    <td style="white-space: nowrap; width: 79%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2022</b></span></td>
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">77</span></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure for the amounts of accrued liabilities and other payables in the consolidated statement of financial position.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663205929168">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share Capital and Share Premium (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalAbstract', window );"><strong>Disclosure of classes of share capital [abstract]</strong></a></td>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
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  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><span id="xdx_905_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zPEi0VuTcXQa" title="Number of shares authorised"><span id="xdx_905_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zPMykCjjxz1"><span id="xdx_90D_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zbNbREXW58z1">500,000,000</span></span></span> Common shares
    of par value $<span id="xdx_902_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zHKm90HR3AQ3" title="Par value per share"><span id="xdx_90C_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zgmFJGb2MNP" title="Par value per share"><span id="xdx_905_eifrs-full--ParValuePerShare_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zUgxrflnv987" title="Par value per share">0.004</span></span></span> each</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><span id="xdx_909_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zwuQ1RJohWBa">2,000</span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><span id="xdx_909_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zDDKdGZ7Mlw7">2,000</span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><span id="xdx_901_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zGax0ZWMBRaa">2,000</span></span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><span id="xdx_902_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zxbCAk1G6UCl" title="Number of shares authorised"><span id="xdx_909_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zpPurs14kncl" title="Number of shares authorised"><span id="xdx_907_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zGfGNgJ5LAkd" title="Number of shares authorised">100,000,000</span></span></span> Class B Common
    shares of par value $<span id="xdx_90D_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_z4TngE8o7Gc" title="Par value per share"><span id="xdx_909_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zDKNOX014Zxf" title="Par value per share"><span id="xdx_90C_eifrs-full--ParValuePerShare_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zHEMOWPJBhx" title="Par value per share">0.001</span></span></span> each</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><span id="xdx_901_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zFYRJjEjPvC7">100</span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><span id="xdx_90B_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zGrTPseGH7t1">100</span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><span id="xdx_902_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zquskyYjMY1a">100</span></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><span id="xdx_90F_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zkFHBQhcQvGj" title="Number of shares authorised"><span id="xdx_90B_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zrNMHXMpMpe5" title="Number of shares authorised"><span id="xdx_90B_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_z744a1ArT6Qk" title="Number of shares authorised">100,000,000</span></span></span> Preferred shares
    of par value $<span id="xdx_902_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zOTVOTEwxn3a" title="Par value per share"><span id="xdx_909_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zFlBATecxyV2" title="Par value per share"><span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zAM1RrPaTp1e" title="Par value per share">0.001</span></span></span> each </span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><span id="xdx_901_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_z1a3qSdzbzo1">100</span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><span id="xdx_903_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zJjMitsLM1c5">100</span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><span id="xdx_907_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_z5gi9J6UeVv1">100</span></span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total authorized share
    capital</b></span></td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><span id="xdx_902_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231_zptSHJR2VOV9" title="Total value of shares authorised">2,200</span></b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><span id="xdx_906_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231_zgQ1UcpwPCEk" title="Total value of shares authorised">2,200</span></b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b><span id="xdx_90A_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20201231_zpuYEfih0Fzj" title="Total value of shares authorised">2,200</span></b></span></td></tr>
  </table>
<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DisclosureOfCommonSharesExplanatory', window );">Share Capital and Share Premium - Common Shares issued and fully paid</a></td>
<td class="text"><p id="xdx_895_ecustom--DisclosureOfCommonSharesExplanatory_zPVV4BmVvro7" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="display: none; font-size: 10pt">&#160;Share Capital and Share Premium - Common Shares issued and fully paid</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="width: 79%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 1.65pt"><span style="font-size: 10pt"><b>Common Shares
    issued and fully paid</b></span></td>
    <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Number
    of shares </b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>USD</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>As at January 1, 2020</b></span></td>
    <td id="xdx_98F_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iS_pip0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zsYhZlQLpejb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>52,235</b></span></td>
    <td>&#160;</td>
    <td id="xdx_984_eifrs-full--IssuedCapital_iS_pn3n3_d0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zODX58XW33zh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>&#8212;</b></span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Issued during the year for
    share-based compensation (note 12)</span></td>
    <td id="xdx_981_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_pip0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zJG23l4GwPDj" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issued during the year for share-based compensation (note 12)"><span style="font-size: 10pt">2,812</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Issuance of common stock
    due to conversion of loan</span></td>
    <td id="xdx_98C_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughConversionOfConvertibleInstruments_pip0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zJ4f9eD2QS85" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of common stock due to conversion of loan"><span style="font-size: 10pt">11,678</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Issuance of new common stocks</span></td>
    <td id="xdx_983_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity_pip0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zuWLW0okvs35" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of new common stocks"><span style="font-size: 10pt">2,942,848</span></td>
    <td>&#160;</td>
    <td id="xdx_98C_eifrs-full--IssueOfEquity_pn3n3_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zeAXR9g1tnQe" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of new common stocks"><span style="font-size: 10pt">12</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Issuance of common stock
    due to exercise of pre-funded warrants</span></td>
    <td id="xdx_986_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity_pip0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zDpd4RM1HUjk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of common stock due to exercise of pre-funded warrants"><span style="font-size: 10pt">25,000</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Issuance of common stock
    due to exercise of warrants</span></td>
    <td id="xdx_989_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_pip0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_z0aKFBA9bCFg" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of common stock due to exercise of warrants"><span style="font-size: 10pt">5,550</span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>As at December 31, 2020</b></span></td>
    <td id="xdx_980_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iS_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zvOxa975P9Qb" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>3,040,123</b></span></td>
    <td>&#160;</td>
    <td id="xdx_980_eifrs-full--IssuedCapital_iS_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_z3IS68fOIm64" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>12</b></span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Issued during the year for
    share-based compensation (note 12)</span></td>
    <td id="xdx_98E_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zgVSnj80Y054" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issued during the year for share-based compensation (note 12)"><span style="font-size: 10pt">12,178</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Issuance of new common stocks</span></td>
    <td id="xdx_98B_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zt1UHYKR54Ec" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of new common stocks"><span style="font-size: 10pt">14,905,000</span></td>
    <td>&#160;</td>
    <td id="xdx_989_eifrs-full--IssueOfEquity_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zKpTCzRNx28l" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of new common stocks"><span style="font-size: 10pt">60</span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Issuance of common stock
    due to exercise of pre-funded warrants</span></td>
    <td id="xdx_985_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_z3WZwW8VbOPh" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of common stock due to exercise of pre-funded warrants"><span style="font-size: 10pt">2,625,000</span></td>
    <td>&#160;</td>
    <td id="xdx_989_eifrs-full--IncreaseDecreaseThroughExerciseOfWarrantsEquity_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_z1lPxqsw5kT9" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of common stock due to exercise of pre-funded warrants"><span style="font-size: 10pt">10</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>As at December 31, 2021</b></span></td>
    <td id="xdx_981_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iS_pip0_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zgQNoj1BDCq2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>20,582,301</b></span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--IssuedCapital_iS_pn3n3_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zf4IHZNwHph" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"><span style="font-size: 10pt"><b>82</b></span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Issued during the year for
    share-based compensation</span></td>
    <td id="xdx_987_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_pip0_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zCQxcTcwdnHc" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issued during the year for share-based compensation"><span style="font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1188">&#8212;</span></b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>&#8212;</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>As at December 31, 2022</b></span></td>
    <td id="xdx_984_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iE_pip0_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zPyEvQtT3m3b" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"><span style="font-size: 10pt"><b>20,582,301</b></span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--IssuedCapital_iE_pn3n3_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zL8SFn605Zka" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"><span style="font-size: 10pt"><b>82</b></span></td></tr>
  </table>
<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DisclosureOfCommonSharesExplanatory">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of common shares.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DisclosureOfCommonSharesExplanatory</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of classes of share capital. [Refer: Share capital [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 79<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_79_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<head>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663205698736">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Earnings/(Loss) per Share (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EarningsPerShareAbstract', window );"><strong>Earnings per share [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
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<td class="text"><p id="xdx_89A_ecustom--DisclosureOfEarningsPerShareTableExplanatory_zkf3yqy4KBzb" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-size: 10pt"><span style="display: none; font-size: 10pt">Earnings/(Loss)
per Share</span></span></p>

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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td id="xdx_498_20220101__20221231_z4nsmHxkYSP9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_499_20210101__20211231_zbbOgXAENu9b" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td>&#160;</td>
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="5" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><b>&#160;&#160;&#160;For
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  <tr>
    <td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2021</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2020</b></span></td></tr>
  <tr id="xdx_401_eifrs-full--ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity_pn3n3_zdiz6CUZkpAi" style="background-color: rgb(204,238,255)">
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    attributable to common equity holders</span></td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">24,280</span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">14,950</span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(17,372)</span></td></tr>
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    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">20,582,301</span></td>
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    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">959,157</span></td></tr>
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    <td style="border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1.18</span></td>
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    <td style="border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1.01</span></td>
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    <td style="border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(18.11)</span></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure for earnings per share.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663201624208">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Long-Term Debt, net (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsAbstract', window );"><strong>Disclosure of detailed information about borrowings [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition', window );">Long-Term Debt, net - Consolidated statement of financial position</a></td>
<td class="text"><p id="xdx_898_ecustom--DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition_zBpCqccOvH5b" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="display: none; font-size: 10pt"><span style="font-size: 10pt">&#160;Long-Term
Debt, net - Consolidated statement of financial position</span></span></p>

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  <tr>
    <td style="border-bottom: Black 1pt solid; vertical-align: top; width: 56%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></p>
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    <td style="width: 1%"><span style="font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Principal</b></span></td>
    <td style="width: 1%"><span style="font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Deferred
    finance costs</b></span></td>
    <td style="width: 1%"><span style="font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"><span style="font-size: 10pt"><b>Accrued
    Interest</b></span></td>
    <td style="width: 1%"><span style="font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Amortized
    cost</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Devocean Maritime LTD., Domina Maritime LTD., Dulac Maritime S.A., Artful Shipholding S.A., Longevity Maritime Limited,  Serena
    Maritime Limited and Salaminia Maritime Limited.</b></span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zHIMJDHrSwsk" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"><span style="font-size: 10pt">44,375</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_ecustom--DebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zcgUlUpmryFl" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Unamortized Debt Discount"><span style="font-size: 10pt">(541)</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_ecustom--AccruedInterest_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zmiEfKtQIkz3" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">491</td>
    <td>&#160;</td>
    <td id="xdx_982_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zMa3xWul4CLj" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Total Borrowings"><span style="font-size: 10pt">44,325</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid">&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total
    at December 31, 2022</b></span></td>
    <td>&#160;</td>
    <td id="xdx_983_ecustom--BorrowingsGross_iI_pn3n3_c20221231_zhRObwknHObh" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"><span style="font-size: 10pt"><b>44,375</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98F_ecustom--DebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231_zG2nRhtoIy3g" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Unamortized Debt Discount"><span style="font-size: 10pt"><b>(541)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_989_ecustom--AccruedInterest_iI_pn3n3_c20221231_z8nGbPELI5nf" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>491</b></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--Borrowings_iI_pn3n3_c20221231_zIrXRvwEI4q7" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Total Borrowings"><span style="font-size: 10pt"><b>44,325</b></span></td></tr>
  <tr style="background-color: White">
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    <td>&#160;</td>
    <td id="xdx_988_ecustom--CurrentPortionOfLongTermBorrowingsGross_iI_pn3n3_c20221231_zAQAmyXHGWPh" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance - Current Portion"><span style="font-size: 10pt"><b>(6,500)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_981_ecustom--CurrentPortionOfDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231_zHQLyK48ezj1" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Unamortized Debt Discount- Current Portion"><span style="font-size: 10pt"><b>188</b></span></td>
    <td><b>&#160;</b></td>
    <td id="xdx_984_ecustom--AccruedInterestCurrent_iNI_pn3n3_di_c20221231_z4684zpoBb02" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest - Current Portion"><b>(491)</b></td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--CurrentPortionOfLongtermBorrowings_iNI_pn3n3_di_c20221231_z8lFRzkDIQFk" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Total Borrowings - Current Portion"><span style="font-size: 10pt"><b>(6,803)</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Long-Term
    Portion</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98F_ecustom--LongTermBorrowingsGross_iI_pn3n3_c20221231_zFaBU7K8KAPh" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance - Long-Term Portion"><span style="font-size: 10pt"><b>37,875</b></span></td>
    <td>&#160;</td>
    <td id="xdx_988_ecustom--LongTermDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231_zGvnSrtblPK8" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Unamortized Debt Discount - Long-Term Portion"><span style="font-size: 10pt"><b>(353)</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;<b>&#8212;</b></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--LongtermBorrowings_iI_pn3n3_c20221231_zhf9drukakPl" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Total Borrowings - Long-Term Portion"><span style="font-size: 10pt"><b>37,522</b></span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>&#160;</b></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total
    at December 31, 2021</b></span></td>
    <td>&#160;</td>
    <td id="xdx_984_ecustom--BorrowingsGross_iI_pn3n3_c20211231_z6LAgXqR616a" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"><span style="font-size: 10pt"><b>31,750</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98F_ecustom--DebtInstrumentUnamortisedDiscount_iI_pn3n3_c20211231_zyYVNThi0BI2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Unamortized Debt Discount"><span style="font-size: 10pt"><b>(447)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_982_ecustom--AccruedInterest_iI_pn3n3_c20211231_zFIL6xdw6TIa" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><b>179</b></td>
    <td>&#160;</td>
    <td id="xdx_98D_eifrs-full--Borrowings_iI_pn3n3_c20211231_zbIq0CbhDKoa" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Total Borrowings"><span style="font-size: 10pt"><b>31,482</b></span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Less:
    Current Portion</b></span></td>
    <td>&#160;</td>
    <td id="xdx_985_ecustom--CurrentPortionOfLongTermBorrowingsGross_iI_pn3n3_c20211231_zyvRRgd5HAef" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance - Current Portion"><span style="font-size: 10pt"><b>(5,000)</b></span></td>
    <td>&#160;</td>
    <td id="xdx_982_ecustom--CurrentPortionOfDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20211231_zXaqrvyvJYW" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Unamortized Debt Discount- Current Portion"><span style="font-size: 10pt"><b>135</b></span></td>
    <td>&#160;</td>
    <td id="xdx_982_ecustom--AccruedInterestCurrent_iNI_pn3n3_di_c20211231_z0ofL4tPFNWi" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest - Current Portion"><b>(179)</b></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--CurrentPortionOfLongtermBorrowings_iNI_pn3n3_di_c20211231_z0W0k1y1RQak" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Total Borrowings - Current Portion"><span style="font-size: 10pt"><b>(5,044)</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Long-Term
    Portion</b></span></td>
    <td>&#160;</td>
    <td id="xdx_985_ecustom--LongTermBorrowingsGross_iI_pn3n3_c20211231_zZXKJDXn7Fb5" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance - Long-Term Portion"><span style="font-size: 10pt"><b>26,750</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98A_ecustom--LongTermDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20211231_zKP0cxEvk6l1" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Unamortized Debt Discount - Long-Term Portion"><span style="font-size: 10pt"><b>(312)</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;<b>&#8212;</b></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--LongtermBorrowings_iI_pn3n3_c20211231_ziOCcXvbYylf" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Total Borrowings - Long-Term Portion"><span style="font-size: 10pt"><b>26,438</b></span></td></tr>
  </table>
<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DisclosureOfLongTermDebtAnnualPrincipalPayments', window );">Long-Term Debt, net - Annual loan principal payments</a></td>
<td class="text"><p id="xdx_89B_ecustom--DisclosureOfLongTermDebtAnnualPrincipalPayments_zXG0zGWFsH74" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><span style="display: none; font-size: 10pt">Long-Term
Debt, net - Annual loan principal payments</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="vertical-align: bottom; font-weight: bold; text-align: left; width: 89%"><span style="font-size: 10pt"><b>December
    31,</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: right; width: 10%"><span style="font-size: 10pt"><b>First
    Citizens Bank &amp; Trust Company (formerly known as CIT Bank N.A.)</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt">2023</span></td>
    <td>&#160;</td>
    <td id="xdx_988_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zzoBBTG5vg4d" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan Balance"><span style="font-size: 10pt">6,500</span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt">2024</span></td>
    <td>&#160;</td>
    <td id="xdx_980_ecustom--BorrowingsGross_iI_pn3n3_uUSD_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zKJu35ns4g9g" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan Balance"><span style="font-size: 10pt">6,500</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt">2025</span></td>
    <td>&#160;</td>
    <td id="xdx_98A_ecustom--BorrowingsGross_iI_pn3n3_uUSD_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanThreeYearsAndNotLaterThanFourYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zQaqpn3jIzWk" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan Balance"><span style="font-size: 10pt">6,500</span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt">2026 </span></td>
    <td>&#160;</td>
    <td id="xdx_985_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanFourYearsAndNotLaterThanFiveYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_z9SxNlFWypG2" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan Balance"><span style="font-size: 10pt">24,875</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td>&#160;</td>
    <td id="xdx_980_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zvNJYWLMCGoi" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan Balance"><span style="font-size: 10pt"><b>44,375</b></span></td></tr>
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 18pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">The
contractual annual loan principal payments  to be made subsequent to December 31, 2021, were as follows:</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="vertical-align: bottom; font-weight: bold; text-align: left; width: 89%"><span style="font-size: 10pt"><b>December
    31,</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: right; width: 10%"><span style="font-size: 10pt">First
    Citizens Bank &amp; Trust Company (formerly known as <b>CIT Bank N.A.)</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt">2022</span></td>
    <td>&#160;</td>
    <td id="xdx_987_ecustom--BorrowingsGross_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_z6kKqk2fICRk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"><span style="font-size: 10pt">5,000</span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt">2023</span></td>
    <td>&#160;</td>
    <td id="xdx_989_ecustom--BorrowingsGross_iI_pn3n3_uUSD_c20211231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zrUg6WRPY71e" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"><span style="font-size: 10pt">5,000</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt">2024</span></td>
    <td>&#160;</td>
    <td id="xdx_98B_ecustom--BorrowingsGross_iI_pn3n3_uUSD_c20211231__ifrs-full--MaturityAxis__ifrs-full--LaterThanThreeYearsAndNotLaterThanFourYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zfgIOEN3sxEf" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"><span style="font-size: 10pt">5,000</span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt">2025</span></td>
    <td>&#160;</td>
    <td id="xdx_98D_ecustom--BorrowingsGross_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__ifrs-full--LaterThanFourYearsAndNotLaterThanFiveYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zkvVFlpIGcfk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"><span style="font-size: 10pt">5,000</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt">2026 and thereafter&#160;&#160;</span></td>
    <td>&#160;</td>
    <td id="xdx_980_ecustom--BorrowingsGross_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__ifrs-full--LaterThanFiveYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zGT6dpnThdCf" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"><span style="font-size: 10pt">11,750</span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; text-align: left"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td>&#160;</td>
    <td id="xdx_989_ecustom--BorrowingsGross_iI_pn3n3_c20211231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zD980e5ilCs1" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"><span style="font-size: 10pt"><b>31,750</b></span></td></tr>
  </table>
<span></span>
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</tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of annual loan principal payments.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663203763824">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share Based Payment (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DisclosureOfShareBasedPayment', window );">Share Based Payment</a></td>
<td class="text"><p id="xdx_89D_ecustom--DisclosureOfShareBasedPayment_zgC0oWCrMXii" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="display: none; font-size: 10pt">Share
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    payment </span></td>
    <td id="xdx_987_eifrs-full--IncreaseDecreaseInNumberOfOrdinarySharesIssued_pip0_c20210101__20211231__ifrs-full--ClassesOfOrdinarySharesAxis__custom--NumberOfCommonSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_zpNN26bTBq3h" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Stock issued during the year (shares) - Share based compensation"><span style="font-size: 10pt">12,178</span></td>
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    <td><span style="font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--IncreaseDecreaseThroughSharebasedPaymentTransactions_pn3n3_c20210101__20211231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--SharePremiumMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_zL1khYvGbK4e" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Stock issued during the year (value) - Share based compensation"><span style="font-size: 10pt">40</span></td>
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  <tr style="background-color: White">
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    <td id="xdx_989_eifrs-full--IncreaseDecreaseInNumberOfOrdinarySharesIssued_pip0_c20210101__20211231__ifrs-full--ClassesOfOrdinarySharesAxis__custom--NumberOfCommonSharesMember_zNLVWv2ufYq" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>12,178</b></span></td>
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    <td>&#160;</td>
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"><span style="font-size: 10pt">&#160;</span></p>

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  <tr style="vertical-align: bottom">
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    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Retained
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  <tr>
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    <td>&#160;</td>
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    <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Non-executive directors&#8217;
    payment </span></td>
    <td id="xdx_98E_eifrs-full--IncreaseDecreaseInNumberOfOrdinarySharesIssued_pip0_c20200101__20201231__ifrs-full--ClassesOfOrdinarySharesAxis__custom--NumberOfCommonSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_z0MLlbpzhaAg" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Stock issued during the year (shares) - Share based compensation"><span style="font-size: 10pt">2,812</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98B_eifrs-full--IncreaseDecreaseThroughSharebasedPaymentTransactions_pn3n3_c20200101__20201231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--SharePremiumMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_zBjX4AEKidSe" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Stock issued during the year (value) - Share based compensation"><span style="font-size: 10pt">40</span></td>
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    <td id="xdx_982_eifrs-full--IncreaseDecreaseInNumberOfOrdinarySharesIssued_pip0_c20200101__20201231__ifrs-full--ClassesOfOrdinarySharesAxis__custom--NumberOfCommonSharesMember_z3wtI8Exv3m9" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2,812</b></span></td>
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    <td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>&#8212;</b></span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--IncreaseDecreaseThroughSharebasedPaymentTransactions_pn3n3_c20200101__20201231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--SharePremiumMember_zYF5Orf7EPNf" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>40</b></span></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of share based payment.</p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663231849024">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Voyage Expenses and Vessel Operating Expenses (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExpenseByNatureAbstract', window );"><strong>Expenses by nature [abstract]</strong></a></td>
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</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DisclosureOfVoyageExpenses', window );">Voyage Expenses and Vessel Operating Expenses - Voyage expenses</a></td>
<td class="text"><p id="xdx_898_ecustom--DisclosureOfVoyageExpenses_z3bKQfchFQl8" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="display: none; font-size: 10pt">Voyage
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-size: 10pt"><b>Voyage
expenses consisted of:</b></span></p>

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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td id="xdx_495_20220101__20221231_zqFwTA6spPNc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
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    <td colspan="5" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For
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    <td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2022</b></span></td>
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">924</span></td>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">626</span></td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DisclosureOfVesselOperatingExpenses', window );">Voyage Expenses and Vessel Operating Expenses - Vessel operating expenses</a></td>
<td class="text"><p id="xdx_89C_ecustom--DisclosureOfVesselOperatingExpenses_zicJFRwSBMq1" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-size: 10pt"><span id="xdx_8BD_zZYvkD3Bq8Y7" style="display: none">Voyage
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure for voayage expenses expenses.</p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663201551472">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Administrative Expenses (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of administrative expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663201507232">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Interest Expense and Finance Costs (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestCostsAbstract', window );"><strong>Interest costs [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DisclosureOfInterestExpenseAndFinanceCostsExplanatory', window );">Interest Expense and Finance Costs</a></td>
<td class="text"><p id="xdx_891_ecustom--DisclosureOfInterestExpenseAndFinanceCostsExplanatory_zCDbEFb73cQ9" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="display: none; font-size: 10pt">&#160;Interest
Expense and Finance Costs</span><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt"><span style="font-size: 10pt"/></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td id="xdx_495_20220101__20221231_zTwQNsNzcgY3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 2.85pt; text-align: center; text-indent: -2.85pt">&#160;</td>
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    <td>&#160;</td>
    <td id="xdx_49C_20200101__20201231_zGtdy2jinvV1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 2.85pt; text-align: center; text-indent: -2.85pt">&#160;</td></tr>
  <tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
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    <td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Interest
    payable on long-term borrowings</span></td>
    <td style="border-top: Black 0.5pt solid; white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">2,047</span></td>
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    <td style="border-top: Black 0.5pt solid; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">1,958</span></td>
    <td>&#160;</td>
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    <td style="white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">165</span></td>
    <td>&#160;</td>
    <td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">547</span></td>
    <td>&#160;</td>
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    <td style="white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">54</span></td>
    <td>&#160;</td>
    <td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">52</span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">646</span></td>
    <td>&#160;</td>
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    <td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">(40)</span></td>
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    <td style="border-bottom: Black 0.5pt solid; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right">&#8212;<span style="font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 0.5pt solid; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right">&#8212;<span style="font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_eifrs-full--FinanceCosts_iT_pn3n3_zshVe2xtUuRe" style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td style="border-bottom: Black 2pt double; white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>2,320</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 2pt double; white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>3,262</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 2pt double; white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>4,155</b></span></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of interest expense and finance costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663231851120">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorAbstract', window );"><strong>Commitments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory', window );">Commitments - Future minimum lease revenues receivable under non-cancellable operating leases</a></td>
<td class="text"><p id="xdx_898_ecustom--DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory_zUYUvpopoJzf" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="display: none; font-size: 10pt">Commitments - Future
minimum lease revenues receivable under non-cancellable operating leases</span></p>

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  <tr style="vertical-align: top">
    <td style="width: 79%; padding-left: 9.45pt; text-align: justify; font-size: 11pt; text-indent: -9.45pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 10%; text-align: right; font-size: 11pt; text-indent: 0cm"><span style="font-size: 10pt"><b>2022</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 10%; text-align: right; font-size: 11pt; text-indent: 0cm"><span style="font-size: 10pt"><b>2021</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 9.45pt; text-align: justify; font-size: 11pt; text-indent: -9.45pt"><span style="font-size: 10pt">Within
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    <td id="xdx_98D_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zFiQigOGJE64" style="border-top: Black 0.5pt solid; text-align: right; font-size: 11pt; text-indent: 0cm" title="Within one year"><span style="font-size: 10pt">6,675</span></td>
    <td>&#160;</td>
    <td id="xdx_983_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zIypZugYkMB3" style="border-top: Black 0.5pt solid; text-align: right; font-size: 11pt; text-indent: 0cm" title="Within one year"><span style="font-size: 10pt">6,082</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: bottom; padding-right: 5.4pt; font-size: 11pt; text-indent: 0cm; text-align: justify"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td id="xdx_98F_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20221231_zDEmSaIlJ7fg" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: top; font-size: 11pt; text-indent: 0cm; text-align: right" title="Total"><span style="font-size: 10pt"><b>6,675</b></span></td>
    <td>&#160;</td>
    <td id="xdx_988_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20211231_zOlty7WdPNd4" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: top; font-size: 11pt; text-indent: 0cm; text-align: right" title="Total"><span style="font-size: 10pt"><b>6,082</b></span></td></tr>
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"/>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"/>

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    <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 67%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><span style="font-size: 10pt"><b>December
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    <td id="xdx_497_20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zLcZAorDpP18" style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Calypso
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    <td style="width: 1%">&#160;</td>
    <td id="xdx_498_20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedandParalusShipholdingSAMember_zepVWHd0If01" style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Daxos
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  <tr id="xdx_407_ecustom--ContractualObligationsDueInNextTwelveMonths_iI_d0_maCOzWax_zY6B6N4Zc7Sc" style="background-color: rgb(204,238,255)">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663205241728">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial risk management objectives and policies (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsAbstract', window );"><strong>Disclosure of detailed information about financial instruments [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DisclosureOfInterestRateRiskExplanatory', window );">Financial risk management objectives and policies - Interest rate risk</a></td>
<td class="text"><p id="xdx_891_ecustom--DisclosureOfInterestRateRiskExplanatory_zHV7JUJRClDj" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><span style="display: none; font-size: 10pt">Financial
risk management objectives and policies - Interest rate risk</span></p>

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  <tr>
    <td style="vertical-align: top; width: 79%; padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"><span style="font-size: 10pt">&#160;</span></td>
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    <td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"><span style="font-size: 10pt">&#160;</span></td>
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    <td id="xdx_980_ecustom--IncreaseInInterestRates_pip0_uPure_c20220101__20221231_zJpSUCsgtyVi" style="text-align: right; text-indent: 0cm" title="Increase in Libor/SOFR"><span style="font-size: 10pt">+15</span></td>
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    <td id="xdx_983_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20220101__20221231_zH11xznxbUEj" style="text-align: right; text-indent: 0cm" title="Effect on loss (Increase in Libor/SOFR)"><span style="font-size: 10pt">(55)</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"><span style="font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_ecustom--DecreaseInInterestRates_pip0_uPure_c20220101__20221231_zyQ0PRXsH1A" style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR"><span style="font-size: 10pt">-20</span></td>
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    <td id="xdx_985_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20220101__20221231_zBsvRh4yaDXf" style="text-align: right; text-indent: 0cm" title="Effect on loss (Decrease in Libor/SOFR)"><span style="font-size: 10pt">73</span></td></tr>
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    <td id="xdx_98A_ecustom--IncreaseInInterestRates_pip0_uPure_c20210101__20211231_zXplXyQ2M3V3" style="text-align: right; text-indent: 0cm" title="Increase in Libor"><span style="font-size: 10pt">+15</span></td>
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    <td id="xdx_984_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20210101__20211231_ztDgW1hsI6Ch" style="text-align: right; text-indent: 0cm" title="Effect on loss (Increase in Libor)"><span style="font-size: 10pt">(52)</span></td></tr>
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    <td id="xdx_98D_ecustom--DecreaseInInterestRates_pip0_uPure_c20210101__20211231_zcOXSBq5ZWOi" style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR"><span style="font-size: 10pt">-20</span></td>
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    <td id="xdx_987_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20210101__20211231_zW44bxdfuhJg" style="text-align: right; text-indent: 0cm" title="Effect on loss (Decrease in Libor)"><span style="font-size: 10pt">69</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"><span style="font-size: 10pt"><b>2020</b></span></td>
    <td style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR"><span style="font-size: 10pt"><b>&#160;</b></span></td>
    <td><span style="font-size: 10pt"><b>&#160;</b></span></td>
    <td style="text-align: right; text-indent: 0cm" title="Effect on loss (Decrease in Libor)"><span style="font-size: 10pt"><b>&#160;</b></span></td></tr>
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    <td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"><span style="font-size: 10pt"><b>$ Libor</b></span></td>
    <td id="xdx_98E_ecustom--IncreaseInInterestRates_pip0_uPure_c20200101__20201231_z2RcEzYiZgD6" style="text-align: right; text-indent: 0cm" title="Increase in Libor"><span style="font-size: 10pt">+15</span></td>
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    <td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt">&#160;</td>
    <td id="xdx_98A_ecustom--DecreaseInInterestRates_pip0_uPure_c20200101__20201231_zFbf2vnLVNp8" style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR">-20</td>
    <td>&#160;</td>
    <td id="xdx_988_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20200101__20201231_zl6bZZPz9Uta" style="text-align: right; text-indent: 0cm" title="Effect on loss (Decrease in Libor)">75</td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt">&#160;</td>
    <td style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right; text-indent: 0cm" title="Effect on loss (Decrease in Libor)">&#160;</td></tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DisclosureOfForeignCurrencyRiskExplanatory', window );">Financial risk management objectives and policies - Foreign currency risk</a></td>
<td class="text"><p id="xdx_898_ecustom--DisclosureOfForeignCurrencyRiskExplanatory_zCwWZIhOjQX4" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="display: none; font-size: 10pt">Financial
risk management objectives and policies - Foreign currency risk</span><span style="font-size: 10pt">&#160;</span></p>

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    <td style="width: 79%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td id="xdx_98A_ecustom--IncreaseInExchangeRates_pip0_uPure_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zC4CSIZzU95l" style="padding-right: 5.4pt; text-align: right" title="Increase in Euro exchange rate"><span style="font-size: 10pt">+10%</span></td>
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    <td id="xdx_983_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zo6M9rvy3hP8" style="text-align: right" title="Effect on loss (Increase in Euro exchange rate)"><span style="font-size: 10pt">(573)</span></td></tr>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_ecustom--DecreaseInExchangeRates_pip0_uPure_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zig7dbvj33vc" style="padding-right: 5.4pt; text-align: right" title="Decrease in Euro exchange rate"><span style="font-size: 10pt">-10%</span></td>
    <td>&#160;</td>
    <td id="xdx_98A_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zVIvgdl5skpl" style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)"><span style="font-size: 10pt">573</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
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  <tr style="vertical-align: top; background-color: White">
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    <td id="xdx_98C_ecustom--IncreaseInExchangeRates_pip0_uPure_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zaxRhFosYLLl" style="padding-right: 5.4pt; text-align: right" title="Increase in Euro exchange rate"><span style="font-size: 10pt">+10%</span></td>
    <td>&#160;</td>
    <td id="xdx_980_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zkp6mvJlCRf9" style="text-align: right" title="Effect on loss (Increase in Euro exchange rate)"><span style="font-size: 10pt">(478)</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_ecustom--DecreaseInExchangeRates_pip0_uPure_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zduLN0hyks4j" style="padding-right: 5.4pt; text-align: right" title="Decrease in Euro exchange rate"><span style="font-size: 10pt">-10%</span></td>
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    <td id="xdx_98E_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zuESJBOy5wY9" style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)"><span style="font-size: 10pt">478</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="padding-right: 5.4pt; text-align: right" title="Decrease in Euro exchange rate">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><b>2020</b></span></td>
    <td id="xdx_984_ecustom--IncreaseInExchangeRates_pip0_uPure_c20200101__20201231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zbxkdz6OyS9e" style="padding-right: 5.4pt; text-align: right" title="Increase in Euro exchange rate"><span style="font-size: 10pt">+10%</span></td>
    <td><span style="font-size: 10pt"><b>&#160;</b></span></td>
    <td id="xdx_98B_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20200101__20201231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_z8DafdUkuol1" style="text-align: right" title="Effect on loss (Increase in Euro exchange rate)"><span style="font-size: 10pt">(258)<b/></span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td id="xdx_984_ecustom--DecreaseInExchangeRates_pip0_uPure_c20200101__20201231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zkIoOUF9pTei" style="padding-right: 5.4pt; text-align: right" title="Decrease in Euro exchange rate"><span style="font-size: 10pt">-10%</span></td>
    <td>&#160;</td>
    <td id="xdx_98B_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20200101__20201231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zRSPmpWRySRk" style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)"><span style="font-size: 10pt">258</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="padding-right: 5.4pt; text-align: right" title="Decrease in Euro exchange rate">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)">&#160;</td></tr>
  </table>
<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DisclosureOfConcentrationOfCreditRiskExplanatory', window );">Financial risk management objectives and policies - Concentration of credit risk table</a></td>
<td class="text"><p id="xdx_890_ecustom--DisclosureOfConcentrationOfCreditRiskExplanatory_zFL3SWuFhtKl" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"><span style="display: none; font-size: 10pt">Financial
risk management objectives and policies - Concentration of credit risk table</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt"><b/></span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="font-weight: bold; text-align: right; width: 34%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 10%"><span style="font-size: 9pt"><b>2022</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 10%"><span style="font-size: 9pt"><b>%</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 10%"><span style="font-size: 9pt"><b>2021</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 10%"><span style="font-size: 9pt"><b>%</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 10%"><span style="font-size: 9pt"><b>2020</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 10%"><span style="font-size: 9pt"><b>%</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-size: 9pt">A</span></td>
    <td>&#160;</td>
    <td id="xdx_982_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zWFivZWbKt8c" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-size: 9pt">6,606</span></td>
    <td>&#160;</td>
    <td id="xdx_98D_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zuSCeMCwTkce" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt">11%</span></td>
    <td>&#160;</td>
    <td id="xdx_98E_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zCbaOJhF5Ssk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-size: 9pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_980_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zFT4WLne7gB3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_984_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zn8HmDcPDO4a" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-size: 9pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_984_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_z6lN0AwXxe46" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt">&#8212;</span></td></tr>
  <tr style="background-color: White">
    <td style="text-align: left"><span style="font-size: 9pt">B</span></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zhN70z8UcJU9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-size: 9pt">6,548</span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zGbuqu9HNA0f" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt">11%</span></td>
    <td>&#160;</td>
    <td id="xdx_987_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_z373HEIBWDL7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-size: 9pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zZrWusyV3oR4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_989_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zAMqq3ncmASl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-size: 9pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_984_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zbL0AHe2Beqc" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt">&#8212;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-size: 9pt">C</span></td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_z46Z7Llh3j1l" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-size: 9pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98D_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zkjL7SquX0m5" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_989_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_z7yvdFNGA1Bg" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-size: 9pt">7,726</span></td>
    <td>&#160;</td>
    <td id="xdx_981_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zsbU3ApgaQC9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt">18%</span></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_z7XylfJ0bSRa" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-size: 9pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98E_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_z1zK8OLZGD96" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt">&#8212;</span></td></tr>
  <tr style="background-color: White">
    <td style="text-align: left"><span style="font-size: 9pt">D</span></td>
    <td>&#160;</td>
    <td id="xdx_981_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zwibcAUL7JG5" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-size: 9pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zcfZvOnDoBG3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_981_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zz4hYGiwM9E8" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-size: 9pt">4,571</span></td>
    <td>&#160;</td>
    <td id="xdx_982_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zqmAdFIrcRjb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt">11%</span></td>
    <td>&#160;</td>
    <td id="xdx_983_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_z6ojPu3lYxLd" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-size: 9pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98D_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zv4nXtpCalPc" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt">&#8212;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-size: 9pt">Other </span></td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zTqKi36RGgSh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-size: 9pt">48,236</span></td>
    <td>&#160;</td>
    <td id="xdx_98C_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zV3HKHURdwSa" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt">78%</span></td>
    <td>&#160;</td>
    <td id="xdx_980_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zlD21EKt4YZ" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-size: 9pt">30,914</span></td>
    <td>&#160;</td>
    <td id="xdx_987_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_z2Hd9aWJBWV4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt">71%</span></td>
    <td>&#160;</td>
    <td id="xdx_981_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zTn6Ou3mP2bk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"><span style="font-size: 9pt">11,753</span></td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zgHMvjTXY8z3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt">100%</span></td></tr>
  <tr style="background-color: White">
    <td style="text-align: left"><span style="font-size: 9pt"><b>Total</b></span></td>
    <td>&#160;</td>
    <td id="xdx_988_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20220101__20221231_zeugv3zWe0N7" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><b>61,390</b></span></td>
    <td>&#160;</td>
    <td id="xdx_987_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20220101__20221231_zgtuKQh8phMk" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><b>100%</b></span></td>
    <td>&#160;</td>
    <td id="xdx_984_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20210101__20211231_zEwEYoxQ1knj" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><b>43,211</b></span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20210101__20211231_zccAzRxu4fj3" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><b>100%</b></span></td>
    <td>&#160;</td>
    <td id="xdx_983_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20200101__20201231_zLrkHmxp8qee" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><b>11,753</b></span></td>
    <td>&#160;</td>
    <td id="xdx_987_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20200101__20201231_zaxoNVBO39Wh" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 9pt"><b>100%</b></span></td></tr>
  </table>
<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfManagingLiquidityRisk', window );">Financial risk management objectives and policies - Liquidity risk</a></td>
<td class="text"><p id="xdx_89D_eifrs-full--DescriptionOfManagingLiquidityRisk_zDe9VNDrUuv2" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"><span style="display: none; font-size: 10pt">Financial
risk management objectives and policies - Liquidity risk</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Year ended
    December 31, 2022</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Less
    than 3 months</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>3
    to 12 months</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>1
    to 5 years</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>More
    than 5 years</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Total</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Long-term debt</span></td>
    <td>&#160;</td>
    <td id="xdx_982_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zsbEBN0ATtR4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-size: 10pt">2,495</span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zholTVXOZ3g4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-size: 10pt">7,266</span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zKvxICgIRzP6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-size: 10pt">43,816</span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zGpLG6yqoGUh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98B_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231_zGmprW1OmkWd" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-size: 10pt">53,577</span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Lease liabilities </span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zObascA6rtda" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-size: 10pt">80</span></td>
    <td>&#160;</td>
    <td id="xdx_983_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zuIkrjDP5E07" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-size: 10pt">241</span></td>
    <td>&#160;</td>
    <td id="xdx_989_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zgCYB5GIRjH3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-size: 10pt">188</span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--LeaseLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zLRu4uwJ4Vr2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98E_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231_z1DiIXfsl7M" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-size: 10pt">509</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Accrued liabilities and
    other payables</span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zPxM4T8vm55b" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-size: 10pt">5,814</span></td>
    <td>&#160;</td>
    <td id="xdx_983_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zSV3d9IzoD7k" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_983_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zNJtHkd0plcl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_989_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zw4QAUrNpVUa" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20221231_zvYkJnAXlMic" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-size: 10pt">5,814</span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Trade accounts payables</span></td>
    <td>&#160;</td>
    <td id="xdx_987_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zJ8RE2Kp8Lp6" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-size: 10pt">3,548</span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zNjzoQBrIDsl" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98D_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zC1KUN8x9yn4" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98C_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zN4iNQI5P1Jk" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_983_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20221231_zQAn8uillqAk" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-size: 10pt">3,548</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td>&#160;</td>
    <td id="xdx_984_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_z6FwY6Ka4iE1" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>11,937</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_z3LDIOukRrL4" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>7,507</b></span></td>
    <td>&#160;</td>
    <td id="xdx_980_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zPfZRg1Kglu3" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>44,004</b></span></td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--FinancialLiabilities_iTI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zCzUJ6L2UpUh" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>&#8212;</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231_z76puX9r7PM8" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>63,448</b></span></td></tr>
  </table>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr>
    <td style="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Year ended
    December 31, 2021</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Less
    than 3 months</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>3
    to 12 months</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>1
    to 5 years</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>More
    than 5 years</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>Total</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Long-term debt</span></td>
    <td>&#160;</td>
    <td id="xdx_983_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zBI3tVy94gs1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-size: 10pt">1,566</span></td>
    <td>&#160;</td>
    <td id="xdx_981_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zd48sHaPFjKc" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-size: 10pt">4,614</span></td>
    <td>&#160;</td>
    <td id="xdx_987_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zzvhSxKgZGt8" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-size: 10pt">29,325</span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zQa6Rq5jEKbh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20211231_z0TsNNiT1Ji6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"><span style="font-size: 10pt">35,505</span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Lease liabilities </span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--LeaseLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zoFubLCDvQj4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-size: 10pt">92</span></td>
    <td>&#160;</td>
    <td id="xdx_98D_eifrs-full--LeaseLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zfHJR0B8zYjf" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-size: 10pt">275</span></td>
    <td>&#160;</td>
    <td id="xdx_98C_eifrs-full--LeaseLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zg0cnhZcuWNg" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-size: 10pt">585</span></td>
    <td>&#160;</td>
    <td id="xdx_98B_eifrs-full--LeaseLiabilities_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zA1cPOpnsRda" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--LeaseLiabilities_iI_pn3n3_c20211231_zhrHEHry4Fyj" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"><span style="font-size: 10pt">952</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Accrued liabilities and
    other payables</span></td>
    <td>&#160;</td>
    <td id="xdx_989_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zvrnUX2yJSZh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-size: 10pt">3,497</span></td>
    <td>&#160;</td>
    <td id="xdx_98C_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_z16iFnTOf5x6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_ztD2tyiyqZE2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_981_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zJjx58GZIJT7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98D_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20211231_z7PfFyIRp7f8" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"><span style="font-size: 10pt">3,497</span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Trade accounts payables</span></td>
    <td>&#160;</td>
    <td id="xdx_98B_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zSkuxAoCzsah" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-size: 10pt">1,100</span></td>
    <td>&#160;</td>
    <td id="xdx_989_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zViERfpnfVE6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_987_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zAhSmG5VgIBl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_989_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zhHT5YTVAR4a" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98C_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20211231_zA12ndxcwsxf" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"><span style="font-size: 10pt">1,100</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt">Current portion of fair
    value of derivative financial instruments</span></td>
    <td>&#160;</td>
    <td id="xdx_982_eifrs-full--CurrentDerivativeFinancialLiabilities_iIP3ifrs-full--TradeAndOtherCurrentPayables_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zyWrWXtWNEWc" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"><span style="font-size: 10pt">23</span></td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--CurrentDerivativeFinancialLiabilities_iIP3ifrs-full--TradeAndOtherCurrentPayables_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zr5LKZGamDIi" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"><span style="font-size: 10pt">69</span></td>
    <td>&#160;</td>
    <td id="xdx_989_eifrs-full--CurrentDerivativeFinancialLiabilities_iIP3ifrs-full--TradeAndOtherCurrentPayables_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zkRaih07Hvqh" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--CurrentDerivativeFinancialLiabilities_iIP3ifrs-full--TradeAndOtherCurrentPayables_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zUzuDivBL9P7" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"><span style="font-size: 10pt">&#8212;</span></td>
    <td>&#160;</td>
    <td id="xdx_980_eifrs-full--CurrentDerivativeFinancialLiabilities_iIP2ifrs-full--FinancialLiabilities_pn3n3_c20211231_zdBsMPZUKEZ6" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">92</span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td>&#160;</td>
    <td id="xdx_981_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zXCVxwzsqebl" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>6,278</b></span></td>
    <td>&#160;</td>
    <td id="xdx_987_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zPPd998JGRT3" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>4,958</b></span></td>
    <td>&#160;</td>
    <td id="xdx_98A_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zb74skEy8K55" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>29,910</b></span></td>
    <td>&#160;</td>
    <td id="xdx_983_eifrs-full--FinancialLiabilities_iTI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zywFfe3bkKw5" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>&#8212;</b></span></td>
    <td>&#160;</td>
    <td id="xdx_980_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20211231_zjkbDM0RO7fb" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>41,146</b></span></td></tr>
  </table>
<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of concentration of credit risk.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of how the entity manages its liquidity risk. [Refer: Liquidity risk [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 39<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_39_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663203676464">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair values (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
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    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
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    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
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    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
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    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt">&#8212;&#160;</span></td>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"><b>&#160;</b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"><b>&#160;</b></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
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    <td style="border-bottom: Black 0.5pt solid; text-align: right; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
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    <td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b>Financial assets</b></span></td>
    <td>&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr>
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    <td>&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Derivative financial instruments</span></td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20211231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zSObVLCxAex4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">417</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;&#160;</span></td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_98C_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20211231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_zYLBHPm2XqP3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">417</span></td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_989_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20211231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_z6rf7Rk6WgX1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>417</b></span></td></tr>
  <tr style="background-color: White">
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--FinancialAssetsAtFairValue_iI_pn3n3_c20211231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zeNUnNIuz8Wj" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b>417</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b>Financial liabilities</b></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 9pt"><b>Financial liabilities measured at fair value</b></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Derivative financial instruments</span></td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--NoncurrentDerivativeFinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--FinancialLiabilitiesAtFairValueIIMember_z5rey6iHuFWi" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">92</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;&#160;</span></td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_98C_eifrs-full--NoncurrentDerivativeFinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--FinancialLiabilitiesAtFairValueIIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_zMUyNHD5bJZj" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">92</span></td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;</span></td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_983_eifrs-full--NoncurrentDerivativeFinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--FinancialLiabilitiesAtFairValueIIMember_zwUbv9g97E85" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>92</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_988_eifrs-full--FinancialLiabilitiesAtFairValue_iI_pn3n3_c20211231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--FinancialLiabilitiesAtFairValueIIMember_zr9Ec3EAVrOh" style="border-top: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b>92</b></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 9pt"><b>Financial liabilities not measured at fair value</b></span></td>
    <td>&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Long-term borrowings</span></td>
    <td>&#160;</td>
    <td id="xdx_984_ecustom--BorrowingsGross_iI_pn3n3_c20211231__ifrs-full--MeasurementAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember_z2yPVSaABqm" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">31,750</span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;&#160;</span></td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_980_ecustom--BorrowingsGross_iI_pn3n3_c20211231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember_zUQrJycUvBVc" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">32,155</span></td>
    <td style="text-align: right">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt">&#8212;&#160;</span></td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_989_ecustom--BorrowingsGross_iI_pn3n3_c20211231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember_z68jMy6w8Sr3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 10pt"><b>32,155</b></span></td></tr>
  <tr style="background-color: White">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td>&#160;</td>
    <td id="xdx_984_eifrs-full--FinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--MeasurementAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember_zXq1qLCaDPnj" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 9pt"><b>31,750</b></span></td>
    <td>&#160;</td>
    <td style="border-top: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-top: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-top: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="border-top: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td></tr>
  </table>

<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DisclosureOfValuationTechniquesAndSignificantUnobservableInputs', window );">Valuation techniques and significant unobservable inputs</a></td>
<td class="text"><p id="xdx_89A_ecustom--DisclosureOfValuationTechniquesAndSignificantUnobservableInputs_zLa8SgyqGnO8" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"><span style="font-size: 10pt"><span style="display: none; font-size: 10pt">&#160;Valuation
techniques and significant unobservable inputs</span></span></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: 0cm"/><table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-decoration: underline; font-size: 9pt; font-weight: bold; text-align: left; padding-left: 5.4pt; width: 48%"><span style="font-size: 10pt">Financial
    instruments measured at fair value</span></td><td style="width: 1%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt; width: 25%"><span style="font-size: 10pt">&#160;</span></td><td style="width: 1%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt; width: 25%"><span style="font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt"><span style="font-size: 10pt">&#160;</span></td></tr>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663205972800">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of presentation and general information (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_GlobusShipmanagementCorpMember', window );">Globus Shipmanagement Corp. [member]</a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text"> <span></span>
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<td class="text">Management Co.<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_DevoceanMaritimeLtdMember', window );">Devocean Maritime Ltd. [member]</a></td>
<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of Incorporation</a></td>
<td class="text">Marshall
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselDeliveryDate', window );">Vessel Delivery Date</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Vessel Owned</a></td>
<td class="text">m/v
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_DominaMaritimeLtdMember', window );">Domina Maritime Ltd. [member]</a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of Incorporation</a></td>
<td class="text">Marshall
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<td class="text">m/v
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of Incorporation</a></td>
<td class="text">Marshall
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<td class="text">m/v
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of Incorporation</a></td>
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<td class="text">m/v
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_LongevityMaritimeLimitedMember', window );">Longevity Maritime Limited [member]</a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of Incorporation</a></td>
<td class="text">Malta<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselDeliveryDate', window );">Vessel Delivery Date</a></td>
<td class="text">Sep. 15,  2011<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Vessel Owned</a></td>
<td class="text">m/v Sun Globe<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_SerenaMaritimeLimitedMember', window );">Serena Maritime Limited [member]</a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of Incorporation</a></td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselDeliveryDate', window );">Vessel Delivery Date</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Vessel Owned</a></td>
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</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_TalismanMaritimeLimitedMember', window );">Talisman Maritime Limited [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of Incorporation</a></td>
<td class="text">Marshall Islands<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselDeliveryDate', window );">Vessel Delivery Date</a></td>
<td class="text">Jul. 20,  2021<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Vessel Owned</a></td>
<td class="text">m/v Power Globe<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_ArgoMaritimeLimitedMember', window );">Argo Maritime Limited [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of Incorporation</a></td>
<td class="text">Marshall
    Islands<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselDeliveryDate', window );">Vessel Delivery Date</a></td>
<td class="text">Jun.  09,  2021<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Vessel Owned</a></td>
<td class="text">m/v
    Diamond Globe<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_CalypsoShipholdingSAMember', window );">Calypso Shipholding S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of Incorporation</a></td>
<td class="text">Marshall
    Islands<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselDeliveryDate', window );">Vessel Delivery Date</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Vessel Owned</a></td>
<td class="text">Hull
    No: S-1885*<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_DaxosMaritimeLimitedMember', window );">Daxos Maritime Limited [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of Incorporation</a></td>
<td class="text">Marshall
    Islands<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselDeliveryDate', window );">Vessel Delivery Date</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Vessel Owned</a></td>
<td class="text">Hull
    No: NE-442*<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_OlympiaShipholdingSAMember', window );">Olympia Shipholding S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of Incorporation</a></td>
<td class="text">Marshall
    Islands<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselDeliveryDate', window );">Vessel Delivery Date</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Vessel Owned</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_ParalusShipholdingSAMember', window );">Paralus Shipholding S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of Incorporation</a></td>
<td class="text">Marshall
    Islands<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselDeliveryDate', window );">Vessel Delivery Date</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Vessel Owned</a></td>
<td class="text">Hull
    No: NE-443*<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_SalaminiaMaritimeLimitedMember', window );">Salaminia Maritime Limited [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of Incorporation</a></td>
<td class="text">Marshall
    Islands<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselDeliveryDate', window );">Vessel Delivery Date</a></td>
<td class="text">Nov. 29,  2021<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Vessel Owned</a></td>
<td class="text">m/v
    Orion Globe<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_VesselDeliveryDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The date of the vessel delivery to the Company.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_VesselDeliveryDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The country in which a subsidiary of the entity is incorporated. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2022-03-24<br> -Paragraph 16<br> -Subparagraph b<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_16_b_ii&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -Subparagraph b<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17_b_ii&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph 12<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_12_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph 19B<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_19B_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NameOfSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The name of a subsidiary. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -Subparagraph b<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17_b_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2022-03-24<br> -Paragraph 16<br> -Subparagraph b<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_16_b_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph 12<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_12_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph 19B<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_19B_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NameOfSubsidiary</td>
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<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_GlobusShipmanagementCorpMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_GlobusShipmanagementCorpMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_DevoceanMaritimeLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_DevoceanMaritimeLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_DominaMaritimeLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_DominaMaritimeLtdMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_ArtfulShipholdingSAMember</td>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_LongevityMaritimeLimitedMember</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_SerenaMaritimeLimitedMember</td>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_TalismanMaritimeLimitedMember</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_ArgoMaritimeLimitedMember</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_CalypsoShipholdingSAMember</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_DaxosMaritimeLimitedMember</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_OlympiaShipholdingSAMember</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_ParalusShipholdingSAMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=glbs_SalaminiaMaritimeLimitedMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663205929296">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of presentation and general information (Details Narrative)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2022</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract', window );"><strong>Disclosure of subsidiaries [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NameOfReportingEntityOrOtherMeansOfIdentification', window );">Name of reporting entity</a></td>
<td class="text">Globus Maritime Limited<span></span>
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</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DomicileOfEntity', window );">Domicile of entity</a></td>
<td class="text">Marshall Islands<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Description of nature of entity's operations and principal activities</a></td>
<td class="text">The
principal business of the Company is the ownership and operation of a fleet of dry bulk motor vessels (&#8220;m/v&#8221;), providing
maritime services for the transportation of dry cargo products on a worldwide basis.<span></span>
</td>
</tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The description of the nature of the entity's operations and principal activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 138<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_138_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The country of domicile of the entity. [Refer: Country of domicile [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 138<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_138_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DomicileOfEntity</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The name of the reporting entity or other means of identification.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 51<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_51_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NameOfReportingEntityOrOtherMeansOfIdentification</td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663201299968">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of Preparation and Significant Accounting Policies (Details Narrative)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems', window );"><strong>Disclosure of initial application of standards or interpretations [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Comprehensive income</a></td>
<td class="nump">$ 24,280,000<span></span>
</td>
<td class="nump">$ 14,950,000<span></span>
</td>
<td class="num">$ (17,372,000)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivities', window );">Cash flows from (used in) operating activities</a></td>
<td class="nump">26,906,000<span></span>
</td>
<td class="nump">20,750,000<span></span>
</td>
<td class="num">(6,243,000)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">52,833,000<span></span>
</td>
<td class="nump">45,213,000<span></span>
</td>
<td class="nump">19,037,000<span></span>
</td>
<td class="nump">$ 2,366,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAssetsLiabilities', window );">Working capital surplus</a></td>
<td class="nump">45,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Impairment loss</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">4,615,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAccountingStandard', window );">Entity Accounting Standard</a></td>
<td class="text">International Financial
Reporting Standards<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_AllowanceForDoubtfulTradeReceivables', window );">Provision for doubtful trade receivables</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">8,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current portion of non-current borrowings</a></td>
<td class="nump">6,803,000<span></span>
</td>
<td class="nump">5,044,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingCostsCapitalised', window );">Borrowing costs capitalised</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings, classified as financing activities</a></td>
<td class="nump">$ 18,000,000<span></span>
</td>
<td class="nump">34,250,000<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_NumberOfOperatingSegments', window );">Number Of Operating Segments</a></td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfBenefitsProvidedByPlan', window );">Description of nature of benefits provided by plan</a></td>
<td class="text">If the employee remains in the employment of the Company until normal
retirement age, they are entitled to retirement compensation which is equal to 40% of the compensation amount that would be payable if
they were dismissed at that time.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">Net defined benefit liability</a></td>
<td class="nump">$ 148,000<span></span>
</td>
<td class="nump">114,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DirectOperatingExpenseFromInvestmentProperty', window );">Direct operating expense from investment property</a></td>
<td class="nump">18,451,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_LeaseAndNonleaseComponents', window );">Lease components</a></td>
<td class="nump">42,939,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_CiTMember', window );">First Citizens Bank &amp; Trust Company (formerly known as CIT Bank N.A.) [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems', window );"><strong>Disclosure of initial application of standards or interpretations [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingCostsCapitalised', window );">Borrowing costs capitalised</a></td>
<td class="nump">259,000<span></span>
</td>
<td class="nump">545,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings, classified as financing activities</a></td>
<td class="nump">$ 18,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis=glbs_CurrentAccruedInterestMember', window );">Current Accrued Interest [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems', window );"><strong>Disclosure of initial application of standards or interpretations [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current portion of non-current borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">179,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_DeferredDryDockingCostsMember', window );">Deferred Dry-docking costs [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems', window );"><strong>Disclosure of initial application of standards or interpretations [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_IntervalBetweenVesselDrydockingSpecialSurvey', window );">Interval Between Vessel Drydocking Special Survey</a></td>
<td class="text">2 years 6 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationMethodPropertyPlantAndEquipment', window );">Depreciation method</a></td>
<td class="text">straight-line basis<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_VesselsMember', window );">Vessels [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems', window );"><strong>Disclosure of initial application of standards or interpretations [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationMethodPropertyPlantAndEquipment', window );">Depreciation method</a></td>
<td class="text">straight-line basis<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfUsefulLifePropertyPlantAndEquipment', window );">Useful life</a></td>
<td class="text">25 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselsScrapRatePerTon', window );">Vessels scrap rate per ton</a></td>
<td class="nump">$ 440<span></span>
</td>
<td class="nump">380<span></span>
</td>
<td class="nump">$ 300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_ExtraDepreciationPropertyPlantAndEquipment', window );">Decrease in depreciation expense due to changes in scrap rate</a></td>
<td class="nump">$ 118,000<span></span>
</td>
<td class="nump">$ 145,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAccountingStandard">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The standardized abbreviation of the accounting standard used by the entity. This can either be US GAAP as promulgated by the FASB or IFRS as promulgated by the IASB. Example: 'US GAAP', 'IFRS'.  This is distinct from the Document Accounting Standard element.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAccountingStandard</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_AllowanceForDoubtfulTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A valuation allowance for trade receivables due from companies that are expected to be uncollectible.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_AllowanceForDoubtfulTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_ExtraDepreciationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Increase/decrease of depreciation expense recognised during the period,due to changes in scrap rates.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_ExtraDepreciationPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_IntervalBetweenVesselDrydockingSpecialSurvey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Refers to the period of review of drydocking and special survey costs in order to be amortized or deferred.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_IntervalBetweenVesselDrydockingSpecialSurvey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_LeaseAndNonleaseComponents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amout of lease and non lease components that is calculated as the difference between total revenue and the non-lease component revenue.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_LeaseAndNonleaseComponents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_NumberOfOperatingSegments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_NumberOfOperatingSegments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_VesselsScrapRatePerTon">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The estimated vessels' scrap rate per ton.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_VesselsScrapRatePerTon</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Impairment loss (reversal of impairment loss) recognised in profit or loss]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 20<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingCostsCapitalised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of interest and other costs that an entity incurs in connection with the borrowing of funds that are directly attributable to the acquisition, construction or production of a qualifying asset and which form part of the cost of that asset.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 23<br> -IssueDate 2022-03-24<br> -Paragraph 26<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=23&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_26_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingCostsCapitalised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B13<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 54<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) operating activities, which are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 10<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 50<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ix<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 81A<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssetsLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current assets less the amount of current liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssetsLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentPortionOfLongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentPortionOfLongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationMethodPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The depreciation method used for property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 73<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_73_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationMethodPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfNatureOfBenefitsProvidedByPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The description of the nature of the benefits provided by a defined benefit plan (for example, final salary defined benefit plan or contribution-based plan with guarantee). [Refer: Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2022-03-24<br> -Paragraph 139<br> -Subparagraph a<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_139_a_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfNatureOfBenefitsProvidedByPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfUsefulLifePropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Description of useful life used for property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 73<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_73_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfUsefulLifePropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DirectOperatingExpenseFromInvestmentProperty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of direct operating expenses (including repairs and maintenance) arising from investment property. [Refer: Investment property]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 40<br> -IssueDate 2022-03-24<br> -Paragraph 75<br> -Subparagraph f<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=40&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_75_f&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DirectOperatingExpenseFromInvestmentProperty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInitialApplicationOfStandardsOrInterpretationsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of deficit or surplus in a defined benefit plan, adjusted for any effect of limiting a net defined benefit asset to the asset ceiling. [Refer: Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2022-03-24<br> -Paragraph 140<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_140_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LiabilityAssetOfDefinedBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from borrowings obtained. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=glbs_CiTMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=glbs_CiTMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
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<td></td>
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<tr>
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<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis=glbs_CurrentAccruedInterestMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis=glbs_CurrentAccruedInterestMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_DeferredDryDockingCostsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_DeferredDryDockingCostsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_VesselsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663201258176">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cash and cash equivalents and Restricted cash (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsAbstract', window );"><strong>Cash and cash equivalents [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashOnHand', window );">Cash on hand</a></td>
<td class="nump">$ 36<span></span>
</td>
<td class="nump">$ 25<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BalancesWithBanks', window );">Cash at banks</a></td>
<td class="nump">52,797<span></span>
</td>
<td class="nump">45,188<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Total</a></td>
<td class="nump">$ 52,833<span></span>
</td>
<td class="nump">$ 45,213<span></span>
</td>
<td class="nump">$ 19,037<span></span>
</td>
<td class="nump">$ 2,366<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BalancesWithBanks">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cash balances held at banks.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BalancesWithBanks</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B13<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 54<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalentsAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashOnHand">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cash held by the entity. This does not include demand deposits.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashOnHand</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>72
<FILENAME>R49.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663205960064">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cash and cash equivalents and Restricted cash (Details Narrative) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsAbstract', window );"><strong>Cash and cash equivalents [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_CashAndCashEquivalentsFairValueDisclosure', window );">Cash And Cash Equivalents Fair Value Disclosure</a></td>
<td class="nump">$ 52,833<span></span>
</td>
<td class="nump">$ 45,213<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RestrictedCashAndCashEquivalents', window );">Restricted cash and cash equivalents</a></td>
<td class="nump">5,968<span></span>
</td>
<td class="nump">5,224<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_RestrictedCashAndCashEquivalentsFairValueDisclosure', window );">Restricted cash and cash equivalents fair value disclosure</a></td>
<td class="nump">5,968<span></span>
</td>
<td class="nump">5,224<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentRestrictedCashAndCashEquivalents', window );">Non-current restricted cash and cash equivalents</a></td>
<td class="nump">3,590<span></span>
</td>
<td class="nump">3,576<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentRestrictedCashAndCashEquivalents', window );">Current restricted cash and cash equivalents</a></td>
<td class="nump">$ 2,378<span></span>
</td>
<td class="nump">$ 1,648<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_CashAndCashEquivalentsFairValueDisclosure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_CashAndCashEquivalentsFairValueDisclosure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_RestrictedCashAndCashEquivalentsFairValueDisclosure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fair value of cash and cash equivalent items which are restricted as to withdrawal or usage.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_RestrictedCashAndCashEquivalentsFairValueDisclosure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentRestrictedCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current restricted cash and cash equivalents. [Refer: Restricted cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentRestrictedCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentRestrictedCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current restricted cash and cash equivalents. [Refer: Restricted cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentRestrictedCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RestrictedCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cash and cash equivalents whose use or withdrawal is restricted. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RestrictedCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>73
<FILENAME>R50.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
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</head>
<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663206191888">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Transactions with Related Parties - Compensation to the Company's Non-Executive Directors (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DirectorsCompensationSharebasedPayment', window );">Share-based payments (Note 12)</a></td>
<td class="nump">$ (0)<span></span>
</td>
<td class="nump">$ 40<span></span>
</td>
<td class="nump">$ 40<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_NonExecutiveDirectorsMember', window );">Non-Executive Directors [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DirectorsRemunerationExpense', window );">Directors&#8217; remuneration</a></td>
<td class="nump">240<span></span>
</td>
<td class="nump">145<span></span>
</td>
<td class="nump">143<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DirectorsCompensationSharebasedPayment', window );">Share-based payments (Note 12)</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">40<span></span>
</td>
<td class="nump">40<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensation', window );">Total</a></td>
<td class="nump">$ 240<span></span>
</td>
<td class="nump">$ 185<span></span>
</td>
<td class="nump">$ 183<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DirectorsCompensationSharebasedPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to directors in the form of share-based payments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DirectorsCompensationSharebasedPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DirectorsRemunerationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of remuneration paid or payable to the entity's directors.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DirectorsRemunerationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_NonExecutiveDirectorsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_NonExecutiveDirectorsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>74
<FILENAME>R51.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663202536592">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Transactions with Related Parties - Compensation to the Company's Executive Director (Details) - Executive Director [member] - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_IfrsStatementLineItems', window );"><strong>IfrsStatementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits', window );">Short-term employee benefits</a></td>
<td class="nump">$ 1,172<span></span>
</td>
<td class="nump">$ 1,216<span></span>
</td>
<td class="nump">$ 1,772<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensation', window );">Total</a></td>
<td class="nump">$ 1,172<span></span>
</td>
<td class="nump">$ 1,216<span></span>
</td>
<td class="nump">$ 1,772<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_IfrsStatementLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_IfrsStatementLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel in the form of short-term employee benefits. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_ExecutiveDirectorMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_ExecutiveDirectorMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663196290816">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Transactions with Related Parties (Details Narrative)<br></strong></div></th>
<th class="th" colspan="2">2 Months Ended</th>
<th class="th" colspan="1">4 Months Ended</th>
<th class="th" colspan="1">5 Months Ended</th>
<th class="th" colspan="2">6 Months Ended</th>
<th class="th" colspan="1">7 Months Ended</th>
<th class="th" colspan="1">8 Months Ended</th>
<th class="th" colspan="1">9 Months Ended</th>
<th class="th" colspan="2">11 Months Ended</th>
<th class="th" colspan="6">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Mar. 02, 2021 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Feb. 28, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>May 08, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jun. 12, 2020 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Jul. 15, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jun. 22, 2020 </div>
<div>shares</div>
</th>
<th class="th">
<div>Jul. 27, 2020 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Aug. 18, 2016 </div>
<div>EUR (&#8364;)</div>
</th>
<th class="th">
<div>Sep. 30, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 03, 2020 </div>
<div>EUR (&#8364;)</div>
</th>
<th class="th">
<div>Nov. 30, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2022 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2022 </div>
<div>EUR (&#8364;)</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($) </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>EUR (&#8364;)</div>
</th>
<th class="th">
<div>Dec. 03, 2020 </div>
<div>USD ($)</div>
</th>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_CreditAdjustmentOfFinanceCost', window );">Credit adjustment of finance cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 40,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ (0)<span></span>
</td>
<td class="nump">$ (0)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationRightofuseAssets', window );">Depreciation, right-of-use assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">327,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">206,000<span></span>
</td>
<td class="nump">112,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestExpenseOnLeaseLiabilities', window );">Interest expense on lease liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">54,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">52,000<span></span>
</td>
<td class="nump">44,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities', window );">Payment of lease liability - principal and Interest Paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">341,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">314,000<span></span>
</td>
<td class="nump">229,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_ConsultingFeesExpense', window );">Consulting Fees Expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 271,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 329,000<span></span>
</td>
<td class="nump">243,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding', window );">Increase in number of shares outstanding | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">342,857<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.004<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VotingRights', window );">Voting Rights</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Holders
of the Company&#8217;s common shares and Class B common shares have equivalent economic rights, but holders of Company&#8217;s
common shares are entitled to one vote per share and holders of the Company&#8217;s Class B common shares are entitled to twenty
votes per share.<span></span>
</td>
<td class="text">Holders
of the Company&#8217;s common shares and Class B common shares have equivalent economic rights, but holders of Company&#8217;s
common shares are entitled to one vote per share and holders of the Company&#8217;s Class B common shares are entitled to twenty
votes per share.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives', window );">Gains on change in fair value of derivatives</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,520,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 181,000<span></span>
</td>
<td class="num">(1,647,000)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestExpense', window );">Interest expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,047,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,958,000<span></span>
</td>
<td class="nump">$ 3,721,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_PreferredSharesMember', window );">Preferred shares [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_AffiliatedCompanyOfCompanysCEOMember', window );">Goldenmare Limited [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_ConsultingFeesExpense', window );">Consulting Fees Expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 200,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 400,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,172,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,216,000<span></span>
</td>
<td class="nump">$ 1,772,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_AgreedAmountOfOneTimeCashBonus', window );">Amount of one-time cash bonus</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,500,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_OneTimeCashBonusPayment', window );">One time cash bonus payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_RemainingOfOneTimeCashBonusPayment', window );">Remaining of one time cash bonus payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_AffiliatedCompanyOfCompanysCEOMember', window );">Goldenmare Limited [member] | Preferred shares [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding', window );">Increase in number of shares outstanding | shares</a></td>
<td class="nump">10,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">250<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share | $ / shares</a></td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_IssueOfPreferredShares', window );">Issue of preferred shares</a></td>
<td class="nump">$ 130,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 150,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 150,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Number of shares in entity held by entity or by its subsidiaries or associates | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VotingRights', window );">Voting Rights</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Each Series B
preferred share has 25,000 votes, provided that no holder of Series B preferred shares may exercise voting rights pursuant to Series
B preferred shares that would result in the aggregate voting power of the beneficial owner of any such holder of Series B preferred
shares, together with its affiliates, exceeding 49.99% of the total number of votes eligible to be cast on any matter submitted to a
vote of shareholders. Except as otherwise provided by applicable law, holders of the Company&#8217;s Series B preferred shares and
the Company&#8217;s common shares vote together as a single class on all matters submitted to a vote of shareholders, including the
election of directors. Athanasios Feidakis has substantial control and influence over the Company&#8217;s management and affairs and
over matters requiring shareholder approval, including the election of directors and significant corporate transactions, through his
ability to direct the vote of such Series B preferred shares<span></span>
</td>
<td class="text">Each Series B
preferred share has 25,000 votes, provided that no holder of Series B preferred shares may exercise voting rights pursuant to Series
B preferred shares that would result in the aggregate voting power of the beneficial owner of any such holder of Series B preferred
shares, together with its affiliates, exceeding 49.99% of the total number of votes eligible to be cast on any matter submitted to a
vote of shareholders. Except as otherwise provided by applicable law, holders of the Company&#8217;s Series B preferred shares and
the Company&#8217;s common shares vote together as a single class on all matters submitted to a vote of shareholders, including the
election of directors. Athanasios Feidakis has substantial control and influence over the Company&#8217;s management and affairs and
over matters requiring shareholder approval, including the election of directors and significant corporate transactions, through his
ability to direct the vote of such Series B preferred shares<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_ChairmanOfTheBoardOfDirectorsMember', window );">Chairman of the Board of Directors [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_ProportionOfOwnershipInterestsHeldByControllingParty', window );">Proportion Of Ownership Interests Held By Controlling Party</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.70%<span></span>
</td>
<td class="nump">3.70%<span></span>
</td>
<td class="nump">3.70%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_FirmentShippingIncMember', window );">Firment Shipping Inc. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Line Of Credit Facility Maximum Borrowing Capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 15,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DescriptionOfBorrowingsScope', window );">Description of borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">of financing its general working capital needs<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_CreditFacilityCollateraDescription', window );">Credit facility collateral description</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">The Firment Shipping
Credit Facility was unsecured and remained available until its final maturity date<span></span>
</td>
<td class="text">The Firment Shipping
Credit Facility was unsecured and remained available until its final maturity date<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Borrowings, maturity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">October 31, 2021<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_LineOfCreditFacilityDrawndownAmountsMultiples', window );">Line Of Credit Facility Drawndown Amounts Multiples</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Borrowings, interest rate basis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">7% per annum<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Borrowings Default Interest Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DebtInstrumentConversionPriceDescription', window );">Debt instrument conversion price description</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">The conversion price should equal the higher of (i) the average
of the daily dollar volume-weighted average sale price for the common stock on the principal market on any trading day during the period
beginning at 9.30 a.m. New York City time and ending at 4.00 p.m. (&#8220;VWAP&#8221;) over the pricing period multiplied by 80%, where
the &#8220;Pricing Period&#8221; equals the ten consecutive trading days immediately preceding the date on which the conversion notice
was executed or, (ii) Two Hundred Eighty US Dollars ($280.00) (absolute amount)<span></span>
</td>
<td class="text">The conversion price should equal the higher of (i) the average
of the daily dollar volume-weighted average sale price for the common stock on the principal market on any trading day during the period
beginning at 9.30 a.m. New York City time and ending at 4.00 p.m. (&#8220;VWAP&#8221;) over the pricing period multiplied by 80%, where
the &#8220;Pricing Period&#8221; equals the ten consecutive trading days immediately preceding the date on which the conversion notice
was executed or, (ii) Two Hundred Eighty US Dollars ($280.00) (absolute amount)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives', window );">Gains on change in fair value of derivatives</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">220,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">189,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepaymentsOfCurrentBorrowings', window );">Repayments of current borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">863,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_FirmentShippingIncMember', window );">Firment Shipping Inc. [member] | Amended And Restated Agreement [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Line Of Credit Facility Maximum Borrowing Capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 14,200,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Borrowings, maturity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">October
31, 2021<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives', window );">Gains on change in fair value of derivatives</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">220,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepaymentsOfCurrentBorrowings', window );">Repayments of current borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 863,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestExpense', window );">Interest expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">26,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_EolosShipmanagementMember', window );">Eolos Shipmanagement S.A [member] | Daily rate [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_ConsultingFeesExpense', window );">Consulting Fees Expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_NonExecutiveDirectorsMember', window );">Non-Executive Directors [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_NoninterestExpenseDirectorsFees1', window );">Annual Service Fee</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 80,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_AccruedDirectorsCompensation', window );">Accrued Directors Compensation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">60,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 105,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_ExecutiveDirectorMember', window );">Executive Director [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_AccruedDirectorsCompensation', window );">Accrued Directors Compensation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,088,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">985,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CounterpartiesAxis=glbs_CyberonicaSAMember', window );">Cyberonica S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_MonthlyRentalExpense', window );">Monthly Rental Expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 26,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 11,900<span></span>
</td>
<td class="nump">&#8364; 10,360<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_LeaseExpirationDate', window );">Lease expiration date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Aug.  04,  2024<span></span>
</td>
<td class="text">Aug.  04,  2024<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_CreditAdjustmentOfFinanceCost', window );">Credit adjustment of finance cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 40,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">39,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LeasesAsLesseeRelatedPartyTransactions', window );">Leases as lessee, related party transactions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 341,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 242,000<span></span>
</td>
<td class="nump">$ 141,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CounterpartiesAxis=glbs_FGEuropeMember', window );">F.G. Europe [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_MonthlyRentalExpense', window );">Monthly Rental Expense | &#8364;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 26,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_LeaseExpirationDate', window );">Lease expiration date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Aug.  04,  2024<span></span>
</td>
<td class="text">Aug.  04,  2024<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_AccruedDirectorsCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of the obligations incurred through that date and payable for directors' services provided.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_AccruedDirectorsCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_AgreedAmountOfOneTimeCashBonus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cash bonus agreed the Company to pay to the CEO pursuant to his consultancy agreement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_AgreedAmountOfOneTimeCashBonus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_ConsultingFeesExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid or payable for consulting fees.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_ConsultingFeesExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_CreditAdjustmentOfFinanceCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of credit adjustment,classified in the income statement component of the consolidated statement of comprehensive income/(loss) under interest and finance costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_CreditAdjustmentOfFinanceCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_CreditFacilityCollateraDescription">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The collateral description of the credit facility.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_CreditFacilityCollateraDescription</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DebtInstrumentConversionPriceDescription">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The conversion price description of the debt instrument.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DebtInstrumentConversionPriceDescription</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DescriptionOfBorrowingsScope">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Description of the scope of a credit facility arrangement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DescriptionOfBorrowingsScope</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_IssueOfPreferredShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase in equity through the issue of preferred shares.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_IssueOfPreferredShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_LeaseExpirationDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Date which lease or group of leases is set to expire, in YYYY-MM format.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_LeaseExpirationDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_LineOfCreditFacilityDrawndownAmountsMultiples">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The multiples of amounts that the company has the right to drawdown under the relevant credit facility.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_LineOfCreditFacilityDrawndownAmountsMultiples</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_LineOfCreditFacilityMaximumBorrowingCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_LineOfCreditFacilityMaximumBorrowingCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_MonthlyRentalExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of monthly expense recognised on rental activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_MonthlyRentalExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_NoninterestExpenseDirectorsFees1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Noninterest expense related to directors' fees which are fees paid by an Entity to its directors. Directors' fees may be paid in addition to salary and other benefits.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_NoninterestExpenseDirectorsFees1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_OneTimeCashBonusPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The payment of cash bonus pursuant to consultancy agreement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_OneTimeCashBonusPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow combination for payment of lease liabilities and interest paid classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_ProportionOfOwnershipInterestsHeldByControllingParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interests held by the controlling party.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_ProportionOfOwnershipInterestsHeldByControllingParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_RemainingOfOneTimeCashBonusPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Remaining payment of cash bonus pursuant to consultancy agreement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_RemainingOfOneTimeCashBonusPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_VotingRights">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Description of voting rights of common stock. Includes eligibility to vote and votes per share owned.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_VotingRights</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The adjustment to the basis (reference rate) used for calculation of the interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsAdjustmentToInterestRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The basis (reference rate) used for calculation of the interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsMaturity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maturity of borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsMaturity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationRightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation of right-of-use assets. [Refer: Depreciation and amortisation expense; Right-of-use assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 53<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_53_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationRightofuseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) resulting from change in the fair value of derivatives recognised in profit or loss. [Refer: Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the number of shares outstanding. [Refer: Number of shares outstanding]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from interest.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 28<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 23<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_23_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B13<br> -Subparagraph f<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B13_f&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpenseOnLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of interest expense on lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 53<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_53_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseOnLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LeasesAsLesseeRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of leases where the entity was the lessee in related party transactions. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2022-03-24<br> -Paragraph 21<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_21_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LeasesAsLesseeRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ParValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The nominal value per share.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_79_a_iii&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ParValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RepaymentsOfCurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for repayments of current borrowings. [Refer: Current borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RepaymentsOfCurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of shares in the entity held by the entity or by its subsidiaries or associates. [Refer: Associates [member]; Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 79<br> -Subparagraph a<br> -Clause vi<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_79_a_vi&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_PreferredSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=glbs_PreferredSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_AffiliatedCompanyOfCompanysCEOMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_AffiliatedCompanyOfCompanysCEOMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_ChairmanOfTheBoardOfDirectorsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_ChairmanOfTheBoardOfDirectorsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_FirmentShippingIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_FirmentShippingIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=glbs_AmendedAndRestatedAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=glbs_AmendedAndRestatedAgreementMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_EolosShipmanagementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_EolosShipmanagementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CapitalRequirementsAxis=glbs_DailyRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CapitalRequirementsAxis=glbs_DailyRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_NonExecutiveDirectorsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_NonExecutiveDirectorsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_ExecutiveDirectorMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_ExecutiveDirectorMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CounterpartiesAxis=glbs_CyberonicaSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=glbs_CyberonicaSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CounterpartiesAxis=glbs_FGEuropeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=glbs_FGEuropeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>76
<FILENAME>R53.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663201959216">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Vessels, net - Consolidated Statement of Financial Position (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Ships', window );">Balance beginning of period</a></td>
<td class="nump">$ 130,724<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment loss</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="num">$ (4,615)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Ships', window );">Balance ending of period</a></td>
<td class="nump">129,461<span></span>
</td>
<td class="nump">130,724<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=glbs_CarryingAmountIMember', window );">Carrying Amount [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Ships', window );">Balance beginning of period</a></td>
<td class="nump">130,724<span></span>
</td>
<td class="nump">62,350<span></span>
</td>
<td class="nump">48,242<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions/ (Dry Docking Component)</a></td>
<td class="nump">8,616<span></span>
</td>
<td class="nump">74,790<span></span>
</td>
<td class="nump">22,311<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(4,615)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation expense</a></td>
<td class="num">(9,879)<span></span>
</td>
<td class="num">(6,416)<span></span>
</td>
<td class="num">(3,588)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Ships', window );">Balance ending of period</a></td>
<td class="nump">129,461<span></span>
</td>
<td class="nump">130,724<span></span>
</td>
<td class="nump">62,350<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_VesselsMember', window );">Vessels [member] | Gross carrying amount [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Ships', window );">Balance beginning of period</a></td>
<td class="nump">233,738<span></span>
</td>
<td class="nump">162,992<span></span>
</td>
<td class="nump">149,579<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions/ (Dry Docking Component)</a></td>
<td class="nump">1,178<span></span>
</td>
<td class="nump">70,746<span></span>
</td>
<td class="nump">18,028<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(4,615)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Ships', window );">Balance ending of period</a></td>
<td class="nump">234,916<span></span>
</td>
<td class="nump">233,738<span></span>
</td>
<td class="nump">162,992<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_VesselsMember', window );">Vessels [member] | Accumulated depreciation, amortisation and impairment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_AccumulatedDepreciationPropertyPlantAndEquipment', window );">Balance beginning of period</a></td>
<td class="num">(107,776)<span></span>
</td>
<td class="num">(104,111)<span></span>
</td>
<td class="num">(101,858)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation expense</a></td>
<td class="num">(5,233)<span></span>
</td>
<td class="num">(3,665)<span></span>
</td>
<td class="num">(2,253)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_AccumulatedDepreciationPropertyPlantAndEquipment', window );">Balance ending of period</a></td>
<td class="num">(113,009)<span></span>
</td>
<td class="num">(107,776)<span></span>
</td>
<td class="num">(104,111)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_DryDockingMember', window );">Dry docking [member] | Gross carrying amount [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Ships', window );">Balance beginning of period</a></td>
<td class="nump">15,927<span></span>
</td>
<td class="nump">11,883<span></span>
</td>
<td class="nump">7,600<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions/ (Dry Docking Component)</a></td>
<td class="nump">7,438<span></span>
</td>
<td class="nump">4,044<span></span>
</td>
<td class="nump">4,283<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Ships', window );">Balance ending of period</a></td>
<td class="nump">23,365<span></span>
</td>
<td class="nump">15,927<span></span>
</td>
<td class="nump">11,883<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_DryDockingMember', window );">Dry docking [member] | Accumulated depreciation, amortisation and impairment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_AccumulatedDepreciationPropertyPlantAndEquipment', window );">Balance beginning of period</a></td>
<td class="num">(11,165)<span></span>
</td>
<td class="num">(8,414)<span></span>
</td>
<td class="num">(7,079)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation expense</a></td>
<td class="num">(4,646)<span></span>
</td>
<td class="num">(2,751)<span></span>
</td>
<td class="num">(1,335)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_AccumulatedDepreciationPropertyPlantAndEquipment', window );">Balance ending of period</a></td>
<td class="num">$ (15,811)<span></span>
</td>
<td class="num">$ (11,165)<span></span>
</td>
<td class="num">$ (8,414)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_AccumulatedDepreciationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of accumulated depreciation for physical assets used in the normal conduct of business to produce goods and services.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_AccumulatedDepreciationPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to property, plant and equipment other than those acquired through business combinations. [Refer: Business combinations [member]; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 73<br> -Subparagraph e<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_73_e_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationAndAmortisationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation and amortisation expense. Depreciation and amortisation are the systematic allocations of depreciable amounts of assets over their useful lives.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 28<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B13<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B13_d&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 23<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_23_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 104<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationAndAmortisationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss for property, plant and equipment. [Refer: Impairment loss recognised in profit or loss; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 73<br> -Subparagraph e<br> -Clause v<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_73_e_v&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 98<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_98_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Ships">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of property, plant and equipment representing seafaring or other maritime vessels used in the entity's operations. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 37<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_37_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Ships</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=glbs_CarryingAmountIMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_VesselsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_VesselsMember</td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember</td>
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<td>na</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_DryDockingMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<head>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663205915600">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Vessels, net - Consolidated Statement of Comprehensive Income/ (loss) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract', window );"><strong>Disclosure of detailed information about property, plant and equipment [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Vessels depreciation</a></td>
<td class="nump">$ 5,233<span></span>
</td>
<td class="nump">$ 3,665<span></span>
</td>
<td class="nump">$ 2,253<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DepreciationOfficeFurnitureAndEquipment', window );">Depreciation on office furniture and equipment</a></td>
<td class="nump">40<span></span>
</td>
<td class="nump">39<span></span>
</td>
<td class="nump">33<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationRightofuseAssets', window );">Depreciation of right of use asset (Note 18)</a></td>
<td class="nump">327<span></span>
</td>
<td class="nump">206<span></span>
</td>
<td class="nump">112<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationExpense', window );">Total</a></td>
<td class="nump">$ 5,600<span></span>
</td>
<td class="nump">$ 3,910<span></span>
</td>
<td class="nump">$ 2,398<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DepreciationOfficeFurnitureAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation of office furniture and equipment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DepreciationOfficeFurnitureAndEquipment</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation expense. Depreciation is the systematic allocation of depreciable amounts of tangible assets over their useful lives.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationExpense</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation of property, plant and equipment. [Refer: Depreciation and amortisation expense; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 73<br> -Subparagraph e<br> -Clause vii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_73_e_vii&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 75<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_75_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationPropertyPlantAndEquipment</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation of right-of-use assets. [Refer: Depreciation and amortisation expense; Right-of-use assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 53<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_53_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationRightofuseAssets</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract</td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663202102720">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Vessels, net - Impairment loss (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems', window );"><strong>Disclosure of impairment loss and reversal of impairment loss [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment loss</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
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<td class="num">$ (4,615)<span></span>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_MVRiverGlobeMember', window );">m/v River Globe [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems', window );"><strong>Disclosure of impairment loss and reversal of impairment loss [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(332)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_MVSkyGlobeMember', window );">m/v Sky Globe [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems', window );"><strong>Disclosure of impairment loss and reversal of impairment loss [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,231)<span></span>
</td>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_MVStarGlobeMember', window );">m/v Star Globe [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems', window );"><strong>Disclosure of impairment loss and reversal of impairment loss [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(460)<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_MVSunGlobeMember', window );">m/v Sun Globe [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems', window );"><strong>Disclosure of impairment loss and reversal of impairment loss [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment loss</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="num">(2,013)<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_MVMoonGlobeMember', window );">m/v Moon Globe [member]</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems', window );"><strong>Disclosure of impairment loss and reversal of impairment loss [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment loss</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="num">$ (579)<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss for property, plant and equipment. [Refer: Impairment loss recognised in profit or loss; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 73<br> -Subparagraph e<br> -Clause v<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_73_e_v&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 98<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_98_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_MVStarGlobeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_MVSunGlobeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_MVSunGlobeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_MVMoonGlobeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_MVMoonGlobeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>79
<FILENAME>R56.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663200976544">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Vessels, net (Details Narrative)<br></strong></div></th>
<th class="th" colspan="1">2 Months Ended</th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="1">9 Months Ended</th>
<th class="th" colspan="1">10 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Feb. 18, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Mar. 19, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Sep. 22, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Oct. 29, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities', window );">Purchase price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ (0)<span></span>
</td>
<td class="nump">$ 71,600,000<span></span>
</td>
<td class="nump">$ 18,474,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_WeightedAverageCostOfCapital', window );">Weighted Average Cost Of Capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.06%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_TimePeriodConsidered', window );">Time Period Considered</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">the
Company used the historical ten-year blended average one-year time charter rates<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_AssumptionOfExpectedRatesOfInflation', window );">Assumption Of Expected Rates Of Inflation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment loss recognised in profit or loss, property, plant and equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 4,615,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_GalaxyGlobeMember', window );">Galaxy Globe [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselYearBuilt', window );">Vessel year built</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselType', window );">Vessel type</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Kamsarmax<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities', window );">Purchase price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 18,400,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselCapacity', window );">Vessel Capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">81,167<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DryDockingCostCapitalised', window );">Dry-docking cost capitalised</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_NordVenusMember', window );">Power Globe [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselYearBuilt', window );">Vessel year built</a></td>
<td class="text">2011<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselType', window );">Vessel type</a></td>
<td class="text">Kamsarmax<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities', window );">Purchase price</a></td>
<td class="nump">$ 16,200,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselCapacity', window );">Vessel Capacity</a></td>
<td class="nump">80,655<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselDeliveryDate', window );">Vessel Delivery Date</a></td>
<td class="text">Jul. 20,  2021<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_Yangze11Member', window );">Diamond Globe [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselYearBuilt', window );">Vessel year built</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2018<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselType', window );">Vessel type</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Kamsarmax<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities', window );">Purchase price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 27,000,000.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselCapacity', window );">Vessel Capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">82,027<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DryDockingCostCapitalised', window );">Dry-docking cost capitalised</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 600,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselDeliveryDate', window );">Vessel Delivery Date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Jun.  09,  2021<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Ballast water treatment system additions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 26,400,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_PeakLibertyMember', window );">Orion Globe [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselYearBuilt', window );">Vessel year built</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselType', window );">Vessel type</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Kamsarmax<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities', window );">Purchase price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 28,400,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselCapacity', window );">Vessel Capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">81,837<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DryDockingCostCapitalised', window );">Dry-docking cost capitalised</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselDeliveryDate', window );">Vessel Delivery Date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Nov. 29,  2021<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Ballast water treatment system additions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 27,900,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_FiveVesselsMember', window );">Five Vessels [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Ballast water treatment system additions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_SupramaxMember', window );">Supramax [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselCapacity', window );">Vessel Capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_AssumptionOfFleetUtilisationRate', window );">Assumption Of Fleet Utilisation Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">87.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_PanamaxMember', window );">Panamax [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselCapacity', window );">Vessel Capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">70,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_AssumptionOfFleetUtilisationRate', window );">Assumption Of Fleet Utilisation Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">90.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_AssumptionOfExpectedRatesOfInflation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The expected rate of inflation that is used as an assumption to determine the discounted future cash flows of each vessel.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_AssumptionOfExpectedRatesOfInflation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_AssumptionOfFleetUtilisationRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The expected fleet utilisation rate that is used as an assumption to determine the discounted future cash flows of each vessel.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_AssumptionOfFleetUtilisationRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DryDockingCostCapitalised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of dry-docking cost capitalised on the asset.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DryDockingCostCapitalised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_TimePeriodConsidered">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The period of time charter rates used to create an average to calculate cash flows for impairment purposes.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_TimePeriodConsidered</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_VesselCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The vessel's capacity in deadweight tonnage ("dwt").</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_VesselCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_VesselDeliveryDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The date of the vessel delivery to the Company.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_VesselDeliveryDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_VesselType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of vessel.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_VesselType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_VesselYearBuilt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The year that the vessel was built.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_VesselYearBuilt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_WeightedAverageCostOfCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The weighted average cost of capital (WACC) is a calculation of a firm's cost of capital in which each category of capital is proportionately weighted. All sources of capital, including common stock, preferred stock, bonds, and any other long-term debt, are included in a WACC calculation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_WeightedAverageCostOfCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to property, plant and equipment other than those acquired through business combinations. [Refer: Business combinations [member]; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 73<br> -Subparagraph e<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_73_e_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 39<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_39&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss for property, plant and equipment. [Refer: Impairment loss recognised in profit or loss; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 73<br> -Subparagraph e<br> -Clause v<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_73_e_v&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 98<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_98_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_GalaxyGlobeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_GalaxyGlobeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_NordVenusMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_NordVenusMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_Yangze11Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_Yangze11Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_PeakLibertyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_PeakLibertyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_FiveVesselsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_FiveVesselsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_SupramaxMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_SupramaxMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_PanamaxMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_PanamaxMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<FILENAME>R57.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663202412144">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Inventories (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfInventoriesAbstract', window );"><strong>Classes of current inventories [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_LubricantsInventoryCurrent', window );">Lubricants</a></td>
<td class="nump">$ 1,062<span></span>
</td>
<td class="nump">$ 765<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_GasCylindersInventoryCurrent', window );">Gas cylinders</a></td>
<td class="nump">133<span></span>
</td>
<td class="nump">87<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_BunkerInventoryCurrent', window );">Bunkers</a></td>
<td class="nump">1,833<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Total</a></td>
<td class="nump">$ 3,028<span></span>
</td>
<td class="nump">$ 852<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_BunkerInventoryCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of bunkers' inventory.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_BunkerInventoryCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_GasCylindersInventoryCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of gas cylinder's inventory.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_GasCylindersInventoryCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_LubricantsInventoryCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of lubricants' inventory.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_LubricantsInventoryCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfInventoriesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfInventoriesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Inventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2022-03-24<br> -Paragraph 36<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 54<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 68<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Inventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>81
<FILENAME>R58.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663202420112">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Trade accounts payable (Details Narrative) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayablesAbstract', window );"><strong>Trade and other payables [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade and other current payables</a></td>
<td class="nump">$ 3,548<span></span>
</td>
<td class="nump">$ 1,100<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade payables and current other payables. [Refer: Current trade payables; Other current payables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 54<br> -Subparagraph k<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherPayablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherPayablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>82
<FILENAME>R59.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663205136240">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Accrued liabilities and other payables (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MiscellaneousCurrentLiabilitiesAbstract', window );"><strong>Miscellaneous current liabilities [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentDebtInstrumentsIssued', window );">Accrued Interest Swap Loss</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 30<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_AccruedAuditFeesCurrent', window );">Accrued audit fees</a></td>
<td class="nump">77<span></span>
</td>
<td class="nump">82<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_OtherAccruals', window );">Other accruals</a></td>
<td class="nump">5,552<span></span>
</td>
<td class="nump">3,262<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_CurrentInsuranceDeductibles', window );">Insurance deductibles</a></td>
<td class="nump">104<span></span>
</td>
<td class="nump">64<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherCurrentPayables', window );">Other payables</a></td>
<td class="nump">81<span></span>
</td>
<td class="nump">59<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities', window );">Total</a></td>
<td class="nump">$ 5,814<span></span>
</td>
<td class="nump">$ 3,497<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_AccruedAuditFeesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current audit fees payable.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_AccruedAuditFeesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_CurrentInsuranceDeductibles">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current insurance deductibles payable.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_CurrentInsuranceDeductibles</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_OtherAccruals">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of accruals payable classified as other.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_OtherAccruals</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current accrued expenses and other current liabilities. [Refer: Accruals; Other current liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentDebtInstrumentsIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current debt instruments issued. [Refer: Debt instruments issued]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentDebtInstrumentsIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MiscellaneousCurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MiscellaneousCurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current payables that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>83
<FILENAME>R60.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663201222848">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Share Capital and Share Premium - Authorized share capital (Details) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_IfrsStatementLineItems', window );"><strong>IfrsStatementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.004<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_ValueOfSharesAuthorised', window );">Total value of shares authorised</a></td>
<td class="nump">$ 2,200<span></span>
</td>
<td class="nump">$ 2,200<span></span>
</td>
<td class="nump">$ 2,200<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_CommonSharesMember', window );">Common Shares [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_IfrsStatementLineItems', window );"><strong>IfrsStatementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfSharesAuthorised', window );">Number of shares authorised</a></td>
<td class="nump">500,000,000<span></span>
</td>
<td class="nump">500,000,000<span></span>
</td>
<td class="nump">500,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share</a></td>
<td class="nump">$ 0.004<span></span>
</td>
<td class="nump">$ 0.004<span></span>
</td>
<td class="nump">$ 0.004<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_ValueOfSharesAuthorised', window );">Total value of shares authorised</a></td>
<td class="nump">$ 2,000<span></span>
</td>
<td class="nump">$ 2,000<span></span>
</td>
<td class="nump">$ 2,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_ClassBCommonSharesMember', window );">Class B Common Shares [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_IfrsStatementLineItems', window );"><strong>IfrsStatementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfSharesAuthorised', window );">Number of shares authorised</a></td>
<td class="nump">100,000,000<span></span>
</td>
<td class="nump">100,000,000<span></span>
</td>
<td class="nump">100,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share</a></td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_ValueOfSharesAuthorised', window );">Total value of shares authorised</a></td>
<td class="nump">$ 100<span></span>
</td>
<td class="nump">$ 100<span></span>
</td>
<td class="nump">$ 100<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_PreferredSharesMember', window );">Preferred shares [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_IfrsStatementLineItems', window );"><strong>IfrsStatementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfSharesAuthorised', window );">Number of shares authorised</a></td>
<td class="nump">100,000,000<span></span>
</td>
<td class="nump">100,000,000<span></span>
</td>
<td class="nump">100,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share</a></td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_ValueOfSharesAuthorised', window );">Total value of shares authorised</a></td>
<td class="nump">$ 100<span></span>
</td>
<td class="nump">$ 100<span></span>
</td>
<td class="nump">$ 100<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_IfrsStatementLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_IfrsStatementLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_ValueOfSharesAuthorised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The nominal value of shares authorised.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_ValueOfSharesAuthorised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesAuthorised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of shares authorised.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 79<br> -Subparagraph a<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_79_a_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesAuthorised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ParValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The nominal value per share.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_79_a_iii&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ParValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_CommonSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=glbs_CommonSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_ClassBCommonSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=glbs_ClassBCommonSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_PreferredSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=glbs_PreferredSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>84
<FILENAME>R61.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663200871456">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share Capital and Share Premium - Common Shares issued and fully paid (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Balance beginning of period</a></td>
<td class="nump">$ 82<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Balance ending of period</a></td>
<td class="nump">$ 82<span></span>
</td>
<td class="nump">$ 82<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_OrdinarySharesMember', window );">Ordinary shares [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssuedAndFullyPaid', window );">Balance beginning of period</a></td>
<td class="nump">20,582,301<span></span>
</td>
<td class="nump">3,040,123<span></span>
</td>
<td class="nump">52,235<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions', window );">Issued during the year for share-based compensation</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">12,178<span></span>
</td>
<td class="nump">2,812<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughConversionOfConvertibleInstruments', window );">Issuance of common stock due to conversion of loan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11,678<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity', window );">Issuance of new common stocks</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14,905,000<span></span>
</td>
<td class="nump">2,942,848<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity', window );">Issuance of common stock due to exercise of pre-funded warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,625,000<span></span>
</td>
<td class="nump">25,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity', window );">Issuance of common stock due to exercise of warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,550<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssuedAndFullyPaid', window );">Balance ending of period</a></td>
<td class="nump">20,582,301<span></span>
</td>
<td class="nump">20,582,301<span></span>
</td>
<td class="nump">3,040,123<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_IssuedCapitalMember', window );">Issued capital [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Balance beginning of period</a></td>
<td class="nump">$ 82<span></span>
</td>
<td class="nump">$ 12<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IssueOfEquity', window );">Issuance of new common stocks</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">60<span></span>
</td>
<td class="nump">12<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity', window );">Issuance of common stock due to exercise of pre-funded warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Balance ending of period</a></td>
<td class="nump">$ 82<span></span>
</td>
<td class="nump">$ 82<span></span>
</td>
<td class="nump">$ 12<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the number of ordinary shares issued through the issue of equity instruments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughConversionOfConvertibleInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the number of ordinary shares resulting from the conversion of convertible instruments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughConversionOfConvertibleInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the number of ordinary shares resulting from the exercise of pre-funded warrants</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the number of ordinary shares resulting from the exercise of warrants.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the number of ordinary shares issued resulting from share-based payment transactions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfClassesOfShareCapitalLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from the exercise of warrants.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughExerciseOfWarrantsEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssueOfEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase in equity through the issue of equity instruments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph d<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_d_iii&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssueOfEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssuedCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The nominal value of capital issued.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssuedCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssuedAndFullyPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity, for which full payment has been received.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 79<br> -Subparagraph a<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_79_a_ii&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssuedAndFullyPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_OrdinarySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_OrdinarySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_IssuedCapitalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_IssuedCapitalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>85
<FILENAME>R62.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663192363328">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share Capital and Share Premium (Details Narrative)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="2">2 Months Ended</th>
<th class="th" colspan="1">4 Months Ended</th>
<th class="th" colspan="1">5 Months Ended</th>
<th class="th" colspan="2">6 Months Ended</th>
<th class="th" colspan="2">7 Months Ended</th>
<th class="th" colspan="1">9 Months Ended</th>
<th class="th" colspan="2">11 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Jan. 13, 2021 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Jan. 29, 2021 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Mar. 02, 2021 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Feb. 17, 2021 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Jun. 29, 2021 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Jun. 12, 2020 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Jun. 30, 2020 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Jun. 22, 2020 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Jul. 27, 2020 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Jul. 21, 2020 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Sep. 30, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 10, 2020 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 09, 2020 </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2022 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VotingRights', window );">Voting Rights</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Holders
of the Company&#8217;s common shares and Class B common shares have equivalent economic rights, but holders of Company&#8217;s
common shares are entitled to one vote per share and holders of the Company&#8217;s Class B common shares are entitled to twenty
votes per share.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding', window );">Increase in number of shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">342,857<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.004<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 44,325,000<span></span>
</td>
<td class="nump">$ 31,482,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExercisePriceOfOutstandingShareOptions2019', window );">Exercise price of outstanding share options | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 35<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_ProceedsFromWarrantExercises', window );">Proceeds From Warrant Exercises | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">25,000<span></span>
</td>
<td class="nump">$ 194,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProceedsFromIssuingShares', window );">Proceeds from issuing shares | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">89,580,000<span></span>
</td>
<td class="nump">49,317,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ShareIssueRelatedCost', window );">Share issue related cost | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">401,000<span></span>
</td>
<td class="nump">1,079,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SharePremium', window );">Share premium | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 284,406,000<span></span>
</td>
<td class="nump">$ 284,406,000<span></span>
</td>
<td class="nump">$ 195,102,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_ConvertibleNoteMember', window );">Convertible Note [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.004<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,168,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DebtInstrumentConvertibleConversionPrice', window );">Debt Instrument Convertible Conversion Price | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 100<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11,678<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_MaximGroupLLCMember', window );">Maxim Group LLC [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding', window );">Increase in number of shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">51,393<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.004<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExercisePriceOfOutstandingShareOptions2019', window );">Exercise price of outstanding share options | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 35<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfOptionLifeShareOptionsGranted', window );">Option life, share options granted</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProceedsFromExerciseOfOptions', window );">Proceeds from exercise of options | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 12,695,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_MaximGroupLLCMember', window );">Maxim Group LLC [member] | 45-day option [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding', window );">Increase in number of shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">51,429<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.004<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_NumberOfSharesCalledByWarrants', window );">Number Of Shares Called By Warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">51,429<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_InstitutionalInvestorsMember', window );">Institutional investors [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding', window );">Increase in number of shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,155,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,850,000<span></span>
</td>
<td class="nump">8,900,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,256,765<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.004<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.004<span></span>
</td>
<td class="nump">$ 0.004<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.004<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProceedsFromIssuingShares', window );">Proceeds from issuing shares | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 15,108,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 27,891,000<span></span>
</td>
<td class="nump">$ 46,581,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 11,159,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ShareIssueRelatedCost', window );">Share issue related cost | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 120,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 152,000<span></span>
</td>
<td class="nump">$ 129,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_CommonSharesMember', window );">Common Shares [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding', window );">Increase in number of shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12,178<span></span>
</td>
<td class="nump">2,812<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.004<span></span>
</td>
<td class="nump">$ 0.004<span></span>
</td>
<td class="nump">$ 0.004<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_ClassBCommonSharesMember', window );">Class B Common Shares [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Number of shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_PreferredSharesMember', window );">Preferred shares [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Number of shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_PreferredSharesMember', window );">Preferred shares [member] | Goldenmare Limited [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VotingRights', window );">Voting Rights</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Each Series B
preferred share has 25,000 votes, provided that no holder of Series B preferred shares may exercise voting rights pursuant to Series
B preferred shares that would result in the aggregate voting power of the beneficial owner of any such holder of Series B preferred
shares, together with its affiliates, exceeding 49.99% of the total number of votes eligible to be cast on any matter submitted to a
vote of shareholders. Except as otherwise provided by applicable law, holders of the Company&#8217;s Series B preferred shares and
the Company&#8217;s common shares vote together as a single class on all matters submitted to a vote of shareholders, including the
election of directors. Athanasios Feidakis has substantial control and influence over the Company&#8217;s management and affairs and
over matters requiring shareholder approval, including the election of directors and significant corporate transactions, through his
ability to direct the vote of such Series B preferred shares<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding', window );">Increase in number of shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">250<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_IssueOfPreferredShares', window );">Issue of preferred shares | $ | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 130,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 150,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 150,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_ClassBPreferredSharesMember', window );">Class B Preferred Shares [member] | Goldenmare Limited [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding', window );">Increase in number of shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">250<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_IssueOfPreferredShares', window );">Issue of preferred shares | $ | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 130,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 150,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 150,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_ClassAWarrantsMember', window );">Class A Warrants [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.004<span></span>
</td>
<td class="nump">$ 0.004<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_NumberOfSharesCalledByWarrants', window );">Number Of Shares Called By Warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">388,700<span></span>
</td>
<td class="nump">388,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity', window );">Increase Decrease In Number Of Ordinary Shares Issued Through Exercise Of Warrants Equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,550<span></span>
</td>
<td class="nump">5,550<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_ProceedsFromWarrantExercises', window );">Proceeds From Warrant Exercises | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 194,000<span></span>
</td>
<td class="nump">$ 194,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_NumberOfWarrantsOutstanding', window );">Number Of Warrants Outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">388,700<span></span>
</td>
<td class="nump">388,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_PPWarrantsMember', window );">PP Warrants [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding', window );">Increase in number of shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">458,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">833,333<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.004<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.004<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExercisePriceOfOutstandingShareOptions2019', window );">Exercise price of outstanding share options | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 18<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_NumberOfSharesCalledByWarrants', window );">Number Of Shares Called By Warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">458,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">833,333<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,291,833<span></span>
</td>
<td class="nump">1,291,833<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_ProceedsFromWarrantExercises', window );">Proceeds From Warrant Exercises | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 11,513,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 13,950,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_NumberOfWarrantsOutstanding', window );">Number Of Warrants Outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,291,833<span></span>
</td>
<td class="nump">1,291,833<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_PurchasePriceOfOutstandingWarrants', window );">Purchase price of outstanding warrants | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 27<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 18<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_PPWarrantsMember', window );">PP Warrants [member] | Top of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExercisePriceOfOutstandingShareOptions2019', window );">Exercise price of outstanding share options | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_PPWarrantsMember', window );">PP Warrants [member] | Bottom of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExercisePriceOfOutstandingShareOptions2019', window );">Exercise price of outstanding share options | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 18<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_PreFundedWarrantsMember', window );">Pre-funded warrants [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_NumberOfSharesCalledByWarrants', window );">Number Of Shares Called By Warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">130,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProceedsFromExerciseOfOptions', window );">Proceeds from exercise of options | $</a></td>
<td class="nump">$ 1,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 250<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity', window );">Increase Decrease In Number Of Ordinary Shares Issued Through Exercise Of Warrants Equity</a></td>
<td class="nump">130,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_NumberOfWarrantsOutstanding', window );">Number Of Warrants Outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">130,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity', window );">Increase/Decrease in number of ordinary shares issued through exercise of pre funded warrants equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_PreFundedWarrantsMember', window );">Pre-funded warrants [member] | Institutional investors [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.004<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.004<span></span>
</td>
<td class="nump">$ 0.004<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.004<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_NumberOfSharesCalledByWarrants', window );">Number Of Shares Called By Warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">445,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">950,000<span></span>
</td>
<td class="nump">1,100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">155,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_DecemberWarrantsMember', window );">December Warrants [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_NumberOfSharesCalledByWarrants', window );">Number Of Shares Called By Warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,270,587<span></span>
</td>
<td class="nump">1,270,587<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_DecemberWarrantsMember', window );">December Warrants [member] | Institutional investors [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExercisePriceOfOutstandingShareOptions2019', window );">Exercise price of outstanding share options | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 8.50<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_NumberOfSharesCalledByWarrants', window );">Number Of Shares Called By Warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,270,587<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_January2021WarrantsMember', window );">January 2021 Warrants [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProceedsFromExerciseOfOptions', window );">Proceeds from exercise of options | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_NumberOfWarrantsOutstanding', window );">Number Of Warrants Outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,950,000<span></span>
</td>
<td class="nump">1,950,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_January2021WarrantsMember', window );">January 2021 Warrants [member] | Institutional investors [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.004<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExercisePriceOfOutstandingShareOptions2019', window );">Exercise price of outstanding share options | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6.25<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_NumberOfSharesCalledByWarrants', window );">Number Of Shares Called By Warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,950,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_February2021WarrantsMember', window );">February 2021 Warrants [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProceedsFromExerciseOfOptions', window );">Proceeds from exercise of options | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_NumberOfWarrantsOutstanding', window );">Number Of Warrants Outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,800,000<span></span>
</td>
<td class="nump">4,800,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_February2021WarrantsMember', window );">February 2021 Warrants [member] | Institutional investors [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.004<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExercisePriceOfOutstandingShareOptions2019', window );">Exercise price of outstanding share options | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6.25<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_NumberOfSharesCalledByWarrants', window );">Number Of Shares Called By Warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,800,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_June2021WarrantsMember', window );">June 2021 Warrants [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProceedsFromExerciseOfOptions', window );">Proceeds from exercise of options | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 11,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_NumberOfWarrantsOutstanding', window );">Number Of Warrants Outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,000,000<span></span>
</td>
<td class="nump">10,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_June2021WarrantsMember', window );">June 2021 Warrants [member] | Institutional investors [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.004<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExercisePriceOfOutstandingShareOptions2019', window );">Exercise price of outstanding share options | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5.00<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_NumberOfSharesCalledByWarrants', window );">Number Of Shares Called By Warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DebtInstrumentConvertibleConversionPrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The price per share of the conversion feature embedded in the debt instrument.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DebtInstrumentConvertibleConversionPrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the number of ordinary shares resulting from the exercise of pre-funded warrants</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the number of ordinary shares resulting from the exercise of warrants.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_IssueOfPreferredShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase in equity through the issue of preferred shares.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_IssueOfPreferredShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_NumberOfSharesCalledByWarrants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of shares into which the warrants may be converted.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_NumberOfSharesCalledByWarrants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_NumberOfWarrantsOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of outstanding warrants that permit the holder the right to purchase equity securities from the issuer at a specified price.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_NumberOfWarrantsOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_ProceedsFromWarrantExercises">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the amount received from holders exercising their stock warrants.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_ProceedsFromWarrantExercises</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_PurchasePriceOfOutstandingWarrants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The purchase price of outstanding warrants.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_PurchasePriceOfOutstandingWarrants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_VotingRights">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Description of voting rights of common stock. Includes eligibility to vote and votes per share owned.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_VotingRights</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfOptionLifeShareOptionsGranted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The option life of share options granted.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2022-03-24<br> -Paragraph 47<br> -Subparagraph a<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_47_a_i&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfOptionLifeShareOptionsGranted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfClassesOfShareCapitalLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExercisePriceOfOutstandingShareOptions2019">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exercise price of outstanding share options.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2022-03-24<br> -Paragraph 45<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_45_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExercisePriceOfOutstandingShareOptions2019</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the number of shares outstanding. [Refer: Number of shares outstanding]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of shares that have been authorised and issued, reduced by treasury shares held. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ParValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The nominal value per share.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_79_a_iii&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ParValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromExerciseOfOptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the exercise of options.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromExerciseOfOptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromIssuingShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from issuing shares.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromIssuingShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareIssueRelatedCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cost related to the issuance of shares.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareIssueRelatedCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SharePremium">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount received or receivable from the issuance of the entity's shares in excess of nominal value.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 78<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SharePremium</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=glbs_ConvertibleNoteMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=glbs_ConvertibleNoteMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_MaximGroupLLCMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_MaximGroupLLCMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=glbs_FortyFiveDayOptionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=glbs_FortyFiveDayOptionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_InstitutionalInvestorsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_InstitutionalInvestorsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_CommonSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=glbs_CommonSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_ClassBCommonSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=glbs_ClassBCommonSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_PreferredSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=glbs_PreferredSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_AffiliatedCompanyOfCompanysCEOMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_AffiliatedCompanyOfCompanysCEOMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_ClassBPreferredSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=glbs_ClassBPreferredSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_ClassAWarrantsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=glbs_ClassAWarrantsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_PPWarrantsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=glbs_PPWarrantsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_PreFundedWarrantsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=glbs_PreFundedWarrantsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_DecemberWarrantsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=glbs_DecemberWarrantsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_January2021WarrantsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=glbs_January2021WarrantsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_February2021WarrantsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=glbs_February2021WarrantsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=glbs_June2021WarrantsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=glbs_June2021WarrantsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
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<head>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663203767984">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Earnings/(Loss) per Share (Details) - USD ($)<br> $ / shares in Units, shares in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EarningsPerShareAbstract', window );"><strong>Earnings per share [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity', window );">Income/(Loss) attributable to common equity holders</a></td>
<td class="nump">$ 24,280<span></span>
</td>
<td class="nump">$ 14,950<span></span>
</td>
<td class="num">$ (17,372)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_WeightedAverageShares', window );">Weighted average number of shares &#8211; basic and diluted</a></td>
<td class="nump">20,582,301<span></span>
</td>
<td class="nump">14,809,536<span></span>
</td>
<td class="nump">959,157<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_BasicAndDilutedEarningsLossPerShare', window );">Net income/(loss) per common share &#8211; basic and diluted</a></td>
<td class="nump">$ 1.18<span></span>
</td>
<td class="nump">$ 1.01<span></span>
</td>
<td class="num">$ (18.11)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_BasicAndDilutedEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of earnings per share when the basic and diluted measurements are equal.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_BasicAndDilutedEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EarningsPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EarningsPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) attributable to ordinary equity holders of the parent entity. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2022-03-24<br> -Paragraph 70<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_70_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WeightedAverageShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of ordinary shares outstanding at the beginning of the period, adjusted by the number of ordinary shares bought back or issued during the period multiplied by a time-weighting factor.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2022-03-24<br> -Paragraph 70<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_70_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WeightedAverageShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663201584960">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Long-Term Debt, net - Consolidated statement of financial position (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="nump">$ 44,375<span></span>
</td>
<td class="nump">$ 31,750<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DebtInstrumentUnamortisedDiscount', window );">Unamortized Debt Discount</a></td>
<td class="num">(541)<span></span>
</td>
<td class="num">(447)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_AccruedInterest', window );">Accrued Interest</a></td>
<td class="nump">491<span></span>
</td>
<td class="nump">179<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total Borrowings</a></td>
<td class="nump">44,325<span></span>
</td>
<td class="nump">31,482<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_CurrentPortionOfLongTermBorrowingsGross', window );">Loan Balance - Current Portion</a></td>
<td class="num">(6,500)<span></span>
</td>
<td class="num">(5,000)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_CurrentPortionOfDebtInstrumentUnamortisedDiscount', window );">Unamortized Debt Discount- Current Portion</a></td>
<td class="nump">188<span></span>
</td>
<td class="nump">135<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_AccruedInterestCurrent', window );">Accrued Interest - Current Portion</a></td>
<td class="num">(491)<span></span>
</td>
<td class="num">(179)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Total Borrowings - Current Portion</a></td>
<td class="num">(6,803)<span></span>
</td>
<td class="num">(5,044)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_LongTermBorrowingsGross', window );">Loan Balance - Long-Term Portion</a></td>
<td class="nump">37,875<span></span>
</td>
<td class="nump">26,750<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_LongTermDebtInstrumentUnamortisedDiscount', window );">Unamortized Debt Discount - Long-Term Portion</a></td>
<td class="num">(353)<span></span>
</td>
<td class="num">(312)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Total Borrowings - Long-Term Portion</a></td>
<td class="nump">37,522<span></span>
</td>
<td class="nump">$ 26,438<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember', window );">Devocean Maritime LTD., Domina Maritime LTD., Dulac Maritime S.A., Artful Shipholding S.A., Longevity Maritime Limited &amp; Serena Maritime Limited [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="nump">44,375<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DebtInstrumentUnamortisedDiscount', window );">Unamortized Debt Discount</a></td>
<td class="num">(541)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_AccruedInterest', window );">Accrued Interest</a></td>
<td class="nump">491<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total Borrowings</a></td>
<td class="nump">$ 44,325<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_AccruedInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of accrued interest.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_AccruedInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_AccruedInterestCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The current amount of total accrued interest.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_AccruedInterestCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_BorrowingsGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt, before deduction of unamortized (discount) premium and debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_BorrowingsGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_CurrentPortionOfDebtInstrumentUnamortisedDiscount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The current portion of debt discount, after accumulated amortization.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_CurrentPortionOfDebtInstrumentUnamortisedDiscount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_CurrentPortionOfLongTermBorrowingsGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The current portion of  long-term debt, before deduction of unamortized (discount) premium and debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_CurrentPortionOfLongTermBorrowingsGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DebtInstrumentUnamortisedDiscount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after accumulated amortization, of debt discount.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DebtInstrumentUnamortisedDiscount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_LongTermBorrowingsGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of long-term debt, before deduction of unamortized (discount) premium and debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_LongTermBorrowingsGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_LongTermDebtInstrumentUnamortisedDiscount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of debt discount, after accumulated amortization.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_LongTermDebtInstrumentUnamortisedDiscount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentPortionOfLongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentPortionOfLongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663201468304">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Long-Term Debt, net - Annual loan principal payments (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="nump">$ 44,375<span></span>
</td>
<td class="nump">$ 31,750<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_CiTMember', window );">First Citizens Bank &amp; Trust Company (formerly known as CIT Bank N.A.) [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="nump">44,375<span></span>
</td>
<td class="nump">31,750<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember', window );">Later than one year and not later than two years [member] | First Citizens Bank &amp; Trust Company (formerly known as CIT Bank N.A.) [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="nump">6,500<span></span>
</td>
<td class="nump">5,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember', window );">Later than two years and not later than three years [member] | First Citizens Bank &amp; Trust Company (formerly known as CIT Bank N.A.) [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="nump">6,500<span></span>
</td>
<td class="nump">5,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember', window );">Later than three years and not later than four years [member] | First Citizens Bank &amp; Trust Company (formerly known as CIT Bank N.A.) [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="nump">6,500<span></span>
</td>
<td class="nump">5,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember', window );">Later than four years and not later than five years [member] | First Citizens Bank &amp; Trust Company (formerly known as CIT Bank N.A.) [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="nump">$ 24,875<span></span>
</td>
<td class="nump">5,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember', window );">Later than five years [member] | First Citizens Bank &amp; Trust Company (formerly known as CIT Bank N.A.) [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Loan Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 11,750<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_BorrowingsGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt, before deduction of unamortized (discount) premium and debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_BorrowingsGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=glbs_CiTMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=glbs_CiTMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>89
<FILENAME>R66.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663191971392">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Long-Term Debt, net (Details Narrative) - USD ($)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="1">4 Months Ended</th>
<th class="th" colspan="1">6 Months Ended</th>
<th class="th" colspan="2">7 Months Ended</th>
<th class="th" colspan="1">11 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2021</div></th>
<th class="th"><div>May 10, 2021</div></th>
<th class="th"><div>Jun. 30, 2019</div></th>
<th class="th"><div>Aug. 10, 2022</div></th>
<th class="th"><div>Jul. 27, 2020</div></th>
<th class="th"><div>Nov. 30, 2018</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DebtInstrumentPrepaymentAmount', window );">Debt Instrument Prepayment Amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ (0)<span></span>
</td>
<td class="nump">$ 35,507,000<span></span>
</td>
<td class="nump">$ 3,040,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives', window );">Gains (losses) on change in fair value of derivatives</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,520,000<span></span>
</td>
<td class="nump">181,000<span></span>
</td>
<td class="num">(1,647,000)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings, classified as financing activities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 18,000,000<span></span>
</td>
<td class="nump">$ 34,250,000<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_WeightedAverageMember', window );">Weighted average [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Borrowings, interest rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.58%<span></span>
</td>
<td class="nump">5.69%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_FirmentShippingIncMember', window );">Firment Shipping Inc. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Line Of Credit Facility Maximum Borrowing Capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 15,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DescriptionOfBorrowingsScope', window );">Description of borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">of financing its general working capital needs<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Borrowings, interest rate basis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">7% per annum<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Borrowings, adjustment to interest rate basis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Borrowings, maturity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">October 31, 2021<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_LineOfCreditFacilityDrawndownAmountsMultiples', window );">Line Of Credit Facility Drawndown Amounts Multiples</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Borrowings, interest rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.50%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DebtInstrumentConvertibleConversionMultiplier', window );">Debt Instrument Convertible Conversion Multiplier</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">80.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepaymentsOfCurrentBorrowings', window );">Repayments of current borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 863,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives', window );">Gains (losses) on change in fair value of derivatives</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 220,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 189,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_FirmentShippingIncMember', window );">Firment Shipping Inc. [member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_ProportionOfOwnershipInterestsHeldByControllingParty', window );">Proportion Of Ownership Interests Held By Controlling Party</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">40.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_EnTrustMember', window );">EnTrust loan facility [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Line Of Credit Facility Maximum Borrowing Capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 37,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DescriptionOfBorrowingsScope', window );">Description of borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">for
                                            the purpose of refinancing the existing indebtedness secured on the ships and for general
                                            corporate purposes.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Borrowings, interest rate basis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">LIBOR plus
                                            a margin<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Borrowings, adjustment to interest rate basis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_BorrowingsDefaultInterestRate', window );">Borrowings Default Interest Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DebtInstrumentPrepaymentAmount', window );">Debt Instrument Prepayment Amount</a></td>
<td class="nump">$ 6,000,000.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_CiTLoanFacilityMember', window );">CIT Loan Facility [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Line Of Credit Facility Maximum Borrowing Capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 34,250,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DescriptionOfBorrowingsScope', window );">Description of borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">used
a significant portion of the proceeds to fully repay the amounts outstanding under the loan agreement with EnTrust.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Borrowings, interest rate basis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">LIBOR<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Borrowings, adjustment to interest rate basis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.75%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_BorrowingsDefaultInterestRate', window );">Borrowings Default Interest Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.75%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Borrowings, maturity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">May
2026<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_PercentageOfCoverageOfBorrowingCapacity', window );">Percentage of coverage of borrowing capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">52.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings, classified as financing activities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 34,250,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingCostsIncurred', window );">Borrowing costs incurred</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 545,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_NumberOfLoanTranches', window );">Number of loan tranches</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DebtInstrumentNumberOfRepaymentInstallments', window );">Number of repayment installments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">20<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_BorrowingsFrequencyOfPeriodicPayment', window );">Borrowings Frequency Of Periodic Payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">quarterly<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_BorrowingsPeriodicPayment', window );">Periodic payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,250,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid', window );">Borrowings Periodic Payment Terms Balloon Payment To Be Paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9,250,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DebtSecuritiesCovenants', window );">Debt Instrument Covenant Description</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Each
borrower must create a reserve fund in the reserve account to meet the anticipated dry docking and special survey fees and expenses
for the relevant ship owned by it and (for certain ships) the installation of ballast water treatment system on the ship owned by it
by maintaining in the reserve account a minimum credit balance that may not be withdrawn (other than for the purpose of covering the
documented and incurred costs and expenses for the next special survey of that ship). Amounts must be paid into this reserve account
quarterly, such that $1,200 is set aside by each borrower for its ship&#8217;s special survey, except for Serena Maritime Limited
and Salaminia Maritime Limited, each of which are required to set aside quarterly payments that aggregate to $900.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_CiTLoanFacilityMember', window );">CIT Loan Facility [member] | August 2022 Agreement [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Line Of Credit Facility Maximum Borrowing Capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 52,250,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DescriptionOfBorrowingsScope', window );">Description of borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">for
the purpose of financing vessel Orion Globe and for general corporate and working capital purposes of all the borrowers and
Globus<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Borrowings, interest rate basis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">SOFR
plus a margin<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Borrowings, adjustment to interest rate basis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.35%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives', window );">Gains (losses) on change in fair value of derivatives</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 163,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings, classified as financing activities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 18,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingCostsIncurred', window );">Borrowing costs incurred</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 259,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_CiTLoanFacilityMember', window );">CIT Loan Facility [member] | SWAP Agreement [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_PercentageOfUpfrontFeeInLoanAgreement', window );">Percentage of upfront fee in loan agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.25%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_CiTLoanFacilityMember', window );">CIT Loan Facility [member] | SWAP Agreement [member] | Prepayment occurs on or before May 10, 2023 but after May 10, 2022 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_PercentageOfUpfrontFeeInLoanAgreement', window );">Percentage of upfront fee in loan agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_CiTLoanFacilityMember', window );">CIT Loan Facility [member] | SWAP Agreement [member] | Prepayment On Or Before August 2023 But After May2023 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_PercentageOfUpfrontFeeInLoanAgreement', window );">Percentage of upfront fee in loan agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_CiTLoanFacilityMember', window );">CIT Loan Facility [member] | SWAP Agreement [member] | Prepayment On Or Before August 2024 But After August 2023 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_PercentageOfUpfrontFeeInLoanAgreement', window );">Percentage of upfront fee in loan agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_BorrowingsDefaultInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The default interest per annum above the regular interest charged, in case of failure to repay.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_BorrowingsDefaultInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_BorrowingsFrequencyOfPeriodicPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Description of the frequency of periodic payments (monthly, quarterly, annual).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_BorrowingsFrequencyOfPeriodicPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_BorrowingsPeriodicPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of the required periodic payments including both interest and principal payments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_BorrowingsPeriodicPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of payment greater than the preceding installment payments to be paid at final maturity date of debt.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DebtInstrumentConvertibleConversionMultiplier">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The multiplier used in order to calculate the price per share of the conversion feature embedded in the debt instrument.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DebtInstrumentConvertibleConversionMultiplier</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DebtInstrumentNumberOfRepaymentInstallments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of repayment installments of a debt instrument.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DebtInstrumentNumberOfRepaymentInstallments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DebtInstrumentPrepaymentAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of debt prepaid during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DebtInstrumentPrepaymentAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DebtSecuritiesCovenants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The descripriton of debt instruments' covenants.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DebtSecuritiesCovenants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DescriptionOfBorrowingsScope">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Description of the scope of a credit facility arrangement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DescriptionOfBorrowingsScope</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_LineOfCreditFacilityDrawndownAmountsMultiples">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The multiples of amounts that the company has the right to drawdown under the relevant credit facility.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_LineOfCreditFacilityDrawndownAmountsMultiples</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_LineOfCreditFacilityMaximumBorrowingCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_LineOfCreditFacilityMaximumBorrowingCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_NumberOfLoanTranches">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of loan tranches.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_NumberOfLoanTranches</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_PercentageOfCoverageOfBorrowingCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of coverage of borrowing capacity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_PercentageOfCoverageOfBorrowingCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_PercentageOfUpfrontFeeInLoanAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Payable upfront fee percentage of the total commitment of the loan.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_PercentageOfUpfrontFeeInLoanAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_ProportionOfOwnershipInterestsHeldByControllingParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interests held by the controlling party.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_ProportionOfOwnershipInterestsHeldByControllingParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingCostsIncurred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of interest and other costs that an entity incurs in connection with the borrowing of funds.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingCostsIncurred</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The adjustment to the basis (reference rate) used for calculation of the interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsAdjustmentToInterestRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The basis (reference rate) used for calculation of the interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRateBasis</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsMaturity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maturity of borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsMaturity</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) resulting from change in the fair value of derivatives recognised in profit or loss. [Refer: Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from borrowings obtained. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RepaymentsOfCurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for repayments of current borrowings. [Refer: Current borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 17<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RepaymentsOfCurrentBorrowings</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_WeightedAverageMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_WeightedAverageMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_FirmentShippingIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_FirmentShippingIncMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=srt_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=srt_MinimumMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=glbs_EnTrustMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=glbs_EnTrustMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=glbs_CiTLoanFacilityMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=glbs_August2022AgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=glbs_August2022AgreementMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td></td>
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<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=glbs_SWAPAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=glbs_SWAPAgreementMember</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=glbs_PrepaymentOnOrBeforeMay2023ButAfterMay2022Member</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=glbs_PrepaymentOnOrBeforeAugust2023ButAfterMay2023Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=glbs_PrepaymentOnOrBeforeAugust2023ButAfterMay2023Member</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=glbs_PrepaymentOnOrBeforeAugust2024ButAfterAugust2023Member</td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share Based Payment (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
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<th class="th"><div>Dec. 31, 2021</div></th>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions', window );">Stock issued during the year (value) - Share based compensation</a></td>
<td class="nump">$ 40<span></span>
</td>
<td class="nump">$ 40<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_NonExecutiveDirectorsMember', window );">Non-Executive Directors [member] | Share premium [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions', window );">Stock issued during the year (value) - Share based compensation</a></td>
<td class="nump">$ 40<span></span>
</td>
<td class="nump">$ 40<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=glbs_NumberOfCommonSharesMember', window );">Number of common shares [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNumberOfOrdinarySharesIssued', window );">Stock issued during the year (shares) - Share based compensation</a></td>
<td class="nump">12,178<span></span>
</td>
<td class="nump">2,812<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=glbs_NumberOfCommonSharesMember', window );">Number of common shares [member] | Non-Executive Directors [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNumberOfOrdinarySharesIssued', window );">Stock issued during the year (shares) - Share based compensation</a></td>
<td class="nump">12,178<span></span>
</td>
<td class="nump">2,812<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInNumberOfOrdinarySharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the number of ordinary shares issued. [Refer: Ordinary shares [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInNumberOfOrdinarySharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from share-based payment transactions. [Refer: Equity]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 106<br> -Subparagraph d<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_106_d_iii&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_SharePremiumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=ifrs-full_SharePremiumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_NonExecutiveDirectorsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=glbs_NonExecutiveDirectorsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfOrdinarySharesAxis=glbs_NumberOfCommonSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfOrdinarySharesAxis=glbs_NumberOfCommonSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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<html>
<head>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663203578096">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Voyage Expenses and Vessel Operating Expenses - Voyage expenses (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExpenseByNatureAbstract', window );"><strong>Expenses by nature [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FeeAndCommissionExpense', window );">Commissions</a></td>
<td class="nump">$ 924<span></span>
</td>
<td class="nump">$ 626<span></span>
</td>
<td class="nump">$ 160<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FuelExpense', window );">Bunkers expenses</a></td>
<td class="nump">3,876<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">2,117<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_OtherVoyageExpense', window );">Other voyage expenses</a></td>
<td class="nump">573<span></span>
</td>
<td class="nump">502<span></span>
</td>
<td class="nump">213<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ServicesExpense', window );">Total</a></td>
<td class="nump">$ 5,373<span></span>
</td>
<td class="nump">$ 1,128<span></span>
</td>
<td class="nump">$ 2,490<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_OtherVoyageExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of voyage expense classified as other.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_OtherVoyageExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpenseByNatureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseByNatureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FeeAndCommissionExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to fees and commissions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FeeAndCommissionExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FuelExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from the consumption of fuel.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FuelExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ServicesExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from services.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ServicesExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>92
<FILENAME>R69.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663200879952">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Voyage Expenses and Vessel Operating Expenses - Vessel operating expenses (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExpenseByNatureAbstract', window );"><strong>Expenses by nature [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_WagesAndSalaries', window );">Crew wages and related costs</a></td>
<td class="nump">$ 8,952<span></span>
</td>
<td class="nump">$ 7,570<span></span>
</td>
<td class="nump">$ 4,865<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InsuranceExpense', window );">Insurance</a></td>
<td class="nump">1,349<span></span>
</td>
<td class="nump">1,067<span></span>
</td>
<td class="nump">661<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepairsAndMaintenanceExpense', window );">Spares, repairs and maintenance</a></td>
<td class="nump">3,935<span></span>
</td>
<td class="nump">2,414<span></span>
</td>
<td class="nump">1,574<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RawMaterialsAndConsumablesUsed', window );">Lubricants</a></td>
<td class="nump">924<span></span>
</td>
<td class="nump">555<span></span>
</td>
<td class="nump">434<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_StoresExpense', window );">Stores</a></td>
<td class="nump">2,340<span></span>
</td>
<td class="nump">1,712<span></span>
</td>
<td class="nump">787<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingExpense', window );">Other</a></td>
<td class="nump">512<span></span>
</td>
<td class="nump">490<span></span>
</td>
<td class="nump">260<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_OperatingCosts', window );">Total</a></td>
<td class="nump">$ 18,012<span></span>
</td>
<td class="nump">$ 13,808<span></span>
</td>
<td class="nump">$ 8,581<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_OperatingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of all operating expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_OperatingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_StoresExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of stores expense.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_StoresExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpenseByNatureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseByNatureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InsuranceExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from purchased insurance.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InsuranceExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MiscellaneousOtherOperatingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of miscellaneous other operating expenses. [Refer: Other operating income (expense)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MiscellaneousOtherOperatingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RawMaterialsAndConsumablesUsed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of raw materials and consumables used in the production process or in the rendering of services. [Refer: Current raw materials]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RawMaterialsAndConsumablesUsed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RepairsAndMaintenanceExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses incurred for the day-to-day servicing of assets, which may include the cost of labour, consumables or small parts.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RepairsAndMaintenanceExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WagesAndSalaries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A class of employee benefits expense that represents wages and salaries. [Refer: Employee benefits expense]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2022-03-24<br> -Paragraph 9<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_9&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WagesAndSalaries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>93
<FILENAME>R70.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663206170576">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Administrative Expenses (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SellingGeneralAndAdministrativeExpenseAbstract', window );"><strong>Selling, general and administrative expense [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_PersonnelExpense', window );">Personnel expenses</a></td>
<td class="nump">$ 1,454<span></span>
</td>
<td class="nump">$ 1,455<span></span>
</td>
<td class="nump">$ 1,013<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AuditorsRemuneration', window );">Audit fees</a></td>
<td class="nump">204<span></span>
</td>
<td class="nump">215<span></span>
</td>
<td class="nump">143<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_ConsultingFeesExpense', window );">Consulting fees</a></td>
<td class="nump">271<span></span>
</td>
<td class="nump">329<span></span>
</td>
<td class="nump">243<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CommunicationExpense', window );">Communication</a></td>
<td class="nump">16<span></span>
</td>
<td class="nump">16<span></span>
</td>
<td class="nump">12<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_StationeryExpense', window );">Stationery</a></td>
<td class="nump">3<span></span>
</td>
<td class="nump">6<span></span>
</td>
<td class="nump">3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense', window );">Greek tax authorities (note 19)</a></td>
<td class="nump">292<span></span>
</td>
<td class="nump">185<span></span>
</td>
<td class="nump">130<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherExpenseByNature', window );">Other</a></td>
<td class="nump">636<span></span>
</td>
<td class="nump">404<span></span>
</td>
<td class="nump">347<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Total</a></td>
<td class="nump">$ 2,876<span></span>
</td>
<td class="nump">$ 2,610<span></span>
</td>
<td class="nump">$ 1,891<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_ConsultingFeesExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid or payable for consulting fees.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_ConsultingFeesExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_PersonnelExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to administrative personnel.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_PersonnelExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_StationeryExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense for writing and other office materials.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_StationeryExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity classifies as being administrative.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2022-03-24<br> -Paragraph 35<br> -Subparagraph b<br> -Clause vi<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_35_b_vi&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AuditorsRemuneration">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid or payable to the entity's auditors.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AuditorsRemuneration</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CommunicationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from communication.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CommunicationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherExpenseByNature">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity does not separately disclose in the same statement or note when the entity uses the 'nature of expense' form for its analysis of expenses. [Refer: Expenses, by nature]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherExpenseByNature</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SellingGeneralAndAdministrativeExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SellingGeneralAndAdministrativeExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense exclusive of income tax expense.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxExpenseOtherThanIncomeTaxExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>94
<FILENAME>R71.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663201277728">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Interest Expense and Finance Costs (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestCostsAbstract', window );"><strong>Interest costs [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestExpense', window );">Interest payable on long-term borrowings</a></td>
<td class="nump">$ 2,047<span></span>
</td>
<td class="nump">$ 1,958<span></span>
</td>
<td class="nump">$ 3,721<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BankAndSimilarCharges', window );">Bank charges</a></td>
<td class="nump">60<span></span>
</td>
<td class="nump">59<span></span>
</td>
<td class="nump">69<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_AmortizationOfDebtDiscount', window );">Amortization of debt discount</a></td>
<td class="nump">165<span></span>
</td>
<td class="nump">547<span></span>
</td>
<td class="nump">293<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestExpenseOnLeaseLiabilities', window );">Operating lease liability interest</a></td>
<td class="nump">54<span></span>
</td>
<td class="nump">52<span></span>
</td>
<td class="nump">44<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherFinanceCost', window );">Other finance expenses</a></td>
<td class="nump">34<span></span>
</td>
<td class="nump">646<span></span>
</td>
<td class="nump">28<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_CreditAdjustmentOfFinanceCost', window );">Gain from termination of lease liability</a></td>
<td class="num">(40)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Total</a></td>
<td class="nump">$ 2,320<span></span>
</td>
<td class="nump">$ 3,262<span></span>
</td>
<td class="nump">$ 4,155<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_AmortizationOfDebtDiscount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of noncash expense included in finance costs to amortize debt discount associated with the related debt instruments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_AmortizationOfDebtDiscount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_CreditAdjustmentOfFinanceCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of credit adjustment,classified in the income statement component of the consolidated statement of comprehensive income/(loss) under interest and finance costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_CreditAdjustmentOfFinanceCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BankAndSimilarCharges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of bank and similar charges recognised by the entity as an expense.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BankAndSimilarCharges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of costs associated with financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 82<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestCostsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestCostsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from interest.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 28<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 23<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_23_d&amp;doctype=Standard<br> -URIDate 2022-03-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2022-03-24<br> -Paragraph B13<br> -Subparagraph f<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_B13_f&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpenseOnLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of interest expense on lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 53<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_53_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseOnLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherFinanceCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of finance costs that the entity does not separately disclose in the same statement or note. [Refer: Finance costs]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherFinanceCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
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<DOCUMENT>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663206122592">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Interest Expense and Finance Costs (Details Narrative) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_IfrsStatementLineItems', window );"><strong>IfrsStatementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherFinanceCost', window );">Other finance cost</a></td>
<td class="nump">$ 34,000<span></span>
</td>
<td class="nump">$ 646,000<span></span>
</td>
<td class="nump">$ 28,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=glbs_EnTrustMember', window );">EnTrust loan facility [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_IfrsStatementLineItems', window );"><strong>IfrsStatementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherFinanceCost', window );">Other finance cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 600,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_IfrsStatementLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_IfrsStatementLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherFinanceCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of finance costs that the entity does not separately disclose in the same statement or note. [Refer: Finance costs]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherFinanceCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=glbs_EnTrustMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=glbs_EnTrustMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
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<DOCUMENT>
<TYPE>XML
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663231794256">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Dividends (Details Narrative) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MiscellaneousLiabilitiesAbstract', window );"><strong>Miscellaneous liabilities [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DividendsPaidClassifiedAsFinancingActivities', window );">Dividends paid</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for dividends paid by the entity, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 31<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MiscellaneousLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MiscellaneousLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>97
<FILENAME>R74.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663203669024">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Commitments - Future minimum lease revenues receivable under non-cancellable operating leases (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems', window );"><strong>Disclosure of maturity analysis of operating lease payments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_UndiscountedOperatingLeasePaymentsToBeReceived', window );">Total</a></td>
<td class="nump">$ 6,675<span></span>
</td>
<td class="nump">$ 6,082<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember', window );">Not later than one year [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems', window );"><strong>Disclosure of maturity analysis of operating lease payments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_UndiscountedOperatingLeasePaymentsToBeReceived', window );">Total</a></td>
<td class="nump">$ 6,675<span></span>
</td>
<td class="nump">$ 6,082<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UndiscountedOperatingLeasePaymentsToBeReceived">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of undiscounted operating lease payments to be received. Operating lease is a lease that does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 97<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_97&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UndiscountedOperatingLeasePaymentsToBeReceived</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>98
<FILENAME>R75.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663201460864">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Commitments - Future minimum contractual obligations (Details)<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2022 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_CalypsoShipholdingSAMember', window );">Calypso Shipholding S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_IfrsStatementLineItems', window );"><strong>IfrsStatementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_ContractualObligationsDueInNextTwelveMonths', window );">2023</a></td>
<td class="nump">$ 11,100<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_ContractualObligationsDueInSecondYear', window );">2024</a></td>
<td class="nump">18,500<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_ContractualObligations', window );">Total</a></td>
<td class="nump">29,600<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_DaxosMaritimeLimitedandParalusShipholdingSAMember', window );">Daxos Maritime Limited and Paralus Shipholding S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_IfrsStatementLineItems', window );"><strong>IfrsStatementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_ContractualObligationsDueInNextTwelveMonths', window );">2023</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_ContractualObligationsDueInSecondYear', window );">2024</a></td>
<td class="nump">24,785<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_ContractualObligations', window );">Total</a></td>
<td class="nump">24,785<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_ParalusShipholdingSAMember', window );">Paralus Shipholding S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_IfrsStatementLineItems', window );"><strong>IfrsStatementLineItems [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_ContractualObligationsDueInNextTwelveMonths', window );">2023</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_ContractualObligationsDueInSecondYear', window );">2024</a></td>
<td class="nump">24,785<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_ContractualObligations', window );">Total</a></td>
<td class="nump">$ 24,785<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_ContractualObligations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of contractual obligation, including but not limited to, long-term debt, capital lease obligations, operating lease obligations, purchase obligations, and other commitments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_ContractualObligations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_ContractualObligationsDueInNextTwelveMonths">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of contractual obligation, including but not limited to, long-term debt, capital lease obligations, operating lease obligations, purchase obligations, and other commitments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_ContractualObligationsDueInNextTwelveMonths</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_ContractualObligationsDueInSecondYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of contractual obligation to be paid in second fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_ContractualObligationsDueInSecondYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_IfrsStatementLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_IfrsStatementLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_CalypsoShipholdingSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_CalypsoShipholdingSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_DaxosMaritimeLimitedandParalusShipholdingSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_DaxosMaritimeLimitedandParalusShipholdingSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_ParalusShipholdingSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_ParalusShipholdingSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>99
<FILENAME>R76.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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</head>
<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663191871632">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments (Details Narrative)<br></strong></div></th>
<th class="th" colspan="2">4 Months Ended</th>
<th class="th" colspan="1">5 Months Ended</th>
<th class="th" colspan="1">6 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>May 13, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Apr. 29, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>May 31, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Nov. 30, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationRightofuseAssets', window );">Depreciation, right-of-use assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 327,000<span></span>
</td>
<td class="nump">$ 206,000<span></span>
</td>
<td class="nump">$ 112,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestExpenseOnLeaseLiabilities', window );">Interest expense on lease liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">54,000<span></span>
</td>
<td class="nump">52,000<span></span>
</td>
<td class="nump">44,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentLeaseLiabilities', window );">Current lease liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">321,000<span></span>
</td>
<td class="nump">349,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentLeaseLiabilities', window );">Non-current lease liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">188,000<span></span>
</td>
<td class="nump">556,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Right-of-use assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">493,000<span></span>
</td>
<td class="nump">888,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities', window );">Payment of lease liability - principal and Interest Paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">341,000<span></span>
</td>
<td class="nump">314,000<span></span>
</td>
<td class="nump">229,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities', window );">Purchase price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">(0)<span></span>
</td>
<td class="nump">71,600,000<span></span>
</td>
<td class="nump">18,474,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities', window );">Cash advances and loans made to other parties, classified as investing activities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 28,172,000<span></span>
</td>
<td class="nump">$ (0)<span></span>
</td>
<td class="nump">$ (0)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_CalypsoShipholdingSAMember', window );">Calypso Shipholding S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselType', window );">Vessel type</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">bulk
                                                                                                                 carrier<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselCapacity', window );">Vessel Capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">64,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselDeliveryDate1', window );">Vessel Delivery Date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">during
                                                                                                                 the first half of 2024<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities', window );">Purchase price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 37,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities', window );">Cash advances and loans made to other parties, classified as investing activities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7,400,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_DaxosMaritimeLimitedMember', window );">Daxos Maritime Limited [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselType', window );">Vessel type</a></td>
<td class="text">bulk
carrier<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselCapacity', window );">Vessel Capacity</a></td>
<td class="nump">64,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselDeliveryDate1', window );">Vessel Delivery Date</a></td>
<td class="text">during
the third quarter of 2024<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_ParalusShipholdingSAMember', window );">Paralus Shipholding S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselType', window );">Vessel type</a></td>
<td class="text">bulk
carrier<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselCapacity', window );">Vessel Capacity</a></td>
<td class="nump">64,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselDeliveryDate1', window );">Vessel Delivery Date</a></td>
<td class="text">during
the fourth quarter of 2024<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_DaxosMaritimeLimitedandParalusShipholdingSAMember', window );">Daxos Maritime Limited and Paralus Shipholding S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities', window );">Purchase price</a></td>
<td class="nump">$ 70,300,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities', window );">Cash advances and loans made to other parties, classified as investing activities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 13,800,000<span></span>
</td>
<td class="nump">$ 6,900,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow combination for payment of lease liabilities and interest paid classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_VesselCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The vessel's capacity in deadweight tonnage ("dwt").</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_VesselCapacity</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_VesselDeliveryDate1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The expected  date of the vessel delivery to the Company.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_VesselDeliveryDate1</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_VesselType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of vessel.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cash advances and loans made to other parties (other than advances and loans made by a financial institution), classified as investing activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 16<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_16_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 39<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_39&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 47<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationRightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation of right-of-use assets. [Refer: Depreciation and amortisation expense; Right-of-use assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 53<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_53_a&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationRightofuseAssets</td>
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<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpenseOnLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of interest expense on lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 53<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_53_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseOnLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 47<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that represent a lessee's right to use an underlying asset for the lease term. Underlying asset is an asset that is the subject of a lease, for which the right to use that asset has been provided by a lessor to a lessee.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 53<br> -Subparagraph j<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_53_j&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RightofuseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_CalypsoShipholdingSAMember</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_DaxosMaritimeLimitedMember</td>
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<td></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_ParalusShipholdingSAMember</td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_DaxosMaritimeLimitedandParalusShipholdingSAMember</td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663235224256">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income Tax (Details Narrative) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract', window );"><strong>Major components of tax expense (income) [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense', window );">Tax expense other than income tax expense</a></td>
<td class="nump">$ 292<span></span>
</td>
<td class="nump">$ 185<span></span>
</td>
<td class="nump">$ 130<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense exclusive of income tax expense.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxExpenseOtherThanIncomeTaxExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>101
<FILENAME>R78.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663205614736">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial risk management objectives and policies - Interest rate risk (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsAbstract', window );"><strong>Disclosure of detailed information about financial instruments [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_IncreaseInInterestRates', window );">Increase in Libor</a></td>
<td class="nump">15<span></span>
</td>
<td class="nump">15<span></span>
</td>
<td class="nump">15<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit', window );">Effect on loss (Increase in Libor)</a></td>
<td class="num">$ (55)<span></span>
</td>
<td class="num">$ (52)<span></span>
</td>
<td class="num">$ (57)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DecreaseInInterestRates', window );">Decrease in Libor/SOFR</a></td>
<td class="num">(20)<span></span>
</td>
<td class="num">(20)<span></span>
</td>
<td class="num">(20)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit', window );">Effect on loss (Decrease in Libor)</a></td>
<td class="nump">$ 73<span></span>
</td>
<td class="nump">$ 69<span></span>
</td>
<td class="nump">$ 75<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Decrease in market interest rates expressed in basis points. One basis point is equivalent to one hundredth of a percent.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_DecreaseInInterestRates</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Increase in market interest rates expressed in basis points. One basis point is equivalent to one hundredth of a percent.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_IncreaseInInterestRates</td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of the negative effect on profit or loss as a result of the conduct of a sensitivity analysis for types of market risk to which the entity is exposed, showing how profit or loss would have been affected by changes in the relevant risk variable that were reasonably possible at that date.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of the positive effect on profit or loss as a result of the conduct of a sensitivity analysis for types of market risk to which the entity is exposed, showing how profit or loss would have been affected by changes in the relevant risk variable that were reasonably possible at that date.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialInstrumentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialInstrumentsAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>102
<FILENAME>R79.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663205857248">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial risk management objectives and policies - Foreign currency risk (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems', window );"><strong>Disclosure of risk management strategy related to hedge accounting [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit', window );">Effect on loss (Increase in Euro exchange rate)</a></td>
<td class="num">$ (55)<span></span>
</td>
<td class="num">$ (52)<span></span>
</td>
<td class="num">$ (57)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit', window );">Effect on loss (Decrease in Euro exchange rate)</a></td>
<td class="nump">$ 73<span></span>
</td>
<td class="nump">$ 69<span></span>
</td>
<td class="nump">$ 75<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember', window );">Currency risk [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems', window );"><strong>Disclosure of risk management strategy related to hedge accounting [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_IncreaseInExchangeRates', window );">Increase in Euro exchange rate</a></td>
<td class="nump">10.00%<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit', window );">Effect on loss (Increase in Euro exchange rate)</a></td>
<td class="num">$ (573)<span></span>
</td>
<td class="num">$ (478)<span></span>
</td>
<td class="num">$ (258)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_DecreaseInExchangeRates', window );">Decrease in Euro exchange rate</a></td>
<td class="num">(10.00%)<span></span>
</td>
<td class="num">(10.00%)<span></span>
</td>
<td class="num">(10.00%)<span></span>
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</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit', window );">Effect on loss (Decrease in Euro exchange rate)</a></td>
<td class="nump">$ 573<span></span>
</td>
<td class="nump">$ 478<span></span>
</td>
<td class="nump">$ 258<span></span>
</td>
</tr>
</table>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_DecreaseInExchangeRates">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Decrease in market exchange rates expressed as a percentage.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Increase in market exchange rates expressed as a percentage.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of the negative effect on profit or loss as a result of the conduct of a sensitivity analysis for types of market risk to which the entity is exposed, showing how profit or loss would have been affected by changes in the relevant risk variable that were reasonably possible at that date.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of the positive effect on profit or loss as a result of the conduct of a sensitivity analysis for types of market risk to which the entity is exposed, showing how profit or loss would have been affected by changes in the relevant risk variable that were reasonably possible at that date.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems</td>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember</td>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663196108256">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial risk management objectives and policies - Concentration of credit risk table (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Disclosure of credit risk exposure [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServices', window );">Revenue</a></td>
<td class="nump">$ 61,390<span></span>
</td>
<td class="nump">$ 43,211<span></span>
</td>
<td class="nump">$ 11,753<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PercentageOfEntitysRevenue', window );">Percentage of entity's revenue</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CounterpartiesAxis=glbs_MajorChartererMember', window );">A [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Disclosure of credit risk exposure [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServices', window );">Revenue</a></td>
<td class="nump">$ 6,606<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PercentageOfEntitysRevenue', window );">Percentage of entity's revenue</a></td>
<td class="nump">11.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CounterpartiesAxis=glbs_MajorChartererBMember', window );">B [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Disclosure of credit risk exposure [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServices', window );">Revenue</a></td>
<td class="nump">$ 6,548<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PercentageOfEntitysRevenue', window );">Percentage of entity's revenue</a></td>
<td class="nump">11.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CounterpartiesAxis=glbs_MajorChartererCMember', window );">C [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Disclosure of credit risk exposure [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServices', window );">Revenue</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 7,726<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PercentageOfEntitysRevenue', window );">Percentage of entity's revenue</a></td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">18.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CounterpartiesAxis=glbs_MajorChartererDMember', window );">D [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Disclosure of credit risk exposure [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServices', window );">Revenue</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 4,571<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PercentageOfEntitysRevenue', window );">Percentage of entity's revenue</a></td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">11.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CounterpartiesAxis=glbs_OtherMajorCharterersMember', window );">Other [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Disclosure of credit risk exposure [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServices', window );">Revenue</a></td>
<td class="nump">$ 48,236<span></span>
</td>
<td class="nump">$ 30,914<span></span>
</td>
<td class="nump">$ 11,753<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PercentageOfEntitysRevenue', window );">Percentage of entity's revenue</a></td>
<td class="nump">78.00%<span></span>
</td>
<td class="nump">71.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfCreditRiskExposureLineItems</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of the entity's revenue. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2022-03-24<br> -Paragraph 34<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PercentageOfEntitysRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromRenderingOfServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of services. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromRenderingOfServices</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=glbs_MajorChartererMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=glbs_MajorChartererBMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=glbs_MajorChartererCMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=glbs_MajorChartererDMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=glbs_OtherMajorCharterersMember</td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663191815888">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Financial risk management objectives and policies - Liquidity risk (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems', window );"><strong>Disclosure of financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentFinancialLiabilities', window );">Long-term debt</a></td>
<td class="nump">$ 53,577<span></span>
</td>
<td class="nump">$ 35,505<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease liabilities</a></td>
<td class="nump">509<span></span>
</td>
<td class="nump">952<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities', window );">Accrued liabilities and other payables</a></td>
<td class="nump">5,814<span></span>
</td>
<td class="nump">3,497<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade accounts payables</a></td>
<td class="nump">3,548<span></span>
</td>
<td class="nump">1,100<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialLiabilities', window );">Current portion of fair value of derivative financial instruments</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">92<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total financial liabilities</a></td>
<td class="nump">63,448<span></span>
</td>
<td class="nump">41,146<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAxis=glbs_LessThanThreeMonthsMember', window );">Less than 3 months [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems', window );"><strong>Disclosure of financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentFinancialLiabilities', window );">Long-term debt</a></td>
<td class="nump">2,495<span></span>
</td>
<td class="nump">1,566<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease liabilities</a></td>
<td class="nump">80<span></span>
</td>
<td class="nump">92<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities', window );">Accrued liabilities and other payables</a></td>
<td class="nump">5,814<span></span>
</td>
<td class="nump">3,497<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade accounts payables</a></td>
<td class="nump">3,548<span></span>
</td>
<td class="nump">1,100<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialLiabilities', window );">Current portion of fair value of derivative financial instruments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">23<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total financial liabilities</a></td>
<td class="nump">11,937<span></span>
</td>
<td class="nump">6,278<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAxis=glbs_ThreeToTwelveMonthsMember', window );">3 to 12 months [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems', window );"><strong>Disclosure of financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentFinancialLiabilities', window );">Long-term debt</a></td>
<td class="nump">7,266<span></span>
</td>
<td class="nump">4,614<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease liabilities</a></td>
<td class="nump">241<span></span>
</td>
<td class="nump">275<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities', window );">Accrued liabilities and other payables</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade accounts payables</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialLiabilities', window );">Current portion of fair value of derivative financial instruments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">69<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total financial liabilities</a></td>
<td class="nump">7,507<span></span>
</td>
<td class="nump">4,958<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAxis=glbs_OneToFiveYearsMember', window );">1 to 5 years [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems', window );"><strong>Disclosure of financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentFinancialLiabilities', window );">Long-term debt</a></td>
<td class="nump">43,816<span></span>
</td>
<td class="nump">29,325<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease liabilities</a></td>
<td class="nump">188<span></span>
</td>
<td class="nump">585<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities', window );">Accrued liabilities and other payables</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade accounts payables</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialLiabilities', window );">Current portion of fair value of derivative financial instruments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total financial liabilities</a></td>
<td class="nump">44,004<span></span>
</td>
<td class="nump">29,910<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAxis=glbs_MoreThanFiveYearsMember', window );">More than 5 years [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems', window );"><strong>Disclosure of financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentFinancialLiabilities', window );">Long-term debt</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease liabilities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities', window );">Accrued liabilities and other payables</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade accounts payables</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialLiabilities', window );">Current portion of fair value of derivative financial instruments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total financial liabilities</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current accrued expenses and other current liabilities. [Refer: Accruals; Other current liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentDerivativeFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current derivative financial liabilities. [Refer: Derivative financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentDerivativeFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialLiabilitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity&#8217;s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity&#8217;s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 25<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities related to the entity's leases. Lease is a contract, or part of a contract, that conveys the right to use an underlying asset for a period of time in exchange for consideration.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2022-03-24<br> -Paragraph 47<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current financial liabilities. [Refer: Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 25<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade payables and current other payables. [Refer: Current trade payables; Other current payables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 54<br> -Subparagraph k<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=glbs_LessThanThreeMonthsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=glbs_LessThanThreeMonthsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=glbs_ThreeToTwelveMonthsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=glbs_ThreeToTwelveMonthsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=glbs_OneToFiveYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=glbs_OneToFiveYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=glbs_MoreThanFiveYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=glbs_MoreThanFiveYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663202136624">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Fair values measurement (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialAssets', window );">Non-current derivative financial assets</a></td>
<td class="nump">$ 1,315<span></span>
</td>
<td class="nump">$ 417<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialAssets', window );">Current derivative financial assets</a></td>
<td class="nump">1,092<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Long -term borrowings</a></td>
<td class="nump">44,375<span></span>
</td>
<td class="nump">31,750<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities</a></td>
<td class="nump">63,448<span></span>
</td>
<td class="nump">41,146<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=glbs_FinancialLiabilitiesAtFairValueIIMember', window );">Financial liabilities measured at fair value [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Non-current derivative financial liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">92<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValue', window );">Financial liabilities, at fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">92<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=ifrs-full_AtFairValueMember', window );">At fair value [member] | Financial liabilities not measured at fair value [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Long -term borrowings</a></td>
<td class="nump">45,549<span></span>
</td>
<td class="nump">32,155<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=ifrs-full_AtFairValueMember', window );">At fair value [member] | Financial liabilities measured at fair value [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Non-current derivative financial liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">92<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=ifrs-full_AtFairValueMember', window );">At fair value [member] | Level 2 [member] | Financial liabilities not measured at fair value [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Long -term borrowings</a></td>
<td class="nump">45,549<span></span>
</td>
<td class="nump">32,155<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=ifrs-full_AtFairValueMember', window );">At fair value [member] | Level 2 [member] | Financial liabilities measured at fair value [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Non-current derivative financial liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">92<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=glbs_NotMeasuredAtFairValueFinancialLiabilitiesMember', window );">Financial liabilities not measured at fair value [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_BorrowingsGross', window );">Long -term borrowings</a></td>
<td class="nump">44,375<span></span>
</td>
<td class="nump">31,750<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities</a></td>
<td class="nump">44,375<span></span>
</td>
<td class="nump">31,750<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=glbs_FinancialAssetsAtFairValueIMember', window );">Financial assets measured at fair value [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialAssets', window );">Non-current derivative financial assets</a></td>
<td class="nump">1,315<span></span>
</td>
<td class="nump">417<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialAssets', window );">Current derivative financial assets</a></td>
<td class="nump">1,092<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Financial assets, at fair value</a></td>
<td class="nump">2,407<span></span>
</td>
<td class="nump">417<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=glbs_FinancialAssetsAtFairValueIMember', window );">Financial assets measured at fair value [member] | At fair value [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialAssets', window );">Non-current derivative financial assets</a></td>
<td class="nump">1,315<span></span>
</td>
<td class="nump">417<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialAssets', window );">Current derivative financial assets</a></td>
<td class="nump">1,092<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=glbs_FinancialAssetsAtFairValueIMember', window );">Financial assets measured at fair value [member] | At fair value [member] | Level 2 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialAssets', window );">Non-current derivative financial assets</a></td>
<td class="nump">1,315<span></span>
</td>
<td class="nump">$ 417<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialAssets', window );">Current derivative financial assets</a></td>
<td class="nump">$ 1,092<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_BorrowingsGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt, before deduction of unamortized (discount) premium and debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_BorrowingsGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentDerivativeFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current derivative financial assets. [Refer: Derivative financial assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentDerivativeFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssetsAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fair value of financial assets. [Refer: At fair value [member]; Financial assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 25<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssetsAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity&#8217;s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity&#8217;s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 25<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilitiesAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fair value of financial liabilities. [Refer: At fair value [member]; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 25<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilitiesAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentDerivativeFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current derivative financial assets. [Refer: Derivative financial assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentDerivativeFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current derivative financial liabilities. [Refer: Derivative financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentDerivativeFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=glbs_FinancialLiabilitiesAtFairValueIIMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=glbs_FinancialLiabilitiesAtFairValueIIMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MeasurementAxis=ifrs-full_AtFairValueMember">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MeasurementAxis=ifrs-full_AtFairValueMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=glbs_NotMeasuredAtFairValueFinancialLiabilitiesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
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<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LevelsOfFairValueHierarchyAxis=glbs_LevelIIMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MeasurementAxis=glbs_NotMeasuredAtFairValueFinancialLiabilitiesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=glbs_FinancialAssetsAtFairValueIMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139663196277584">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Events after the reporting date (Details Narrative)<br></strong></div></th>
<th class="th" colspan="1">2 Months Ended</th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Mar. 06, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Mar. 31, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities', window );">Cash advances and loans made to other parties, classified as investing activities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 28,172,000<span></span>
</td>
<td class="nump">$ (0)<span></span>
</td>
<td class="nump">$ (0)<span></span>
</td>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_SunGlobeMember', window );">Sun Globe [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselYearBuilt', window );">Vessel year built</a></td>
<td class="text">2007<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities', window );">Vessel sale gross price</a></td>
<td class="nump">$ 14,100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainsOnDisposalsOfInvestmentProperties', window );">Gains on disposals of investment properties</a></td>
<td class="nump">$ 4,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=glbs_CalypsoShipholdingSA1Member', window );">Calypso Shipholding S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselType', window );">Vessel type</a></td>
<td class="text">bulk carrier<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_glbs_VesselCapacity', window );">Vessel Capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">64,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities', window );">Cash advances and loans made to other parties, classified as investing activities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,700,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_VesselCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The vessel's capacity in deadweight tonnage ("dwt").</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_VesselCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_VesselType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of vessel.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_VesselType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_glbs_VesselYearBuilt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The year that the vessel was built.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">glbs_VesselYearBuilt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>glbs_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cash advances and loans made to other parties (other than advances and loans made by a financial institution), classified as investing activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 16<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_16_e&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsOnDisposalsOfInvestmentProperties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The gain on disposals of investment properties. [Refer: Investment property]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2022-03-24<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsOnDisposalsOfInvestmentProperties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2022-03-24<br> -Paragraph 16<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2022-en-r&amp;anchor=para_16_b&amp;doctype=Standard<br> -URIDate 2022-03-24<br></p></div>
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    <context id="AsOf2021-12-31_custom_CarryingAmountIMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">glbs:CarryingAmountIMember</xbrldi:explicitMember>
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        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
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    <context id="From2022-01-012022-12-31_custom_VesselsMember_ifrs-full_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:VesselsMember</xbrldi:explicitMember>
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        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
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    <context id="From2022-01-012022-12-31_custom_DryDockingMember_ifrs-full_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:DryDockingMember</xbrldi:explicitMember>
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        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
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    <context id="From2022-01-012022-12-31_custom_CarryingAmountIMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">glbs:CarryingAmountIMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
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    <context id="From2022-01-012022-12-31_custom_VesselsMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
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        </entity>
        <period>
            <startDate>2022-01-01</startDate>
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            <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
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                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
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            <startDate>2022-01-01</startDate>
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        </period>
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        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
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                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
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            <instant>2022-12-31</instant>
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            <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
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                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
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            <instant>2022-12-31</instant>
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        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
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                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
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            <instant>2022-12-31</instant>
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            <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
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            <instant>2022-12-31</instant>
        </period>
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            <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">glbs:CarryingAmountIMember</xbrldi:explicitMember>
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        <period>
            <instant>2022-12-31</instant>
        </period>
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        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:GalaxyGlobeMember</xbrldi:explicitMember>
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        <period>
            <startDate>2020-01-01</startDate>
            <endDate>2020-10-29</endDate>
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        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:NordVenusMember</xbrldi:explicitMember>
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        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-02-18</endDate>
        </period>
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        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
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                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:Yangze11Member</xbrldi:explicitMember>
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        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-03-19</endDate>
        </period>
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        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:PeakLibertyMember</xbrldi:explicitMember>
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        </entity>
        <period>
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            <endDate>2021-09-22</endDate>
        </period>
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    <context id="From2022-01-012022-12-31_custom_FiveVesselsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:FiveVesselsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
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        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
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        <entity>
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        <entity>
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        <entity>
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        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001499780</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:MVRiverGlobeMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
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            <endDate>2020-12-31</endDate>
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        <entity>
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                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">glbs:MVSkyGlobeMember</xbrldi:explicitMember>
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        <entity>
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        <entity>
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            <segment>
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            <instant>2020-12-31</instant>
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      contextRef="From2021-01-012021-12-31"
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      contextRef="From2020-01-012020-12-31"
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      contextRef="From2022-01-01to2022-12-31"
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      unitRef="USD">26906000</ifrs-full:CashFlowsFromUsedInOperatingActivities>
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      contextRef="From2021-01-012021-12-31"
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      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">71600000</ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities>
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      contextRef="From2020-01-012020-12-31"
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      contextRef="From2022-01-01to2022-12-31"
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      unitRef="USD">28172000</ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities>
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      contextRef="From2020-01-012020-12-31"
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      contextRef="From2021-01-012021-12-31"
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      unitRef="USD">3040000</glbs:DebtInstrumentPrepaymentAmount>
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    <ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities
      contextRef="From2021-01-012021-12-31"
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    <ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities
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    <ifrs-full:CashAndCashEquivalents contextRef="AsOf2020-12-31" decimals="-3" unitRef="USD">19037000</ifrs-full:CashAndCashEquivalents>
    <ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_80B_eifrs-full--DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_zMwfhcVkkB41" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;1.
&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&lt;span id="xdx_823_zHhQLeMHYyCg"&gt;Basis of presentation and general information&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;The
accompanying consolidated financial statements include the financial statements of &lt;b&gt;&lt;i&gt;&lt;span id="xdx_90A_eifrs-full--NameOfReportingEntityOrOtherMeansOfIdentification_c20220101__20221231_z6gl2OY5Bqw1" title="Name of reporting entity"&gt;Globus Maritime Limited&lt;/span&gt;&lt;/i&gt;&lt;/b&gt; (&#x201c;Globus&#x201d;)
and its wholly owned subsidiaries (collectively the &#x201c;Company&#x201d;). Globus was formed on July 26, 2006, under the laws of Jersey.
On June 1, 2007, Globus concluded its initial public offering in the United Kingdom and its shares were admitted for trading on the Alternative
Investment Market (&#x201c;AIM&#x201d;). On November 24, 2010, Globus was redomiciled to the &lt;span id="xdx_90D_eifrs-full--DomicileOfEntity_c20220101__20221231_zgKqhEr0z2H9"&gt;Marshall Islands&lt;/span&gt; and its shares were admitted
for trading in the United States (NASDAQ Global Market) under the Securities Act of 1933, as amended. On November 26, 2010, Globus&#x2019;
shares were  delisted from AIM.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;The
address of the registered office of Globus is: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span id="xdx_903_eifrs-full--DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_c20220101__20221231_zkrmjJHcH1v8"&gt;The
principal business of the Company is the ownership and operation of a fleet of dry bulk motor vessels (&#x201c;m/v&#x201d;), providing
maritime services for the transportation of dry cargo products on a worldwide basis.&lt;/span&gt; The Company conducts its operations through its
vessel owning subsidiaries.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;The
operations of the vessels are managed by Globus Shipmanagement Corp. (the &#x201c;Manager&#x201d;), a wholly owned Marshall Islands corporation.
The Manager has an office in Greece, located at 128 Vouliagmenis Avenue, 166 74 Glyfada, Greece and provides the commercial, technical,
cash management and accounting services necessary for the operation of the fleet in exchange for a management fee. The management fee
is eliminated on consolidation. The consolidated financial statements include the financial statements of Globus and its subsidiaries
listed below, all wholly owned by Globus as at December 31, 2022:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_894_eifrs-full--DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_z6OaK6wDH3x5" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Basis
of presentation and general information&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;&lt;td style="font-size: 12pt; padding-bottom: 1pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 11pt Baskerville Win95BT; padding-bottom: 1pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_48A_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_zJHcU9aBR8Yb" style="font: 11pt Baskerville Win95BT; text-align: center; padding-bottom: 1pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-size: 12pt; padding-bottom: 1pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_487_ecustom--VesselDeliveryDate_dd0_z2NnI48HW926" style="font-size: 12pt; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-size: 12pt; padding-bottom: 1pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_48F_eifrs-full--NameOfSubsidiary_d0_zBg87Cgk89Ii" style="text-align: center; font-size: 12pt; padding-bottom: 1pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 0pt; text-align: left; padding-bottom: 1pt; padding-left: 0pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;Company&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; text-align: center; padding-bottom: 1pt"&gt;&lt;span id="xdx_914_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_zx35VXoB7eD7" style="font-size: 10pt"&gt;&lt;b&gt;Country
    of Incorporation&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; text-align: center"&gt;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"&gt;&lt;span id="xdx_91D_ecustom--VesselDeliveryDate_zL3wP0XZpEN5" style="font-size: 10pt"&gt;&lt;b&gt;Vessel
                                            Delivery Date&lt;/b&gt;&lt;/span&gt;&lt;/p&gt; &lt;p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"/&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;span id="xdx_914_eifrs-full--NameOfSubsidiary_znn01oIG7rqc"&gt;Vessel
    Owned&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 11pt Baskerville Win95BT; text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 11pt Baskerville Win95BT"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 11pt Baskerville Win95BT; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 11pt Baskerville Win95BT"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 11pt Baskerville Win95BT; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 11pt Baskerville Win95BT"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 11pt Baskerville Win95BT; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_410_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--GlobusShipmanagementCorpMember_zDUIJOWrq2fk" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;Globus Shipmanagement Corp.&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;Marshall Islands&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0572"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;Management Co.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_417_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DevoceanMaritimeLtdMember_zbP0OE33hQwj" style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left; width: 34%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Devocean
    Maritime Ltd.&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; width: 1%; vertical-align: bottom"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/td&gt;
    &lt;td style="text-align: center; width: 21%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Marshall
    Islands&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; width: 1%; vertical-align: bottom"/&gt;
    &lt;td style="text-align: center; width: 21%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;December
    18, 2007&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; width: 1%; vertical-align: bottom"/&gt;
    &lt;td style="text-align: center; width: 21%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;m/v
    River Globe&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_413_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DominaMaritimeLtdMember_zZ12i3IP6Ax" style="vertical-align: top; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Domina
    Maritime Ltd.&lt;/span&gt;&lt;/td&gt;
    &lt;td/&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Marshall
    Islands&lt;/span&gt;&lt;/td&gt;
    &lt;td/&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;May
    19, 2010&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;m/v
    Sky Globe&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_41C_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DulacMaritimeSAMember_zLwSJgWYGjT7" style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Dulac
    Maritime S.A.&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Marshall
    Islands&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;May
    25, 2010&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;m/v
    Star Globe&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_417_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ArtfulShipholdingSAMember_zuO7E9ViFj98" style="vertical-align: top; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Artful
    Shipholding S.A. &lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Marshall
    Islands &lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;June
    22, 2011&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;m/v
    Moon Globe&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_410_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--LongevityMaritimeLimitedMember_zOKLaJxhKdB5" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;Longevity Maritime Limited&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Malta&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;September 15, 2011&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;m/v Sun Globe&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_413_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SerenaMaritimeLimitedMember_zDsgqgzHMaP3" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;Serena Maritime Limited&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;Marshall Islands&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;October 29, 2020&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;m/v Galaxy Globe&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_411_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TalismanMaritimeLimitedMember_z81WA4i6owo2" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;Talisman Maritime Limited&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;Marshall Islands&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;July 20, 2021&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;m/v Power Globe&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_418_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ArgoMaritimeLimitedMember_z4zyJUwenCai" style="vertical-align: top; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Argo
    Maritime Limited&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Marshall
    Islands&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;June
    9, 2021&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;m/v
    Diamond Globe&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_41A_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--CalypsoShipholdingSAMember_zg4glu3Uhofd" style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Calypso
    Shipholding S.A.&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Marshall
    Islands&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0599"&gt;&#x2014;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Hull
    No: S-1885*&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_419_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DaxosMaritimeLimitedMember_zpd6qAob24b9" style="vertical-align: top; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Daxos
    Maritime Limited&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Marshall
    Islands&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0602"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Hull
    No: NE-442*&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_416_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--OlympiaShipholdingSAMember_zbw0PDVfmTXk" style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Olympia
    Shipholding S.A.&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Marshall
    Islands&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0605"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0606"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_419_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ParalusShipholdingSAMember_z8tkmWLcQ0ud" style="vertical-align: top; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Paralus
    Shipholding S.A.&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Marshall
    Islands&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0608"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Hull
    No: NE-443*&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_41A_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SalaminiaMaritimeLimitedMember_zS9mdCZMdGl5" style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Salaminia
    Maritime Limited&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Marshall
    Islands&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;November
    29, 2021&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;m/v
    Orion Globe&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"/&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;* New building
vessels&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_8AD_zUjR0ERvv4zj" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The consolidated
financial statements as at December 31, 2022 and 2021 and for the three years in the period ended December 31, 2022, were approved for
issuance by the Board of Directors on March 17, 2023.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; color: blue"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; color: blue"/&gt;




&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

</ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory>
    <ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification contextRef="From2022-01-01to2022-12-31">Globus Maritime Limited</ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification>
    <ifrs-full:DomicileOfEntity contextRef="From2022-01-01to2022-12-31">Marshall Islands</ifrs-full:DomicileOfEntity>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2022-01-01to2022-12-31">The
principal business of the Company is the ownership and operation of a fleet of dry bulk motor vessels (&#x201c;m/v&#x201d;), providing
maritime services for the transportation of dry cargo products on a worldwide basis.</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_894_eifrs-full--DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_z6OaK6wDH3x5" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Basis
of presentation and general information&#160;&lt;/span&gt;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;&lt;td style="font-size: 12pt; padding-bottom: 1pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 11pt Baskerville Win95BT; padding-bottom: 1pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_48A_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_zJHcU9aBR8Yb" style="font: 11pt Baskerville Win95BT; text-align: center; padding-bottom: 1pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-size: 12pt; padding-bottom: 1pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_487_ecustom--VesselDeliveryDate_dd0_z2NnI48HW926" style="font-size: 12pt; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font-size: 12pt; padding-bottom: 1pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_48F_eifrs-full--NameOfSubsidiary_d0_zBg87Cgk89Ii" style="text-align: center; font-size: 12pt; padding-bottom: 1pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 0pt; text-align: left; padding-bottom: 1pt; padding-left: 0pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;Company&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; text-align: center; padding-bottom: 1pt"&gt;&lt;span id="xdx_914_eifrs-full--CountryOfIncorporationOrResidenceOfSubsidiary_zx35VXoB7eD7" style="font-size: 10pt"&gt;&lt;b&gt;Country
    of Incorporation&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; text-align: center"&gt;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"&gt;&lt;span id="xdx_91D_ecustom--VesselDeliveryDate_zL3wP0XZpEN5" style="font-size: 10pt"&gt;&lt;b&gt;Vessel
                                            Delivery Date&lt;/b&gt;&lt;/span&gt;&lt;/p&gt; &lt;p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"/&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;span id="xdx_914_eifrs-full--NameOfSubsidiary_znn01oIG7rqc"&gt;Vessel
    Owned&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font: 11pt Baskerville Win95BT; text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 11pt Baskerville Win95BT"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 11pt Baskerville Win95BT; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 11pt Baskerville Win95BT"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 11pt Baskerville Win95BT; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="font: 11pt Baskerville Win95BT"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font: 11pt Baskerville Win95BT; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_410_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--GlobusShipmanagementCorpMember_zDUIJOWrq2fk" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;Globus Shipmanagement Corp.&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;Marshall Islands&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0572"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;Management Co.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_417_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DevoceanMaritimeLtdMember_zbP0OE33hQwj" style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left; width: 34%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Devocean
    Maritime Ltd.&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; width: 1%; vertical-align: bottom"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/td&gt;
    &lt;td style="text-align: center; width: 21%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Marshall
    Islands&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; width: 1%; vertical-align: bottom"/&gt;
    &lt;td style="text-align: center; width: 21%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;December
    18, 2007&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: left; width: 1%; vertical-align: bottom"/&gt;
    &lt;td style="text-align: center; width: 21%"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;m/v
    River Globe&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_413_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DominaMaritimeLtdMember_zZ12i3IP6Ax" style="vertical-align: top; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Domina
    Maritime Ltd.&lt;/span&gt;&lt;/td&gt;
    &lt;td/&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Marshall
    Islands&lt;/span&gt;&lt;/td&gt;
    &lt;td/&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;May
    19, 2010&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;m/v
    Sky Globe&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_41C_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DulacMaritimeSAMember_zLwSJgWYGjT7" style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Dulac
    Maritime S.A.&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Marshall
    Islands&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;May
    25, 2010&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;m/v
    Star Globe&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_417_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ArtfulShipholdingSAMember_zuO7E9ViFj98" style="vertical-align: top; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Artful
    Shipholding S.A. &lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Marshall
    Islands &lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;June
    22, 2011&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;m/v
    Moon Globe&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_410_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--LongevityMaritimeLimitedMember_zOKLaJxhKdB5" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;Longevity Maritime Limited&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Malta&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;September 15, 2011&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;m/v Sun Globe&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_413_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SerenaMaritimeLimitedMember_zDsgqgzHMaP3" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;Serena Maritime Limited&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;Marshall Islands&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;October 29, 2020&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;m/v Galaxy Globe&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_411_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--TalismanMaritimeLimitedMember_z81WA4i6owo2" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;Talisman Maritime Limited&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;Marshall Islands&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;July 20, 2021&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;m/v Power Globe&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_418_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ArgoMaritimeLimitedMember_z4zyJUwenCai" style="vertical-align: top; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Argo
    Maritime Limited&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Marshall
    Islands&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;June
    9, 2021&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;m/v
    Diamond Globe&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_41A_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--CalypsoShipholdingSAMember_zg4glu3Uhofd" style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Calypso
    Shipholding S.A.&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Marshall
    Islands&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0599"&gt;&#x2014;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Hull
    No: S-1885*&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_419_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--DaxosMaritimeLimitedMember_zpd6qAob24b9" style="vertical-align: top; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Daxos
    Maritime Limited&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Marshall
    Islands&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0602"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Hull
    No: NE-442*&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_416_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--OlympiaShipholdingSAMember_zbw0PDVfmTXk" style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Olympia
    Shipholding S.A.&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Marshall
    Islands&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0605"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0606"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_419_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--ParalusShipholdingSAMember_z8tkmWLcQ0ud" style="vertical-align: top; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Paralus
    Shipholding S.A.&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Marshall
    Islands&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl0608"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Hull
    No: NE-443*&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_41A_20220101__20221231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--SalaminiaMaritimeLimitedMember_zS9mdCZMdGl5" style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Salaminia
    Maritime Limited&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Marshall
    Islands&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;November
    29, 2021&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;m/v
    Orion Globe&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"/&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;* New building
vessels&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory>
    <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="From2022-01-012022-12-31_custom_GlobusShipmanagementCorpMember">Marshall Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
    <ifrs-full:NameOfSubsidiary contextRef="From2022-01-012022-12-31_custom_GlobusShipmanagementCorpMember">Management Co.</ifrs-full:NameOfSubsidiary>
    <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="From2022-01-012022-12-31_custom_DevoceanMaritimeLtdMember">Marshall
    Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
    <glbs:VesselDeliveryDate contextRef="From2022-01-012022-12-31_custom_DevoceanMaritimeLtdMember">2007-12-18</glbs:VesselDeliveryDate>
    <ifrs-full:NameOfSubsidiary contextRef="From2022-01-012022-12-31_custom_DevoceanMaritimeLtdMember">m/v
    River Globe</ifrs-full:NameOfSubsidiary>
    <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="From2022-01-012022-12-31_custom_DominaMaritimeLtdMember">Marshall
    Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
    <glbs:VesselDeliveryDate contextRef="From2022-01-012022-12-31_custom_DominaMaritimeLtdMember">2010-05-19</glbs:VesselDeliveryDate>
    <ifrs-full:NameOfSubsidiary contextRef="From2022-01-012022-12-31_custom_DominaMaritimeLtdMember">m/v
    Sky Globe</ifrs-full:NameOfSubsidiary>
    <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="From2022-01-012022-12-31_custom_DulacMaritimeSAMember">Marshall
    Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
    <glbs:VesselDeliveryDate contextRef="From2022-01-012022-12-31_custom_DulacMaritimeSAMember">2010-05-25</glbs:VesselDeliveryDate>
    <ifrs-full:NameOfSubsidiary contextRef="From2022-01-012022-12-31_custom_DulacMaritimeSAMember">m/v
    Star Globe</ifrs-full:NameOfSubsidiary>
    <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="From2022-01-012022-12-31_custom_ArtfulShipholdingSAMember">Marshall
    Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
    <glbs:VesselDeliveryDate contextRef="From2022-01-012022-12-31_custom_ArtfulShipholdingSAMember">2011-06-22</glbs:VesselDeliveryDate>
    <ifrs-full:NameOfSubsidiary contextRef="From2022-01-012022-12-31_custom_ArtfulShipholdingSAMember">m/v
    Moon Globe</ifrs-full:NameOfSubsidiary>
    <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="From2022-01-012022-12-31_custom_LongevityMaritimeLimitedMember">Malta</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
    <glbs:VesselDeliveryDate contextRef="From2022-01-012022-12-31_custom_LongevityMaritimeLimitedMember">2011-09-15</glbs:VesselDeliveryDate>
    <ifrs-full:NameOfSubsidiary contextRef="From2022-01-012022-12-31_custom_LongevityMaritimeLimitedMember">m/v Sun Globe</ifrs-full:NameOfSubsidiary>
    <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="From2022-01-012022-12-31_custom_SerenaMaritimeLimitedMember">Marshall Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
    <glbs:VesselDeliveryDate contextRef="From2022-01-012022-12-31_custom_SerenaMaritimeLimitedMember">2020-10-29</glbs:VesselDeliveryDate>
    <ifrs-full:NameOfSubsidiary contextRef="From2022-01-012022-12-31_custom_SerenaMaritimeLimitedMember">m/v Galaxy Globe</ifrs-full:NameOfSubsidiary>
    <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="From2022-01-012022-12-31_custom_TalismanMaritimeLimitedMember">Marshall Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
    <glbs:VesselDeliveryDate contextRef="From2022-01-012022-12-31_custom_TalismanMaritimeLimitedMember">2021-07-20</glbs:VesselDeliveryDate>
    <ifrs-full:NameOfSubsidiary contextRef="From2022-01-012022-12-31_custom_TalismanMaritimeLimitedMember">m/v Power Globe</ifrs-full:NameOfSubsidiary>
    <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="From2022-01-012022-12-31_custom_ArgoMaritimeLimitedMember">Marshall
    Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
    <glbs:VesselDeliveryDate contextRef="From2022-01-012022-12-31_custom_ArgoMaritimeLimitedMember">2021-06-09</glbs:VesselDeliveryDate>
    <ifrs-full:NameOfSubsidiary contextRef="From2022-01-012022-12-31_custom_ArgoMaritimeLimitedMember">m/v
    Diamond Globe</ifrs-full:NameOfSubsidiary>
    <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="From2022-01-012022-12-31_custom_CalypsoShipholdingSAMember">Marshall
    Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
    <ifrs-full:NameOfSubsidiary contextRef="From2022-01-012022-12-31_custom_CalypsoShipholdingSAMember">Hull
    No: S-1885*</ifrs-full:NameOfSubsidiary>
    <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="From2022-01-012022-12-31_custom_DaxosMaritimeLimitedMember">Marshall
    Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
    <ifrs-full:NameOfSubsidiary contextRef="From2022-01-012022-12-31_custom_DaxosMaritimeLimitedMember">Hull
    No: NE-442*</ifrs-full:NameOfSubsidiary>
    <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="From2022-01-012022-12-31_custom_OlympiaShipholdingSAMember">Marshall
    Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
    <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="From2022-01-012022-12-31_custom_ParalusShipholdingSAMember">Marshall
    Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
    <ifrs-full:NameOfSubsidiary contextRef="From2022-01-012022-12-31_custom_ParalusShipholdingSAMember">Hull
    No: NE-443*</ifrs-full:NameOfSubsidiary>
    <ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="From2022-01-012022-12-31_custom_SalaminiaMaritimeLimitedMember">Marshall
    Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
    <glbs:VesselDeliveryDate contextRef="From2022-01-012022-12-31_custom_SalaminiaMaritimeLimitedMember">2021-11-29</glbs:VesselDeliveryDate>
    <ifrs-full:NameOfSubsidiary contextRef="From2022-01-012022-12-31_custom_SalaminiaMaritimeLimitedMember">m/v
    Orion Globe</ifrs-full:NameOfSubsidiary>
    <ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_809_eifrs-full--DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_zI7BFHhztmti" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.&#160;&#160;&#160;&#160;&#160;&#x202f;&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&lt;span id="xdx_824_zpInt8IF6gQl"&gt;Basis
of Preparation and Significant Accounting Policies&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -18pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_843_eifrs-full--DisclosureOfGoingConcernExplanatory_zsQWnmQIcuf1" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.1
&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#160; &lt;span id="xdx_861_zrxnIFNn6cXe"&gt;Basis of Preparation:&lt;/span&gt; &lt;/b&gt;The consolidated financial statements have been
prepared on a historical cost basis, except for derivative financial instruments which are measured at fair value. The consolidated
financial statements are presented in U.S. dollars and all values are rounded to the nearest thousand ($ 000s) except when otherwise
indicated.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Going
concern basis of accounting: &lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The Company
performs on a regular basis an assessment to evaluate its ability to continue as a going concern.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;In assessing
whether the going concern assumption is appropriate, management takes into account all available information about the future, which
is at least, but is not limited to, twelve months from the end of the reporting period. The degree of consideration depends on the facts
in each case and depends on the Company&#x2019;s profitability and ready access to financial resources, In certain cases, management may
need to consider a wide range of factors relating to current and expected profitability, debt repayment schedules, compliance with the
financial and security collateral cover ratio covenants under its existing debt agreements and potential sources of replacement financing
before it can satisfy itself that the going concern basis is appropriate. The Company may need to develop detailed cash flow projections
as part of its assessment in such cases. In developing estimates of future cash flows, the Company makes assumptions about the vessels&#x2019;
future performance, with the significant assumptions relating to time charter equivalent rates, vessels&#x2019; operating expenses, vessels&#x2019;
capital expenditures, fleet utilization, Company&#x2019;s general and administrative expenses and cash flow requirements for debt servicing.
The assumptions used to develop estimates of future cash flows are based on historical trends as well as future expectations.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;As at
December 31, 2022, the Company reported a total comprehensive income for the year of $&lt;span id="xdx_90C_eifrs-full--ComprehensiveIncome_pn3n3_c20220101__20221231_zYvkZckxy258"&gt;24,280&lt;/span&gt;, net cash generated from
operating activities of $&lt;span id="xdx_909_eifrs-full--CashFlowsFromUsedInOperatingActivities_pn3n3_c20220101__20221231_zUKA5IIBYrIa"&gt;26,906&lt;/span&gt;, Cash and cash equivalents of $&lt;span id="xdx_90A_eifrs-full--CashAndCashEquivalents_iI_pn3n3_c20221231_zLrE8dyaQ7ac"&gt;52,833&lt;/span&gt;, a working capital surplus of $&lt;span id="xdx_906_eifrs-full--CurrentAssetsLiabilities_iI_pn3n3_c20221231_zvoGJxemvsn8" title="Working capital surplus"&gt;45,000&lt;/span&gt;
 and was in compliance with its debt covenants.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The above
conditions indicate that the Company is expected to be able to operate as a going concern and these consolidated financial statements
were prepared under this assumption.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Impact of
COVID-19 on the Company&#x2019;s Business&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The spread
of the COVID-19 virus, which has been declared a pandemic by the World Health Organization in 2020 has caused substantial disruptions
in the global economy and the shipping industry, as well as significant volatility in the financial markets, the severity and duration
of which remains uncertain.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The impact
of the COVID-19 pandemic continues to unfold and may continue to have a negative effect on the Company&#x2019;s business, financial performance
and the results of its operations. As a result, many of the Company&#x2019;s estimates and assumptions required increased judgment and
carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company&#x2019;s
estimates may change in future periods. Besides reducing demand for cargo, coronavirus may functionally limit 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-left: 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The Company
has evaluated the impact of the current economic situation on the recoverability of the carrying amount of its vessels. During the first
quarter of 2020, the Company concluded that events and circumstances triggered the existence of potential impairment of its vessels.
These indicators included volatility in the charter market as well as the potential impact the current marketplace may have on the future
operations. As a result, the Company performed an impairment assessment of the Company&#x2019;s vessels by comparing the discounted projected
net operating cash flows for each vessel to its carrying values. For the first quarter of 2020, the Company concluded that the recoverable
amounts of the vessels were lower than their carrying amounts and an impairment loss of $&lt;span id="xdx_901_eifrs-full--AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_pn3n3_c20200101__20201231_zxVSpxBZO3P9" title="Impairment loss"&gt;4,615&lt;/span&gt; was recorded (Note 5). The Company has
re-assessed impairment indicators as at December 31, 2022 and concluded that &lt;span id="xdx_90F_eifrs-full--AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_pn3n3_do_c20220101__20221231_zv9UJCjP0BOf" title="Impairment loss"&gt;no&lt;/span&gt; further impairment of its vessels should be recorded
or previously recognized impairment should be reversed.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-left: 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Conflicts&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-left: 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
conflict between Russia and Ukraine, which commenced in February 2022, has disrupted supply chains and caused instability and significant
volatility in the global economy. Much uncertainty remains regarding the global impact of the conflict in Ukraine, and it is possible
that such instability, uncertainty and resulting volatility could significantly increase the costs of the Company and adversely affect
its business, including the ability to secure charters and financing on attractive terms, and as a result, adversely affect the Company&#x2019;s
business, financial condition, results of operation, estimates and cash flows. Currently there is no direct effect on the
Company&#x2019;s operations.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-left: 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;2.&#160;&#160;&#160;&#160;&#160;&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Basis
of Preparation and Significant Accounting Policies (continued)&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Statement
of Compliance: &lt;/b&gt;These consolidated financial statements of the Company have been prepared in accordance with &lt;span id="xdx_90C_edei--EntityAccountingStandard_c20220101__20221231_zHN95CfeGFii"&gt;International Financial
Reporting Standards&lt;/span&gt; (&#x201c;IFRS&#x201d;) as issued by the International Accounting Standards Board (&#x201c;IASB&#x201d;).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Basis
of Consolidation:&lt;/b&gt; The consolidated financial statements comprise the financial statements of Globus and its subsidiaries listed in
Note 1. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting
policies.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;All
inter-company balances and transactions have been eliminated upon consolidation. Subsidiaries are fully consolidated from the date on
which control is transferred to the Company and cease to be consolidated from the date on which control is transferred out of the Company.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_848_eifrs-full--DescriptionOfInitialApplicationOfStandardsOrInterpretations_z11MjDrO0fJ8" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.2&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#160;&#x202f;&#160;&#160;&lt;span id="xdx_86B_zpgyBprR2dVk"&gt;
Standards amendments and interpretations:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The accounting
policies adopted are consistent with those of previous financial year except for the following amended IFRS which have been adopted by
the Company as at January 1, 2022:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;
&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent
Liabilities and Contingent Assets as well as Annual Improvements 2018-2020 (Amendments)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The
amendments are effective for annual periods beginning on or after January 1, 2022 with earlier application permitted. The IASB has
issued narrow-scope amendments to the IFRS Standards as follows:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Wingdings; font-size: 10pt"&gt;&#xd8;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#160;&#160;&#160;
&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;IFRS 3 Business Combinations (Amendments)&lt;/b&gt; update a reference in IFRS 3 to the previous version
of the IASB&#x2019;s Conceptual Framework for Financial Reporting to the current version issued in 2018 without significantly changing
the accounting requirements for business combinations.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Wingdings; font-size: 10pt"&gt;&#xd8;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#160;&#160;&#160;
&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;IAS 16 Property, Plant and Equipment (Amendments)&lt;/b&gt; prohibit a company from deducting from
the cost of property, plant and equipment any proceeds from the sale of items produced while bringing the asset to the location and condition
necessary for it be capable of operating in the manner intended by management. Instead, a company recognizes such sales proceeds and
related cost in profit or loss.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Wingdings; font-size: 10pt"&gt;&#xd8;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#160;&#160;&#160;
&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;IAS 37 Provisions, Contingent Liabilities and Contingent Assets (Amendments)&lt;/b&gt; specify which
costs a company includes in determining the cost of fulfilling a contract for the purpose of assessing whether a contract is onerous.
The amendments clarify, the costs that relate directly to a contract to provide goods or services include both incremental costs and
an allocation of costs directly related to the contract activities. &lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Wingdings; font-size: 10pt"&gt;&#xd8;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#160;&#160;&#160;
&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Annual Improvements 2018-2020&lt;/b&gt; make minor amendments to &lt;b&gt;IFRS 1 First-time Adoption of International
Financial Reporting Standards&lt;/b&gt;, &lt;b&gt;IFRS 9 Financial Instruments&lt;/b&gt;, &lt;b&gt;IAS 41 Agriculture&lt;/b&gt; and the Illustrative Examples accompanying
&lt;b&gt;IFRS 16 Leases&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The amendments
had no impact on the financial statements of the Company.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7; &lt;/span&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;IFRS
16 Leases-Covid 19 Related Rent Concessions beyond  June 30, 2021 (Amendment)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The
Amendment applies to annual reporting periods beginning on or after April 1, 2021, with earlier application permitted, including in
financial statements not yet authorized for issue at the date the amendment is issued. In March 2021, the Board amended the
conditions of the practical expedient in IFRS 16 that provides relief to lessees from applying the IFRS 16 guidance on lease
modifications to rent concessions arising as a direct consequence of the covid-19 pandemic. Following the amendment, the practical
expedient now applies to rent concessions for which any reduction in lease payments affects only payments originally due on or
before  June 30, 2022, provided the other conditions for applying the practical expedient are met.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The amendments
had no impact on the financial statements of the Company.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Standards
issued but not yet effective and not early adopted:&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;
&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting
policies (Amendments)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The Amendments
are effective for annual periods beginning on or after January 1, 2023 with earlier application permitted. The amendments provide guidance
on the application of materiality judgements to accounting policy disclosures. In particular, the amendments to IAS 1 replace the requirement
to disclose &#x2018;significant&#x2019; accounting policies with a requirement to disclose &#x2018;material&#x2019; accounting policies.
Also, guidance and illustrative examples are added in the Practice Statement to assist in the application of the materiality concept
when making judgements about accounting policy disclosures. Management is in process of assessing the effect of these amendments on
the Company&#x2019;s financial statements and disclosures.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;b/&gt;&lt;/p&gt;




&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.&#160;&#160;&#160;&#160;&#160;&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Basis
of Preparation and Significant Accounting Policies (continued)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;
&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting
Estimates (Amendments)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The amendments
become effective for annual reporting periods beginning on or after January 1, 2023 with earlier application permitted and apply to changes
in accounting policies and changes in accounting estimates that occur on or after the start of that period. The amendments introduce
a new definition of accounting estimates, defined as monetary amounts in financial statements that are subject to measurement uncertainty,
if they do not result from a correction of prior period error. Also, the amendments clarify what changes in accounting estimates are
and how these differ from changes in accounting policies and corrections of errors. Management is in process of assessing the effect of these amendments on the Company&#x2019;s financial statements
and disclosures.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;
&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;IAS 12 Income taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction
(Amendments)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The amendments
are effective for annual periods beginning on or after January 1, 2023 with earlier application permitted. The amendments narrow the
scope of and provide further clarity on the initial recognition exception under IAS 12 and specify how companies should account for deferred
tax related to assets and liabilities arising from a single transaction, such as leases and decommissioning obligations. The amendments
clarify that where payments that settle a liability are deductible for tax purposes, it is a matter of judgement, having considered the
applicable tax law, whether such deductions are attributable for tax purposes to the liability or to the related asset component. Under
the amendments, the initial recognition exception does not apply to transactions that, on initial recognition, give rise to equal taxable
and deductible temporary differences. It only applies if the recognition of a lease asset and lease liability (or decommissioning liability
and decommissioning asset component) give rise to taxable and deductible temporary differences that are not equal. Management has assessed
that these amendments will have no impact on the Company&#x2019;s financial position or performance.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7; &lt;/span&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;IAS
1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (Amendments)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The
amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted, and
will need to be applied retrospectively in accordance with IAS 8. The objective of the amendments is to clarify the principles in
IAS 1 for the classification of liabilities as either current or non-current. The amendments clarify the meaning of a right to defer
settlement, the requirement for this right to exist at the end of the reporting period, that management intent does not affect
current or non-current classification, that options by the counterparty that could result in settlement by the transfer of the
entity&#x2019;s own equity instruments do not affect current or non-current classification. Also, the amendments specify that only
covenants with which an entity must comply on or before the reporting date will affect a liability&#x2019;s classification.
Additional disclosures are also required for non-current liabilities arising from loan arrangements that are subject to covenants to
be complied with within twelve months after the reporting period. Management is in process of assessing the effect of these
amendments on the Company&#x2019;s financial statements and disclosures.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;
&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;IFRS 16 Leases: Lease Liability in a Sale and Leaseback (amendments)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The amendments
are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. The amendments
are intended to improve the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction
in IFRS 16, while it does not change the accounting for leases unrelated to sale and leaseback transactions. In particular, the seller-lessee
determines &#x2018;lease payments&#x2019; or &#x2018;revised lease payments&#x2019; in such a way that the seller-lessee would not recognize
any amount of the gain or loss that relates to the right of use it retains. Applying these requirements does not prevent the seller-lessee
from recognizing, in profit or loss, any gain or loss relating to the partial or full termination of a lease. A seller-lessee applies
the amendment retrospectively in accordance with IAS 8 to sale and leaseback transactions entered into after the date of initial application,
being the beginning of the annual reporting period in which an entity first applied IFRS 16. Management has assessed that these amendments
will have no impact on the Company&#x2019;s financial position or performance.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;
&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Amendment in IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and
Joint Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The amendments
address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS 28, in dealing with the sale or contribution
of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss
is recognized when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognized
when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary. In December 2015
the IASB postponed the effective date of this amendment indefinitely pending the outcome of its research project on the equity method
of accounting. Management has assessed that these amendments will have no impact on the Company&#x2019;s financial position or performance.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;




&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.&#160;&#160;&#160;&#160;&#160;&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Basis
of Preparation and Significant Accounting Policies (continued)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84B_eifrs-full--DisclosureOfAccountingJudgementsAndEstimatesExplanatory_zerouqvHKR1f" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.3
&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#160;&lt;span id="xdx_867_zqFxYAR3DrAe"&gt;Significant accounting policies, judgments, estimates and assumptions:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;
&lt;span style="font-size: 10pt"&gt;The preparation of consolidated financial statements in conformity with IFRS requires management to make
judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the consolidated financial statements and the amounts of revenues and expenses recognized during the reporting
period. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment
to the carrying amount of the asset or liability affected in the future.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -21.25pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Judgments:
&lt;/b&gt;In the process of applying the Company&#x2019;s accounting policies, management has made the following judgments that had a significant
effect on the amounts recognized in the consolidated financial statements.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b/&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Impairment
and Reversal of previously recognized impairment:&lt;/b&gt; The Company applies judgment in assessing at each reporting date whether indicators
of impairment or reversal of previously recognized impairment loss exist for any vessels. If indicators of possible impairment or
reversal of impairment are identified, the Company estimates the recoverable amount such vessel&lt;/span&gt;.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The
Company considers the following indicators of impairment/reversal of impairment:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Wingdings; font-size: 10pt"&gt;&#xd8;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#160;
&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;Observable significant decrease / increase in vessel&#x2019;s market value &lt;/span&gt;&lt;/p&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Wingdings; font-size: 10pt"&gt;&#xd8;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#160;
&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;Significant adverse / favorable changes in the technological, economic or legal environment incurred
or are expected to be incurred and negatively / positively affect vessel&#x2019;s value or decrease / increase its revenue generating
ability&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Wingdings; font-size: 10pt"&gt;&#xd8;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#160;
&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;Market interest rates of return on investments have increased / decreased during the period, which
will result in increase /decrease of the discount rate.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;To evaluate
the presence of impairment/reversal of impairment indicators the Company assessed current market conditions as derived from historical
information including analysis over vessel market charter rates and market prices, recent vessels sales and purchase activity, independent
brokers valuations reports and also assesses forward looking industry information regarding vessels market values.as well as various
qualitative factors. Based on such assessment performed as of December 31, 2022 and 2021 the Company concluded that no indicators for
impairment and reversal of impairment were present as of December 31, 2022 and 2021 and no impairment or reversal of previously recognized
impairment losses was recorded for the years ended December 31, 2022 and 2021 (Note 5).&lt;/span&gt;&lt;/p&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Estimates
and assumptions&lt;/b&gt;: The key assumptions concerning the future and other key sources of estimation uncertainty at the financial position
date, that have a significant risk of causing a significant adjustment to the carrying amount of assets and liabilities within the next
financial year, are discussed below. The Company based its assumptions and estimates on parameters available when the consolidated financial
statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes
or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt; &lt;span style="font-family: Wingdings; font-size: 10pt"&gt;&#xd8;&lt;/span&gt; &lt;span style="font-size: 10pt"&gt;&lt;i&gt;Carrying amount of vessels, net&lt;/i&gt;: Vessels are stated at cost, less accumulated depreciation (including depreciation of dry-docking costs) and accumulated impairment losses. The estimates and assumptions that have the most significant effect on the vessels carrying amount are estimations in relation to useful lives of vessels, their residual value and estimated dry docking dates. The key assumptions used are further explained in notes 2.9 to 2.12.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Wingdings; font-size: 10pt"&gt;&#xd8;
&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;&lt;i&gt;Impairment of  Vessels and Reversal of previously recognized impairment losses&lt;/i&gt;:
The Company&#x2019;s impairment test for non-financial assets is based on the assets&#x2019; recoverable amount, where the recoverable
amount is the greater of fair value less costs to sell and value in use. The Company engaged independent valuation specialists to determine
the fair value of non-financial assets as at December 31, 2022 and 2021. The value in use calculation is based on a discounted cash flow
model. The value in use calculation is most sensitive to the discount rate used for the discounted cash flow model as well as the expected
net cash flows. See notes 2.12 and 5. The Company assesses also at each reporting date whether there is any indication that an impairment
loss recognized in prior periods for a vessel may no longer exist or may have decreased.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b/&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_847_eifrs-full--DescriptionOfAccountingPolicyForRecognitionOfRevenue_zwSiwpG7YWr7" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.4
&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#160; &lt;span id="xdx_86B_zbIqFGnCFXk1"&gt;Accounting for revenue and related
expenses:&lt;/span&gt;&lt;/b&gt; The Company generates its revenues from charterers for the charter hire of its vessels. Vessels are chartered using time charters and
bareboat, where a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate.
If a time charter agreement exists and collection of the related revenue is reasonably assured, revenue is recognized on a straight-line
basis over the period of the time charter. Such Voyage Revenues are treated in accordance with IFRS 16 as lease income, while the portion
of time charter revenues related to technical management services are recognized in accordance with IFRS 15. Associated broker commissions
are recognized on a pro-rata basis over the duration of the period of the time charter. Deferred revenue relates to cash received prior
to the financial position date and is related to revenue earned after such date.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;&#160;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Interest
income&lt;/b&gt;: interest income is recognized as interest on an accrual basis.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Voyage expenses&lt;/b&gt;:
Voyage expenses primarily consisting of port, canal and bunker expenses that are unique to a particular charter under time charter arrangements
are paid by the charterer. Furthermore, voyage expenses include brokerage commission on revenue which is paid by the Company. Voyage
expenses are accounted for on an accrual basis.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -1cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Vessel operating
expenses&lt;/b&gt;: Vessel operating costs include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance
and repairs. Vessel operating expenses are accounted for on an accrual basis.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_840_eifrs-full--DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_zNgFD7HXMl9i" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.5
&#x202f;&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f; &lt;span id="xdx_863_zJk6Xb1KMhCi"&gt;Foreign currency translation:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;
&lt;span style="font-size: 10pt"&gt;The functional currency of Globus and its subsidiaries is the U.S. dollar, which is also the presentation
currency of the Company, since the Company&#x2019;s vessels operate in international shipping markets, whereby the U.S. dollar is the
currency used for transactions. Transactions involving other currencies during the period are converted into U.S. dollars using the exchange
rates in effect at the time of the transactions. At the financial position dates, monetary assets and liabilities, which are denominated
in currencies other than the U.S. dollar, are translated into the functional currency using the period-end exchange rate. Gains or losses
resulting from foreign currency transactions are included in foreign exchange gains/(losses), net in the consolidated statement of comprehensive
income/(loss).&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_848_eifrs-full--DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory_zsOdnpqe6In9" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.6
&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;  &lt;span id="xdx_862_zWEkmKHbZKYb"&gt;Cash
and cash equivalents:&lt;/span&gt;&lt;/b&gt; The Company considers highly liquid investments such as time deposits and certificates of deposit with original
maturity of three months or less to be cash and cash equivalents.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory_zSL1ST0072gf" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.7
&#x202f;&#x202f;&#x202f;
&#x202f;&#x202f;&#160; &lt;span id="xdx_860_z71pTQilN4Za"&gt;Trade accounts receivable, net:&lt;/span&gt; &lt;/b&gt;The amount shown as trade accounts receivable at each financial position date includes estimated
recoveries from charterers for hire, net of an allowance for doubtful accounts. Trade accounts receivable without a significant financing
component are initially measured at their transaction price and subsequently measured at amortized cost less impairment losses, which
are recognized in the consolidated statement of comprehensive income/(loss). At each financial position date, all potentially uncollectible
accounts are assessed individually for the purpose of determining the appropriate provision for expected credit losses. The provision
for expected credit losses at December 31, 2022 was nil (2021: $&lt;span id="xdx_908_ecustom--AllowanceForDoubtfulTradeReceivables_pn3n3_c20210101__20211231_zEQ7nB9uMep8" title="Provision for doubtful trade receivables"&gt;8&lt;/span&gt;). &lt;span id="xdx_904_ecustom--AllowanceForDoubtfulTradeReceivables_pn3n3_c20220101__20221231_zbIHSQczhqp1" style="display: none" title="Provision for doubtful trade receivables"&gt;0&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span style="display: none" title="Provision for doubtful trade receivables"/&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.&#160;&#160;&#160;&#160;&#160;&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Basis
of Preparation and Significant Accounting Policies (continued)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_840_eifrs-full--DescriptionOfAccountingPolicyForMeasuringInventories_z8k90gXVfLB1" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.8&#x202f;
&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f; &#x202f;&lt;span id="xdx_861_zZICYD4RCCBd"&gt;Inventories:&lt;/span&gt;
&lt;/b&gt;Inventories consist of lubricants, bunkers and gas cylinders and are stated at the lower of cost and net realizable value. The cost
is determined by the first-in, first-out method.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_zyaMj9pfZOAg" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.9
&#x202f;&#160; &#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&lt;span id="xdx_86E_zXFiM99Uiav6"&gt;Vessels,
net:&lt;/span&gt;&lt;/b&gt; Vessels are stated at cost, less accumulated depreciation (including depreciation of dry-docking cost) and accumulated impairment losses. Vessel cost consists
of the contract price for the vessel and any material expenses incurred upon acquisition (initial repairs, improvements and delivery
expenses, interest, commissions paid and on-site supervision costs incurred during the construction periods). Subsequent expenditures
for conversions and major improvements are also capitalized when the recognition criteria are met. Otherwise, these amounts are charged
to expenses as incurred.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84C_eifrs-full--DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory_zvghVckNyMyk" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.10&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;
&lt;span id="xdx_86A_z2cTskMjSzO7"&gt;Dry-docking costs:&lt;/span&gt;&lt;/b&gt; &lt;span style="font-weight: normal"&gt;Vessels are required to be dry-docked for major repairs and maintenance that
cannot be performed while the vessels are operating. Dry-dockings occur approximately every &lt;span id="xdx_90C_ecustom--IntervalBetweenVesselDrydockingSpecialSurvey_dtY_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DeferredDryDockingCostsMember_z8Jdrp6rIy3a" title="Interval Between Vessel Drydocking Special Survey"&gt;2.5&lt;/span&gt; years. The costs associated with the
dry-dockings are capitalized and depreciated on a straight-line basis over the period between dry-dockings, to a maximum of 2.5 years.
At the date of acquisition of a vessel, management estimates the component of the cost that corresponds to the economic benefit to be
derived until the first scheduled dry-docking of the vessel under the ownership of the Company and this component is depreciated on a
&lt;span id="xdx_909_eifrs-full--DepreciationMethodPropertyPlantAndEquipment_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DeferredDryDockingCostsMember_zIbiSo7fwQ8l" title="Depreciation method"&gt;straight-line basis&lt;/span&gt; over the remaining period through the estimated dry-docking date.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_845_eifrs-full--DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory_zFrAvOMOqOY1" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.11
&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&lt;span id="xdx_86C_zhHGTOKp8jv5"&gt;Depreciation:&lt;/span&gt;&lt;/b&gt; The cost of each of the Company&#x2019;s vessels is depreciated on a &lt;span id="xdx_901_eifrs-full--DepreciationMethodPropertyPlantAndEquipment_pid_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_z1JpAaNoInDk" title="Depreciation method"&gt;straight-line basis&lt;/span&gt; over each vessel&#x2019;s remaining
useful economic life, after considering the estimated residual value of each vessel, beginning when the vessel is ready for its intended
use. Management estimates that the useful life of new vessels is &lt;span id="xdx_904_eifrs-full--DescriptionOfUsefulLifePropertyPlantAndEquipment_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zhyTsPtghRW3" title="Useful life"&gt;25 years&lt;/span&gt;, which is consistent with industry practice. The residual value
of a vessel is the product of its lightweight tonnage and estimated scrap value per lightweight ton. The residual values and useful lives
are reviewed at each reporting date and adjusted prospectively. During 2020 the Company maintained the same scrap rate at $&lt;span id="xdx_906_ecustom--VesselsScrapRatePerTon_c20200101__20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zMXZBqbLd2Vc" title="Vessels scrap rate per ton"&gt;300&lt;/span&gt;/ton(absolute amount). During
the fourth quarter of 2021, the Company adjusted the scrap rate from $300/ton(absolute amount) to $&lt;span id="xdx_90F_ecustom--VesselsScrapRatePerTon_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zkjMidyN9Eb1" title="Vessels scrap rate per ton"&gt;380&lt;/span&gt;/ton(absolute amount) due to the increased scrap rates worldwide.
This resulted to a decrease of $&lt;span id="xdx_903_ecustom--ExtraDepreciationPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zd4Con8zPfre" title="Decrease in depreciation expense due to changes in scrap rate"&gt;145&lt;/span&gt; to the depreciation charge included in the consolidated statement of comprehensive income/(loss)
for 2021. During the fourth quarter of 2022, the Company adjusted the scrap rate from $380/ton(absolute amount) to $&lt;span id="xdx_900_ecustom--VesselsScrapRatePerTon_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zf8SIC92rVZj" title="Vessels scrap rate per ton"&gt;440&lt;/span&gt;/ton(absolute amount) due to the increased scrap
rates worldwide. This resulted to a lower of $&lt;span id="xdx_909_ecustom--ExtraDepreciationPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zzs4hekZts23" title="Decrease in depreciation expense due to changes in scrap rate"&gt;118&lt;/span&gt; to the depreciation charge included in the consolidated statement of comprehensive
income/(loss) for 2022. The scrap rates throughout these financial statements are in absolute amounts.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 30.05pt; text-align: justify; text-indent: -30.05pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_847_eifrs-full--DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_z1H1c4EQAoN9" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.12&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#160;&lt;span id="xdx_866_znyHr5focOF9"&gt;Impairment of Long-Lived Assets and Reversal of previously recognized impairment losses:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;
&lt;span style="font-size: 10pt"&gt;The Company assesses at each reporting date whether there is an indication that a vessel may be impaired.
The vessel&#x2019;s recoverable amount is estimated when events or changes in circumstances indicate the carrying value may not be recoverable.
If such indication exists and where the carrying value exceeds the estimated recoverable amounts, the vessel is written down to its recoverable
amount. The recoverable amount is the greater of fair value less costs to sell and value-in-use. In assessing value-in-use, the estimated
future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value
of money and the risks specific to the vessel. Impairment losses are recognized in the consolidated statement of comprehensive income/(loss).
The Company assesses also at each reporting date whether there is any indication that an impairment loss recognized in prior periods
for a vessel may no longer exist or may have decreased. A previously recognized impairment loss is reversed only if there has been a
change in the estimates used to determine the asset&#x2019;s recoverable amount since the last impairment loss was recognized. If that
is the case, the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying
amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such
reversal is recognized in the consolidated statement of comprehensive income/(loss). After such a reversal, the depreciation charge is
adjusted in future periods to allocate the asset&#x2019;s revised carrying amount, less any residual value, on a systematic basis over
its remaining useful life (refer to note 5).&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify; text-indent: -1cm"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify; text-indent: -1cm"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify; text-indent: -1cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_846_eifrs-full--DescriptionOfAccountingPolicyForBorrowingsExplanatory_zCiTXZLGkLA3" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.13&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f; &lt;span id="xdx_86E_zPyTkR0jdMEk"&gt;Long-term
debt:&lt;/span&gt;&lt;/b&gt; Long-term debt is initially recognized at the fair value of the consideration received net of financing costs
directly attributable to the borrowing. After initial recognition, long-term debt is subsequently measured at amortized cost using
the effective interest rate method. Amortized cost is calculated by taking into account any financing costs and any discount or
premium on settlement. Gains and losses are recognized in the income statement component of the consolidated statement of
comprehensive income/(loss) when the liabilities are derecognized or impaired, as well as through the amortization process. Accrued
interest at the end of the reporting period is added at the current portion of long-term debt. As at December 31, 2021 amount of
$&lt;span id="xdx_903_eifrs-full--CurrentPortionOfLongtermBorrowings_iI_pn3n3_c20211231__ifrs-full--ConsolidatedAndSeparateFinancialStatementsAxis__custom--CurrentAccruedInterestMember_zwcgPknLM4O2"&gt;179&lt;/span&gt; that was previously presented under
Accrued Liabilities was reclassified under Current portion of long-term borrowings.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&#160;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;2.&#160;&#160;&#160;&#160;&#160;&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Basis
of Preparation and Significant Accounting Policies (continued)&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"/&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForFinanceCostsExplanatory_zvfQJzaj81n9" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.14&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;
&lt;span id="xdx_868_zkjHvp2YOGO3"&gt;Financing costs:&lt;/span&gt;&lt;/b&gt; Fees incurred for obtaining new loans or refinancing existing loans are deferred and amortized over the life of
the related debt, using the effective interest rate method. Any unamortized balance of costs relating to loans repaid or refinanced is
expensed in the period the repayment or refinancing is made. For the year ended December 31, 2022, the Company deferred financing costs
of $&lt;span id="xdx_906_eifrs-full--BorrowingCostsCapitalised_pn3n3_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zhvgviLdEB3g" title="Borrowing costs capitalised"&gt;259&lt;/span&gt;, which relate to the costs incurred for the top up loan amount of $&lt;span id="xdx_907_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pn3n3_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zgfHywhJYbIe"&gt;18,000&lt;/span&gt;  with CIT Bank N.A. (see Note 11 for more details).
For the year ended December 31, 2021, the Company deferred financing costs of $&lt;span id="xdx_905_eifrs-full--BorrowingCostsCapitalised_pn3n3_c20210101__20211231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zUuqETNikrk4" title="Borrowing costs capitalised"&gt;545&lt;/span&gt;, which relate to the costs incurred for the loan agreement
with CIT Bank N.A. (This loan facility is referred to as the CIT Loan Facility, see Note 11 for more details). For the year ended December
31, 2020, the Company did not incur any financing costs. &lt;span id="xdx_90B_eifrs-full--BorrowingCostsCapitalised_pn3n3_c20200101__20201231_z2NB0DrD2Tnf" style="display: none" title="Borrowing costs capitalised"&gt;0&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;i&gt;&#160;&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_843_eifrs-full--DescriptionOfAccountingPolicyForBorrowingCostsExplanatory_zR7LfkRqbEVl" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.15&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;
&lt;span id="xdx_860_zMN5CcEocfBi"&gt;Borrowing costs:&lt;/span&gt;&lt;/b&gt; Borrowing costs consist of interest and other costs that the Company incurs in connection with the borrowing
of funds. Borrowing costs are expensed to the income statement component of the consolidated statement of comprehensive income/(loss)
as incurred under &#x201c;interest expense and finance costs&#x201d; except borrowing costs that relate to a qualifying asset. A qualifying
asset is an asset that necessarily takes a substantial period of time to get ready for its intended use. Borrowing costs that relate
to qualifying assets are capitalized.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForSegmentReportingExplanatory_ziW8NUgCOXPf" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.16&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#160;
&lt;span id="xdx_860_zYBz8fJmOUff"&gt;Operating segment:&lt;/span&gt;&lt;/b&gt; The Company reports financial information and evaluates its operations by charter revenues and not by other factors
such as length of ship employment for its customers i.e., spot or time charters or type of vessel. The Company does not use discrete
financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types
of charters, management cannot and does not identify expenses, profitability or other financial information for these charters. As a
result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results
of the fleet and thus the Company has determined that it operates as &lt;span id="xdx_908_ecustom--NumberOfOperatingSegments_dc_uPure_c20220101__20221231_zrqVHIGKsyzf" title="Number Of Operating Segments"&gt;one&lt;/span&gt; operating segment. Furthermore, when the Company charters a
vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographical information
is impracticable.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84A_eifrs-full--DescriptionOfAccountingPolicyForProvisionsExplanatory_zkBVDSNTj264" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.17
&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&lt;span id="xdx_86E_zsFUXUFtNU5f"&gt;Provisions and contingencies:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-size: 10pt"&gt;Provisions
are recognized when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow
of resources embodying economic benefits will be required to settle the obligation and, a reliable estimate of the amount of the obligation
can be made. Provisions are reviewed at each financial position date and adjusted to reflect the present value of the expenditure expected
to be required to settle the obligation. Contingent liabilities are not recognized in the consolidated financial statements but are disclosed
unless the possibility of an outflow of resources embodying economic benefits is remote, in which case there is no disclosure. Contingent
assets are not recognized in the consolidated financial statements but are disclosed when an inflow of economic benefits is probable.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_848_eifrs-full--DescriptionOfAccountingPolicyForTerminationBenefits_zDpO9kgEvXm2" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.18&#x202f;
&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&lt;span id="xdx_864_z2C2Aw0suEye"&gt;Pension and retirement benefit obligations:&lt;/span&gt; &lt;/b&gt;The crew on board the vessels owned by the ship-owning companies, wholly owned subsidiaries
of Globus, is employed under short-term contracts (usually up to nine months) and, accordingly, the Company is not liable for any pension
or post-retirement benefits payable to the crew.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Provision
for employees&#x2019; severance compensation: &lt;/b&gt;The Greek employees of the Company are bound by the Greek Labor law. Accordingly, compensation
is payable to such employees upon dismissal or retirement. The amount of compensation is based on the number of years of service and
the amount of remuneration at the date of dismissal or retirement. &lt;span id="xdx_90D_eifrs-full--DescriptionOfNatureOfBenefitsProvidedByPlan_pip0_c20220101__20221231_zIoL9r1VSyi2" title="Description of nature of benefits provided by plan"&gt;If the employee remains in the employment of the Company until normal
retirement age, they are entitled to retirement compensation which is equal to 40% of the compensation amount that would be payable if
they were dismissed at that time.&lt;/span&gt; The number of employees that will remain with the Company until retirement age is not known. The Company
has provided for the employees&#x2019; retirement compensation liability which amounted to $&lt;span id="xdx_90B_eifrs-full--LiabilityAssetOfDefinedBenefitPlans_iI_pn3n3_c20221231_zW7vhgfPYSd6" title="Net defined benefit liability"&gt;148&lt;/span&gt; as at December 31, 2022 (2021: $&lt;span id="xdx_902_eifrs-full--LiabilityAssetOfDefinedBenefitPlans_iI_pn3n3_c20211231_z2B2WODeovDj" title="Net defined benefit liability"&gt;114&lt;/span&gt;),
calculated by using the Projected Unit Credit Method and disclosed under non-current liabilities in the consolidated statement of financial
position.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_847_eifrs-full--DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory_zlEXp6a5Kev8" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.19&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;
&lt;span id="xdx_866_z7wltvw4rNV9"&gt;Offsetting of financial assets and liabilities:&lt;/span&gt; &lt;/b&gt;Financial assets and liabilities are offset and the net amount is presented in the
consolidated financial position only when the Company has a legally enforceable right to set off the recognized amounts and intend either
to settle such asset and liability on a net basis or to realize the asset and settle the liability simultaneously.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b/&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_842_eifrs-full--DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory_zXCNtYm1cOTl" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.20&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#160;
&lt;span id="xdx_863_zu1AiChKe1gk"&gt;Financial assets and liabilities:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;i. Classification
and measurement of financial assets and financial liabilities&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Under IFRS
9, on initial recognition, a financial asset is classified as measured at: amortized cost; fair value through other comprehensive income
(FVOCI) - debt investment; FVOCI - equity investment; or fair value through profit or loss (FVTPL). The classification of financial assets
under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;2.&#160;&#160;&#160;&#160;&#160;&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Basis
of Preparation and Significant Accounting Policies (continued)&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;A financial
asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:	&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"/&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;it
                                            is held within a business model whose objective is to hold assets to collect contractual
                                            cash flows; and&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"/&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;its
                                            contractual terms give rise on specified dates to cash flows that are solely payments of
                                            principal and interest on the principal amount outstanding.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;A debt investment
is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"/&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;it
                                            is held within a business model whose objective is achieved by both collecting contractual
                                            cash flows and selling financial assets; and&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"/&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;its
                                            contractual terms give rise on specified dates to cash flows that are solely payments of
                                            principal and interest on the principal amount outstanding.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;All financial
assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. On initial recognition, the Company
may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at
FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;A financial
asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price)
is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;ii. Impairment
of financial assets&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The financial
assets at amortized cost consist of trade accounts receivable and cash and cash equivalents.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Under IFRS
9, loss allowances are measured on either of the following bases:&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"/&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;12-month
                                            ECLs: these are ECLs that result from possible default events within the 12 months after
                                            the reporting date; and&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"/&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;lifetime
                                            ECLs: these are ECLs that result from all possible default events over the expected life
                                            of a financial instrument.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;When determining
whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company
considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative
and qualitative information and analyses, based on the Company's historical experience and informed credit assessment and including forward-looking
information.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The Company
assumes that the credit risk on a financial asset has increased significantly if it is more than 180 days past due.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The Company
considers a financial asset to be in default when:&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"/&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;the
                                            counterparty is unlikely to pay its contractual obligations to the Company in full, without
                                            recourse by the Company to actions such as realizing security (if any is held); or&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"/&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;the
                                            financial asset is more than 1 year past due.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The maximum
period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;ECLs are a
probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference
between cash flows due to the entity in accordance with the contract and cash flows that the Company expects to receive). ECLs are discounted
at the effective interest rate of the financial asset.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Loss
allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;iii. Derecognition
of financial assets &lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;A financial
asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognized where:&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"/&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;the
                                            rights to receive cash flows from the asset have expired;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"/&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;the
                                            Company retains the right to receive cash flows from the asset, but has assumed an obligation
                                            to pay them in full without material delay to a third party under a &#x201c;pass-through&#x201d;
                                            arrangement; or &lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="margin-top: 0; margin-bottom: 0"/&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b/&gt;&lt;/p&gt;

&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.&#160;&#160;&#160;&#160;&#160;&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Basis
of Preparation and Significant Accounting Policies (continued)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;


&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"/&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;the
                                            Company has transferred its rights to receive cash flows from the asset and either (a) has
                                            transferred substantially all the risks and rewards of the assets, or (b) has neither transferred
                                            nor retained substantially all the risks and rewards of the asset but has transferred control
                                            of the asset.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Where the Company
has transferred its rights to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and
rewards of the asset nor transferred control of the asset, the asset is recognized to the extent of the Company&#x2019;s continuing involvement
in the asset.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Continuing
involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of
the asset and the maximum amount of consideration that the Company could be required to repay.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;iv. Derecognition
of Financial liabilities: &lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;span style="font-size: 10pt"&gt;A
financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Where an existing
financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability
are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition
of a new liability and, the difference in the respective carrying amounts is recognized in profit or loss.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_841_ecustom--DescriptionOfAccountingPolicyForLesseeExplanatory_zxqLUFC2q5Ee" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.21&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#160;
&lt;span id="xdx_866_zKjm0fx2BiLa"&gt;Leases:&lt;/span&gt; &lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -0.55pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Leases
&#x2013; where the Company is the lessee: &lt;/b&gt;The Company applies a single recognition and measurement approach for all leases,
except for short term leases and leases of low value assets. The Company recognizes lease liabilities to make payments and right of
use assets representing the right of use of the underlying asset. The Company recognizes right-of-use assets at the commencement
date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any
accumulated depreciation and impairment losses and adjusted for any remeasurement of lease liabilities. The cost of right-of-use
assets includes the amount of lease liabilities recognized, initial direct costs incurred and lease payments made at or before the
commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter
of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Company at the end
of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life
of the asset.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -0.55pt"&gt;&lt;span style="font-size: 10pt"&gt;At
the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease payments to be made
over the lease term. The lease payments include fixed payments (including any in-substance fixed payments) less any lease incentives
receivable, variable lease payments that depend on an index or a rate, and any amounts expected to be paid under residual value guarantees.
The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments
of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments
that do not depend on an index or a rate are recognized as expenses (unless they are incurred to produce inventories) in the period in
which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company uses its
incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable.
After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease
payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease
term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine
such lease payments) or a change in the assessment of an option to purchase the underlying asset.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Leases
&#x2013; where an entity is the lessor: &lt;/b&gt;Leases of vessels where the entity does not transfer substantially all the risks and benefits
of ownership of the vessel are classified as operating leases. Lease income on operating leases is recognized on a straight-line basis
over the lease term. Contingent rents are recognized as revenue in the period in which they are earned.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;For time
charters that qualify as leases, the Company is required to disclose lease and non-lease components of lease revenue. The revenue earned
under time charters is not negotiated its two separate components, but as a whole. For purposes of determining the standalone selling
price of the vessel lease and technical management service components of the Company&#x2019;s time charters, the Company concluded that
the residual approach would be the most appropriate method to use given that vessel lease rates are highly variable depending on shipping
market conditions, the duration of such charters and the age of the vessel.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.&#160;&#160;&#160;&#160;&#160;&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Basis
of Preparation and Significant Accounting Policies (continued)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The Company believes that the standalone transaction price
attributable to the technical management service component, including crewing services, is more readily determinable than the price of
the lease component and, accordingly, the price of the service component is estimated using data provided by its technical department,
which includes crew expenses, maintenance and consumable costs and was approximately $&lt;span id="xdx_90A_eifrs-full--DirectOperatingExpenseFromInvestmentProperty_pn3n3_c20220101__20221231_zPKTKrzRhQf1" title="Direct operating expense from investment property"&gt;18,451&lt;/span&gt; for the year ended December 31, 2022. The
lease component that is disclosed then is calculated as the difference between total revenue and the non-lease component revenue and
was approximately $&lt;span id="xdx_90A_ecustom--LeaseAndNonleaseComponents_pn3n3_c20220101__20221231_zOHxBS2NRGWl" title="Lease components"&gt;42,939&lt;/span&gt; for the year ended December 31, 2022.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"/&gt;

&lt;p id="xdx_849_eifrs-full--DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_z5ClyUYEhei7" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.22
&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f; &lt;span id="xdx_861_zbkQZYgovDf2"&gt;Share based compensation:&lt;/span&gt; &lt;/b&gt;Globus operated
equity-settled, share-based compensation plans. The value of the service received in exchange of the grant of shares was recognized
as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the share
awards at the grant date. The relevant expense was recognized in the income statement component of the consolidated statement of
comprehensive income/(loss), with a corresponding impact in equity.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"&gt;&lt;span style="font-size: 10pt; letter-spacing: -0.1pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84A_eifrs-full--DescriptionOfAccountingPolicyForIssuedCapitalExplanatory_zj7g7blNiHZh" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt; letter-spacing: -0.1pt"&gt;&lt;b&gt;2.23
&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;
&lt;/b&gt;&lt;/span&gt;&lt;b&gt;&lt;span style="font-size: 10pt"&gt;&lt;span id="xdx_863_zLV2RZi4ThRa"&gt;Share capital and Warrants:&lt;/span&gt;&lt;span style="letter-spacing: -0.1pt"&gt; &lt;/span&gt;&lt;/span&gt;&lt;/b&gt;&lt;span style="font-size: 10pt"&gt;Common
shares and preferred shares are classified as equity. Incremental costs directly attributable to the issue of new shares are recognized
in equity as a deduction from the proceeds. The Company&#x2019;s warrants meet the classification criteria as per IAS 32 and, accordingly,
are classified in equity.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;span style="font-size: 10pt; letter-spacing: -0.1pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84C_eifrs-full--DescriptionOfAccountingPolicyForDividendsExplanatory_zzzieWaVoxr9" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.24
&#160;&#x202f;&#x202f;&#x202f; &#x202f;&#x202f;&lt;span id="xdx_861_zJw9IpMqSfTj"&gt;Dividends:&lt;/span&gt;&lt;span style="letter-spacing: -0.1pt"&gt; &lt;/span&gt;&lt;/b&gt;Dividends to shareholders
are recognized in the period in which the dividends are declared and appropriately authorized and are accounted for as dividends
payable until paid.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_841_eifrs-full--DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory_zEkR4IZ70q8a" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.25
&#x202f;&#x202f;&#x202f;&#x202f;&#160; &lt;span id="xdx_869_zKbzfL6dWO0k"&gt;Fair value measurement:&lt;/span&gt;&lt;/b&gt; The Company measures financial instruments, such as
derivatives  at fair value at each reporting date. In addition, fair values of financial instruments
measured at amortized cost are disclosed in note 21. Fair value is the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is
based on the presumption that the transaction to sell the asset or transfer the liability takes place either, a) in the principal
market for the asset or the liability or b) in the absence of a principal market, in the most advantageous market for the asset or
liability both being accessible by the Company. The fair value of an asset or a liability is measured using the assumptions that the
market participants would use when pricing the asset or liability, assuming that the market participants act in their best economic
interest. A fair value measurement of a non-financial asset takes into account the market participant&#x2019;s ability to generate
economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the
asset in its highest and best use. The Company uses valuation techniques that are appropriate in the circumstances and for which
sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of
unobservable inputs&lt;/span&gt;.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&#160;&#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;The
Company uses the following hierarchy for determining and disclosing the fair value of assets and liabilities by valuation technique:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;Level
1: quoted (unadjusted) prices in active markets for identical assets or liabilities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 81pt; text-align: justify; text-indent: -45pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: -27.8pt"&gt;&lt;span style="font-size: 10pt"&gt;Level
2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or
indirectly.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: -27.8pt"&gt;&lt;span style="font-size: 10pt"&gt;Level
3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;For assets
and liabilities that are recognized in the consolidated financial statements on a recurring basis, the Company determines whether transfers
have occurred between levels in the hierarchy by reassessing categorization at the end of each reporting period.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;span style="font-size: 10pt"&gt;The
Company engaged independent valuation specialists to determine the fair value of non-financial assets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84A_ecustom--DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements_z7XxmXT3vmSe" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.26
&#x202f;&#x202f;&#x202f;&#160;&#x202f; &lt;span id="xdx_86C_zd0BgKFxv568"&gt;Current versus non-current classification:&lt;/span&gt;&lt;/b&gt; The Company presents assets and
liabilities in the consolidated statement of financial position based on current/non-current classification.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;An
asset as current when it is:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 28.35pt"/&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Expected
                                            to be realized or intended to be sold or consumed in a normal operating cycle &lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 28.35pt"/&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Held
                                            primarily for the purpose of trading &lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 28.35pt"/&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Expected
                                            to be realized within twelve months after the reporting period&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 28.35pt"/&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Cash
                                            or cash equivalent&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="margin-top: 0; margin-bottom: 0"/&gt;



&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.&#160;&#160;&#160;&#160;&#160;&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Basis
of Preparation and Significant Accounting Policies (continued)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;All
other assets are classified as non-current.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;A
liability is current:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 28.35pt"/&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;It
                                            is expected to be settled in a normal operating cycle&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 28.35pt"/&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;It
                                            is held primarily for the purpose of trading &lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 28.35pt"/&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;It
                                            is due to be settled within twelve months after the reporting period&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 28.35pt"/&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;There
                                            is no unconditional right to defer the settlement of the liability for at least twelve months
                                            after the reporting period.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;All
other liabilities are classified as non-current.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_840_ecustom--DescriptionOfAccountingPolicyForRestrictedCashExplanatory_zCvjRyq92cXd" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.27&#x202f;&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;
&lt;span id="xdx_86E_zejx9ogkBNL8"&gt;Restricted Cash:&lt;/span&gt;&lt;/b&gt; Restricted cash represents pledged cash deposits or minimum liquidity required to be maintained under the Company's
borrowing arrangements. In the event that the obligation to maintain such deposits is expected to be terminated within the next twelve
months, these deposits are classified as current assets. Otherwise, they are classified as non-current assets.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -35.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_84C_ecustom--DescriptionOfAccountingPolicyForInterestRateSwapExplanatory_znHV7CIG9LDd" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.28
&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;
&lt;span id="xdx_867_zFb57RFfm3r1"&gt;Interest Rate Swap:&lt;/span&gt;&lt;/b&gt; The Company enters into interest rate swap agreements to manage its exposure to fluctuations of interest rate
risk associated with its borrowings. Interest Rate Swaps are measured at fair value. The Company uses valuation techniques that are appropriate
in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs
and minimizing the use of unobservable inputs. The valuation technique used for the Interest Rate Swaps is the discounted cash flow (see
also note 21). The Company has not designated these interest rate swaps for hedge accounting.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -35.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The fair
value of the Interest Rate Swaps is classified under &#x201c;Fair value of derivative financial instruments&#x201d; either under assets
or liabilities in the consolidated statement of financial position. In the event that the respective asset or liability is expected to
be materialized within the next twelve months, it is classified as current asset or liability. Otherwise, the respective asset or liability
is classified as non-current asset or liability.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The change
in fair value deriving from the valuation of the Interest Rate Swap at the end of each reporting period is classified under &#x201c;Gain/
(Loss) on derivative financial instruments&#x201d; in the consolidated statement of comprehensive income/(loss). Realized gains or losses
resulting from interest rate swaps are recognized in profit or loss under &#x201c;Gain / (Loss) on derivative financial instruments&#x201d;
in the consolidated statement of comprehensive income/(loss).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_841_ecustom--DescriptionOfAccountingPolicyForManagementAndConsultingFeeIncomeExplanatory_zWItTNd8fZs" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.29&#x202f;&#x202f;&#x202f;&#x202f;
&#160; &lt;span id="xdx_863_zLtIFzTQ6Moh"&gt;Management &amp;amp; consulting fee income:&lt;/span&gt; &lt;/b&gt;The Company enters into consultancy
agreements with other companies for the purpose of providing consultancy services. For these services the Company receives a fee.
The total income from these fees is classified in the income statement component of the consolidated statement of comprehensive
income/(loss) under management &amp;amp; consulting fee income.&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_851_zHk7DEVMg7Z7" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory>
    <ifrs-full:DisclosureOfGoingConcernExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_843_eifrs-full--DisclosureOfGoingConcernExplanatory_zsQWnmQIcuf1" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.1
&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#160; &lt;span id="xdx_861_zrxnIFNn6cXe"&gt;Basis of Preparation:&lt;/span&gt; &lt;/b&gt;The consolidated financial statements have been
prepared on a historical cost basis, except for derivative financial instruments which are measured at fair value. The consolidated
financial statements are presented in U.S. dollars and all values are rounded to the nearest thousand ($ 000s) except when otherwise
indicated.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Going
concern basis of accounting: &lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The Company
performs on a regular basis an assessment to evaluate its ability to continue as a going concern.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;In assessing
whether the going concern assumption is appropriate, management takes into account all available information about the future, which
is at least, but is not limited to, twelve months from the end of the reporting period. The degree of consideration depends on the facts
in each case and depends on the Company&#x2019;s profitability and ready access to financial resources, In certain cases, management may
need to consider a wide range of factors relating to current and expected profitability, debt repayment schedules, compliance with the
financial and security collateral cover ratio covenants under its existing debt agreements and potential sources of replacement financing
before it can satisfy itself that the going concern basis is appropriate. The Company may need to develop detailed cash flow projections
as part of its assessment in such cases. In developing estimates of future cash flows, the Company makes assumptions about the vessels&#x2019;
future performance, with the significant assumptions relating to time charter equivalent rates, vessels&#x2019; operating expenses, vessels&#x2019;
capital expenditures, fleet utilization, Company&#x2019;s general and administrative expenses and cash flow requirements for debt servicing.
The assumptions used to develop estimates of future cash flows are based on historical trends as well as future expectations.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;As at
December 31, 2022, the Company reported a total comprehensive income for the year of $&lt;span id="xdx_90C_eifrs-full--ComprehensiveIncome_pn3n3_c20220101__20221231_zYvkZckxy258"&gt;24,280&lt;/span&gt;, net cash generated from
operating activities of $&lt;span id="xdx_909_eifrs-full--CashFlowsFromUsedInOperatingActivities_pn3n3_c20220101__20221231_zUKA5IIBYrIa"&gt;26,906&lt;/span&gt;, Cash and cash equivalents of $&lt;span id="xdx_90A_eifrs-full--CashAndCashEquivalents_iI_pn3n3_c20221231_zLrE8dyaQ7ac"&gt;52,833&lt;/span&gt;, a working capital surplus of $&lt;span id="xdx_906_eifrs-full--CurrentAssetsLiabilities_iI_pn3n3_c20221231_zvoGJxemvsn8" title="Working capital surplus"&gt;45,000&lt;/span&gt;
 and was in compliance with its debt covenants.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The above
conditions indicate that the Company is expected to be able to operate as a going concern and these consolidated financial statements
were prepared under this assumption.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Impact of
COVID-19 on the Company&#x2019;s Business&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The spread
of the COVID-19 virus, which has been declared a pandemic by the World Health Organization in 2020 has caused substantial disruptions
in the global economy and the shipping industry, as well as significant volatility in the financial markets, the severity and duration
of which remains uncertain.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The impact
of the COVID-19 pandemic continues to unfold and may continue to have a negative effect on the Company&#x2019;s business, financial performance
and the results of its operations. As a result, many of the Company&#x2019;s estimates and assumptions required increased judgment and
carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company&#x2019;s
estimates may change in future periods. Besides reducing demand for cargo, coronavirus may functionally limit 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-left: 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The Company
has evaluated the impact of the current economic situation on the recoverability of the carrying amount of its vessels. During the first
quarter of 2020, the Company concluded that events and circumstances triggered the existence of potential impairment of its vessels.
These indicators included volatility in the charter market as well as the potential impact the current marketplace may have on the future
operations. As a result, the Company performed an impairment assessment of the Company&#x2019;s vessels by comparing the discounted projected
net operating cash flows for each vessel to its carrying values. For the first quarter of 2020, the Company concluded that the recoverable
amounts of the vessels were lower than their carrying amounts and an impairment loss of $&lt;span id="xdx_901_eifrs-full--AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_pn3n3_c20200101__20201231_zxVSpxBZO3P9" title="Impairment loss"&gt;4,615&lt;/span&gt; was recorded (Note 5). The Company has
re-assessed impairment indicators as at December 31, 2022 and concluded that &lt;span id="xdx_90F_eifrs-full--AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_pn3n3_do_c20220101__20221231_zv9UJCjP0BOf" title="Impairment loss"&gt;no&lt;/span&gt; further impairment of its vessels should be recorded
or previously recognized impairment should be reversed.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-left: 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Conflicts&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-left: 36pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
conflict between Russia and Ukraine, which commenced in February 2022, has disrupted supply chains and caused instability and significant
volatility in the global economy. Much uncertainty remains regarding the global impact of the conflict in Ukraine, and it is possible
that such instability, uncertainty and resulting volatility could significantly increase the costs of the Company and adversely affect
its business, including the ability to secure charters and financing on attractive terms, and as a result, adversely affect the Company&#x2019;s
business, financial condition, results of operation, estimates and cash flows. Currently there is no direct effect on the
Company&#x2019;s operations.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-left: 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;2.&#160;&#160;&#160;&#160;&#160;&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Basis
of Preparation and Significant Accounting Policies (continued)&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Statement
of Compliance: &lt;/b&gt;These consolidated financial statements of the Company have been prepared in accordance with &lt;span id="xdx_90C_edei--EntityAccountingStandard_c20220101__20221231_zHN95CfeGFii"&gt;International Financial
Reporting Standards&lt;/span&gt; (&#x201c;IFRS&#x201d;) as issued by the International Accounting Standards Board (&#x201c;IASB&#x201d;).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Basis
of Consolidation:&lt;/b&gt; The consolidated financial statements comprise the financial statements of Globus and its subsidiaries listed in
Note 1. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting
policies.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;All
inter-company balances and transactions have been eliminated upon consolidation. Subsidiaries are fully consolidated from the date on
which control is transferred to the Company and cease to be consolidated from the date on which control is transferred out of the Company.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DisclosureOfGoingConcernExplanatory>
    <ifrs-full:ComprehensiveIncome
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">24280000</ifrs-full:ComprehensiveIncome>
    <ifrs-full:CashFlowsFromUsedInOperatingActivities
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">26906000</ifrs-full:CashFlowsFromUsedInOperatingActivities>
    <ifrs-full:CashAndCashEquivalents contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">52833000</ifrs-full:CashAndCashEquivalents>
    <ifrs-full:CurrentAssetsLiabilities contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">45000000</ifrs-full:CurrentAssetsLiabilities>
    <ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">4615000</ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss>
    <ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">0</ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss>
    <dei:EntityAccountingStandard contextRef="From2022-01-01to2022-12-31">International Financial
Reporting Standards</dei:EntityAccountingStandard>
    <ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_848_eifrs-full--DescriptionOfInitialApplicationOfStandardsOrInterpretations_z11MjDrO0fJ8" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.2&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#160;&#x202f;&#160;&#160;&lt;span id="xdx_86B_zpgyBprR2dVk"&gt;
Standards amendments and interpretations:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The accounting
policies adopted are consistent with those of previous financial year except for the following amended IFRS which have been adopted by
the Company as at January 1, 2022:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;
&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent
Liabilities and Contingent Assets as well as Annual Improvements 2018-2020 (Amendments)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The
amendments are effective for annual periods beginning on or after January 1, 2022 with earlier application permitted. The IASB has
issued narrow-scope amendments to the IFRS Standards as follows:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Wingdings; font-size: 10pt"&gt;&#xd8;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#160;&#160;&#160;
&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;IFRS 3 Business Combinations (Amendments)&lt;/b&gt; update a reference in IFRS 3 to the previous version
of the IASB&#x2019;s Conceptual Framework for Financial Reporting to the current version issued in 2018 without significantly changing
the accounting requirements for business combinations.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Wingdings; font-size: 10pt"&gt;&#xd8;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#160;&#160;&#160;
&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;IAS 16 Property, Plant and Equipment (Amendments)&lt;/b&gt; prohibit a company from deducting from
the cost of property, plant and equipment any proceeds from the sale of items produced while bringing the asset to the location and condition
necessary for it be capable of operating in the manner intended by management. Instead, a company recognizes such sales proceeds and
related cost in profit or loss.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Wingdings; font-size: 10pt"&gt;&#xd8;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#160;&#160;&#160;
&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;IAS 37 Provisions, Contingent Liabilities and Contingent Assets (Amendments)&lt;/b&gt; specify which
costs a company includes in determining the cost of fulfilling a contract for the purpose of assessing whether a contract is onerous.
The amendments clarify, the costs that relate directly to a contract to provide goods or services include both incremental costs and
an allocation of costs directly related to the contract activities. &lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Wingdings; font-size: 10pt"&gt;&#xd8;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#160;&#160;&#160;
&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Annual Improvements 2018-2020&lt;/b&gt; make minor amendments to &lt;b&gt;IFRS 1 First-time Adoption of International
Financial Reporting Standards&lt;/b&gt;, &lt;b&gt;IFRS 9 Financial Instruments&lt;/b&gt;, &lt;b&gt;IAS 41 Agriculture&lt;/b&gt; and the Illustrative Examples accompanying
&lt;b&gt;IFRS 16 Leases&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The amendments
had no impact on the financial statements of the Company.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7; &lt;/span&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;IFRS
16 Leases-Covid 19 Related Rent Concessions beyond  June 30, 2021 (Amendment)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The
Amendment applies to annual reporting periods beginning on or after April 1, 2021, with earlier application permitted, including in
financial statements not yet authorized for issue at the date the amendment is issued. In March 2021, the Board amended the
conditions of the practical expedient in IFRS 16 that provides relief to lessees from applying the IFRS 16 guidance on lease
modifications to rent concessions arising as a direct consequence of the covid-19 pandemic. Following the amendment, the practical
expedient now applies to rent concessions for which any reduction in lease payments affects only payments originally due on or
before  June 30, 2022, provided the other conditions for applying the practical expedient are met.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The amendments
had no impact on the financial statements of the Company.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Standards
issued but not yet effective and not early adopted:&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;
&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting
policies (Amendments)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The Amendments
are effective for annual periods beginning on or after January 1, 2023 with earlier application permitted. The amendments provide guidance
on the application of materiality judgements to accounting policy disclosures. In particular, the amendments to IAS 1 replace the requirement
to disclose &#x2018;significant&#x2019; accounting policies with a requirement to disclose &#x2018;material&#x2019; accounting policies.
Also, guidance and illustrative examples are added in the Practice Statement to assist in the application of the materiality concept
when making judgements about accounting policy disclosures. Management is in process of assessing the effect of these amendments on
the Company&#x2019;s financial statements and disclosures.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;b/&gt;&lt;/p&gt;




&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.&#160;&#160;&#160;&#160;&#160;&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Basis
of Preparation and Significant Accounting Policies (continued)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;
&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting
Estimates (Amendments)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The amendments
become effective for annual reporting periods beginning on or after January 1, 2023 with earlier application permitted and apply to changes
in accounting policies and changes in accounting estimates that occur on or after the start of that period. The amendments introduce
a new definition of accounting estimates, defined as monetary amounts in financial statements that are subject to measurement uncertainty,
if they do not result from a correction of prior period error. Also, the amendments clarify what changes in accounting estimates are
and how these differ from changes in accounting policies and corrections of errors. Management is in process of assessing the effect of these amendments on the Company&#x2019;s financial statements
and disclosures.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;
&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;IAS 12 Income taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction
(Amendments)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The amendments
are effective for annual periods beginning on or after January 1, 2023 with earlier application permitted. The amendments narrow the
scope of and provide further clarity on the initial recognition exception under IAS 12 and specify how companies should account for deferred
tax related to assets and liabilities arising from a single transaction, such as leases and decommissioning obligations. The amendments
clarify that where payments that settle a liability are deductible for tax purposes, it is a matter of judgement, having considered the
applicable tax law, whether such deductions are attributable for tax purposes to the liability or to the related asset component. Under
the amendments, the initial recognition exception does not apply to transactions that, on initial recognition, give rise to equal taxable
and deductible temporary differences. It only applies if the recognition of a lease asset and lease liability (or decommissioning liability
and decommissioning asset component) give rise to taxable and deductible temporary differences that are not equal. Management has assessed
that these amendments will have no impact on the Company&#x2019;s financial position or performance.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7; &lt;/span&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;IAS
1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (Amendments)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The
amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted, and
will need to be applied retrospectively in accordance with IAS 8. The objective of the amendments is to clarify the principles in
IAS 1 for the classification of liabilities as either current or non-current. The amendments clarify the meaning of a right to defer
settlement, the requirement for this right to exist at the end of the reporting period, that management intent does not affect
current or non-current classification, that options by the counterparty that could result in settlement by the transfer of the
entity&#x2019;s own equity instruments do not affect current or non-current classification. Also, the amendments specify that only
covenants with which an entity must comply on or before the reporting date will affect a liability&#x2019;s classification.
Additional disclosures are also required for non-current liabilities arising from loan arrangements that are subject to covenants to
be complied with within twelve months after the reporting period. Management is in process of assessing the effect of these
amendments on the Company&#x2019;s financial statements and disclosures.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;
&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;IFRS 16 Leases: Lease Liability in a Sale and Leaseback (amendments)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The amendments
are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. The amendments
are intended to improve the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction
in IFRS 16, while it does not change the accounting for leases unrelated to sale and leaseback transactions. In particular, the seller-lessee
determines &#x2018;lease payments&#x2019; or &#x2018;revised lease payments&#x2019; in such a way that the seller-lessee would not recognize
any amount of the gain or loss that relates to the right of use it retains. Applying these requirements does not prevent the seller-lessee
from recognizing, in profit or loss, any gain or loss relating to the partial or full termination of a lease. A seller-lessee applies
the amendment retrospectively in accordance with IAS 8 to sale and leaseback transactions entered into after the date of initial application,
being the beginning of the annual reporting period in which an entity first applied IFRS 16. Management has assessed that these amendments
will have no impact on the Company&#x2019;s financial position or performance.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;
&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Amendment in IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and
Joint Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The amendments
address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS 28, in dealing with the sale or contribution
of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss
is recognized when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognized
when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary. In December 2015
the IASB postponed the effective date of this amendment indefinitely pending the outcome of its research project on the equity method
of accounting. Management has assessed that these amendments will have no impact on the Company&#x2019;s financial position or performance.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;




&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.&#160;&#160;&#160;&#160;&#160;&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Basis
of Preparation and Significant Accounting Policies (continued)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations>
    <ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_84B_eifrs-full--DisclosureOfAccountingJudgementsAndEstimatesExplanatory_zerouqvHKR1f" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.3
&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#160;&lt;span id="xdx_867_zqFxYAR3DrAe"&gt;Significant accounting policies, judgments, estimates and assumptions:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;
&lt;span style="font-size: 10pt"&gt;The preparation of consolidated financial statements in conformity with IFRS requires management to make
judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the consolidated financial statements and the amounts of revenues and expenses recognized during the reporting
period. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment
to the carrying amount of the asset or liability affected in the future.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -21.25pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Judgments:
&lt;/b&gt;In the process of applying the Company&#x2019;s accounting policies, management has made the following judgments that had a significant
effect on the amounts recognized in the consolidated financial statements.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b/&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Impairment
and Reversal of previously recognized impairment:&lt;/b&gt; The Company applies judgment in assessing at each reporting date whether indicators
of impairment or reversal of previously recognized impairment loss exist for any vessels. If indicators of possible impairment or
reversal of impairment are identified, the Company estimates the recoverable amount such vessel&lt;/span&gt;.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The
Company considers the following indicators of impairment/reversal of impairment:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Wingdings; font-size: 10pt"&gt;&#xd8;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#160;
&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;Observable significant decrease / increase in vessel&#x2019;s market value &lt;/span&gt;&lt;/p&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Wingdings; font-size: 10pt"&gt;&#xd8;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#160;
&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;Significant adverse / favorable changes in the technological, economic or legal environment incurred
or are expected to be incurred and negatively / positively affect vessel&#x2019;s value or decrease / increase its revenue generating
ability&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Wingdings; font-size: 10pt"&gt;&#xd8;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&#160;
&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;Market interest rates of return on investments have increased / decreased during the period, which
will result in increase /decrease of the discount rate.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;To evaluate
the presence of impairment/reversal of impairment indicators the Company assessed current market conditions as derived from historical
information including analysis over vessel market charter rates and market prices, recent vessels sales and purchase activity, independent
brokers valuations reports and also assesses forward looking industry information regarding vessels market values.as well as various
qualitative factors. Based on such assessment performed as of December 31, 2022 and 2021 the Company concluded that no indicators for
impairment and reversal of impairment were present as of December 31, 2022 and 2021 and no impairment or reversal of previously recognized
impairment losses was recorded for the years ended December 31, 2022 and 2021 (Note 5).&lt;/span&gt;&lt;/p&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Estimates
and assumptions&lt;/b&gt;: The key assumptions concerning the future and other key sources of estimation uncertainty at the financial position
date, that have a significant risk of causing a significant adjustment to the carrying amount of assets and liabilities within the next
financial year, are discussed below. The Company based its assumptions and estimates on parameters available when the consolidated financial
statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes
or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt; &lt;span style="font-family: Wingdings; font-size: 10pt"&gt;&#xd8;&lt;/span&gt; &lt;span style="font-size: 10pt"&gt;&lt;i&gt;Carrying amount of vessels, net&lt;/i&gt;: Vessels are stated at cost, less accumulated depreciation (including depreciation of dry-docking costs) and accumulated impairment losses. The estimates and assumptions that have the most significant effect on the vessels carrying amount are estimations in relation to useful lives of vessels, their residual value and estimated dry docking dates. The key assumptions used are further explained in notes 2.9 to 2.12.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-family: Wingdings; font-size: 10pt"&gt;&#xd8;
&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;&lt;i&gt;Impairment of  Vessels and Reversal of previously recognized impairment losses&lt;/i&gt;:
The Company&#x2019;s impairment test for non-financial assets is based on the assets&#x2019; recoverable amount, where the recoverable
amount is the greater of fair value less costs to sell and value in use. The Company engaged independent valuation specialists to determine
the fair value of non-financial assets as at December 31, 2022 and 2021. The value in use calculation is based on a discounted cash flow
model. The value in use calculation is most sensitive to the discount rate used for the discounted cash flow model as well as the expected
net cash flows. See notes 2.12 and 5. The Company assesses also at each reporting date whether there is any indication that an impairment
loss recognized in prior periods for a vessel may no longer exist or may have decreased.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b/&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_847_eifrs-full--DescriptionOfAccountingPolicyForRecognitionOfRevenue_zwSiwpG7YWr7" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.4
&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#160; &lt;span id="xdx_86B_zbIqFGnCFXk1"&gt;Accounting for revenue and related
expenses:&lt;/span&gt;&lt;/b&gt; The Company generates its revenues from charterers for the charter hire of its vessels. Vessels are chartered using time charters and
bareboat, where a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate.
If a time charter agreement exists and collection of the related revenue is reasonably assured, revenue is recognized on a straight-line
basis over the period of the time charter. Such Voyage Revenues are treated in accordance with IFRS 16 as lease income, while the portion
of time charter revenues related to technical management services are recognized in accordance with IFRS 15. Associated broker commissions
are recognized on a pro-rata basis over the duration of the period of the time charter. Deferred revenue relates to cash received prior
to the financial position date and is related to revenue earned after such date.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;&#160;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Interest
income&lt;/b&gt;: interest income is recognized as interest on an accrual basis.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Voyage expenses&lt;/b&gt;:
Voyage expenses primarily consisting of port, canal and bunker expenses that are unique to a particular charter under time charter arrangements
are paid by the charterer. Furthermore, voyage expenses include brokerage commission on revenue which is paid by the Company. Voyage
expenses are accounted for on an accrual basis.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -1cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Vessel operating
expenses&lt;/b&gt;: Vessel operating costs include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance
and repairs. Vessel operating expenses are accounted for on an accrual basis.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue>
    <ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_840_eifrs-full--DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_zNgFD7HXMl9i" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.5
&#x202f;&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f; &lt;span id="xdx_863_zJk6Xb1KMhCi"&gt;Foreign currency translation:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;
&lt;span style="font-size: 10pt"&gt;The functional currency of Globus and its subsidiaries is the U.S. dollar, which is also the presentation
currency of the Company, since the Company&#x2019;s vessels operate in international shipping markets, whereby the U.S. dollar is the
currency used for transactions. Transactions involving other currencies during the period are converted into U.S. dollars using the exchange
rates in effect at the time of the transactions. At the financial position dates, monetary assets and liabilities, which are denominated
in currencies other than the U.S. dollar, are translated into the functional currency using the period-end exchange rate. Gains or losses
resulting from foreign currency transactions are included in foreign exchange gains/(losses), net in the consolidated statement of comprehensive
income/(loss).&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_848_eifrs-full--DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory_zsOdnpqe6In9" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.6
&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;  &lt;span id="xdx_862_zWEkmKHbZKYb"&gt;Cash
and cash equivalents:&lt;/span&gt;&lt;/b&gt; The Company considers highly liquid investments such as time deposits and certificates of deposit with original
maturity of three months or less to be cash and cash equivalents.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory_zSL1ST0072gf" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.7
&#x202f;&#x202f;&#x202f;
&#x202f;&#x202f;&#160; &lt;span id="xdx_860_z71pTQilN4Za"&gt;Trade accounts receivable, net:&lt;/span&gt; &lt;/b&gt;The amount shown as trade accounts receivable at each financial position date includes estimated
recoveries from charterers for hire, net of an allowance for doubtful accounts. Trade accounts receivable without a significant financing
component are initially measured at their transaction price and subsequently measured at amortized cost less impairment losses, which
are recognized in the consolidated statement of comprehensive income/(loss). At each financial position date, all potentially uncollectible
accounts are assessed individually for the purpose of determining the appropriate provision for expected credit losses. The provision
for expected credit losses at December 31, 2022 was nil (2021: $&lt;span id="xdx_908_ecustom--AllowanceForDoubtfulTradeReceivables_pn3n3_c20210101__20211231_zEQ7nB9uMep8" title="Provision for doubtful trade receivables"&gt;8&lt;/span&gt;). &lt;span id="xdx_904_ecustom--AllowanceForDoubtfulTradeReceivables_pn3n3_c20220101__20221231_zbIHSQczhqp1" style="display: none" title="Provision for doubtful trade receivables"&gt;0&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span style="display: none" title="Provision for doubtful trade receivables"/&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.&#160;&#160;&#160;&#160;&#160;&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Basis
of Preparation and Significant Accounting Policies (continued)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory>
    <glbs:AllowanceForDoubtfulTradeReceivables
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">8000</glbs:AllowanceForDoubtfulTradeReceivables>
    <glbs:AllowanceForDoubtfulTradeReceivables
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">0</glbs:AllowanceForDoubtfulTradeReceivables>
    <ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_840_eifrs-full--DescriptionOfAccountingPolicyForMeasuringInventories_z8k90gXVfLB1" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.8&#x202f;
&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f; &#x202f;&lt;span id="xdx_861_zZICYD4RCCBd"&gt;Inventories:&lt;/span&gt;
&lt;/b&gt;Inventories consist of lubricants, bunkers and gas cylinders and are stated at the lower of cost and net realizable value. The cost
is determined by the first-in, first-out method.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories>
    <ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_zyaMj9pfZOAg" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.9
&#x202f;&#160; &#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&lt;span id="xdx_86E_zXFiM99Uiav6"&gt;Vessels,
net:&lt;/span&gt;&lt;/b&gt; Vessels are stated at cost, less accumulated depreciation (including depreciation of dry-docking cost) and accumulated impairment losses. Vessel cost consists
of the contract price for the vessel and any material expenses incurred upon acquisition (initial repairs, improvements and delivery
expenses, interest, commissions paid and on-site supervision costs incurred during the construction periods). Subsequent expenditures
for conversions and major improvements are also capitalized when the recognition criteria are met. Otherwise, these amounts are charged
to expenses as incurred.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_84C_eifrs-full--DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory_zvghVckNyMyk" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.10&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;
&lt;span id="xdx_86A_z2cTskMjSzO7"&gt;Dry-docking costs:&lt;/span&gt;&lt;/b&gt; &lt;span style="font-weight: normal"&gt;Vessels are required to be dry-docked for major repairs and maintenance that
cannot be performed while the vessels are operating. Dry-dockings occur approximately every &lt;span id="xdx_90C_ecustom--IntervalBetweenVesselDrydockingSpecialSurvey_dtY_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DeferredDryDockingCostsMember_z8Jdrp6rIy3a" title="Interval Between Vessel Drydocking Special Survey"&gt;2.5&lt;/span&gt; years. The costs associated with the
dry-dockings are capitalized and depreciated on a straight-line basis over the period between dry-dockings, to a maximum of 2.5 years.
At the date of acquisition of a vessel, management estimates the component of the cost that corresponds to the economic benefit to be
derived until the first scheduled dry-docking of the vessel under the ownership of the Company and this component is depreciated on a
&lt;span id="xdx_909_eifrs-full--DepreciationMethodPropertyPlantAndEquipment_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DeferredDryDockingCostsMember_zIbiSo7fwQ8l" title="Depreciation method"&gt;straight-line basis&lt;/span&gt; over the remaining period through the estimated dry-docking date.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory>
    <glbs:IntervalBetweenVesselDrydockingSpecialSurvey contextRef="From2022-01-012022-12-31_custom_DeferredDryDockingCostsMember">P2Y6M</glbs:IntervalBetweenVesselDrydockingSpecialSurvey>
    <ifrs-full:DepreciationMethodPropertyPlantAndEquipment contextRef="From2022-01-012022-12-31_custom_DeferredDryDockingCostsMember">straight-line basis</ifrs-full:DepreciationMethodPropertyPlantAndEquipment>
    <ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_845_eifrs-full--DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory_zFrAvOMOqOY1" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.11
&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&lt;span id="xdx_86C_zhHGTOKp8jv5"&gt;Depreciation:&lt;/span&gt;&lt;/b&gt; The cost of each of the Company&#x2019;s vessels is depreciated on a &lt;span id="xdx_901_eifrs-full--DepreciationMethodPropertyPlantAndEquipment_pid_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_z1JpAaNoInDk" title="Depreciation method"&gt;straight-line basis&lt;/span&gt; over each vessel&#x2019;s remaining
useful economic life, after considering the estimated residual value of each vessel, beginning when the vessel is ready for its intended
use. Management estimates that the useful life of new vessels is &lt;span id="xdx_904_eifrs-full--DescriptionOfUsefulLifePropertyPlantAndEquipment_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zhyTsPtghRW3" title="Useful life"&gt;25 years&lt;/span&gt;, which is consistent with industry practice. The residual value
of a vessel is the product of its lightweight tonnage and estimated scrap value per lightweight ton. The residual values and useful lives
are reviewed at each reporting date and adjusted prospectively. During 2020 the Company maintained the same scrap rate at $&lt;span id="xdx_906_ecustom--VesselsScrapRatePerTon_c20200101__20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zMXZBqbLd2Vc" title="Vessels scrap rate per ton"&gt;300&lt;/span&gt;/ton(absolute amount). During
the fourth quarter of 2021, the Company adjusted the scrap rate from $300/ton(absolute amount) to $&lt;span id="xdx_90F_ecustom--VesselsScrapRatePerTon_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zkjMidyN9Eb1" title="Vessels scrap rate per ton"&gt;380&lt;/span&gt;/ton(absolute amount) due to the increased scrap rates worldwide.
This resulted to a decrease of $&lt;span id="xdx_903_ecustom--ExtraDepreciationPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zd4Con8zPfre" title="Decrease in depreciation expense due to changes in scrap rate"&gt;145&lt;/span&gt; to the depreciation charge included in the consolidated statement of comprehensive income/(loss)
for 2021. During the fourth quarter of 2022, the Company adjusted the scrap rate from $380/ton(absolute amount) to $&lt;span id="xdx_900_ecustom--VesselsScrapRatePerTon_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zf8SIC92rVZj" title="Vessels scrap rate per ton"&gt;440&lt;/span&gt;/ton(absolute amount) due to the increased scrap
rates worldwide. This resulted to a lower of $&lt;span id="xdx_909_ecustom--ExtraDepreciationPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zzs4hekZts23" title="Decrease in depreciation expense due to changes in scrap rate"&gt;118&lt;/span&gt; to the depreciation charge included in the consolidated statement of comprehensive
income/(loss) for 2022. The scrap rates throughout these financial statements are in absolute amounts.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 30.05pt; text-align: justify; text-indent: -30.05pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory>
    <ifrs-full:DepreciationMethodPropertyPlantAndEquipment contextRef="From2022-01-012022-12-31_custom_VesselsMember">straight-line basis</ifrs-full:DepreciationMethodPropertyPlantAndEquipment>
    <ifrs-full:DescriptionOfUsefulLifePropertyPlantAndEquipment contextRef="From2022-01-012022-12-31_custom_VesselsMember">25 years</ifrs-full:DescriptionOfUsefulLifePropertyPlantAndEquipment>
    <glbs:VesselsScrapRatePerTon
      contextRef="From2020-01-012020-12-31_custom_VesselsMember"
      decimals="0"
      unitRef="USD">300</glbs:VesselsScrapRatePerTon>
    <glbs:VesselsScrapRatePerTon
      contextRef="From2021-01-012021-12-31_custom_VesselsMember"
      decimals="0"
      unitRef="USD">380</glbs:VesselsScrapRatePerTon>
    <glbs:ExtraDepreciationPropertyPlantAndEquipment
      contextRef="From2021-01-012021-12-31_custom_VesselsMember"
      decimals="-3"
      unitRef="USD">145000</glbs:ExtraDepreciationPropertyPlantAndEquipment>
    <glbs:VesselsScrapRatePerTon
      contextRef="From2022-01-012022-12-31_custom_VesselsMember"
      decimals="0"
      unitRef="USD">440</glbs:VesselsScrapRatePerTon>
    <glbs:ExtraDepreciationPropertyPlantAndEquipment
      contextRef="From2022-01-012022-12-31_custom_VesselsMember"
      decimals="-3"
      unitRef="USD">118000</glbs:ExtraDepreciationPropertyPlantAndEquipment>
    <ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_847_eifrs-full--DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_z1H1c4EQAoN9" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.12&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#160;&lt;span id="xdx_866_znyHr5focOF9"&gt;Impairment of Long-Lived Assets and Reversal of previously recognized impairment losses:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;
&lt;span style="font-size: 10pt"&gt;The Company assesses at each reporting date whether there is an indication that a vessel may be impaired.
The vessel&#x2019;s recoverable amount is estimated when events or changes in circumstances indicate the carrying value may not be recoverable.
If such indication exists and where the carrying value exceeds the estimated recoverable amounts, the vessel is written down to its recoverable
amount. The recoverable amount is the greater of fair value less costs to sell and value-in-use. In assessing value-in-use, the estimated
future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value
of money and the risks specific to the vessel. Impairment losses are recognized in the consolidated statement of comprehensive income/(loss).
The Company assesses also at each reporting date whether there is any indication that an impairment loss recognized in prior periods
for a vessel may no longer exist or may have decreased. A previously recognized impairment loss is reversed only if there has been a
change in the estimates used to determine the asset&#x2019;s recoverable amount since the last impairment loss was recognized. If that
is the case, the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying
amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such
reversal is recognized in the consolidated statement of comprehensive income/(loss). After such a reversal, the depreciation charge is
adjusted in future periods to allocate the asset&#x2019;s revised carrying amount, less any residual value, on a systematic basis over
its remaining useful life (refer to note 5).&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify; text-indent: -1cm"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify; text-indent: -1cm"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify; text-indent: -1cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_846_eifrs-full--DescriptionOfAccountingPolicyForBorrowingsExplanatory_zCiTXZLGkLA3" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.13&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f; &lt;span id="xdx_86E_zPyTkR0jdMEk"&gt;Long-term
debt:&lt;/span&gt;&lt;/b&gt; Long-term debt is initially recognized at the fair value of the consideration received net of financing costs
directly attributable to the borrowing. After initial recognition, long-term debt is subsequently measured at amortized cost using
the effective interest rate method. Amortized cost is calculated by taking into account any financing costs and any discount or
premium on settlement. Gains and losses are recognized in the income statement component of the consolidated statement of
comprehensive income/(loss) when the liabilities are derecognized or impaired, as well as through the amortization process. Accrued
interest at the end of the reporting period is added at the current portion of long-term debt. As at December 31, 2021 amount of
$&lt;span id="xdx_903_eifrs-full--CurrentPortionOfLongtermBorrowings_iI_pn3n3_c20211231__ifrs-full--ConsolidatedAndSeparateFinancialStatementsAxis__custom--CurrentAccruedInterestMember_zwcgPknLM4O2"&gt;179&lt;/span&gt; that was previously presented under
Accrued Liabilities was reclassified under Current portion of long-term borrowings.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&#160;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;2.&#160;&#160;&#160;&#160;&#160;&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Basis
of Preparation and Significant Accounting Policies (continued)&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"/&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory>
    <ifrs-full:CurrentPortionOfLongtermBorrowings
      contextRef="AsOf2021-12-31_custom_CurrentAccruedInterestMember"
      decimals="-3"
      unitRef="USD">179000</ifrs-full:CurrentPortionOfLongtermBorrowings>
    <ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForFinanceCostsExplanatory_zvfQJzaj81n9" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.14&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;
&lt;span id="xdx_868_zkjHvp2YOGO3"&gt;Financing costs:&lt;/span&gt;&lt;/b&gt; Fees incurred for obtaining new loans or refinancing existing loans are deferred and amortized over the life of
the related debt, using the effective interest rate method. Any unamortized balance of costs relating to loans repaid or refinanced is
expensed in the period the repayment or refinancing is made. For the year ended December 31, 2022, the Company deferred financing costs
of $&lt;span id="xdx_906_eifrs-full--BorrowingCostsCapitalised_pn3n3_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zhvgviLdEB3g" title="Borrowing costs capitalised"&gt;259&lt;/span&gt;, which relate to the costs incurred for the top up loan amount of $&lt;span id="xdx_907_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pn3n3_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zgfHywhJYbIe"&gt;18,000&lt;/span&gt;  with CIT Bank N.A. (see Note 11 for more details).
For the year ended December 31, 2021, the Company deferred financing costs of $&lt;span id="xdx_905_eifrs-full--BorrowingCostsCapitalised_pn3n3_c20210101__20211231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zUuqETNikrk4" title="Borrowing costs capitalised"&gt;545&lt;/span&gt;, which relate to the costs incurred for the loan agreement
with CIT Bank N.A. (This loan facility is referred to as the CIT Loan Facility, see Note 11 for more details). For the year ended December
31, 2020, the Company did not incur any financing costs. &lt;span id="xdx_90B_eifrs-full--BorrowingCostsCapitalised_pn3n3_c20200101__20201231_z2NB0DrD2Tnf" style="display: none" title="Borrowing costs capitalised"&gt;0&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;i&gt;&#160;&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory>
    <ifrs-full:BorrowingCostsCapitalised
      contextRef="From2022-01-012022-12-31_custom_CiTMember"
      decimals="-3"
      unitRef="USD">259000</ifrs-full:BorrowingCostsCapitalised>
    <ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities
      contextRef="From2022-01-012022-12-31_custom_CiTMember"
      decimals="-3"
      unitRef="USD">18000000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities>
    <ifrs-full:BorrowingCostsCapitalised
      contextRef="From2021-01-012021-12-31_custom_CiTMember"
      decimals="-3"
      unitRef="USD">545000</ifrs-full:BorrowingCostsCapitalised>
    <ifrs-full:BorrowingCostsCapitalised
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">0</ifrs-full:BorrowingCostsCapitalised>
    <ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_843_eifrs-full--DescriptionOfAccountingPolicyForBorrowingCostsExplanatory_zR7LfkRqbEVl" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.15&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;
&lt;span id="xdx_860_zMN5CcEocfBi"&gt;Borrowing costs:&lt;/span&gt;&lt;/b&gt; Borrowing costs consist of interest and other costs that the Company incurs in connection with the borrowing
of funds. Borrowing costs are expensed to the income statement component of the consolidated statement of comprehensive income/(loss)
as incurred under &#x201c;interest expense and finance costs&#x201d; except borrowing costs that relate to a qualifying asset. A qualifying
asset is an asset that necessarily takes a substantial period of time to get ready for its intended use. Borrowing costs that relate
to qualifying assets are capitalized.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForSegmentReportingExplanatory_ziW8NUgCOXPf" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.16&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#160;
&lt;span id="xdx_860_zYBz8fJmOUff"&gt;Operating segment:&lt;/span&gt;&lt;/b&gt; The Company reports financial information and evaluates its operations by charter revenues and not by other factors
such as length of ship employment for its customers i.e., spot or time charters or type of vessel. The Company does not use discrete
financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types
of charters, management cannot and does not identify expenses, profitability or other financial information for these charters. As a
result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results
of the fleet and thus the Company has determined that it operates as &lt;span id="xdx_908_ecustom--NumberOfOperatingSegments_dc_uPure_c20220101__20221231_zrqVHIGKsyzf" title="Number Of Operating Segments"&gt;one&lt;/span&gt; operating segment. Furthermore, when the Company charters a
vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographical information
is impracticable.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory>
    <glbs:NumberOfOperatingSegments
      contextRef="From2022-01-01to2022-12-31"
      decimals="INF"
      unitRef="Pure">1</glbs:NumberOfOperatingSegments>
    <ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_84A_eifrs-full--DescriptionOfAccountingPolicyForProvisionsExplanatory_zkBVDSNTj264" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.17
&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&lt;span id="xdx_86E_zsFUXUFtNU5f"&gt;Provisions and contingencies:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt; &lt;span style="font-size: 10pt"&gt;Provisions
are recognized when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow
of resources embodying economic benefits will be required to settle the obligation and, a reliable estimate of the amount of the obligation
can be made. Provisions are reviewed at each financial position date and adjusted to reflect the present value of the expenditure expected
to be required to settle the obligation. Contingent liabilities are not recognized in the consolidated financial statements but are disclosed
unless the possibility of an outflow of resources embodying economic benefits is remote, in which case there is no disclosure. Contingent
assets are not recognized in the consolidated financial statements but are disclosed when an inflow of economic benefits is probable.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_848_eifrs-full--DescriptionOfAccountingPolicyForTerminationBenefits_zDpO9kgEvXm2" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.18&#x202f;
&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&lt;span id="xdx_864_z2C2Aw0suEye"&gt;Pension and retirement benefit obligations:&lt;/span&gt; &lt;/b&gt;The crew on board the vessels owned by the ship-owning companies, wholly owned subsidiaries
of Globus, is employed under short-term contracts (usually up to nine months) and, accordingly, the Company is not liable for any pension
or post-retirement benefits payable to the crew.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 30pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Provision
for employees&#x2019; severance compensation: &lt;/b&gt;The Greek employees of the Company are bound by the Greek Labor law. Accordingly, compensation
is payable to such employees upon dismissal or retirement. The amount of compensation is based on the number of years of service and
the amount of remuneration at the date of dismissal or retirement. &lt;span id="xdx_90D_eifrs-full--DescriptionOfNatureOfBenefitsProvidedByPlan_pip0_c20220101__20221231_zIoL9r1VSyi2" title="Description of nature of benefits provided by plan"&gt;If the employee remains in the employment of the Company until normal
retirement age, they are entitled to retirement compensation which is equal to 40% of the compensation amount that would be payable if
they were dismissed at that time.&lt;/span&gt; The number of employees that will remain with the Company until retirement age is not known. The Company
has provided for the employees&#x2019; retirement compensation liability which amounted to $&lt;span id="xdx_90B_eifrs-full--LiabilityAssetOfDefinedBenefitPlans_iI_pn3n3_c20221231_zW7vhgfPYSd6" title="Net defined benefit liability"&gt;148&lt;/span&gt; as at December 31, 2022 (2021: $&lt;span id="xdx_902_eifrs-full--LiabilityAssetOfDefinedBenefitPlans_iI_pn3n3_c20211231_z2B2WODeovDj" title="Net defined benefit liability"&gt;114&lt;/span&gt;),
calculated by using the Projected Unit Credit Method and disclosed under non-current liabilities in the consolidated statement of financial
position.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits>
    <ifrs-full:DescriptionOfNatureOfBenefitsProvidedByPlan contextRef="From2022-01-01to2022-12-31">If the employee remains in the employment of the Company until normal
retirement age, they are entitled to retirement compensation which is equal to 40% of the compensation amount that would be payable if
they were dismissed at that time.</ifrs-full:DescriptionOfNatureOfBenefitsProvidedByPlan>
    <ifrs-full:LiabilityAssetOfDefinedBenefitPlans contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">148000</ifrs-full:LiabilityAssetOfDefinedBenefitPlans>
    <ifrs-full:LiabilityAssetOfDefinedBenefitPlans contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">114000</ifrs-full:LiabilityAssetOfDefinedBenefitPlans>
    <ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_847_eifrs-full--DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory_zlEXp6a5Kev8" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.19&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;
&lt;span id="xdx_866_z7wltvw4rNV9"&gt;Offsetting of financial assets and liabilities:&lt;/span&gt; &lt;/b&gt;Financial assets and liabilities are offset and the net amount is presented in the
consolidated financial position only when the Company has a legally enforceable right to set off the recognized amounts and intend either
to settle such asset and liability on a net basis or to realize the asset and settle the liability simultaneously.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b/&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_842_eifrs-full--DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory_zXCNtYm1cOTl" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.20&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#160;
&lt;span id="xdx_863_zu1AiChKe1gk"&gt;Financial assets and liabilities:&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;i. Classification
and measurement of financial assets and financial liabilities&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Under IFRS
9, on initial recognition, a financial asset is classified as measured at: amortized cost; fair value through other comprehensive income
(FVOCI) - debt investment; FVOCI - equity investment; or fair value through profit or loss (FVTPL). The classification of financial assets
under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;2.&#160;&#160;&#160;&#160;&#160;&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Basis
of Preparation and Significant Accounting Policies (continued)&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;A financial
asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:	&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"/&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;it
                                            is held within a business model whose objective is to hold assets to collect contractual
                                            cash flows; and&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"/&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;its
                                            contractual terms give rise on specified dates to cash flows that are solely payments of
                                            principal and interest on the principal amount outstanding.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;A debt investment
is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"/&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;it
                                            is held within a business model whose objective is achieved by both collecting contractual
                                            cash flows and selling financial assets; and&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"/&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;its
                                            contractual terms give rise on specified dates to cash flows that are solely payments of
                                            principal and interest on the principal amount outstanding.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;All financial
assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. On initial recognition, the Company
may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at
FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;A financial
asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price)
is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;ii. Impairment
of financial assets&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The financial
assets at amortized cost consist of trade accounts receivable and cash and cash equivalents.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Under IFRS
9, loss allowances are measured on either of the following bases:&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"/&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;12-month
                                            ECLs: these are ECLs that result from possible default events within the 12 months after
                                            the reporting date; and&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"/&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;lifetime
                                            ECLs: these are ECLs that result from all possible default events over the expected life
                                            of a financial instrument.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;When determining
whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company
considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative
and qualitative information and analyses, based on the Company's historical experience and informed credit assessment and including forward-looking
information.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The Company
assumes that the credit risk on a financial asset has increased significantly if it is more than 180 days past due.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The Company
considers a financial asset to be in default when:&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"/&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;the
                                            counterparty is unlikely to pay its contractual obligations to the Company in full, without
                                            recourse by the Company to actions such as realizing security (if any is held); or&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"/&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;the
                                            financial asset is more than 1 year past due.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The maximum
period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;ECLs are a
probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference
between cash flows due to the entity in accordance with the contract and cash flows that the Company expects to receive). ECLs are discounted
at the effective interest rate of the financial asset.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Loss
allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;iii. Derecognition
of financial assets &lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;A financial
asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognized where:&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"/&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;the
                                            rights to receive cash flows from the asset have expired;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"/&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;the
                                            Company retains the right to receive cash flows from the asset, but has assumed an obligation
                                            to pay them in full without material delay to a third party under a &#x201c;pass-through&#x201d;
                                            arrangement; or &lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="margin-top: 0; margin-bottom: 0"/&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b/&gt;&lt;/p&gt;

&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.&#160;&#160;&#160;&#160;&#160;&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Basis
of Preparation and Significant Accounting Policies (continued)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;


&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"/&gt;&lt;td style="width: 18pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;the
                                            Company has transferred its rights to receive cash flows from the asset and either (a) has
                                            transferred substantially all the risks and rewards of the assets, or (b) has neither transferred
                                            nor retained substantially all the risks and rewards of the asset but has transferred control
                                            of the asset.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Where the Company
has transferred its rights to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and
rewards of the asset nor transferred control of the asset, the asset is recognized to the extent of the Company&#x2019;s continuing involvement
in the asset.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Continuing
involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of
the asset and the maximum amount of consideration that the Company could be required to repay.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;iv. Derecognition
of Financial liabilities: &lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;span style="font-size: 10pt"&gt;A
financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Where an existing
financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability
are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition
of a new liability and, the difference in the respective carrying amounts is recognized in profit or loss.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory>
    <glbs:DescriptionOfAccountingPolicyForLesseeExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_841_ecustom--DescriptionOfAccountingPolicyForLesseeExplanatory_zxqLUFC2q5Ee" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.21&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#160;
&lt;span id="xdx_866_zKjm0fx2BiLa"&gt;Leases:&lt;/span&gt; &lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -0.55pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Leases
&#x2013; where the Company is the lessee: &lt;/b&gt;The Company applies a single recognition and measurement approach for all leases,
except for short term leases and leases of low value assets. The Company recognizes lease liabilities to make payments and right of
use assets representing the right of use of the underlying asset. The Company recognizes right-of-use assets at the commencement
date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any
accumulated depreciation and impairment losses and adjusted for any remeasurement of lease liabilities. The cost of right-of-use
assets includes the amount of lease liabilities recognized, initial direct costs incurred and lease payments made at or before the
commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter
of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Company at the end
of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life
of the asset.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -0.55pt"&gt;&lt;span style="font-size: 10pt"&gt;At
the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease payments to be made
over the lease term. The lease payments include fixed payments (including any in-substance fixed payments) less any lease incentives
receivable, variable lease payments that depend on an index or a rate, and any amounts expected to be paid under residual value guarantees.
The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments
of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments
that do not depend on an index or a rate are recognized as expenses (unless they are incurred to produce inventories) in the period in
which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company uses its
incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable.
After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease
payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease
term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine
such lease payments) or a change in the assessment of an option to purchase the underlying asset.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Leases
&#x2013; where an entity is the lessor: &lt;/b&gt;Leases of vessels where the entity does not transfer substantially all the risks and benefits
of ownership of the vessel are classified as operating leases. Lease income on operating leases is recognized on a straight-line basis
over the lease term. Contingent rents are recognized as revenue in the period in which they are earned.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;For time
charters that qualify as leases, the Company is required to disclose lease and non-lease components of lease revenue. The revenue earned
under time charters is not negotiated its two separate components, but as a whole. For purposes of determining the standalone selling
price of the vessel lease and technical management service components of the Company&#x2019;s time charters, the Company concluded that
the residual approach would be the most appropriate method to use given that vessel lease rates are highly variable depending on shipping
market conditions, the duration of such charters and the age of the vessel.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.&#160;&#160;&#160;&#160;&#160;&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Basis
of Preparation and Significant Accounting Policies (continued)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The Company believes that the standalone transaction price
attributable to the technical management service component, including crewing services, is more readily determinable than the price of
the lease component and, accordingly, the price of the service component is estimated using data provided by its technical department,
which includes crew expenses, maintenance and consumable costs and was approximately $&lt;span id="xdx_90A_eifrs-full--DirectOperatingExpenseFromInvestmentProperty_pn3n3_c20220101__20221231_zPKTKrzRhQf1" title="Direct operating expense from investment property"&gt;18,451&lt;/span&gt; for the year ended December 31, 2022. The
lease component that is disclosed then is calculated as the difference between total revenue and the non-lease component revenue and
was approximately $&lt;span id="xdx_90A_ecustom--LeaseAndNonleaseComponents_pn3n3_c20220101__20221231_zOHxBS2NRGWl" title="Lease components"&gt;42,939&lt;/span&gt; for the year ended December 31, 2022.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"/&gt;

</glbs:DescriptionOfAccountingPolicyForLesseeExplanatory>
    <ifrs-full:DirectOperatingExpenseFromInvestmentProperty
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">18451000</ifrs-full:DirectOperatingExpenseFromInvestmentProperty>
    <glbs:LeaseAndNonleaseComponents
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">42939000</glbs:LeaseAndNonleaseComponents>
    <ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_849_eifrs-full--DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_z5ClyUYEhei7" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.22
&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f; &lt;span id="xdx_861_zbkQZYgovDf2"&gt;Share based compensation:&lt;/span&gt; &lt;/b&gt;Globus operated
equity-settled, share-based compensation plans. The value of the service received in exchange of the grant of shares was recognized
as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the share
awards at the grant date. The relevant expense was recognized in the income statement component of the consolidated statement of
comprehensive income/(loss), with a corresponding impact in equity.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"&gt;&lt;span style="font-size: 10pt; letter-spacing: -0.1pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_84A_eifrs-full--DescriptionOfAccountingPolicyForIssuedCapitalExplanatory_zj7g7blNiHZh" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt; letter-spacing: -0.1pt"&gt;&lt;b&gt;2.23
&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;
&lt;/b&gt;&lt;/span&gt;&lt;b&gt;&lt;span style="font-size: 10pt"&gt;&lt;span id="xdx_863_zLV2RZi4ThRa"&gt;Share capital and Warrants:&lt;/span&gt;&lt;span style="letter-spacing: -0.1pt"&gt; &lt;/span&gt;&lt;/span&gt;&lt;/b&gt;&lt;span style="font-size: 10pt"&gt;Common
shares and preferred shares are classified as equity. Incremental costs directly attributable to the issue of new shares are recognized
in equity as a deduction from the proceeds. The Company&#x2019;s warrants meet the classification criteria as per IAS 32 and, accordingly,
are classified in equity.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;span style="font-size: 10pt; letter-spacing: -0.1pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_84C_eifrs-full--DescriptionOfAccountingPolicyForDividendsExplanatory_zzzieWaVoxr9" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.24
&#160;&#x202f;&#x202f;&#x202f; &#x202f;&#x202f;&lt;span id="xdx_861_zJw9IpMqSfTj"&gt;Dividends:&lt;/span&gt;&lt;span style="letter-spacing: -0.1pt"&gt; &lt;/span&gt;&lt;/b&gt;Dividends to shareholders
are recognized in the period in which the dividends are declared and appropriately authorized and are accounted for as dividends
payable until paid.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_841_eifrs-full--DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory_zEkR4IZ70q8a" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.25
&#x202f;&#x202f;&#x202f;&#x202f;&#160; &lt;span id="xdx_869_zKbzfL6dWO0k"&gt;Fair value measurement:&lt;/span&gt;&lt;/b&gt; The Company measures financial instruments, such as
derivatives  at fair value at each reporting date. In addition, fair values of financial instruments
measured at amortized cost are disclosed in note 21. Fair value is the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is
based on the presumption that the transaction to sell the asset or transfer the liability takes place either, a) in the principal
market for the asset or the liability or b) in the absence of a principal market, in the most advantageous market for the asset or
liability both being accessible by the Company. The fair value of an asset or a liability is measured using the assumptions that the
market participants would use when pricing the asset or liability, assuming that the market participants act in their best economic
interest. A fair value measurement of a non-financial asset takes into account the market participant&#x2019;s ability to generate
economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the
asset in its highest and best use. The Company uses valuation techniques that are appropriate in the circumstances and for which
sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of
unobservable inputs&lt;/span&gt;.&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&#160;&#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;The
Company uses the following hierarchy for determining and disclosing the fair value of assets and liabilities by valuation technique:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;Level
1: quoted (unadjusted) prices in active markets for identical assets or liabilities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 81pt; text-align: justify; text-indent: -45pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: -27.8pt"&gt;&lt;span style="font-size: 10pt"&gt;Level
2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or
indirectly.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: -27.8pt"&gt;&lt;span style="font-size: 10pt"&gt;Level
3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;For assets
and liabilities that are recognized in the consolidated financial statements on a recurring basis, the Company determines whether transfers
have occurred between levels in the hierarchy by reassessing categorization at the end of each reporting period.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"&gt;&lt;span style="font-size: 10pt"&gt;The
Company engaged independent valuation specialists to determine the fair value of non-financial assets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory>
    <glbs:DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_84A_ecustom--DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements_z7XxmXT3vmSe" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.26
&#x202f;&#x202f;&#x202f;&#160;&#x202f; &lt;span id="xdx_86C_zd0BgKFxv568"&gt;Current versus non-current classification:&lt;/span&gt;&lt;/b&gt; The Company presents assets and
liabilities in the consolidated statement of financial position based on current/non-current classification.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;An
asset as current when it is:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 28.35pt"/&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Expected
                                            to be realized or intended to be sold or consumed in a normal operating cycle &lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 28.35pt"/&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Held
                                            primarily for the purpose of trading &lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 28.35pt"/&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Expected
                                            to be realized within twelve months after the reporting period&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 28.35pt"/&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Cash
                                            or cash equivalent&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="margin-top: 0; margin-bottom: 0"/&gt;



&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.&#160;&#160;&#160;&#160;&#160;&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Basis
of Preparation and Significant Accounting Policies (continued)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;All
other assets are classified as non-current.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;A
liability is current:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 28.35pt"/&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;It
                                            is expected to be settled in a normal operating cycle&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 28.35pt"/&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;It
                                            is held primarily for the purpose of trading &lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 28.35pt"/&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;It
                                            is due to be settled within twelve months after the reporting period&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 28.35pt"/&gt;&lt;td style="text-align: center; width: 21.3pt"&gt;&lt;span style="font-family: Symbol; font-size: 10pt"&gt;&#xb7;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;There
                                            is no unconditional right to defer the settlement of the liability for at least twelve months
                                            after the reporting period.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;All
other liabilities are classified as non-current.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</glbs:DescriptionOfAccountingPolicyToDetermineCharacteristicsOfCurrentElements>
    <glbs:DescriptionOfAccountingPolicyForRestrictedCashExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_840_ecustom--DescriptionOfAccountingPolicyForRestrictedCashExplanatory_zCvjRyq92cXd" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.27&#x202f;&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;
&lt;span id="xdx_86E_zejx9ogkBNL8"&gt;Restricted Cash:&lt;/span&gt;&lt;/b&gt; Restricted cash represents pledged cash deposits or minimum liquidity required to be maintained under the Company's
borrowing arrangements. In the event that the obligation to maintain such deposits is expected to be terminated within the next twelve
months, these deposits are classified as current assets. Otherwise, they are classified as non-current assets.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -35.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</glbs:DescriptionOfAccountingPolicyForRestrictedCashExplanatory>
    <glbs:DescriptionOfAccountingPolicyForInterestRateSwapExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_84C_ecustom--DescriptionOfAccountingPolicyForInterestRateSwapExplanatory_znHV7CIG9LDd" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.28
&#160;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;
&lt;span id="xdx_867_zFb57RFfm3r1"&gt;Interest Rate Swap:&lt;/span&gt;&lt;/b&gt; The Company enters into interest rate swap agreements to manage its exposure to fluctuations of interest rate
risk associated with its borrowings. Interest Rate Swaps are measured at fair value. The Company uses valuation techniques that are appropriate
in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs
and minimizing the use of unobservable inputs. The valuation technique used for the Interest Rate Swaps is the discounted cash flow (see
also note 21). The Company has not designated these interest rate swaps for hedge accounting.&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -35.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The fair
value of the Interest Rate Swaps is classified under &#x201c;Fair value of derivative financial instruments&#x201d; either under assets
or liabilities in the consolidated statement of financial position. In the event that the respective asset or liability is expected to
be materialized within the next twelve months, it is classified as current asset or liability. Otherwise, the respective asset or liability
is classified as non-current asset or liability.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The change
in fair value deriving from the valuation of the Interest Rate Swap at the end of each reporting period is classified under &#x201c;Gain/
(Loss) on derivative financial instruments&#x201d; in the consolidated statement of comprehensive income/(loss). Realized gains or losses
resulting from interest rate swaps are recognized in profit or loss under &#x201c;Gain / (Loss) on derivative financial instruments&#x201d;
in the consolidated statement of comprehensive income/(loss).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</glbs:DescriptionOfAccountingPolicyForInterestRateSwapExplanatory>
    <glbs:DescriptionOfAccountingPolicyForManagementAndConsultingFeeIncomeExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_841_ecustom--DescriptionOfAccountingPolicyForManagementAndConsultingFeeIncomeExplanatory_zWItTNd8fZs" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-indent: -35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2.29&#x202f;&#x202f;&#x202f;&#x202f;
&#160; &lt;span id="xdx_863_zLtIFzTQ6Moh"&gt;Management &amp;amp; consulting fee income:&lt;/span&gt; &lt;/b&gt;The Company enters into consultancy
agreements with other companies for the purpose of providing consultancy services. For these services the Company receives a fee.
The total income from these fees is classified in the income statement component of the consolidated statement of comprehensive
income/(loss) under management &amp;amp; consulting fee income.&lt;/span&gt;&lt;/p&gt;

</glbs:DescriptionOfAccountingPolicyForManagementAndConsultingFeeIncomeExplanatory>
    <ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_809_eifrs-full--DisclosureOfCashAndCashEquivalentsExplanatory_zwJaVRxD6Yq6" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;3.&#160;&#160;&#160;&#160;&#160;&#x202f;&#x202f;&#160;&#160;&#x202f;&#x202f;&#x202f;&lt;span id="xdx_823_zmkfdgzCCQr3"&gt;Cash
and cash equivalents and Restricted cash&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;For the purpose
of the consolidated statement of financial position, cash and cash equivalents comprise the following:&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_89B_ecustom--DisclosureOfCashAndBankBalancesExplanatory_zUEQnf2HcLzc" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Cash
and cash equivalents and Restricted cash&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_493_20221231_zuoI35rNNKRg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 21.9pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_49A_20211231_z3DtmulDSy6l" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 21.9pt"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="3" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 21.9pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;December
    31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="white-space: nowrap; width: 79%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_407_eifrs-full--CashOnHand_iI_pn3n3_maCACEzwtA_ze99PmmCYgIb" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Cash
    on hand&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;36&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;25&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40E_eifrs-full--BalancesWithBanks_iI_pn3n3_maCACEzwtA_zAVFlJxRTvX9" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Cash
    at banks&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;52,797&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;45,188&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_406_eifrs-full--CashAndCashEquivalents_iTI_pn3n3_mtCACEzwtA_zzjC2fw9Qf3a" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;52,833&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;45,213&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p id="xdx_8A7_zv4pqkksAjRg" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -0.55pt"&gt;&lt;span style="font-size: 10pt"&gt;Cash
held in banks earns interest at floating rates based on daily bank deposit rates.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -0.55pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -0.55pt"&gt;&lt;span style="font-size: 10pt"&gt;The
fair value of cash and cash equivalents as at December 31, 2022 and 2021, was $&lt;span id="xdx_90C_ecustom--CashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20221231_ztVdMhPk3nni" title="Cash And Cash Equivalents Fair Value Disclosure"&gt;52,833&lt;/span&gt; and $&lt;span id="xdx_90E_ecustom--CashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20211231_zjath0lHPOU" title="Cash And Cash Equivalents Fair Value Disclosure"&gt;45,213&lt;/span&gt;, respectively.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -0.55pt"&gt;&lt;span style="font-size: 10pt"&gt;As
at December 31, 2022 and 2021, the Company had pledged an amount of $&lt;span id="xdx_902_eifrs-full--RestrictedCashAndCashEquivalents_iI_pn3n3_c20221231_zSxZ7rwu3Af7" title="Restricted cash and cash equivalents"&gt;5,968&lt;/span&gt; and $&lt;span id="xdx_905_eifrs-full--RestrictedCashAndCashEquivalents_iI_pn3n3_c20211231_zGdzW0fyIfX9" title="Restricted cash and cash equivalents"&gt;5,224&lt;/span&gt;, respectively, in order to fulfill collateral requirements.
The fair value of the restricted cash as at December 31, 2022 was $&lt;span id="xdx_908_ecustom--RestrictedCashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20221231_zUSmQBDzXKR7" title="Restricted cash and cash equivalents fair value disclosure"&gt;5,968&lt;/span&gt;, $&lt;span id="xdx_903_eifrs-full--NoncurrentRestrictedCashAndCashEquivalents_iI_pn3n3_c20221231_z5SH0p2G9esd" title="Non-current restricted cash and cash equivalents"&gt;3,590&lt;/span&gt; included in non-current assets and $&lt;span id="xdx_90E_eifrs-full--CurrentRestrictedCashAndCashEquivalents_iI_pn3n3_c20221231_zOUrToqsrnnh" title="Current restricted cash and cash equivalents"&gt;2,378&lt;/span&gt; included in
current assets. The fair value of the restricted cash as at December 31, 2021 was $&lt;span id="xdx_90D_ecustom--RestrictedCashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_c20211231_z00Syz7p8FWg" title="Restricted cash and cash equivalents fair value disclosure"&gt;5,224&lt;/span&gt;, $&lt;span id="xdx_90D_eifrs-full--NoncurrentRestrictedCashAndCashEquivalents_iI_pn3n3_c20211231_ziKxeEeDw3tj" title="Non-current restricted cash and cash equivalents"&gt;3,576&lt;/span&gt; included in non-current assets and $&lt;span id="xdx_908_eifrs-full--CurrentRestrictedCashAndCashEquivalents_iI_pn3n3_c20211231_zZ4D8tdltfg3" title="Current restricted cash and cash equivalents"&gt;1,648&lt;/span&gt;
included in current assets as at December 31, 2021. The cash and cash equivalents are held with reputable bank and financial institution
counterparties with high ratings.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory>
    <glbs:DisclosureOfCashAndBankBalancesExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_89B_ecustom--DisclosureOfCashAndBankBalancesExplanatory_zUEQnf2HcLzc" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Cash
and cash equivalents and Restricted cash&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_493_20221231_zuoI35rNNKRg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 21.9pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_49A_20211231_z3DtmulDSy6l" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 21.9pt"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="3" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 21.9pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;December
    31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="white-space: nowrap; width: 79%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_407_eifrs-full--CashOnHand_iI_pn3n3_maCACEzwtA_ze99PmmCYgIb" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Cash
    on hand&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;36&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;25&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40E_eifrs-full--BalancesWithBanks_iI_pn3n3_maCACEzwtA_zAVFlJxRTvX9" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Cash
    at banks&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;52,797&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;45,188&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_406_eifrs-full--CashAndCashEquivalents_iTI_pn3n3_mtCACEzwtA_zzjC2fw9Qf3a" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;52,833&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;45,213&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
</glbs:DisclosureOfCashAndBankBalancesExplanatory>
    <ifrs-full:CashOnHand contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">36000</ifrs-full:CashOnHand>
    <ifrs-full:CashOnHand contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">25000</ifrs-full:CashOnHand>
    <ifrs-full:BalancesWithBanks contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">52797000</ifrs-full:BalancesWithBanks>
    <ifrs-full:BalancesWithBanks contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">45188000</ifrs-full:BalancesWithBanks>
    <ifrs-full:CashAndCashEquivalents contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">52833000</ifrs-full:CashAndCashEquivalents>
    <ifrs-full:CashAndCashEquivalents contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">45213000</ifrs-full:CashAndCashEquivalents>
    <glbs:CashAndCashEquivalentsFairValueDisclosure contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">52833000</glbs:CashAndCashEquivalentsFairValueDisclosure>
    <glbs:CashAndCashEquivalentsFairValueDisclosure contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">45213000</glbs:CashAndCashEquivalentsFairValueDisclosure>
    <ifrs-full:RestrictedCashAndCashEquivalents contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">5968000</ifrs-full:RestrictedCashAndCashEquivalents>
    <ifrs-full:RestrictedCashAndCashEquivalents contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">5224000</ifrs-full:RestrictedCashAndCashEquivalents>
    <glbs:RestrictedCashAndCashEquivalentsFairValueDisclosure contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">5968000</glbs:RestrictedCashAndCashEquivalentsFairValueDisclosure>
    <ifrs-full:NoncurrentRestrictedCashAndCashEquivalents contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">3590000</ifrs-full:NoncurrentRestrictedCashAndCashEquivalents>
    <ifrs-full:CurrentRestrictedCashAndCashEquivalents contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">2378000</ifrs-full:CurrentRestrictedCashAndCashEquivalents>
    <glbs:RestrictedCashAndCashEquivalentsFairValueDisclosure contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">5224000</glbs:RestrictedCashAndCashEquivalentsFairValueDisclosure>
    <ifrs-full:NoncurrentRestrictedCashAndCashEquivalents contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">3576000</ifrs-full:NoncurrentRestrictedCashAndCashEquivalents>
    <ifrs-full:CurrentRestrictedCashAndCashEquivalents contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">1648000</ifrs-full:CurrentRestrictedCashAndCashEquivalents>
    <ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_808_eifrs-full--DisclosureOfTransactionsBetweenRelatedPartiesExplanatory_zRoPICy1Ic8k" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;4.
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_824_zvzOMjT9K436"&gt;Transactions with Related Parties&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The following
are the major transactions which the Company has entered into with related parties during the years ended December 31, 2022, 2021 and
2020:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;4. &#160;&#160;&#160;&#160;&#160;&#160;&#160;Transactions
with Related Parties (continued)&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;In August 2006,
Globus entered into a rental agreement for 350 square meters of office space for its operations within a building owned by Cyberonica
S.A. (an affiliate of Globus&#x2019;s chairman). In 2016 the Company renewed the rental agreement at a monthly rate of Euro &lt;span id="xdx_908_ecustom--MonthlyRentalExpense_pp0p0_uEUR_c20160101__20161231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_z9SneOshkzf4"&gt;10,360&lt;/span&gt; (absolute
amount) ($&lt;span id="xdx_900_ecustom--MonthlyRentalExpense_pdn3_uUSD_c20160101__20161231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_z5HLo4oZnYq"&gt;11.9&lt;/span&gt;) with a lease period ending January 2, 2025. On August 5, 2021, the Company entered into a new rental agreement for 902
square meters of office space for its operations within a building leased by Cyberonica S.A. (an affiliate of Globus&#x2019;s chairman)
at a monthly rate of Euro &lt;span id="xdx_908_ecustom--MonthlyRentalExpense_pp0p0_uEUR_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zwmfGZsonflj"&gt;26,000&lt;/span&gt; (absolute amount) with a lease period ending &lt;span id="xdx_905_ecustom--LeaseExpirationDate_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zerrYV6p8w0d"&gt;August 4, 2024&lt;/span&gt;. The previous rental agreement was terminated.
Under IFRS 16 the new contract comprised of two parts, a modification of the old lease and a new lease for the extra space of 552 square
meters, compared to the 350 square meters included in the previous rental agreement. The modification of the previous rental agreement
resulted  in $&lt;span id="xdx_909_ecustom--CreditAdjustmentOfFinanceCost_pn3n3_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zVxDrtuql49e" title="Credit adjustment of finance cost"&gt;39&lt;/span&gt; credit adjustment classified in the income statement component of the consolidated statement of comprehensive income/(loss)
under interest and finance costs. In June 2022, the Company entered into a new rental agreement with F.G. Europe (an affiliate of Globus&#x2019;s
chairman) for the same office space, at the same rate of Euro &lt;span id="xdx_908_ecustom--MonthlyRentalExpense_pp0p0_uEUR_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--FGEuropeMember_zv33TjlWASPa" title="Monthly Rental Expense"&gt;26,000&lt;/span&gt; (absolute amount) and with the same lease period ending of &lt;span id="xdx_905_ecustom--LeaseExpirationDate_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--FGEuropeMember_zjZHUtilGdT"&gt;August
4, 2024&lt;/span&gt;. The previous rental agreement with Cyberonica was terminated resulting in a gain of $&lt;span id="xdx_90F_ecustom--CreditAdjustmentOfFinanceCost_pn3n3_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zCcdtSbHlH7g" title="Credit adjustment of finance cost"&gt;40&lt;/span&gt; classified in the income statement component
of the consolidated statement of comprehensive income/(loss) under interest and finance costs. The Company does not presently own any
real estate. During the years ended December 31, 2022, 2021 and 2020, the rent charged amounted to $&lt;span id="xdx_908_eifrs-full--LeasesAsLesseeRelatedPartyTransactions_pn3n3_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zgj6DB42gCN9" title="Leases as lessee, related party transactions"&gt;341&lt;/span&gt;, $&lt;span id="xdx_90F_eifrs-full--LeasesAsLesseeRelatedPartyTransactions_pn3n3_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zkGgE60rP86e" title="Leases as lessee, related party transactions"&gt;242&lt;/span&gt; and $&lt;span id="xdx_900_eifrs-full--LeasesAsLesseeRelatedPartyTransactions_pn3n3_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--CyberonicaSAMember_zJ6uaYz6Wu5" title="Leases as lessee, related party transactions"&gt;141&lt;/span&gt;, respectively.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The depreciation
charge for right-of-use asset for the years ended December 31, 2022, 2021 and 2020, was $&lt;span id="xdx_909_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20220101__20221231_z8nZh672EJC3"&gt;327&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;,
$&lt;span id="xdx_904_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20210101__20211231_zfFQj59ytnQ2"&gt;206&lt;/span&gt;&lt;/span&gt; &lt;span style="font-size: 10pt"&gt;and
$&lt;span id="xdx_905_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20200101__20201231_zYhRpefm1amc"&gt;112&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;,
respectively, and was recognized in the income statement component of the consolidated statement of comprehensive income/(loss) under
depreciation. The interest expense on lease liabilities for the years ended December 31, 2022, 2021 and 2020, was $&lt;span id="xdx_90C_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20220101__20221231_zuvfCD4pwdMg"&gt;54&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;,
$&lt;span id="xdx_902_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20210101__20211231_z0qr9GGQqRQf"&gt;52&lt;/span&gt;&lt;/span&gt; &lt;span style="font-size: 10pt"&gt;and
$&lt;span id="xdx_90C_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20200101__20201231_zriK3oZUFyce"&gt;44&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;,
respectively, and recognized under interest expense and finance costs, respectively in the income statement component of the consolidated
statement of comprehensive income/(loss). The total cash outflows for leases for the years ended December 31, 2022, 2021 and 2020, were
approximately $&lt;span id="xdx_901_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20220101__20221231_zxkVAri4Rz42"&gt;341&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;,
$&lt;span id="xdx_90A_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20210101__20211231_zgszQTjmT9n2"&gt;314
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;and $&lt;span id="xdx_906_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20200101__20201231_zoYWhCZUBJm7"&gt;229&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;,
respectively, and were recognized in the consolidated statement of cash flows under the Payment of lease liability &#x2013; principal
and Interest Paid.&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;As at December
28, 2015, Athanasios Feidakis assumed the position of Chief Executive Officer (&#x201c;CEO&#x201d;) and Chief Financial Officer. On August
18, 2016, the Company entered into a consultancy agreement with an affiliated company (Goldenmare Limited) of its CEO, Mr. Athanasios
Feidakis, for the purpose of providing consulting services to the Company in connection with the Company&#x2019;s international shipping
and capital raising activities, including but not limited to assisting and advising the Company&#x2019;s CEO at an annual fee of Euro
&lt;span id="xdx_905_ecustom--ConsultingFeesExpense_pip0_uEUR_c20160101__20160818__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zwqO3V55Wgie" title="Consulting Fees Expense"&gt;200,000&lt;/span&gt; (absolute amount). On December 3, 2020, the Company agreed to increase the consultancy fees of Goldenmare Limited,
from Euro 200,000 to Euro &lt;span id="xdx_909_ecustom--ConsultingFeesExpense_pip0_uEUR_c20200101__20201203__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_z2p1HGA8uGDl" title="Consulting Fees Expense"&gt;400,000&lt;/span&gt; (absolute amount) per annum and additionally pay a one-time cash bonus of $&lt;span id="xdx_906_ecustom--AgreedAmountOfOneTimeCashBonus_iI_pn3n3_c20201203__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zDVQkb9iQZt8" title="Amount of one-time cash bonus"&gt;1,500&lt;/span&gt;  to the CEO pursuant
to his consultancy agreement, which has been paid. Specifically, in February 2021, the Company paid to the CEO of Goldenmare Limited
(Mr. Athanasios Feidakis) the amount of $&lt;span id="xdx_902_ecustom--OneTimeCashBonusPayment_pn3n3_c20210101__20210228__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zieEsmzwmb7c" title="One time cash bonus payment"&gt;1,000&lt;/span&gt; and in September 2021 the remaining amount of $&lt;span id="xdx_907_ecustom--RemainingOfOneTimeCashBonusPayment_pn3n3_c20210101__20210930__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zp4RDVNKpgsd" title="Remaining of one time cash bonus payment"&gt;500&lt;/span&gt;. In addition, in December 2021, the
Company agreed to pay a one-time cash bonus of $&lt;span id="xdx_90F_ecustom--AgreedAmountOfOneTimeCashBonus_iI_pn3n3_c20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zf8OnoZ0gUB2"&gt;1,500&lt;/span&gt;  to Goldenmare Limited pursuant to the consultancy agreement, half of which
was to be paid immediately and the other half during 2022, if at the time of the payment Mr. Athanasios Feidakis remains CEO and the consultant
has not terminated its consultancy agreement. At the time of the filing of these Consolidated Financial Statements, the bonus approved
in 2021 has not been paid. The related expense for the years ended December 31, 2022, 2021 and 2020, amounted to  $&lt;span id="xdx_901_ecustom--ConsultingFeesExpense_pn3n3_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zjrv2AvP2BTa" title="Consulting Fees Expense"&gt;1,172&lt;/span&gt;, $&lt;span id="xdx_909_ecustom--ConsultingFeesExpense_pn3n3_c20210101__20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zBpIqTMbyFU8" title="Consulting Fees Expense"&gt;1,216&lt;/span&gt;
and $&lt;span id="xdx_90C_ecustom--ConsultingFeesExpense_pn3n3_c20200101__20201231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_z75lZTCU2adi" title="Consulting Fees Expense"&gt;1,772&lt;/span&gt;, respectively.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;On June 12,
2020, the Company entered into a stock purchase agreement and issued &lt;span id="xdx_906_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20200101__20200612__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_z06Zgvuyg3Y7" title="Increase in number of shares outstanding"&gt;50&lt;/span&gt; newly designated Series B Preferred Shares, par value $&lt;span id="xdx_90C_eifrs-full--ParValuePerShare_iI_pip0_c20200612__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zJq9VzZuzyPl"&gt;0.001&lt;/span&gt;
per share, to Goldenmare Limited, an affiliated company of its CEO, Athanasios Feidakis, in return for $&lt;span id="xdx_902_ecustom--IssueOfPreferredShares_pn3n3_c20200101__20200612__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zTkYZgec9k56" title="Issue of preferred shares"&gt;150&lt;/span&gt;, which amount was settled
by reducing, on a dollar-for-dollar basis, the amount payable by the Company to Goldenmare Limited pursuant to a consultancy agreement.
On July 27, 2020, the Company issued an additional &lt;span id="xdx_908_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20200101__20200727__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_z2lA15xJI0Ph" title="Increase in number of shares outstanding"&gt;250&lt;/span&gt; of its Series B preferred shares to Goldenmare Limited in return for $&lt;span id="xdx_905_ecustom--IssueOfPreferredShares_pn3n3_c20200101__20200727__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zpipXlycrZb2" title="Issue of preferred shares"&gt;150&lt;/span&gt;. The
$&lt;span id="xdx_904_ecustom--IssueOfPreferredShares_pn3n3_c20200101__20200727__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_z8LMdhBS7bY"&gt;150&lt;/span&gt; was settled by reducing, on a dollar-for-dollar basis, the amount payable by the Company to Goldenmare Limited pursuant to a consultancy
agreement. The issuance of the Series B preferred shares to Goldenmare Limited was approved by an independent committee of the Company&#x2019;s
Board of Directors, which received fairness opinions from an independent financial advisor.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;On March 2,
2021, the Company entered into a stock purchase agreement and issued &lt;span id="xdx_906_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20210101__20210302__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zPjQZs1rvsuf" title="Increase  in number of shares outstanding"&gt;10,000&lt;/span&gt; Series B Preferred Shares, par value $&lt;span id="xdx_90C_eifrs-full--ParValuePerShare_iI_pip0_c20210302__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zO3uAH14Dbn5"&gt;0.001&lt;/span&gt; per share, to
Goldenmare Limited in return for $&lt;span id="xdx_902_ecustom--IssueOfPreferredShares_pn3n3_c20210101__20210302__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zWGyRxQCNEAk" title="Issue of preferred shares"&gt;130&lt;/span&gt;, which amount was settled by reducing, on a dollar-for-dollar basis, the amount payable as executive
compensation by the Company to Goldenmare Limited pursuant to a consultancy agreement. The issuance of the Series B preferred shares
to Goldenmare Limited was approved by an independent committee of the Company&#x2019;s Board of Directors.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;As at
December 31, 2022, and 2021, Goldenmare Limited owned &lt;span id="xdx_904_eifrs-full--SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zYyCrc6EITqb"&gt;&lt;span id="xdx_90D_eifrs-full--SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zeoncK7Prje3"&gt;10,300&lt;/span&gt;&lt;/span&gt; of the Company&#x2019;s Series B preferred shares. &lt;span id="xdx_903_ecustom--VotingRights_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember_zpyHMH4Jhnvh"&gt;Each Series B
preferred share has 25,000 votes, provided that no holder of Series B preferred shares may exercise voting rights pursuant to Series
B preferred shares that would result in the aggregate voting power of the beneficial owner of any such holder of Series B preferred
shares, together with its affiliates, exceeding 49.99% of the total number of votes eligible to be cast on any matter submitted to a
vote of shareholders. Except as otherwise provided by applicable law, holders of the Company&#x2019;s Series B preferred shares and
the Company&#x2019;s common shares vote together as a single class on all matters submitted to a vote of shareholders, including the
election of directors. Athanasios Feidakis has substantial control and influence over the Company&#x2019;s management and affairs and
over matters requiring shareholder approval, including the election of directors and significant corporate transactions, through his
ability to direct the vote of such Series B preferred shares&lt;/span&gt;.&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"/&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;4. &#160;&#160;&#160;&#160;&#160;&#160;&#160;Transactions
with Related Parties (continued)&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;As at December
31, 2022 and 2021, Mr. George Feidakis beneficially owned &lt;span id="xdx_909_ecustom--ProportionOfOwnershipInterestsHeldByControllingParty_dp_uPure_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ChairmanOfTheBoardOfDirectorsMember_zmhpge78R9Ok" title="Proportion Of Ownership Interests Held By Controlling Party"&gt;&lt;span id="xdx_90C_ecustom--ProportionOfOwnershipInterestsHeldByControllingParty_dp_uPure_c20210101__20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ChairmanOfTheBoardOfDirectorsMember_z3oeBHtqr1B4" title="Proportion Of Ownership Interests Held By Controlling Party"&gt;3.7&lt;/span&gt;&lt;/span&gt;% of Globus&#x2019; shares. Mr. George Feidakis (father
of Mr. Athanasios Feidakis) is also the chairman of the Board of Directors of Globus.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;In November
2018, Globus entered into a credit facility for up to $&lt;span id="xdx_90B_ecustom--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn3n3_c20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zRKHVS6tziId" title="Line Of Credit Facility Maximum Borrowing Capacity"&gt;15,000&lt;/span&gt; with Firment Shipping Inc., an affiliate of the Company&#x2019;s chairman,
for the purpose &lt;span id="xdx_905_ecustom--DescriptionOfBorrowingsScope_c20180101__20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zP18K5WCxdGl" title="Description of borrowings"&gt;of financing its general working capital needs&lt;/span&gt; (&#x201c;Firment Shipping Credit Facility&#x201d;). &lt;span id="xdx_90A_ecustom--CreditFacilityCollateraDescription_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zf3nzEBtwPO3" title="Credit facility collateral description"&gt;The Firment Shipping
Credit Facility was unsecured and remained available until its final maturity date&lt;/span&gt; at &lt;span id="xdx_90C_eifrs-full--BorrowingsMaturity_c20180101__20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zJD3q8eUXVX5" title="Borrowings, maturity"&gt;October 31, 2021&lt;/span&gt;, as amended. The Company had the
right to draw-down any amount up to $15,000 or prepay any amount in multiples of $&lt;span id="xdx_90B_ecustom--LineOfCreditFacilityDrawndownAmountsMultiples_pn3n3_c20180101__20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zun9l2SdlI97" title="Line Of Credit Facility Drawndown Amounts Multiples"&gt;100&lt;/span&gt;. Any prepaid amount could be re-borrowed in accordance
with the terms of the facility. Interest on drawn and outstanding amounts was charged at &lt;span id="xdx_90D_eifrs-full--BorrowingsInterestRateBasis_c20180101__20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zngsPzjNBPz"&gt;7% per annum&lt;/span&gt; and no commitment fee was charged
on the amounts remaining available and undrawn. Interest was payable the last day of a period of three months after the Draw-down Date,
after this period in case of failure to pay any sum due, a default interest of &lt;span id="xdx_90B_eifrs-full--BorrowingsAdjustmentToInterestRateBasis_iI_dp_c20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_z7Ni8wHWEEDh" title="Borrowings Default Interest Rate"&gt;2&lt;/span&gt;% per annum above the regular interest was charged. Globus
also had the right, in its sole option, to convert in whole or in part the outstanding unpaid principal amount and accrued but unpaid
interest under the Firment Shipping Credit Facility into common stock. &lt;span id="xdx_90C_ecustom--DebtInstrumentConversionPriceDescription_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zeIFChycDFZb" title="Debt instrument conversion price description"&gt;The conversion price should equal the higher of (i) the average
of the daily dollar volume-weighted average sale price for the common stock on the principal market on any trading day during the period
beginning at 9.30 a.m. New York City time and ending at 4.00 p.m. (&#x201c;VWAP&#x201d;) over the pricing period multiplied by 80%, where
the &#x201c;Pricing Period&#x201d; equals the ten consecutive trading days immediately preceding the date on which the conversion notice
was executed or, (ii) Two Hundred Eighty US Dollars ($280.00) (absolute amount)&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;For the year
ended December 31, 2020, the Company recognized Firment Shipping Credit Facility as hybrid financial instrument,
which included an embedded derivative related to the conversion option (see Note 11) and recognized a loss on this derivative financial instrument amounting to $&lt;span id="xdx_906_eifrs-full--GainsLossesOnChangeInFairValueOfDerivatives_pn3n3_c20200101__20201231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zVzyH9PdMdDl" title="Loss on change in fair value of derivatives"&gt;189&lt;/span&gt;, which was classified
under &#x201c;gain/(loss) on derivative financial instruments&#x201d; in the income statements component of the consolidated statement
of comprehensive income/(loss).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;On May 8,
2020 the Company entered into an Amended and Restated Agreement with Firment Shipping Inc. and converted the existing Revolving
Credit Facility to a Term Credit Facility, increased the available undrawn amount to $&lt;span id="xdx_90C_ecustom--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pdn6_c20200508__ifrs-full--BorrowingsByNameAxis__custom--AmendedAndRestatedAgreementMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_z6J1E0s0tYEb"&gt;14.2 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;million
(absolute amount) and extended the maturity date to &lt;span id="xdx_906_eifrs-full--BorrowingsMaturity_c20200101__20200508__ifrs-full--BorrowingsByNameAxis__custom--AmendedAndRestatedAgreementMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zgQkytE92bHh"&gt;October
31, 2021&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; background-color: White"&gt;.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;On July 27,
2020, the Company repaid the total outstanding principal and interest of the Firment Shipping Credit Facility amounting to $&lt;span id="xdx_907_eifrs-full--RepaymentsOfCurrentBorrowings_pn3n3_c20200101__20200727__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember__ifrs-full--BorrowingsByNameAxis__custom--AmendedAndRestatedAgreementMember_zh0q5hgHP8sl" title="Repayments of current borrowings"&gt;863&lt;/span&gt;. Furthermore,
the Company recognized a gain on this derivative financial instrument amounting to $&lt;span id="xdx_90F_eifrs-full--GainsLossesOnChangeInFairValueOfDerivatives_pn3n3_c20200101__20200727__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember__ifrs-full--BorrowingsByNameAxis__custom--AmendedAndRestatedAgreementMember_zB0MkxiAzG28" title="Gains on change in fair value of derivatives"&gt;220&lt;/span&gt;, which was classified under &#x201c;gain/(loss)
on derivative financial instruments&#x201d; in the income statement component of the consolidated statement of comprehensive income/(loss).
The facility with Firment Shipping Inc. expired on &lt;span id="xdx_90F_eifrs-full--BorrowingsMaturity_c20180101__20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_z9BKZ7KvNFSd" title="Borrowings, maturity"&gt;October 31, 2021&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;For the year
ended December 31, 2020, Globus recognized interest expense of $&lt;span id="xdx_902_eifrs-full--InterestExpense_pn3n3_c20200101__20201231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember__ifrs-full--BorrowingsByNameAxis__custom--AmendedAndRestatedAgreementMember_zeaTFWJkMwak" title="Interest expense"&gt;26&lt;/span&gt;, which was classified in the income statement component of the consolidated
statements of comprehensive income/(loss) under interest expense and finance costs.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;On July 15,
2021 Globus entered into a consultancy agreement with Eolos Shipmanagement S.A. for the purpose of providing consultancy services to
Eolos Shipmanagement S.A. For these services the Company receives a daily fee of $&lt;span id="xdx_908_ecustom--ConsultingFeesExpense_pp0p0_c20210101__20210715__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--EolosShipmanagementMember__ifrs-full--CapitalRequirementsAxis__custom--DailyRateMember_z4P0hNirL9Wb"&gt;1,000
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;(absolute amount). The chairman of the board of Globus is the majority shareholder of Eolos
Shipmanagement.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;On February
14, 2022 the Company changed the compensation of the non-executive directors. In the aggregate, the annual service fee for each of
the directors (based on their current roles and committee seats) has been set at $&lt;span id="xdx_908_ecustom--NoninterestExpenseDirectorsFees1_pn3n3_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_ziZE1QOtf6H2" title="Annual Service Fee"&gt;80&lt;/span&gt;,
payable in cash based on the annual service fees, committee fees, and other similar fees.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm"&gt;&lt;span style="font-size: 10pt"&gt;Compensation of Key Management
Personnel of the Company:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"&gt;&lt;span style="font-size: 10pt"&gt;Compensation
to Globus non-executive directors is analyzed as follows:&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_89D_ecustom--DisclosureOfCompensationOfNonExecutiveDirectors_zd59rqqVZfGf" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Transactions
with Related Parties - Compensation to the Company's Non-Executive Directors&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_490_20220101__20221231_zzbbddEOQbE2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_491_20210101__20211231_zNGaxwvK64o8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_49A_20200101__20201231_zVhwLMiZuP9d" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="5" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For
    the year ended December 31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_401_eifrs-full--DirectorsRemunerationExpense_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_maKMPCzHgk_zIy1tMrqt6h8" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Directors&#x2019;
    remuneration &lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;240&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;145&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;143&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40B_ecustom--DirectorsCompensationSharebasedPayment_pn3n3_d0_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_maKMPCzHgk_zkcYChffrSOe" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Share-based
    payments (Note 12) &lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;40&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;40&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_403_eifrs-full--KeyManagementPersonnelCompensation_iT_pn3n3_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_mtKMPCzHgk_zitG8augCtd1" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;240&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;185&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;183&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p id="xdx_8A8_zbhulxkraH46" style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;As at
December 31, 2022, and 2021, $&lt;span id="xdx_905_ecustom--AccruedDirectorsCompensation_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_zNK6LFw4uP18" title="Accrued Directors Compensation"&gt;60&lt;/span&gt;
and $&lt;span id="xdx_908_ecustom--AccruedDirectorsCompensation_iI_pn3n3_c20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_zLgw5VWIPhhk" title="Accrued Directors Compensation"&gt;105&lt;/span&gt;
of the compensation to non-executive directors was remaining due and unpaid, respectively. Amounts payable to non-executive
directors are classified as trade accounts payable and other in the consolidated statements of financial position.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;4. &#160;&#160;&#160;&#160;&#160;&#160;&#160;Transactions
with Related Parties (continued)&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Compensation
to the Company&#x2019;s executive director is analyzed as follows:&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_892_ecustom--DisclosureOfCompensationOfExecutiveDirector_zqpu5XUB7LNg" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Transactions
with Related Parties - Compensation to the Company's Executive Director&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_49A_20220101__20221231_zjq09M4hV9e7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_49F_20210101__20211231_zk3ETR84ONT1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_496_20200101__20201231_zHlKwKgMccx" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="5" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;For
    the year ended December 31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40C_eifrs-full--KeyManagementPersonnelCompensationShorttermEmployeeBenefits_pn3n3_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--ExecutiveDirectorMember_maKMPCzSqc_zKRbLxH1Aua9" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Short-term
    employee benefits &lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,172&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,216&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,772&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_409_eifrs-full--KeyManagementPersonnelCompensation_iT_pn3n3_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--ExecutiveDirectorMember_mtKMPCzSqc_za04b6n7hbXj" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;1,172&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;1,216&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;1,772&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p id="xdx_8A6_z42qQBMxebsh" style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;As at December
31, 2022, and 2021, $&lt;span id="xdx_904_ecustom--AccruedDirectorsCompensation_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ExecutiveDirectorMember_zkcBvgo7z0qh" title="Accrued Directors Compensation"&gt;2,088&lt;/span&gt; and $&lt;span id="xdx_901_ecustom--AccruedDirectorsCompensation_iI_pn3n3_c20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ExecutiveDirectorMember_zYSRwaQnWMbh" title="Accrued Directors Compensation"&gt;985&lt;/span&gt; of the compensation to the executive director was remaining due and unpaid, respectively.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&#160;&lt;/p&gt;

</ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory>
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    <ifrs-full:DepreciationRightofuseAssets
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">327000</ifrs-full:DepreciationRightofuseAssets>
    <ifrs-full:DepreciationRightofuseAssets
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">206000</ifrs-full:DepreciationRightofuseAssets>
    <ifrs-full:DepreciationRightofuseAssets
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">112000</ifrs-full:DepreciationRightofuseAssets>
    <ifrs-full:InterestExpenseOnLeaseLiabilities
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">54000</ifrs-full:InterestExpenseOnLeaseLiabilities>
    <ifrs-full:InterestExpenseOnLeaseLiabilities
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">52000</ifrs-full:InterestExpenseOnLeaseLiabilities>
    <ifrs-full:InterestExpenseOnLeaseLiabilities
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">44000</ifrs-full:InterestExpenseOnLeaseLiabilities>
    <glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">341000</glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities>
    <glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">314000</glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities>
    <glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">229000</glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities>
    <glbs:ConsultingFeesExpense
      contextRef="From2016-01-012016-08-18_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="0"
      unitRef="EUR">200000</glbs:ConsultingFeesExpense>
    <glbs:ConsultingFeesExpense
      contextRef="From2020-01-012020-12-03_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="0"
      unitRef="EUR">400000</glbs:ConsultingFeesExpense>
    <glbs:AgreedAmountOfOneTimeCashBonus
      contextRef="AsOf2020-12-03_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="-3"
      unitRef="USD">1500000</glbs:AgreedAmountOfOneTimeCashBonus>
    <glbs:OneTimeCashBonusPayment
      contextRef="From2021-01-012021-02-28_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="-3"
      unitRef="USD">1000000</glbs:OneTimeCashBonusPayment>
    <glbs:RemainingOfOneTimeCashBonusPayment
      contextRef="From2021-01-012021-09-30_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="-3"
      unitRef="USD">500000</glbs:RemainingOfOneTimeCashBonusPayment>
    <glbs:AgreedAmountOfOneTimeCashBonus
      contextRef="AsOf2021-12-31_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="-3"
      unitRef="USD">1500000</glbs:AgreedAmountOfOneTimeCashBonus>
    <glbs:ConsultingFeesExpense
      contextRef="From2022-01-012022-12-31_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="-3"
      unitRef="USD">1172000</glbs:ConsultingFeesExpense>
    <glbs:ConsultingFeesExpense
      contextRef="From2021-01-012021-12-31_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="-3"
      unitRef="USD">1216000</glbs:ConsultingFeesExpense>
    <glbs:ConsultingFeesExpense
      contextRef="From2020-01-012020-12-31_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="-3"
      unitRef="USD">1772000</glbs:ConsultingFeesExpense>
    <ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding
      contextRef="From2020-01-012020-06-12_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="INF"
      unitRef="Shares">50</ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2020-06-12_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="INF"
      unitRef="USDPShares">0.001</ifrs-full:ParValuePerShare>
    <glbs:IssueOfPreferredShares
      contextRef="From2020-01-012020-06-12_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="-3"
      unitRef="USD">150000</glbs:IssueOfPreferredShares>
    <ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding
      contextRef="From2020-01-012020-07-27_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="INF"
      unitRef="Shares">250</ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding>
    <glbs:IssueOfPreferredShares
      contextRef="From2020-01-012020-07-27_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="-3"
      unitRef="USD">150000</glbs:IssueOfPreferredShares>
    <glbs:IssueOfPreferredShares
      contextRef="From2020-01-012020-07-27_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="-3"
      unitRef="USD">150000</glbs:IssueOfPreferredShares>
    <ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding
      contextRef="From2021-01-012021-03-02_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="INF"
      unitRef="Shares">10000</ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2021-03-02_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="INF"
      unitRef="USDPShares">0.001</ifrs-full:ParValuePerShare>
    <glbs:IssueOfPreferredShares
      contextRef="From2021-01-012021-03-02_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="-3"
      unitRef="USD">130000</glbs:IssueOfPreferredShares>
    <ifrs-full:SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates
      contextRef="AsOf2022-12-31_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="INF"
      unitRef="Shares">10300</ifrs-full:SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates>
    <ifrs-full:SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates
      contextRef="AsOf2021-12-31_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember"
      decimals="INF"
      unitRef="Shares">10300</ifrs-full:SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates>
    <glbs:VotingRights contextRef="From2022-01-012022-12-31_custom_PreferredSharesMember_custom_AffiliatedCompanyOfCompanysCEOMember">Each Series B
preferred share has 25,000 votes, provided that no holder of Series B preferred shares may exercise voting rights pursuant to Series
B preferred shares that would result in the aggregate voting power of the beneficial owner of any such holder of Series B preferred
shares, together with its affiliates, exceeding 49.99% of the total number of votes eligible to be cast on any matter submitted to a
vote of shareholders. Except as otherwise provided by applicable law, holders of the Company&#x2019;s Series B preferred shares and
the Company&#x2019;s common shares vote together as a single class on all matters submitted to a vote of shareholders, including the
election of directors. Athanasios Feidakis has substantial control and influence over the Company&#x2019;s management and affairs and
over matters requiring shareholder approval, including the election of directors and significant corporate transactions, through his
ability to direct the vote of such Series B preferred shares</glbs:VotingRights>
    <glbs:ProportionOfOwnershipInterestsHeldByControllingParty
      contextRef="From2022-01-012022-12-31_custom_ChairmanOfTheBoardOfDirectorsMember"
      decimals="INF"
      unitRef="Pure">0.037</glbs:ProportionOfOwnershipInterestsHeldByControllingParty>
    <glbs:ProportionOfOwnershipInterestsHeldByControllingParty
      contextRef="From2021-01-012021-12-31_custom_ChairmanOfTheBoardOfDirectorsMember"
      decimals="INF"
      unitRef="Pure">0.037</glbs:ProportionOfOwnershipInterestsHeldByControllingParty>
    <glbs:LineOfCreditFacilityMaximumBorrowingCapacity
      contextRef="AsOf2018-11-30_custom_FirmentShippingIncMember"
      decimals="-3"
      unitRef="USD">15000000</glbs:LineOfCreditFacilityMaximumBorrowingCapacity>
    <glbs:DescriptionOfBorrowingsScope contextRef="From2018-01-012018-11-30_custom_FirmentShippingIncMember">of financing its general working capital needs</glbs:DescriptionOfBorrowingsScope>
    <glbs:CreditFacilityCollateraDescription contextRef="From2022-01-012022-12-31_custom_FirmentShippingIncMember">The Firment Shipping
Credit Facility was unsecured and remained available until its final maturity date</glbs:CreditFacilityCollateraDescription>
    <ifrs-full:BorrowingsMaturity contextRef="From2018-01-012018-11-30_custom_FirmentShippingIncMember">October 31, 2021</ifrs-full:BorrowingsMaturity>
    <glbs:LineOfCreditFacilityDrawndownAmountsMultiples
      contextRef="From2018-01-012018-11-30_custom_FirmentShippingIncMember"
      decimals="-3"
      unitRef="USD">100000</glbs:LineOfCreditFacilityDrawndownAmountsMultiples>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2018-01-012018-11-30_custom_FirmentShippingIncMember">7% per annum</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsAdjustmentToInterestRateBasis
      contextRef="AsOf2018-11-30_custom_FirmentShippingIncMember"
      decimals="INF"
      unitRef="Pure">0.02</ifrs-full:BorrowingsAdjustmentToInterestRateBasis>
    <glbs:DebtInstrumentConversionPriceDescription contextRef="From2022-01-012022-12-31_custom_FirmentShippingIncMember">The conversion price should equal the higher of (i) the average
of the daily dollar volume-weighted average sale price for the common stock on the principal market on any trading day during the period
beginning at 9.30 a.m. New York City time and ending at 4.00 p.m. (&#x201c;VWAP&#x201d;) over the pricing period multiplied by 80%, where
the &#x201c;Pricing Period&#x201d; equals the ten consecutive trading days immediately preceding the date on which the conversion notice
was executed or, (ii) Two Hundred Eighty US Dollars ($280.00) (absolute amount)</glbs:DebtInstrumentConversionPriceDescription>
    <ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives
      contextRef="From2020-01-012020-12-31_custom_FirmentShippingIncMember"
      decimals="-3"
      unitRef="USD">189000</ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives>
    <glbs:LineOfCreditFacilityMaximumBorrowingCapacity
      contextRef="AsOf2020-05-08_custom_AmendedAndRestatedAgreementMember_custom_FirmentShippingIncMember"
      decimals="0"
      unitRef="USD">14200000</glbs:LineOfCreditFacilityMaximumBorrowingCapacity>
    <ifrs-full:BorrowingsMaturity contextRef="From2020-01-012020-05-08_custom_AmendedAndRestatedAgreementMember_custom_FirmentShippingIncMember">October
31, 2021</ifrs-full:BorrowingsMaturity>
    <ifrs-full:RepaymentsOfCurrentBorrowings
      contextRef="From2020-01-012020-07-27_custom_FirmentShippingIncMember_custom_AmendedAndRestatedAgreementMember"
      decimals="-3"
      unitRef="USD">863000</ifrs-full:RepaymentsOfCurrentBorrowings>
    <ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives
      contextRef="From2020-01-012020-07-27_custom_FirmentShippingIncMember_custom_AmendedAndRestatedAgreementMember"
      decimals="-3"
      unitRef="USD">220000</ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives>
    <ifrs-full:BorrowingsMaturity contextRef="From2018-01-012018-11-30_custom_FirmentShippingIncMember">October 31, 2021</ifrs-full:BorrowingsMaturity>
    <ifrs-full:InterestExpense
      contextRef="From2020-01-012020-12-31_custom_FirmentShippingIncMember_custom_AmendedAndRestatedAgreementMember"
      decimals="-3"
      unitRef="USD">26000</ifrs-full:InterestExpense>
    <glbs:ConsultingFeesExpense
      contextRef="From2021-01-012021-07-15_custom_EolosShipmanagementMember_custom_DailyRateMember"
      decimals="0"
      unitRef="USD">1000</glbs:ConsultingFeesExpense>
    <glbs:NoninterestExpenseDirectorsFees1
      contextRef="From2022-01-012022-12-31_custom_NonExecutiveDirectorsMember"
      decimals="-3"
      unitRef="USD">80000</glbs:NoninterestExpenseDirectorsFees1>
    <glbs:DisclosureOfCompensationOfNonExecutiveDirectors contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_89D_ecustom--DisclosureOfCompensationOfNonExecutiveDirectors_zd59rqqVZfGf" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Transactions
with Related Parties - Compensation to the Company's Non-Executive Directors&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_490_20220101__20221231_zzbbddEOQbE2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_491_20210101__20211231_zNGaxwvK64o8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_49A_20200101__20201231_zVhwLMiZuP9d" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="5" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For
    the year ended December 31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_401_eifrs-full--DirectorsRemunerationExpense_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_maKMPCzHgk_zIy1tMrqt6h8" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Directors&#x2019;
    remuneration &lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;240&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;145&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;143&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40B_ecustom--DirectorsCompensationSharebasedPayment_pn3n3_d0_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_maKMPCzHgk_zkcYChffrSOe" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Share-based
    payments (Note 12) &lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;40&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;40&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_403_eifrs-full--KeyManagementPersonnelCompensation_iT_pn3n3_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_mtKMPCzHgk_zitG8augCtd1" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;240&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;185&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;183&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
</glbs:DisclosureOfCompensationOfNonExecutiveDirectors>
    <ifrs-full:DirectorsRemunerationExpense
      contextRef="From2022-01-012022-12-31_custom_NonExecutiveDirectorsMember"
      decimals="-3"
      unitRef="USD">240000</ifrs-full:DirectorsRemunerationExpense>
    <ifrs-full:DirectorsRemunerationExpense
      contextRef="From2021-01-012021-12-31_custom_NonExecutiveDirectorsMember"
      decimals="-3"
      unitRef="USD">145000</ifrs-full:DirectorsRemunerationExpense>
    <ifrs-full:DirectorsRemunerationExpense
      contextRef="From2020-01-012020-12-31_custom_NonExecutiveDirectorsMember"
      decimals="-3"
      unitRef="USD">143000</ifrs-full:DirectorsRemunerationExpense>
    <glbs:DirectorsCompensationSharebasedPayment
      contextRef="From2022-01-012022-12-31_custom_NonExecutiveDirectorsMember"
      decimals="-3"
      unitRef="USD">0</glbs:DirectorsCompensationSharebasedPayment>
    <glbs:DirectorsCompensationSharebasedPayment
      contextRef="From2021-01-012021-12-31_custom_NonExecutiveDirectorsMember"
      decimals="-3"
      unitRef="USD">40000</glbs:DirectorsCompensationSharebasedPayment>
    <glbs:DirectorsCompensationSharebasedPayment
      contextRef="From2020-01-012020-12-31_custom_NonExecutiveDirectorsMember"
      decimals="-3"
      unitRef="USD">40000</glbs:DirectorsCompensationSharebasedPayment>
    <ifrs-full:KeyManagementPersonnelCompensation
      contextRef="From2022-01-012022-12-31_custom_NonExecutiveDirectorsMember"
      decimals="-3"
      unitRef="USD">240000</ifrs-full:KeyManagementPersonnelCompensation>
    <ifrs-full:KeyManagementPersonnelCompensation
      contextRef="From2021-01-012021-12-31_custom_NonExecutiveDirectorsMember"
      decimals="-3"
      unitRef="USD">185000</ifrs-full:KeyManagementPersonnelCompensation>
    <ifrs-full:KeyManagementPersonnelCompensation
      contextRef="From2020-01-012020-12-31_custom_NonExecutiveDirectorsMember"
      decimals="-3"
      unitRef="USD">183000</ifrs-full:KeyManagementPersonnelCompensation>
    <glbs:AccruedDirectorsCompensation
      contextRef="AsOf2022-12-31_custom_NonExecutiveDirectorsMember"
      decimals="-3"
      unitRef="USD">60000</glbs:AccruedDirectorsCompensation>
    <glbs:AccruedDirectorsCompensation
      contextRef="AsOf2021-12-31_custom_NonExecutiveDirectorsMember"
      decimals="-3"
      unitRef="USD">105000</glbs:AccruedDirectorsCompensation>
    <glbs:DisclosureOfCompensationOfExecutiveDirector contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_892_ecustom--DisclosureOfCompensationOfExecutiveDirector_zqpu5XUB7LNg" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Transactions
with Related Parties - Compensation to the Company's Executive Director&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_49A_20220101__20221231_zjq09M4hV9e7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_49F_20210101__20211231_zk3ETR84ONT1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_496_20200101__20201231_zHlKwKgMccx" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="5" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;For
    the year ended December 31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40C_eifrs-full--KeyManagementPersonnelCompensationShorttermEmployeeBenefits_pn3n3_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--ExecutiveDirectorMember_maKMPCzSqc_zKRbLxH1Aua9" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Short-term
    employee benefits &lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,172&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,216&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,772&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_409_eifrs-full--KeyManagementPersonnelCompensation_iT_pn3n3_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--ExecutiveDirectorMember_mtKMPCzSqc_za04b6n7hbXj" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;1,172&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;1,216&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;1,772&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
</glbs:DisclosureOfCompensationOfExecutiveDirector>
    <ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits
      contextRef="From2022-01-012022-12-31_custom_ExecutiveDirectorMember"
      decimals="-3"
      unitRef="USD">1172000</ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits>
    <ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits
      contextRef="From2021-01-012021-12-31_custom_ExecutiveDirectorMember"
      decimals="-3"
      unitRef="USD">1216000</ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits>
    <ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits
      contextRef="From2020-01-012020-12-31_custom_ExecutiveDirectorMember"
      decimals="-3"
      unitRef="USD">1772000</ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits>
    <ifrs-full:KeyManagementPersonnelCompensation
      contextRef="From2022-01-012022-12-31_custom_ExecutiveDirectorMember"
      decimals="-3"
      unitRef="USD">1172000</ifrs-full:KeyManagementPersonnelCompensation>
    <ifrs-full:KeyManagementPersonnelCompensation
      contextRef="From2021-01-012021-12-31_custom_ExecutiveDirectorMember"
      decimals="-3"
      unitRef="USD">1216000</ifrs-full:KeyManagementPersonnelCompensation>
    <ifrs-full:KeyManagementPersonnelCompensation
      contextRef="From2020-01-012020-12-31_custom_ExecutiveDirectorMember"
      decimals="-3"
      unitRef="USD">1772000</ifrs-full:KeyManagementPersonnelCompensation>
    <glbs:AccruedDirectorsCompensation
      contextRef="AsOf2022-12-31_custom_ExecutiveDirectorMember"
      decimals="-3"
      unitRef="USD">2088000</glbs:AccruedDirectorsCompensation>
    <glbs:AccruedDirectorsCompensation
      contextRef="AsOf2021-12-31_custom_ExecutiveDirectorMember"
      decimals="-3"
      unitRef="USD">985000</glbs:AccruedDirectorsCompensation>
    <ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_807_eifrs-full--DisclosureOfPropertyPlantAndEquipmentExplanatory_z2WFDIkppHo3" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;5.&#160;&#160;&#160;&#160;&#160;&#x202f;&#x202f;&#160;&#160;&lt;span id="xdx_820_zLcM73vp0KSk"&gt;Vessels,
net&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The amounts
in the consolidated statement of financial position are analyzed as follows:&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_891_ecustom--DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfFinancialPositionExplanatory_zVY3yQEUsLpc" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Vessels,
net - Consolidated Statement of Financial Position&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; width: 46%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Vessels
    cost&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Vessels
    accumulated depreciation&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Dry
    docking costs&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Accumulated
    depreciation of dry-docking costs&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Net
    Book Value&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Balance at January 1,
    2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--Ships_iS_pn3n3_c20191231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_ztXkjazm3uUc" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;149,579&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20191231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_z0nscAXdEOgj" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(101,858)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--Ships_iS_pn3n3_c20191231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zUmBKy0AlySc" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;7,600&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_982_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20191231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zhrUSPBG3pi4" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(7,079)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_988_eifrs-full--Ships_iS_pn3n3_c20191231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zZeFc1G20Gv5" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;48,242&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Additions/ Dry Docking Component&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20200101__20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zQH2FYegF8fl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"&gt;&lt;span style="font-size: 10pt"&gt;18,028&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20200101__20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zLhcxo8ocRX6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"&gt;&lt;span style="font-size: 10pt"&gt;4,283&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20200101__20201231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z4F3pFgv8qKb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"&gt;&lt;span style="font-size: 10pt"&gt;22,311&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Impairment loss&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_c20200101__20201231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zKbia8GRLEJ2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Impairment loss"&gt;&lt;span style="font-size: 10pt"&gt;(4,615)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_988_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_c20200101__20201231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z4oGoMGXzW87" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Impairment loss"&gt;&lt;span style="font-size: 10pt"&gt;(4,615)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Depreciation expense&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20200101__20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zUcnaZFBboob" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"&gt;&lt;span style="font-size: 10pt"&gt;(2,253)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20200101__20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zHFoMOheUXk3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"&gt;&lt;span style="font-size: 10pt"&gt;(1,335)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20200101__20201231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zrPlhGdodask" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"&gt;&lt;span style="font-size: 10pt"&gt;(3,588)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Balance at December 31,
    2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_eifrs-full--Ships_iS_pn3n3_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_z0vY4KUDz1Cb" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;162,992&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zNu0Jq9b5pHa" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(104,111)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--Ships_iS_pn3n3_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zuyWU6ag4vIb" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;11,883&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_987_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zclWxNPA7Gwa" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(8,414)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--Ships_iS_pn3n3_c20201231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zkM9Vwga4N37" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;62,350&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Additions/ Dry Docking Component&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zZnOtcEO4ur" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"&gt;&lt;span style="font-size: 10pt"&gt;70,746&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_988_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zKdTEGFrncf6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"&gt;&lt;span style="font-size: 10pt"&gt;4,044&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z8Gvelhbf122" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"&gt;&lt;span style="font-size: 10pt"&gt;74,790&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Depreciation expense&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_z9x8RjfXdWU2" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"&gt;&lt;span style="font-size: 10pt"&gt;(3,665)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_980_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zYAfZhETJTua" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"&gt;&lt;span style="font-size: 10pt"&gt;(2,751)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20210101__20211231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zVmL0Y4tYLga" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"&gt;&lt;span style="font-size: 10pt"&gt;(6,416)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Balance at December 31,
    2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--Ships_iS_pn3n3_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zY6nBi2MtdN" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;233,738&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_987_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zHp3w5FBfDNc" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(107,776)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--Ships_iS_pn3n3_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zJxz6O6m8Hkl" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;15,927&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zYVPU2Vcy1La" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(11,165)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--Ships_iS_pn3n3_c20211231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zsmK2gsnJdl7" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;130,724&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Additions/ Dry Docking Component&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zGOJPe0HdbCd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"&gt;&lt;span style="font-size: 10pt"&gt;1,178&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zVHMt6a8Nbwc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"&gt;&lt;span style="font-size: 10pt"&gt;7,438&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zq5HxDP640Z8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"&gt;&lt;span style="font-size: 10pt"&gt;8,616&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Depreciation expense&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zkrZVlofQH31" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"&gt;&lt;span style="font-size: 10pt"&gt;(5,233)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zcEN9YHvmwA8" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"&gt;&lt;span style="font-size: 10pt"&gt;(4,646)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z2B9XwLgere1" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"&gt;&lt;span style="font-size: 10pt"&gt;(9,879)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Balance at December 31,
    2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--Ships_iE_pn3n3_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zqfyT7FnSGa6" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;234,916&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNE_pn3n3_di_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zHXtA3qTx5c8" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(113,009)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--Ships_iE_pn3n3_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zDxOUFcz3A4h" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;23,365&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98E_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNE_pn3n3_di_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zNmtc4QFUjsl" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(15,811)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--Ships_iE_pn3n3_c20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z2Fvl5zRWoni" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;129,461&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p id="xdx_8AD_zgBhPxWNphse" style="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;On
October 29, 2020, the Company took delivery of the m/v &#x201c;Galaxy Globe&#x201d;, a &lt;span id="xdx_907_ecustom--VesselYearBuilt_c20200101__20201029__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--GalaxyGlobeMember_zVCQzX50RdYb"&gt;2015&lt;/span&gt;-built &lt;span id="xdx_90F_ecustom--VesselType_c20200101__20201029__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--GalaxyGlobeMember_zo79xZqNium7"&gt;Kamsarmax&lt;/span&gt;
dry bulk carrier, through its subsidiary, Serena Maritime Limited, for a purchase price of $&lt;span id="xdx_907_eifrs-full--CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_pdn6_c20200101__20201029__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--GalaxyGlobeMember_zpN0tszjQPTb" title="Purchase price"&gt;18.4&lt;/span&gt;
million (absolute amount), free of charter party, financed with available cash. The m/v &#x201c;Galaxy Globe&#x201d; was built at the Hudong-Zhonghua
Shipyard in China and has a carrying capacity of &lt;span id="xdx_90B_ecustom--VesselCapacity_uPure_c20200101__20201029__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--GalaxyGlobeMember_znrdjtUQ1gEh" title="Vessel Capacity"&gt;81,167&lt;/span&gt;
dwt. Upon the acquisition of the vessel, a total amount of $&lt;span id="xdx_90F_ecustom--DryDockingCostCapitalised_pn3n3_c20200101__20201029__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--GalaxyGlobeMember_z0HaTiXQN834" title="Dry-docking cost capitalised"&gt;500&lt;/span&gt;
was recorded as dry-docking component and is being amortized until the vessel&#x2019;s next scheduled survey to be performed in July
2023.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 7.05pt 0pt 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;On
February 18, 2021, the Company entered into a memorandum of agreement with an unrelated third party, for the acquisition of the m/v
&#x201c;Nord Venus&#x201d;, a &lt;span id="xdx_903_ecustom--VesselYearBuilt_c20210101__20210218__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--NordVenusMember_zekfhlV5Vb1"&gt;2011&lt;/span&gt;-built &lt;span id="xdx_900_ecustom--VesselType_c20210101__20210218__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--NordVenusMember_zc90BfmQavOe"&gt;Kamsarmax&lt;/span&gt;
dry bulk carrier, for a purchase price of $&lt;span id="xdx_90D_eifrs-full--CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_pdn6_c20210101__20210218__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--NordVenusMember_zF70mbwlnhY3" title="Purchase price"&gt;16.2&lt;/span&gt;
million (absolute amount). No initial dry-docking component has been recognized as the vessel underwent dry-docking subsequent to
her delivery. The m/v &#x201c;Nord Venus&#x201d; was built at the Universal Shipbuilding Corporation in Japan and has a carrying
capacity of &lt;span id="xdx_901_ecustom--VesselCapacity_uPure_c20210101__20210218__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--NordVenusMember_zFvau9SBAbPl" title="Vessel Capacity"&gt;80,655&lt;/span&gt;
dwt. On &lt;span id="xdx_90F_ecustom--VesselDeliveryDate_dd_c20210101__20210218__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--NordVenusMember_zNS4QSCMzpgg"&gt;July
20, 2021&lt;/span&gt;, the Company took delivery of the m/v &#x201c;Nord Venus&#x201d; that was renamed to &#x201c;Power
Globe&#x201d;.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;On
March 19, 2021, the Company entered into a memorandum of agreement with an unrelated third party, for the acquisition of the m/v
&#x201c;Yangze 11&#x201d;, a &lt;span id="xdx_90B_ecustom--VesselYearBuilt_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_zgLsZERexcw3"&gt;2018&lt;/span&gt;-built &lt;span id="xdx_905_ecustom--VesselType_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_zpUx2hEH0VU2"&gt;Kamsarmax&lt;/span&gt;
dry bulk carrier, for a purchase price of $&lt;span id="xdx_904_eifrs-full--CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_pdn6_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_zaXZ2AiLz3Wf" title="Purchase price"&gt;27.0&lt;/span&gt;
million (absolute amount), the vessel cost amounted to $&lt;span id="xdx_904_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pdn6_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_z24yJeFQY5o6" title="Additions other than through business combinations, property, plant and equipment"&gt;26.4&lt;/span&gt;
million (absolute amount), and the initial dry-docking component amounted to $&lt;span id="xdx_90D_ecustom--DryDockingCostCapitalised_pdn6_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_zjgvT5Mx0CLc"&gt;0.6&lt;/span&gt;
million(absolute amount). The m/v &#x201c;Yangze 11&#x201d; was built at Jiangsu New Yangzi Shipbuilding Co., Ltd and has a carrying capacity
of &lt;span id="xdx_906_ecustom--VesselCapacity_uPure_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_zfNfTDJVbYT9"&gt;82,027&lt;/span&gt;
dwt. On &lt;span id="xdx_901_ecustom--VesselDeliveryDate_dd_c20210101__20210319__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--Yangze11Member_z4EngNuBtV1h"&gt;June
9, 2021&lt;/span&gt;, the Company took delivery of the m/v &#x201c;Yangze 11&#x201d; that was renamed to &#x201c;Diamond
Globe&#x201d;.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;On
September 22, 2021, the Company entered into a memorandum of agreement with an unrelated third party, for the acquisition of the m/v
&#x201c;Peak Liberty&#x201d;, a &lt;span id="xdx_90D_ecustom--VesselYearBuilt_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_zYQ3a7UIqBr5"&gt;2015&lt;/span&gt;-built &lt;span id="xdx_90D_ecustom--VesselType_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_zMDn80ssGnw"&gt;Kamsarmax&lt;/span&gt;
dry bulk carrier, for a purchase price of $&lt;span id="xdx_909_eifrs-full--CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_pdn6_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_zA6cNn5bd1C3" title="Purchase price"&gt;28.4&lt;/span&gt;
million (absolute amount), the vessel cost amounted to $&lt;span id="xdx_908_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pdn6_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_zsWJXMaNydGe"&gt;27.9&lt;/span&gt;
million (absolute amount), and the initial dry-docking component amounted to $&lt;span id="xdx_90F_ecustom--DryDockingCostCapitalised_pdn6_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_z3TC48uqW6Y"&gt;0.5&lt;/span&gt;
million (absolute amount). The m/v &#x201c;Peak Liberty&#x201d; was built at Tsuneishi Zosen in Japan and has a carrying capacity of &lt;span id="xdx_90D_ecustom--VesselCapacity_uPure_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_zPpXzvwJXLfj"&gt;81,837&lt;/span&gt;
dwt. On &lt;span id="xdx_907_ecustom--VesselDeliveryDate_dd_c20210101__20210922__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PeakLibertyMember_zdot1oofHAOc"&gt;November
29, 2021&lt;/span&gt;, the Company took delivery of the m/v &#x201c;Peak Liberty&#x201d; that was renamed to &#x201c;Orion
Globe&#x201d;.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"/&gt;&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;5.&#160;&#160;&#160;&#160;&#160;&#160;&#x202f;&#x202f;&#160;Vessels,
net (continued)&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;For
the purpose of the consolidated statement of comprehensive income/(loss), depreciation, as stated in the income statement component,
comprises the following:&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_891_ecustom--DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory_zetytVWPYMkc" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Vessels,
net - Consolidated Statement of Comprehensive Income/ (loss)&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_498_20220101__20221231_z9W01QTRvT6l" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_498_20210101__20211231_zEceAi0NagPk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_49C_20200101__20201231_z8az3lhu3Pr8" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="5" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;For the year
    ended December 31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_404_eifrs-full--DepreciationPropertyPlantAndEquipment_pn3n3_zIYBCK1N0b85" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Vessels
    depreciation&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;5,233&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;3,665&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;2,253&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_400_ecustom--DepreciationOfficeFurnitureAndEquipment_pn3n3_z6WyEsJY2sL7" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Depreciation
    on office furniture and equipment&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;40&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;39&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;33&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_403_eifrs-full--DepreciationRightofuseAssets_pn3n3_zrepiIBlieVe" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Depreciation
    of right of use asset (Note 18)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;327&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;206&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;112&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_402_eifrs-full--DepreciationExpense_iT_pn3n3_zao3prfq1iTk" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;5,600&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;3,910&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2,398&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p id="xdx_8A5_zFVWE6BQ3un5" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 36pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;As at December 31, 2022 the Company&#x2019;s vessels, except the m/v Power and Diamond Globe, have been pledged as collateral to secure
the bank loans discussed in note 11.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;During
the year ended December 31, 2022 the Company installed ballast water treatment system (&#x201c;BWTS&#x201d;)on five of its vessels
amounting to an addition of approximately $&lt;span id="xdx_90D_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n6_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--FiveVesselsMember_zIeks5znU3V2" title="Ballast water treatment system additions"&gt;1.1&lt;/span&gt;
million (absolute amount).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Impairment
of non-financial assets:&lt;/b&gt; The Company performed an impairment assessment as at March 31, 2020 on whether there were indicators
that a vessel(s) may be impaired and concluded that impairment indicators existed for all vessels. As at December 31, 2020, the
Company performed an assessment on whether there were indicators that a vessel(s) may be impaired and impairment indicators were
identified for two of the Company&#x2019;s vessels. As impairment indicators were identified during 2020, discounted future cash
flows for each vessel with impairment indicators were determined and compared to the vessel&#x2019;s carrying value. For the discount
factor, the Company applied the Weighted Average Cost of Capital rate that was calculated to be &lt;span id="xdx_903_ecustom--WeightedAverageCostOfCapital_iI_dp_c20201231_zoFvBeF0CNdk"&gt;4.06&lt;/span&gt;%
as at December 31, 2020. The projected net discounted future cash flows for the first year were determined by considering an
estimated daily time charter equivalent based on the most recent blended (for modern and older vessels) FFA (i.e. Forward Freight
Agreements) time charter rate for the fiscal year 2021 for each type of vessel. For the remaining useful life of the vessels, &lt;span id="xdx_90B_ecustom--TimePeriodConsidered_c20220101__20221231_zTlIPaIf59Sa"&gt;the
Company used the historical ten-year blended average one-year time charter rates&lt;/span&gt; substituting for the year 2016 that was
considered as extreme values, with the year 2010. Expected outflows for scheduled vessels maintenance were taken into consideration
as well as vessel operating expenses assuming an average annual increase rate of &lt;span id="xdx_907_ecustom--AssumptionOfExpectedRatesOfInflation_iI_pdp0_dp_c20221231_zNXLN17xELbg" title="Assumption Of Expected Rates Of Inflation"&gt;1&lt;/span&gt;%
based on the historical trend derived from actual results for the Company&#x2019;s vessels since their delivery under the
Company&#x2019;s technical management. The average time charter rates used were in line with the overall chartering strategy,
especially in periods/years of depressed charter rates; reflecting the full operating history of vessels of the same type and
particulars with the Company&#x2019;s operating fleet (Supramax and Panamax vessels with a deadweight (&#x201c;dwt&#x201d;) of over &lt;span id="xdx_909_ecustom--VesselCapacity_uPure_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SupramaxMember_zbXJNyP2kuih"&gt;50,000&lt;/span&gt;
and &lt;span id="xdx_902_ecustom--VesselCapacity_uPure_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PanamaxMember_zsifBILhD9o4"&gt;70,000&lt;/span&gt;,
respectively) and they covered at least one full business cycle. Effective fleet utilization was assumed at &lt;span id="xdx_90C_ecustom--AssumptionOfFleetUtilisationRate_iI_pdp0_dp_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SupramaxMember_zHKtJd2Cotj" title="Assumption Of Fleet Utilisation Rate"&gt;87&lt;/span&gt;%
and &lt;span id="xdx_902_ecustom--AssumptionOfFleetUtilisationRate_iI_pdp0_dp_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PanamaxMember_zl6fczSUq2fi" title="Assumption Of Fleet Utilisation Rate"&gt;90&lt;/span&gt;%
(including ballast days) for the Supramaxes and the Panamaxes, respectively taking into account the period(s) each vessel is
expected to undergo her scheduled maintenance (dry-docking and special surveys), as well as an estimate of the period(s) needed for
finding suitable employment and off-hire for reasons other than scheduled maintenance, assumptions in line with the Company&#x2019;s
expectations for future fleet utilization under the current fleet deployment strategy.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;As
at March 31, 2020, the Company concluded that the recoverable amounts of the vessels were lower than their carrying amounts and recognized
an impairment loss of $&lt;span id="xdx_908_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_c20200101__20201231_zMH0wM3BjNaf" title="Impairment loss recognised in profit or loss, property, plant and equipment"&gt;4,615&lt;/span&gt;. As at December 31, 2020, the Company concluded that no additional impairment loss should be recognized.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;The
impairment loss for the year ended December 31, 2020, analyzed by vessel is as follows:&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_89B_eifrs-full--DisclosureOfImpairmentOfAssetsExplanatory_zTYS2QuUEAc8" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Vessels,
net - Impairment loss&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_49B_20200101__20201231_z9H2eySqDvMc" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; width: 90%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&lt;span style="text-decoration: underline"&gt;Vessel&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;For
    the year ended December 31, 2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr id="xdx_406_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_hifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MVRiverGlobeMember_zZ6Eo3tyHwqh" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;m/v
    River Globe&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;(332)&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr id="xdx_40C_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_hifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MVSkyGlobeMember_zE3CV0nWPyid" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;m/v
    Sky Globe&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;(1,231)&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr id="xdx_40B_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_hifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MVStarGlobeMember_zq358a3Izlz9" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;m/v
    Star Globe&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;(460)&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr id="xdx_401_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_hifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MVSunGlobeMember_ziegyOo9c3s4" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;m/v
    Sun Globe&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;(2,013)&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr id="xdx_404_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_hifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MVMoonGlobeMember_zVKCt3rNQwfh" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;m/v
    Moon Globe&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;(579)&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr id="xdx_403_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_zWV8Pk1XsVi5" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Impairment
    loss&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(4,615)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;/table&gt;
&lt;p id="xdx_8AF_zfTjBsq1pCb9" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;5.&#160;&#160;&#160;&#160;&#160;&#160;&#x202f;&#x202f;&#160;Vessels,
net (continued)&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span style="font-size: 10pt"&gt;As
at December 31, 2022 and 2021, the Company performed an assessment on whether there were indicators that a vessel(s) may be impaired
and no impairment indicators were identified for the Company&#x2019;s vessels. &lt;span id="xdx_90C_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_c20220101__20221231_zKOCXW0GOnbf" title="Impairment loss recognised in profit or loss, property, plant and equipment"&gt;&lt;span id="xdx_90B_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_pn3n3_c20210101__20211231_zk2gCyUfEK96" style="display: none" title="Impairment loss recognised in profit or loss, property, plant and equipment"&gt;0&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory>
    <glbs:DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfFinancialPositionExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_891_ecustom--DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfFinancialPositionExplanatory_zVY3yQEUsLpc" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Vessels,
net - Consolidated Statement of Financial Position&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; width: 46%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Vessels
    cost&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Vessels
    accumulated depreciation&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Dry
    docking costs&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Accumulated
    depreciation of dry-docking costs&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Net
    Book Value&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Balance at January 1,
    2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--Ships_iS_pn3n3_c20191231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_ztXkjazm3uUc" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;149,579&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20191231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_z0nscAXdEOgj" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(101,858)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--Ships_iS_pn3n3_c20191231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zUmBKy0AlySc" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;7,600&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_982_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20191231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zhrUSPBG3pi4" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(7,079)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_988_eifrs-full--Ships_iS_pn3n3_c20191231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zZeFc1G20Gv5" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;48,242&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Additions/ Dry Docking Component&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20200101__20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zQH2FYegF8fl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"&gt;&lt;span style="font-size: 10pt"&gt;18,028&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20200101__20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zLhcxo8ocRX6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"&gt;&lt;span style="font-size: 10pt"&gt;4,283&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20200101__20201231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z4F3pFgv8qKb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"&gt;&lt;span style="font-size: 10pt"&gt;22,311&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Impairment loss&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_c20200101__20201231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember_zKbia8GRLEJ2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Impairment loss"&gt;&lt;span style="font-size: 10pt"&gt;(4,615)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_988_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_c20200101__20201231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z4oGoMGXzW87" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Impairment loss"&gt;&lt;span style="font-size: 10pt"&gt;(4,615)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Depreciation expense&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20200101__20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zUcnaZFBboob" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"&gt;&lt;span style="font-size: 10pt"&gt;(2,253)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20200101__20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zHFoMOheUXk3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"&gt;&lt;span style="font-size: 10pt"&gt;(1,335)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20200101__20201231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zrPlhGdodask" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"&gt;&lt;span style="font-size: 10pt"&gt;(3,588)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Balance at December 31,
    2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_988_eifrs-full--Ships_iS_pn3n3_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_z0vY4KUDz1Cb" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;162,992&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zNu0Jq9b5pHa" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(104,111)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--Ships_iS_pn3n3_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zuyWU6ag4vIb" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;11,883&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_987_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20201231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zclWxNPA7Gwa" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(8,414)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--Ships_iS_pn3n3_c20201231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zkM9Vwga4N37" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;62,350&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Additions/ Dry Docking Component&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zZnOtcEO4ur" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"&gt;&lt;span style="font-size: 10pt"&gt;70,746&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_988_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zKdTEGFrncf6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"&gt;&lt;span style="font-size: 10pt"&gt;4,044&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20210101__20211231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z8Gvelhbf122" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"&gt;&lt;span style="font-size: 10pt"&gt;74,790&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Depreciation expense&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_z9x8RjfXdWU2" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"&gt;&lt;span style="font-size: 10pt"&gt;(3,665)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_980_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20210101__20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zYAfZhETJTua" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"&gt;&lt;span style="font-size: 10pt"&gt;(2,751)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20210101__20211231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zVmL0Y4tYLga" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"&gt;&lt;span style="font-size: 10pt"&gt;(6,416)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Balance at December 31,
    2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--Ships_iS_pn3n3_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zY6nBi2MtdN" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;233,738&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_987_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zHp3w5FBfDNc" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(107,776)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--Ships_iS_pn3n3_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zJxz6O6m8Hkl" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;15,927&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNS_pn3n3_di_c20211231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zYVPU2Vcy1La" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(11,165)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--Ships_iS_pn3n3_c20211231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zsmK2gsnJdl7" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;130,724&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Additions/ Dry Docking Component&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zGOJPe0HdbCd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"&gt;&lt;span style="font-size: 10pt"&gt;1,178&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zVHMt6a8Nbwc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"&gt;&lt;span style="font-size: 10pt"&gt;7,438&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_pn3n3_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_zq5HxDP640Z8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Additions/ (Dry Docking Component)"&gt;&lt;span style="font-size: 10pt"&gt;8,616&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Depreciation expense&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zkrZVlofQH31" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"&gt;&lt;span style="font-size: 10pt"&gt;(5,233)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20220101__20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zcEN9YHvmwA8" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"&gt;&lt;span style="font-size: 10pt"&gt;(4,646)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--DepreciationAndAmortisationExpense_iN_pn3n3_di_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z2B9XwLgere1" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Depreciation expense"&gt;&lt;span style="font-size: 10pt"&gt;(9,879)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Balance at December 31,
    2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--Ships_iE_pn3n3_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zqfyT7FnSGa6" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;234,916&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNE_pn3n3_di_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--VesselsMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zHXtA3qTx5c8" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(113,009)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--Ships_iE_pn3n3_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zDxOUFcz3A4h" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;23,365&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98E_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iNE_pn3n3_di_c20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DryDockingMember__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAmortisationAndImpairmentMember_zNmtc4QFUjsl" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(15,811)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--Ships_iE_pn3n3_c20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--CarryingAmountIMember_z2Fvl5zRWoni" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;129,461&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
</glbs:DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfFinancialPositionExplanatory>
    <ifrs-full:Ships
      contextRef="AsOf2019-12-31_custom_VesselsMember_ifrs-full_GrossCarryingAmountMember"
      decimals="-3"
      unitRef="USD">149579000</ifrs-full:Ships>
    <glbs:AccumulatedDepreciationPropertyPlantAndEquipment
      contextRef="AsOf2019-12-31_custom_VesselsMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember"
      decimals="-3"
      unitRef="USD">101858000</glbs:AccumulatedDepreciationPropertyPlantAndEquipment>
    <ifrs-full:Ships
      contextRef="AsOf2019-12-31_custom_DryDockingMember_ifrs-full_GrossCarryingAmountMember"
      decimals="-3"
      unitRef="USD">7600000</ifrs-full:Ships>
    <glbs:AccumulatedDepreciationPropertyPlantAndEquipment
      contextRef="AsOf2019-12-31_custom_DryDockingMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember"
      decimals="-3"
      unitRef="USD">7079000</glbs:AccumulatedDepreciationPropertyPlantAndEquipment>
    <ifrs-full:Ships
      contextRef="AsOf2019-12-31_custom_CarryingAmountIMember"
      decimals="-3"
      unitRef="USD">48242000</ifrs-full:Ships>
    <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment
      contextRef="From2020-01-012020-12-31_custom_VesselsMember_ifrs-full_GrossCarryingAmountMember"
      decimals="-3"
      unitRef="USD">18028000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
    <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment
      contextRef="From2020-01-012020-12-31_custom_DryDockingMember_ifrs-full_GrossCarryingAmountMember"
      decimals="-3"
      unitRef="USD">4283000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
    <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment
      contextRef="From2020-01-012020-12-31_custom_CarryingAmountIMember"
      decimals="-3"
      unitRef="USD">22311000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
    <ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment
      contextRef="From2020-01-012020-12-31_custom_VesselsMember_ifrs-full_GrossCarryingAmountMember"
      decimals="-3"
      unitRef="USD">4615000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
    <ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment
      contextRef="From2020-01-012020-12-31_custom_CarryingAmountIMember"
      decimals="-3"
      unitRef="USD">4615000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
    <ifrs-full:DepreciationAndAmortisationExpense
      contextRef="From2020-01-012020-12-31_custom_VesselsMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember"
      decimals="-3"
      unitRef="USD">2253000</ifrs-full:DepreciationAndAmortisationExpense>
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      contextRef="From2020-01-012020-12-31_custom_DryDockingMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember"
      decimals="-3"
      unitRef="USD">1335000</ifrs-full:DepreciationAndAmortisationExpense>
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      decimals="-3"
      unitRef="USD">3588000</ifrs-full:DepreciationAndAmortisationExpense>
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      unitRef="USD">104111000</glbs:AccumulatedDepreciationPropertyPlantAndEquipment>
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      contextRef="AsOf2020-12-31_custom_DryDockingMember_ifrs-full_GrossCarryingAmountMember"
      decimals="-3"
      unitRef="USD">11883000</ifrs-full:Ships>
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      contextRef="AsOf2020-12-31_custom_DryDockingMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember"
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      contextRef="AsOf2020-12-31_custom_CarryingAmountIMember"
      decimals="-3"
      unitRef="USD">62350000</ifrs-full:Ships>
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      contextRef="From2021-01-012021-12-31_custom_VesselsMember_ifrs-full_GrossCarryingAmountMember"
      decimals="-3"
      unitRef="USD">70746000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
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      contextRef="From2021-01-012021-12-31_custom_DryDockingMember_ifrs-full_GrossCarryingAmountMember"
      decimals="-3"
      unitRef="USD">4044000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
    <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment
      contextRef="From2021-01-012021-12-31_custom_CarryingAmountIMember"
      decimals="-3"
      unitRef="USD">74790000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
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      contextRef="From2021-01-012021-12-31_custom_VesselsMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember"
      decimals="-3"
      unitRef="USD">3665000</ifrs-full:DepreciationAndAmortisationExpense>
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      contextRef="From2021-01-012021-12-31_custom_DryDockingMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember"
      decimals="-3"
      unitRef="USD">2751000</ifrs-full:DepreciationAndAmortisationExpense>
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      contextRef="From2021-01-012021-12-31_custom_CarryingAmountIMember"
      decimals="-3"
      unitRef="USD">6416000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:Ships
      contextRef="AsOf2021-12-31_custom_VesselsMember_ifrs-full_GrossCarryingAmountMember"
      decimals="-3"
      unitRef="USD">233738000</ifrs-full:Ships>
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      contextRef="AsOf2021-12-31_custom_VesselsMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember"
      decimals="-3"
      unitRef="USD">107776000</glbs:AccumulatedDepreciationPropertyPlantAndEquipment>
    <ifrs-full:Ships
      contextRef="AsOf2021-12-31_custom_DryDockingMember_ifrs-full_GrossCarryingAmountMember"
      decimals="-3"
      unitRef="USD">15927000</ifrs-full:Ships>
    <glbs:AccumulatedDepreciationPropertyPlantAndEquipment
      contextRef="AsOf2021-12-31_custom_DryDockingMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember"
      decimals="-3"
      unitRef="USD">11165000</glbs:AccumulatedDepreciationPropertyPlantAndEquipment>
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      contextRef="AsOf2021-12-31_custom_CarryingAmountIMember"
      decimals="-3"
      unitRef="USD">130724000</ifrs-full:Ships>
    <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment
      contextRef="From2022-01-012022-12-31_custom_VesselsMember_ifrs-full_GrossCarryingAmountMember"
      decimals="-3"
      unitRef="USD">1178000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
    <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment
      contextRef="From2022-01-012022-12-31_custom_DryDockingMember_ifrs-full_GrossCarryingAmountMember"
      decimals="-3"
      unitRef="USD">7438000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
    <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment
      contextRef="From2022-01-012022-12-31_custom_CarryingAmountIMember"
      decimals="-3"
      unitRef="USD">8616000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
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      contextRef="From2022-01-012022-12-31_custom_VesselsMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember"
      decimals="-3"
      unitRef="USD">5233000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:DepreciationAndAmortisationExpense
      contextRef="From2022-01-012022-12-31_custom_DryDockingMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember"
      decimals="-3"
      unitRef="USD">4646000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:DepreciationAndAmortisationExpense
      contextRef="From2022-01-012022-12-31_custom_CarryingAmountIMember"
      decimals="-3"
      unitRef="USD">9879000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:Ships
      contextRef="AsOf2022-12-31_custom_VesselsMember_ifrs-full_GrossCarryingAmountMember"
      decimals="-3"
      unitRef="USD">234916000</ifrs-full:Ships>
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      contextRef="AsOf2022-12-31_custom_VesselsMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember"
      decimals="-3"
      unitRef="USD">113009000</glbs:AccumulatedDepreciationPropertyPlantAndEquipment>
    <ifrs-full:Ships
      contextRef="AsOf2022-12-31_custom_DryDockingMember_ifrs-full_GrossCarryingAmountMember"
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      unitRef="USD">23365000</ifrs-full:Ships>
    <glbs:AccumulatedDepreciationPropertyPlantAndEquipment
      contextRef="AsOf2022-12-31_custom_DryDockingMember_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember"
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      unitRef="USD">129461000</ifrs-full:Ships>
    <glbs:VesselYearBuilt contextRef="From2020-01-012020-10-29_custom_GalaxyGlobeMember">2015</glbs:VesselYearBuilt>
    <glbs:VesselType contextRef="From2020-01-012020-10-29_custom_GalaxyGlobeMember">Kamsarmax</glbs:VesselType>
    <ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities
      contextRef="From2020-01-012020-10-29_custom_GalaxyGlobeMember"
      decimals="0"
      unitRef="USD">18400000</ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities>
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      decimals="INF"
      unitRef="Pure">81167</glbs:VesselCapacity>
    <glbs:DryDockingCostCapitalised
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      unitRef="USD">500000</glbs:DryDockingCostCapitalised>
    <glbs:VesselYearBuilt contextRef="From2021-01-012021-02-18_custom_NordVenusMember">2011</glbs:VesselYearBuilt>
    <glbs:VesselType contextRef="From2021-01-012021-02-18_custom_NordVenusMember">Kamsarmax</glbs:VesselType>
    <ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities
      contextRef="From2021-01-012021-02-18_custom_NordVenusMember"
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      unitRef="USD">16200000</ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities>
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      unitRef="Pure">80655</glbs:VesselCapacity>
    <glbs:VesselDeliveryDate contextRef="From2021-01-012021-02-18_custom_NordVenusMember">2021-07-20</glbs:VesselDeliveryDate>
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    <glbs:VesselType contextRef="From2021-01-012021-03-19_custom_Yangze11Member">Kamsarmax</glbs:VesselType>
    <ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities
      contextRef="From2021-01-012021-03-19_custom_Yangze11Member"
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      unitRef="USD">27000000.0</ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities>
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      contextRef="From2021-01-012021-03-19_custom_Yangze11Member"
      decimals="0"
      unitRef="USD">26400000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
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      decimals="0"
      unitRef="USD">600000</glbs:DryDockingCostCapitalised>
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      unitRef="Pure">82027</glbs:VesselCapacity>
    <glbs:VesselDeliveryDate contextRef="From2021-01-012021-03-19_custom_Yangze11Member">2021-06-09</glbs:VesselDeliveryDate>
    <glbs:VesselYearBuilt contextRef="From2021-01-012021-09-22_custom_PeakLibertyMember">2015</glbs:VesselYearBuilt>
    <glbs:VesselType contextRef="From2021-01-012021-09-22_custom_PeakLibertyMember">Kamsarmax</glbs:VesselType>
    <ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities
      contextRef="From2021-01-012021-09-22_custom_PeakLibertyMember"
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      unitRef="USD">28400000</ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities>
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      unitRef="USD">27900000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
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      decimals="0"
      unitRef="USD">500000</glbs:DryDockingCostCapitalised>
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      unitRef="Pure">81837</glbs:VesselCapacity>
    <glbs:VesselDeliveryDate contextRef="From2021-01-012021-09-22_custom_PeakLibertyMember">2021-11-29</glbs:VesselDeliveryDate>
    <glbs:DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_891_ecustom--DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory_zetytVWPYMkc" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Vessels,
net - Consolidated Statement of Comprehensive Income/ (loss)&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_498_20220101__20221231_z9W01QTRvT6l" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_498_20210101__20211231_zEceAi0NagPk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_49C_20200101__20201231_z8az3lhu3Pr8" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="5" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;For the year
    ended December 31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_404_eifrs-full--DepreciationPropertyPlantAndEquipment_pn3n3_zIYBCK1N0b85" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Vessels
    depreciation&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;5,233&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;3,665&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;2,253&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_400_ecustom--DepreciationOfficeFurnitureAndEquipment_pn3n3_z6WyEsJY2sL7" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Depreciation
    on office furniture and equipment&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;40&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;39&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;33&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_403_eifrs-full--DepreciationRightofuseAssets_pn3n3_zrepiIBlieVe" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Depreciation
    of right of use asset (Note 18)&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;327&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;206&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;112&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_402_eifrs-full--DepreciationExpense_iT_pn3n3_zao3prfq1iTk" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;5,600&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;3,910&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2,398&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
</glbs:DisclosureOfPropertyPlantAndEquipmentConsolidatedStatementOfComprehensiveIncomeLossExplanatory>
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    <glbs:DepreciationOfficeFurnitureAndEquipment
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      unitRef="USD">327000</ifrs-full:DepreciationRightofuseAssets>
    <ifrs-full:DepreciationRightofuseAssets
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    <ifrs-full:DepreciationRightofuseAssets
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      unitRef="USD">112000</ifrs-full:DepreciationRightofuseAssets>
    <ifrs-full:DepreciationExpense
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    <ifrs-full:DepreciationExpense
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      unitRef="USD">3910000</ifrs-full:DepreciationExpense>
    <ifrs-full:DepreciationExpense
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      unitRef="USD">2398000</ifrs-full:DepreciationExpense>
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    <glbs:WeightedAverageCostOfCapital contextRef="AsOf2020-12-31" decimals="INF" unitRef="Pure">0.0406</glbs:WeightedAverageCostOfCapital>
    <glbs:TimePeriodConsidered contextRef="From2022-01-01to2022-12-31">the
Company used the historical ten-year blended average one-year time charter rates</glbs:TimePeriodConsidered>
    <glbs:AssumptionOfExpectedRatesOfInflation contextRef="AsOf2022-12-31" decimals="INF" unitRef="Pure">0.01</glbs:AssumptionOfExpectedRatesOfInflation>
    <glbs:VesselCapacity
      contextRef="From2022-01-012022-12-31_custom_SupramaxMember"
      decimals="INF"
      unitRef="Pure">50000</glbs:VesselCapacity>
    <glbs:VesselCapacity
      contextRef="From2022-01-012022-12-31_custom_PanamaxMember"
      decimals="INF"
      unitRef="Pure">70000</glbs:VesselCapacity>
    <glbs:AssumptionOfFleetUtilisationRate
      contextRef="AsOf2022-12-31_custom_SupramaxMember"
      decimals="INF"
      unitRef="Pure">0.87</glbs:AssumptionOfFleetUtilisationRate>
    <glbs:AssumptionOfFleetUtilisationRate
      contextRef="AsOf2022-12-31_custom_PanamaxMember"
      decimals="INF"
      unitRef="Pure">0.90</glbs:AssumptionOfFleetUtilisationRate>
    <ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">4615000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
    <ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_89B_eifrs-full--DisclosureOfImpairmentOfAssetsExplanatory_zTYS2QuUEAc8" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Vessels,
net - Impairment loss&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_49B_20200101__20201231_z9H2eySqDvMc" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; width: 90%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&lt;span style="text-decoration: underline"&gt;Vessel&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;For
    the year ended December 31, 2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr id="xdx_406_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_hifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MVRiverGlobeMember_zZ6Eo3tyHwqh" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;m/v
    River Globe&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;(332)&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr id="xdx_40C_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_hifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MVSkyGlobeMember_zE3CV0nWPyid" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;m/v
    Sky Globe&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;(1,231)&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr id="xdx_40B_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_hifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MVStarGlobeMember_zq358a3Izlz9" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;m/v
    Star Globe&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;(460)&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr id="xdx_401_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_hifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MVSunGlobeMember_ziegyOo9c3s4" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;m/v
    Sun Globe&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;(2,013)&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr id="xdx_404_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_hifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--MVMoonGlobeMember_zVKCt3rNQwfh" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;m/v
    Moon Globe&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;(579)&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr id="xdx_403_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_iN_pn3n3_di_zWV8Pk1XsVi5" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Impairment
    loss&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(4,615)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;/table&gt;
</ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory>
    <ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment
      contextRef="From2020-01-012020-12-31_custom_MVRiverGlobeMember"
      decimals="-3"
      unitRef="USD">332000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
    <ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment
      contextRef="From2020-01-012020-12-31_custom_MVSkyGlobeMember"
      decimals="-3"
      unitRef="USD">1231000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
    <ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment
      contextRef="From2020-01-012020-12-31_custom_MVStarGlobeMember"
      decimals="-3"
      unitRef="USD">460000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
    <ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment
      contextRef="From2020-01-012020-12-31_custom_MVSunGlobeMember"
      decimals="-3"
      unitRef="USD">2013000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
    <ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment
      contextRef="From2020-01-012020-12-31_custom_MVMoonGlobeMember"
      decimals="-3"
      unitRef="USD">579000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
    <ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">4615000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
    <ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">0</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
    <ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">0</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
    <ifrs-full:DisclosureOfInventoriesExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_80E_eifrs-full--DisclosureOfInventoriesExplanatory_zTMy9MYGPVUl" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&lt;span id="xdx_82D_zR6b1kCJyGV9"&gt;Inventories&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Inventories
in the consolidated statement of financial position are analyzed as follows:&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_890_ecustom--DisclosureOfInventoriesConsolidatedStatementOfFinancialPositionExplanatory_z9LUtPrReyI2" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Inventories&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_495_20221231_zigFSqyVyEg9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_494_20211231_zRUoQtA7h9d9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="3" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;December
    31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; width: 79%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_403_ecustom--LubricantsInventoryCurrent_iI_pn3n3_zMtswD3IGxfg" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Lubricants
    &lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,062&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;765&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_404_ecustom--GasCylindersInventoryCurrent_iI_pn3n3_zdZrnUY3z7gc" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Gas
    cylinders &lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;133&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;87&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_402_ecustom--BunkerInventoryCurrent_iI_pn3n3_d0_zcNCPzetj0B1" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Bunkers&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,833&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_403_eifrs-full--Inventories_iTI_pn3n3_zOC9d3ONV6k6" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;3,028&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;852&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p id="xdx_8AD_z1EZMBTo0rK5" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DisclosureOfInventoriesExplanatory>
    <glbs:DisclosureOfInventoriesConsolidatedStatementOfFinancialPositionExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_890_ecustom--DisclosureOfInventoriesConsolidatedStatementOfFinancialPositionExplanatory_z9LUtPrReyI2" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Inventories&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_495_20221231_zigFSqyVyEg9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_494_20211231_zRUoQtA7h9d9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="3" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;December
    31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; width: 79%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_403_ecustom--LubricantsInventoryCurrent_iI_pn3n3_zMtswD3IGxfg" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Lubricants
    &lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,062&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;765&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_404_ecustom--GasCylindersInventoryCurrent_iI_pn3n3_zdZrnUY3z7gc" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Gas
    cylinders &lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;133&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;87&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_402_ecustom--BunkerInventoryCurrent_iI_pn3n3_d0_zcNCPzetj0B1" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Bunkers&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,833&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_403_eifrs-full--Inventories_iTI_pn3n3_zOC9d3ONV6k6" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;3,028&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;852&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
</glbs:DisclosureOfInventoriesConsolidatedStatementOfFinancialPositionExplanatory>
    <glbs:LubricantsInventoryCurrent contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">1062000</glbs:LubricantsInventoryCurrent>
    <glbs:LubricantsInventoryCurrent contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">765000</glbs:LubricantsInventoryCurrent>
    <glbs:GasCylindersInventoryCurrent contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">133000</glbs:GasCylindersInventoryCurrent>
    <glbs:GasCylindersInventoryCurrent contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">87000</glbs:GasCylindersInventoryCurrent>
    <glbs:BunkerInventoryCurrent contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">1833000</glbs:BunkerInventoryCurrent>
    <glbs:BunkerInventoryCurrent contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">0</glbs:BunkerInventoryCurrent>
    <ifrs-full:Inventories contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">3028000</ifrs-full:Inventories>
    <ifrs-full:Inventories contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">852000</ifrs-full:Inventories>
    <ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_800_eifrs-full--DisclosureOfTradeAndOtherPayablesExplanatory_zaJtCXP3jljf" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&lt;span id="xdx_82B_zyRLrCksr9Ol"&gt;Trade accounts payable&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;Trade
accounts payable in the consolidated statement of financial position as at December 31, 2022 and 2021, amounted to $&lt;span id="xdx_901_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20221231_zXX2AoYa0BXi" title="Trade and other current payables"&gt;3,548&lt;/span&gt; and $&lt;span id="xdx_904_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20211231_zO4BlhUD5D0h" title="Trade and other current payables"&gt;1,100&lt;/span&gt;,
respectively. Trade accounts payable are non-interest bearing.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory>
    <ifrs-full:TradeAndOtherCurrentPayables contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">3548000</ifrs-full:TradeAndOtherCurrentPayables>
    <ifrs-full:TradeAndOtherCurrentPayables contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">1100000</ifrs-full:TradeAndOtherCurrentPayables>
    <ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_80A_eifrs-full--DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory_zd1F2WyXpc7c" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&lt;span id="xdx_823_zXhpVxIZL5k6"&gt;Accrued liabilities and other payables&lt;/span&gt; &lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 48pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;Accrued
liabilities and other payables in the consolidated statement of financial position are analyzed as follows:&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_89A_ecustom--DisclosureOfAccruedExpensesAndOtherLiabilitiesConsolidatedStatementOfFinancialPositionExplanatory_zOUONpktSvse" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Accrued
liabilities and other payables&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_496_20221231_zatYmdwlrE7c" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_498_20211231_zhAcmwxx5poi" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="3" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;December
    31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; width: 79%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40C_eifrs-full--CurrentDebtInstrumentsIssued_iI_pn3n3_d0_zGlwshMpOUB8" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Accrued
    Interest Swap Loss&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;30&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_402_ecustom--AccruedAuditFeesCurrent_iI_pn3n3_zqC5gc2Dqq2e" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Accrued
    audit fees&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;77&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;82&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_409_ecustom--OtherAccruals_iI_pn3n3_zFpoH3WH7Fge" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Other
    accruals&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;5,552&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;3,262&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40B_ecustom--CurrentInsuranceDeductibles_iI_pn3n3_zKuVJNK1n68g" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Insurance
    deductibles &lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;104&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;64&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_405_eifrs-full--OtherCurrentPayables_iI_pn3n3_z6gNxOa8wIF8" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Other
    payables&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;81&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;59&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_408_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iTI_pn3n3_zpTVM2dg8Wja" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt double; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;5,814&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt double; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;3,497&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p id="xdx_8AF_zvcFcVmzrhPi" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;Other payables are non-interest bearing.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&#160;&#160;&lt;/p&gt;




&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"/&gt;

</ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory>
    <glbs:DisclosureOfAccruedExpensesAndOtherLiabilitiesConsolidatedStatementOfFinancialPositionExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_89A_ecustom--DisclosureOfAccruedExpensesAndOtherLiabilitiesConsolidatedStatementOfFinancialPositionExplanatory_zOUONpktSvse" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Accrued
liabilities and other payables&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_496_20221231_zatYmdwlrE7c" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_498_20211231_zhAcmwxx5poi" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="3" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;December
    31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; width: 79%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40C_eifrs-full--CurrentDebtInstrumentsIssued_iI_pn3n3_d0_zGlwshMpOUB8" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Accrued
    Interest Swap Loss&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;30&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_402_ecustom--AccruedAuditFeesCurrent_iI_pn3n3_zqC5gc2Dqq2e" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Accrued
    audit fees&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;77&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;82&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_409_ecustom--OtherAccruals_iI_pn3n3_zFpoH3WH7Fge" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Other
    accruals&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;5,552&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;3,262&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40B_ecustom--CurrentInsuranceDeductibles_iI_pn3n3_zKuVJNK1n68g" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Insurance
    deductibles &lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;104&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;64&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_405_eifrs-full--OtherCurrentPayables_iI_pn3n3_z6gNxOa8wIF8" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Other
    payables&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;81&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;59&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_408_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iTI_pn3n3_zpTVM2dg8Wja" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt double; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;5,814&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt double; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;3,497&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
</glbs:DisclosureOfAccruedExpensesAndOtherLiabilitiesConsolidatedStatementOfFinancialPositionExplanatory>
    <ifrs-full:CurrentDebtInstrumentsIssued contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">0</ifrs-full:CurrentDebtInstrumentsIssued>
    <ifrs-full:CurrentDebtInstrumentsIssued contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">30000</ifrs-full:CurrentDebtInstrumentsIssued>
    <glbs:AccruedAuditFeesCurrent contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">77000</glbs:AccruedAuditFeesCurrent>
    <glbs:AccruedAuditFeesCurrent contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">82000</glbs:AccruedAuditFeesCurrent>
    <glbs:OtherAccruals contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">5552000</glbs:OtherAccruals>
    <glbs:OtherAccruals contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">3262000</glbs:OtherAccruals>
    <glbs:CurrentInsuranceDeductibles contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">104000</glbs:CurrentInsuranceDeductibles>
    <glbs:CurrentInsuranceDeductibles contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">64000</glbs:CurrentInsuranceDeductibles>
    <ifrs-full:OtherCurrentPayables contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">81000</ifrs-full:OtherCurrentPayables>
    <ifrs-full:OtherCurrentPayables contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">59000</ifrs-full:OtherCurrentPayables>
    <ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">5814000</ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities>
    <ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">3497000</ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities>
    <ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_80F_eifrs-full--DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_zX1NTYk8vMj2" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;9.&#160;&#160;&#160;&#x202f;&#160;&#160;&#160;&#160;
&lt;span id="xdx_828_zlhfR6yQN26h"&gt;Share Capital and Share Premium&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;The
authorized share capital of Globus consisted of the following:&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_893_eifrs-full--DisclosureOfClassesOfShareCapitalExplanatory_zhgiOrpxCPHj" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Share
Capital and Share Premium - Authorized share capital&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="5" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;December
    31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Authorized share capital:&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span id="xdx_905_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zPEi0VuTcXQa" title="Number of shares authorised"&gt;&lt;span id="xdx_905_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zPMykCjjxz1"&gt;&lt;span id="xdx_90D_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zbNbREXW58z1"&gt;500,000,000&lt;/span&gt;&lt;/span&gt;&lt;/span&gt; Common shares
    of par value $&lt;span id="xdx_902_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zHKm90HR3AQ3" title="Par value per share"&gt;&lt;span id="xdx_90C_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zgmFJGb2MNP" title="Par value per share"&gt;&lt;span id="xdx_905_eifrs-full--ParValuePerShare_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zUgxrflnv987" title="Par value per share"&gt;0.004&lt;/span&gt;&lt;/span&gt;&lt;/span&gt; each&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span id="xdx_909_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zwuQ1RJohWBa"&gt;2,000&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span id="xdx_909_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zDDKdGZ7Mlw7"&gt;2,000&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span id="xdx_901_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zGax0ZWMBRaa"&gt;2,000&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span id="xdx_902_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zxbCAk1G6UCl" title="Number of shares authorised"&gt;&lt;span id="xdx_909_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zpPurs14kncl" title="Number of shares authorised"&gt;&lt;span id="xdx_907_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zGfGNgJ5LAkd" title="Number of shares authorised"&gt;100,000,000&lt;/span&gt;&lt;/span&gt;&lt;/span&gt; Class B Common
    shares of par value $&lt;span id="xdx_90D_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_z4TngE8o7Gc" title="Par value per share"&gt;&lt;span id="xdx_909_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zDKNOX014Zxf" title="Par value per share"&gt;&lt;span id="xdx_90C_eifrs-full--ParValuePerShare_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zHEMOWPJBhx" title="Par value per share"&gt;0.001&lt;/span&gt;&lt;/span&gt;&lt;/span&gt; each&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span id="xdx_901_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zFYRJjEjPvC7"&gt;100&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span id="xdx_90B_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zGrTPseGH7t1"&gt;100&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span id="xdx_902_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zquskyYjMY1a"&gt;100&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span id="xdx_90F_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zkFHBQhcQvGj" title="Number of shares authorised"&gt;&lt;span id="xdx_90B_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zrNMHXMpMpe5" title="Number of shares authorised"&gt;&lt;span id="xdx_90B_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_z744a1ArT6Qk" title="Number of shares authorised"&gt;100,000,000&lt;/span&gt;&lt;/span&gt;&lt;/span&gt; Preferred shares
    of par value $&lt;span id="xdx_902_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zOTVOTEwxn3a" title="Par value per share"&gt;&lt;span id="xdx_909_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zFlBATecxyV2" title="Par value per share"&gt;&lt;span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zAM1RrPaTp1e" title="Par value per share"&gt;0.001&lt;/span&gt;&lt;/span&gt;&lt;/span&gt; each &lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span id="xdx_901_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_z1a3qSdzbzo1"&gt;100&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span id="xdx_903_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zJjMitsLM1c5"&gt;100&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span id="xdx_907_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_z5gi9J6UeVv1"&gt;100&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total authorized share
    capital&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&lt;span id="xdx_902_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231_zptSHJR2VOV9" title="Total value of shares authorised"&gt;2,200&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&lt;span id="xdx_906_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231_zgQ1UcpwPCEk" title="Total value of shares authorised"&gt;2,200&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&lt;span id="xdx_90A_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20201231_zpuYEfih0Fzj" title="Total value of shares authorised"&gt;2,200&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p id="xdx_8A9_zWuSXyQEvMh4" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span id="xdx_900_ecustom--VotingRights_pid_c20220101__20221231_zvnfD9otQb0b"&gt;Holders
of the Company&#x2019;s common shares and Class B common shares have equivalent economic rights, but holders of Company&#x2019;s
common shares are entitled to one vote per share and holders of the Company&#x2019;s Class B common shares are entitled to twenty
votes per share.&lt;/span&gt; Each holder of Class B common shares may convert, at its option, any or all of the Class B common shares
held by such holder into an equal number of common shares.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_895_ecustom--DisclosureOfCommonSharesExplanatory_zPVV4BmVvro7" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="display: none; font-size: 10pt"&gt;&#160;Share Capital and Share Premium - Common Shares issued and fully paid&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="width: 79%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 1.65pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Common Shares
    issued and fully paid&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Number
    of shares &lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;USD&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;As at January 1, 2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iS_pip0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zsYhZlQLpejb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;52,235&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--IssuedCapital_iS_pn3n3_d0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zODX58XW33zh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#x2014;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Issued during the year for
    share-based compensation (note 12)&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_pip0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zJG23l4GwPDj" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issued during the year for share-based compensation (note 12)"&gt;&lt;span style="font-size: 10pt"&gt;2,812&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Issuance of common stock
    due to conversion of loan&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughConversionOfConvertibleInstruments_pip0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zJ4f9eD2QS85" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of common stock due to conversion of loan"&gt;&lt;span style="font-size: 10pt"&gt;11,678&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Issuance of new common stocks&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity_pip0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zuWLW0okvs35" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of new common stocks"&gt;&lt;span style="font-size: 10pt"&gt;2,942,848&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--IssueOfEquity_pn3n3_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zeAXR9g1tnQe" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of new common stocks"&gt;&lt;span style="font-size: 10pt"&gt;12&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Issuance of common stock
    due to exercise of pre-funded warrants&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity_pip0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zDpd4RM1HUjk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of common stock due to exercise of pre-funded warrants"&gt;&lt;span style="font-size: 10pt"&gt;25,000&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Issuance of common stock
    due to exercise of warrants&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_pip0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_z0aKFBA9bCFg" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of common stock due to exercise of warrants"&gt;&lt;span style="font-size: 10pt"&gt;5,550&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;As at December 31, 2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_980_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iS_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zvOxa975P9Qb" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;3,040,123&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_980_eifrs-full--IssuedCapital_iS_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_z3IS68fOIm64" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;12&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Issued during the year for
    share-based compensation (note 12)&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zgVSnj80Y054" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issued during the year for share-based compensation (note 12)"&gt;&lt;span style="font-size: 10pt"&gt;12,178&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Issuance of new common stocks&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zt1UHYKR54Ec" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of new common stocks"&gt;&lt;span style="font-size: 10pt"&gt;14,905,000&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--IssueOfEquity_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zKpTCzRNx28l" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of new common stocks"&gt;&lt;span style="font-size: 10pt"&gt;60&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Issuance of common stock
    due to exercise of pre-funded warrants&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_z3WZwW8VbOPh" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of common stock due to exercise of pre-funded warrants"&gt;&lt;span style="font-size: 10pt"&gt;2,625,000&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--IncreaseDecreaseThroughExerciseOfWarrantsEquity_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_z1lPxqsw5kT9" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of common stock due to exercise of pre-funded warrants"&gt;&lt;span style="font-size: 10pt"&gt;10&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;As at December 31, 2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iS_pip0_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zgQNoj1BDCq2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;20,582,301&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--IssuedCapital_iS_pn3n3_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zf4IHZNwHph" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;82&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Issued during the year for
    share-based compensation&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_pip0_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zCQxcTcwdnHc" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issued during the year for share-based compensation"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl1188"&gt;&#x2014;&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#x2014;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;As at December 31, 2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iE_pip0_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zPyEvQtT3m3b" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;20,582,301&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--IssuedCapital_iE_pn3n3_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zL8SFn605Zka" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;82&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p id="xdx_8A9_zW3F6sofiDGg" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;During
the years ended December 31, 2021 and 2020, Globus issued &lt;span id="xdx_90B_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zOIsNf6d7pck" title="Increase in number of shares outstanding"&gt;12,178&lt;/span&gt;
and &lt;span id="xdx_90C_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zK8ukbvp2d3c" title="Increase in number of shares outstanding"&gt;2,812&lt;/span&gt;
common shares, respectively (par value $&lt;span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zOAUx7eTLXra" title="Par value per share"&gt;&lt;span id="xdx_901_eifrs-full--ParValuePerShare_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zkGQRju3fNv3" title="Par value per share"&gt;0.004&lt;/span&gt;&lt;/span&gt;
per share) as share-based payments. For the year ended December 31, 2022 Globus has not issued any common shares as share-based
payment. &lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;As
at December 31, 2022, 2021 and 2020, &lt;span id="xdx_90E_eifrs-full--NumberOfSharesOutstanding_iI_pip0_do_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_z0rc25v2Sc"&gt;&lt;span id="xdx_907_eifrs-full--NumberOfSharesOutstanding_iI_pip0_do_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_z2wIEgZ4RI24"&gt;&lt;span id="xdx_90F_eifrs-full--NumberOfSharesOutstanding_iI_pip0_do_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zqpGzhGyGP6g"&gt;no&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;
Class B common shares or Series A preferred shares (par value $&lt;span id="xdx_90A_eifrs-full--ParValuePerShare_iI_pip0_do_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zgDeARi4wY4b"&gt;&lt;span id="xdx_905_eifrs-full--ParValuePerShare_iI_pip0_do_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_z5PI9fMP12p8"&gt;&lt;span id="xdx_904_eifrs-full--ParValuePerShare_iI_pip0_do_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zcRIoBmnmY0k"&gt;0.001&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;
per share) were outstanding. &lt;span id="xdx_90A_eifrs-full--NumberOfSharesOutstanding_iI_pip0_do_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_z76lWAzmdkjf"&gt;&lt;span id="xdx_900_eifrs-full--NumberOfSharesOutstanding_iI_pip0_do_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zKzt32Id3Qce" style="display: none"&gt;&lt;span id="xdx_907_eifrs-full--NumberOfSharesOutstanding_iI_pip0_do_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zh9NmIwMwMW6"&gt;0&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;On
June 12, 2020, the Company entered into a stock purchase agreement and issued &lt;span id="xdx_908_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20200612__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBPreferredSharesMember_zw685aMY9lUf" title="Increase in number of shares outstanding"&gt;50&lt;/span&gt; of newly designated Series B Preferred Shares, par value
$&lt;span id="xdx_90C_eifrs-full--ParValuePerShare_iI_pip0_c20200612__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBPreferredSharesMember_zkpEyGTr5dbi"&gt;&lt;span id="xdx_908_eifrs-full--ParValuePerShare_iI_pip0_c20200727__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBPreferredSharesMember_zsf9XDzWwI62"&gt;0.001&lt;/span&gt;&lt;/span&gt; per share, to Goldenmare Limited, a company controlled by the Chief Executive Officer, Athanasios Feidakis, in return for $&lt;span id="xdx_90B_ecustom--IssueOfPreferredShares_pn3n3_c20200101__20200612__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBPreferredSharesMember_zAjkFEtI9kRh"&gt;150&lt;/span&gt;,
which amount was settled by reducing, on a dollar-for-dollar basis, the amount payable by the Company to Goldenmare Limited pursuant
to a consultancy agreement. On July 27, 2020, the Company issued an additional &lt;span id="xdx_905_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20200727__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBPreferredSharesMember_zHrrw03XQW31"&gt;250&lt;/span&gt; of its Series B preferred shares to Goldenmare Limited
in return for $&lt;span id="xdx_902_ecustom--IssueOfPreferredShares_pn3n3_c20200101__20200727__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBPreferredSharesMember_zrbWiFPslpgk"&gt;150&lt;/span&gt;. The $150 was settled by reducing, on a dollar-for-dollar basis, the amount payable by the Company to Goldenmare Limited
pursuant to a consultancy agreement. The issuance of the Series B preferred shares to Goldenmare Limited was approved by an independent
committee of the Company&#x2019;s Board of Directors, which received fairness opinions from an independent financial advisor.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Book Antiqua, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"/&gt;&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;9.&#160;&#160;&#160;&#160;&#160;&#x202f;&#x202f;&#160;&#160;Share
Capital and Share Premium (continued)&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;On
March 2, 2021, the Company entered into a stock purchase agreement and issued &lt;span id="xdx_903_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20210101__20210302__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBPreferredSharesMember_zLKBnN9n3Y9f" title="Increase in number of shares outstanding"&gt;10,000&lt;/span&gt; Series B Preferred Shares, par value $&lt;span id="xdx_902_eifrs-full--ParValuePerShare_iI_pip0_c20210302__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBPreferredSharesMember_zXNZ5g2Gq2g9" title="Par value per share"&gt;0.001&lt;/span&gt; per
share, to Goldenmare Limited, a company controlled by the Company&#x2019;s Chief Executive Officer, Athanasios Feidakis, in return for
$&lt;span id="xdx_902_ecustom--IssueOfPreferredShares_pn3n3_c20210101__20210302__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AffiliatedCompanyOfCompanysCEOMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBPreferredSharesMember_zcPyIL4bFzzd" title="Issue of preferred shares | $"&gt;130&lt;/span&gt;, which amount was settled by reducing, on a dollar-for-dollar basis, the amount payable as executive compensation by the Company
to Goldenmare Limited pursuant to a consultancy agreement. The issuance of the Series B preferred shares to Goldenmare Limited was approved
by an independent committee of the Company&#x2019;s Board of Directors, which received fairness opinions from an independent financial
advisor.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;During
the year ended December 31, 2020, and further to the conversion clause included into the Convertible Note   an amount of approximately
$&lt;span id="xdx_909_eifrs-full--Borrowings_iI_pn3n3_c20201231__ifrs-full--BorrowingsByNameAxis__custom--ConvertibleNoteMember_z3YAmXHlK6Q4"&gt;1,168&lt;/span&gt;, principal and accrued interest, was converted to share capital at a conversion price of $&lt;span id="xdx_902_ecustom--DebtInstrumentConvertibleConversionPrice_iI_pip0_c20201231__ifrs-full--BorrowingsByNameAxis__custom--ConvertibleNoteMember_z3CP5glO9jD7"&gt;100&lt;/span&gt; per share and a total number of
&lt;span id="xdx_90F_eifrs-full--NumberOfSharesIssued_iI_pip0_uShares_c20201231__ifrs-full--BorrowingsByNameAxis__custom--ConvertibleNoteMember_zgbsCZfWA9Lb"&gt;11,678&lt;/span&gt; new shares, par value $&lt;span id="xdx_90E_eifrs-full--ParValuePerShare_iI_pip0_c20201231__ifrs-full--BorrowingsByNameAxis__custom--ConvertibleNoteMember_zSdpfYKR1QMd"&gt;0.004&lt;/span&gt; per share, were issued in name of the holder of the Convertible Note.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;On
June 22, 2020, the Company issued &lt;span id="xdx_90D_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20200622_zb6KnZey1FKi" title="Increase in number of shares outstanding"&gt;342,857&lt;/span&gt; of its common shares, par value $&lt;span id="xdx_908_eifrs-full--ParValuePerShare_iI_pip0_c20211231_z45tPR9DVTii"&gt;0.004&lt;/span&gt; per share, in an underwritten public offering at a price
of $&lt;span id="xdx_901_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20200622_zGSPsEog1Tah"&gt;35&lt;/span&gt; per unit. Each unit consisted of one common share and one Class A warrant to purchase one common share and immediately separated
upon issuance. In addition, the Company granted to the underwriter a 45-day option to purchase up to an additional &lt;span id="xdx_901_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20200101__20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember__ifrs-full--MaturityAxis__custom--FortyFiveDayOptionMember_zFB6Jfredzof" title="Increase in number of shares outstanding"&gt;51,429&lt;/span&gt; common shares,
par value $&lt;span id="xdx_909_eifrs-full--ParValuePerShare_iI_pip0_c20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember__ifrs-full--MaturityAxis__custom--FortyFiveDayOptionMember_zXGpJYxFOlp1"&gt;0.004&lt;/span&gt; per share, (or pre-funded warrants in lieu thereof) and Class A warrants to purchase up to &lt;span id="xdx_90D_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_c20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember__ifrs-full--MaturityAxis__custom--FortyFiveDayOptionMember_zCR1urHJJ9Th"&gt;51,429&lt;/span&gt; common shares, at
the public offering price less discounts and commissions. The underwriter exercised its option and purchased &lt;span id="xdx_902_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20200101__20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember_zy0MPLwd5Zrg"&gt;51,393&lt;/span&gt; common shares, par
value $&lt;span id="xdx_907_eifrs-full--ParValuePerShare_iI_pip0_c20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember_z7l5LyFnRBXc"&gt;0.004&lt;/span&gt; per share and Class A warrants to purchase &lt;span id="xdx_908_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20200101__20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember_zZrJ1aZUrKfc"&gt;51,393&lt;/span&gt; common shares. Each Class A warrant is immediately exercisable for one
common share at an exercise price of $&lt;span id="xdx_901_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember_z3HUUaNr5wjg"&gt;35&lt;/span&gt; per share and expires &lt;span id="xdx_908_eifrs-full--DescriptionOfOptionLifeShareOptionsGranted_dc_uPure_c20200101__20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember_z6Gh8UBrMWMh"&gt;five&lt;/span&gt; years from issuance. Total proceeds amounted to $&lt;span id="xdx_90D_eifrs-full--ProceedsFromExerciseOfOptions_pn3n3_c20200101__20200622__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MaximGroupLLCMember_z41IU8ih9rG1"&gt;12,695&lt;/span&gt; before issuance
expenses.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;The
Class A Warrants are exercisable for a period of five years commencing on the date of issuance. If a registration statement registering
the issuance of the common shares underlying the warrants under the Securities Act is not effective or available, the holder may, in
its sole discretion, elect to exercise the warrant through a cashless exercise, in which case the holder would receive upon such exercise
the net number of common shares determined according to the formula set forth in the warrant. We may be required to pay certain amounts
as liquidated damages as specified in the warrants in the event we do not deliver common shares upon exercise of the warrants within
the time periods specified in the warrants.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;As
at December 31, 2022 and 2021, the Company had issued &lt;span id="xdx_90A_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_pip0_uShares_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_z7GyLXgn1hs8"&gt;&lt;span id="xdx_900_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_pip0_uShares_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zbubOth4Fhb5"&gt;5,550&lt;/span&gt;&lt;/span&gt; common shares, par value $&lt;span id="xdx_905_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_z66ejfp82FB8"&gt;&lt;span id="xdx_90E_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zULjaCCmmkfj"&gt;0.004&lt;/span&gt;&lt;/span&gt; per share, pursuant to exercise of outstanding
Class A Warrants, resulting to cash proceeds of $&lt;span id="xdx_90E_ecustom--ProceedsFromWarrantExercises_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zZfp7mo9UIL5"&gt;&lt;span id="xdx_906_ecustom--ProceedsFromWarrantExercises_pn3n3_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zBZjuE8d7yM1"&gt;194&lt;/span&gt;&lt;/span&gt;, and had &lt;span id="xdx_904_ecustom--NumberOfWarrantsOutstanding_iI_pip0_uShares_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zqZvavBpMlT6"&gt;&lt;span id="xdx_906_ecustom--NumberOfWarrantsOutstanding_iI_pip0_uShares_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_ztpZ0gBqs256"&gt;388,700&lt;/span&gt;&lt;/span&gt; Class A Warrants outstanding to purchase an aggregate of &lt;span id="xdx_90E_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zk6SzPQ1Imui"&gt;&lt;span id="xdx_902_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zP7blgvoI1bl"&gt;388,700&lt;/span&gt;&lt;/span&gt;
common shares, par value $&lt;span id="xdx_902_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zlR5wDXtm7qj"&gt;&lt;span id="xdx_905_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAWarrantsMember_zpOa4gIO5tl"&gt;0.004&lt;/span&gt;&lt;/span&gt; per share.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 96.4pt; text-align: justify; text-indent: -25.55pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;On
June 30, 2020, the Company issued &lt;span id="xdx_905_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20200630__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_ztd3plmKyy72"&gt;458,500&lt;/span&gt; of its common shares, par value $&lt;span id="xdx_904_eifrs-full--ParValuePerShare_iI_pip0_c20200630__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zPyyQPTeMewh"&gt;0.004&lt;/span&gt; per share, in a registered direct offering and warrants
(&#x201c;PP Warrants&#x201d;) to purchase &lt;span id="xdx_909_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20200630__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zkscRE5fXvg9"&gt;458,500&lt;/span&gt; common shares in a concurrent private placement for a purchase price of $&lt;span id="xdx_90F_ecustom--PurchasePriceOfOutstandingWarrants_iI_pip0_c20200630__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zBmRJU6OWFH2"&gt;27&lt;/span&gt; per common
share and PP Warrant. The warrants were exercisable upon issuance and had an exercise price of $&lt;span id="xdx_904_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20200630__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember__srt--RangeAxis__ifrs-full--TopOfRangeMember_zTOz14Z9CB67"&gt;30&lt;/span&gt; per share, subsequently reduced to
$&lt;span id="xdx_904_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20200630__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember__srt--RangeAxis__ifrs-full--BottomOfRangeMember_zp81LYwd7HB5"&gt;18&lt;/span&gt; per share. Total proceeds amounted to $&lt;span id="xdx_90C_ecustom--ProceedsFromWarrantExercises_pn3n3_c20200101__20200630__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zf4JBUVY9Yv"&gt;11,513&lt;/span&gt; before issuance expenses.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;On
July 21, 2020, the Company issued &lt;span id="xdx_90F_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20200721__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zyWsEG8zGROb"&gt;833,333&lt;/span&gt; of its common shares, par value $&lt;span id="xdx_90D_eifrs-full--ParValuePerShare_iI_pip0_c20200721__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zjuqJMJ7Vxkg"&gt;0.004&lt;/span&gt; per share, in a registered direct offering and PP Warrants
to purchase &lt;span id="xdx_908_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20200721__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zsX7ty5Fw7L3"&gt;833,333&lt;/span&gt; common shares in a concurrent private placement for a purchase price of $&lt;span id="xdx_904_ecustom--PurchasePriceOfOutstandingWarrants_iI_pip0_c20200721__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_z8JOUGV4aaYd"&gt;18&lt;/span&gt; per common share and PP Warrant. The
exercise price of each PP Warrant was $&lt;span id="xdx_903_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20200721__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_z85ntQtiRHp6"&gt;18&lt;/span&gt; per share. Concurrently with this offering the exercise price of the PP Warrants issued on
June 30, 2020, were reduced to $18 per share. Total proceeds amounted to $&lt;span id="xdx_909_ecustom--ProceedsFromWarrantExercises_pn3n3_c20200101__20200721__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zwV59MVdjnf5"&gt;13,950&lt;/span&gt; before issuance expenses.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;The
PP Warrants are exercisable for a period of five and one-half years commencing on the date of issuance. The warrants are exercisable,
at the option of each holder, in whole or in part by delivering to the Company 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 private placement warrants under the Securities Act is not effective or available at any time
after the six month anniversary of the date of issuance of the private placement warrants, the holder may, in its sole discretion, elect
to exercise the private placement warrant through a cashless exercise, in which case the holder would receive upon such exercise the
net number of common shares determined according to the formula set forth in the warrant. If the Company does not issue the shares in
a timely fashion, the warrant contains certain liquidated damages provisions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;As
at December 31, 2022 and 2021, no PP Warrants had been exercised and the Company had &lt;span id="xdx_903_ecustom--NumberOfWarrantsOutstanding_iI_pip0_uShares_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zn2eYP6tvIg"&gt;&lt;span id="xdx_906_ecustom--NumberOfWarrantsOutstanding_iI_pip0_uShares_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_znNVSwVZyvgf"&gt;1,291,833&lt;/span&gt;&lt;/span&gt; PP Warrants outstanding to purchase an
aggregate of &lt;span id="xdx_90F_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_znRHe9boFJrl"&gt;&lt;span id="xdx_909_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PPWarrantsMember_zcQ3az0St9Ye"&gt;1,291,833&lt;/span&gt;&lt;/span&gt; common shares.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;On
December 10, 2020, the Company entered into a securities purchase agreement with certain unaffiliated institutional investors to issue
in a registered direct offering to issue (a) &lt;span id="xdx_901_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20201209__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_ztbByvlXsbhb"&gt;1,256,765&lt;/span&gt; of its common shares, par value $&lt;span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20201209__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zStKIqE8KCZb"&gt;0.004&lt;/span&gt; per share, (b) pre-funded warrants to purchase
&lt;span id="xdx_906_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20201210__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zzpdxfsyIhb7"&gt;155,000&lt;/span&gt; common shares, par value $&lt;span id="xdx_90D_eifrs-full--ParValuePerShare_iI_pip0_c20201210__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zM7p5C5Mlm3"&gt;0.004&lt;/span&gt; per share, (&#x201c;December 2020 Pre-Funded Warrants&#x201d;), and (c) warrants (&#x201c;December
2020 Warrants&#x201d;) to purchase &lt;span id="xdx_908_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20201210__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--DecemberWarrantsMember_zkJwqbZVM7q9"&gt;1,270,587&lt;/span&gt; common shares with an exercise price of $&lt;span id="xdx_90D_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20201210__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--DecemberWarrantsMember_zA2jEK2nbWK2"&gt;8.50&lt;/span&gt; per share. On December 9, 2020, the Company
issued &lt;span id="xdx_90E_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_uShares_c20200101__20201209__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zDHYvHJa8Dj8"&gt;1,256,765&lt;/span&gt; of its common shares, par value $&lt;span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20201209__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_z5FbjIm4qvX1"&gt;0.004&lt;/span&gt; per share, pursuant to this agreement. Total proceeds amounted to $&lt;span id="xdx_900_eifrs-full--ProceedsFromIssuingShares_pn3n3_c20200101__20201210__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zjnutbddx1x"&gt;11,159&lt;/span&gt; before
issuance expenses.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;The
December 2020 Pre-Funded Warrants are exercisable at any time after their original issuance until exercised in full. The Pre-Funded Warrants
are exercisable, at the option of each holder, in whole or in part by delivering to the Company a duly executed exercise notice with
payment in full in immediately available funds for the number of common shares purchased upon such exercise. The exercise price for the
December 2020 Pre-Funded Warrants is $0.01 per share. The December 2020 Pre-Funded Warrants are exercisable at any time after their original
issuance until exercised in full.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"/&gt;&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Share Capital and Share Premium (continued)&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;As
at December 31, 2020, &lt;span id="xdx_902_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity_pip0_uShares_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember_zevl02JDMqvd"&gt;25,000&lt;/span&gt; December 2020 Pre-Funded Warrants had been exercised, resulting to net proceeds of $&lt;span id="xdx_908_eifrs-full--ProceedsFromExerciseOfOptions_pdn3_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember_zjiktC0zAEOd"&gt;0.25 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;and
the Company had &lt;span id="xdx_900_ecustom--NumberOfWarrantsOutstanding_iI_pip0_uShares_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember_zJjJKB5n4um8"&gt;130,000 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;December
2020 Pre-Funded Warrants outstanding to purchase an aggregate of &lt;span id="xdx_906_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember_ztxYVejeIyvh"&gt;130,000 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;common
shares. On January 13, 2021, the remaining 130,000 December 2020 Pre-Funded Warrants were exercised, resulting to net proceeds of
approximately $&lt;span id="xdx_904_eifrs-full--ProceedsFromExerciseOfOptions_pdn3_c20210101__20210113__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember_ztTaidSyIM4g"&gt;1 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;and
the issuance of &lt;span id="xdx_904_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_pip0_uShares_c20210101__20210113__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember_zMhc6gZG5Cdb"&gt;130,000 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;common
shares.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 0; text-align: justify; text-indent: 0cm"&gt;&#160;&#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;The
December 2020 Warrants are exercisable for a period of five and one-half years commencing on the date of issuance. The warrants
are exercisable, at the option of each holder, in whole or in part by delivering to the Company 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 issuance of the common shares underlying the warrants under the Securities Act is not effective, the holder may, in its sole discretion,
elect to exercise the warrant through a cashless exercise, in which case the holder would receive upon such exercise the net number of
common shares determined according to the formula set forth in the warrant. If the Company does not issue the shares in a timely fashion,
the warrant contains certain liquidated damages provisions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;As
at December 31, 2022 and 2021, no December 2020 Warrants had been exercised and the Company had December 2020 Warrants outstanding to
purchase an aggregate of &lt;span id="xdx_90B_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--DecemberWarrantsMember_zvIqGRwc1K7"&gt;&lt;span id="xdx_90D_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--DecemberWarrantsMember_zonVqJxanB9h"&gt;1,270,587&lt;/span&gt;&lt;/span&gt; common shares.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;Total
transaction costs for the issuance of common shares in relation to the offerings in 2020 amounted to $&lt;span id="xdx_903_eifrs-full--ShareIssueRelatedCost_pn3n3_c20200101__20201231_zDtrNogSqIUk"&gt;1,079&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;On
January 29, 2021, the Company entered into a securities purchase agreement with certain unaffiliated institutional investors to issue
(a) &lt;span id="xdx_902_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20210101__20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zSpHKdCQUPCk"&gt;2,155,000&lt;/span&gt; common shares, par value $&lt;span id="xdx_90F_eifrs-full--ParValuePerShare_iI_pip0_c20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_z1hzidRvQYJe"&gt;0.004&lt;/span&gt; per share, (b) pre-funded warrants to purchase &lt;span id="xdx_906_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20210129__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_z3zBJisECDA5"&gt;445,000&lt;/span&gt; common shares, par value $&lt;span id="xdx_902_eifrs-full--ParValuePerShare_iI_pip0_c20210129__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zNE4VHGwc1B3"&gt;0.004&lt;/span&gt;
per share and (c) warrants (the &#x201c;January 2021 Warrants&#x201d;) to purchase &lt;span id="xdx_90C_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--January2021WarrantsMember_zAleTFOOFSC3"&gt;1,950,000&lt;/span&gt; common shares, par value $&lt;span id="xdx_909_eifrs-full--ParValuePerShare_iI_pip0_c20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--January2021WarrantsMember_zg7fASp4jMUh"&gt;0.004&lt;/span&gt; per share,
at an exercise price of $&lt;span id="xdx_90E_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--January2021WarrantsMember_z2aimvK7jkje"&gt;6.25&lt;/span&gt; per share. Total proceeds, net of commission retained by the placement agent, amounted to $&lt;span id="xdx_90B_eifrs-full--ProceedsFromIssuingShares_pn3n3_c20210101__20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_z0GNTek4YkU6"&gt;15,108&lt;/span&gt;, before
issuance expenses of $&lt;span id="xdx_906_eifrs-full--ShareIssueRelatedCost_pn3n3_c20210101__20210129__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_z0lUBfa2V7N1"&gt;120&lt;/span&gt;. All 445,000 pre-funded warrants were exercised subsequently with total proceeds of $&lt;span id="xdx_90F_eifrs-full--ProceedsFromExerciseOfOptions_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--January2021WarrantsMember_zV6wHPxBlAK5"&gt;5&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The January
2021 Warrants are exercisable for a period of five and one-half years commencing on the date of issuance. The warrants are exercisable,
at the option of each holder, in whole or in part by delivering to the Company 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
issuance of the common shares underlying the warrants under the Securities Act is not effective, the holder may, in its sole discretion,
elect to exercise the warrant through a cashless exercise, in which case the holder would receive upon such exercise the net number of
common shares determined according to the formula set forth in the warrant. If the Company does not issue the shares in a timely fashion,
the warrant contains certain liquidated damages provisions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;As
at December 31, 2022 and 2021, no January 2021 Warrants had been exercised and the Company had January 2021 Warrants outstanding to purchase
an aggregate of &lt;span id="xdx_90D_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--January2021WarrantsMember_z8dENZ54Ftch"&gt;&lt;span id="xdx_90C_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--January2021WarrantsMember_zlyeDidJPEte"&gt;1,950,000&lt;/span&gt;&lt;/span&gt; common shares.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;On
February 17, 2021, the Company entered into a securities purchase agreement with certain unaffiliated institutional investors to issue
(a) &lt;span id="xdx_90C_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20210101__20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zSSWRVbR80E6"&gt;3,850,000&lt;/span&gt; common shares par value $&lt;span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zwqQ6BbJN7i3"&gt;0.004&lt;/span&gt; per share, (b) pre-funded warrants to purchase &lt;span id="xdx_903_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20210217__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_z8KajBCjPK9j"&gt;950,000&lt;/span&gt; common shares, par value $&lt;span id="xdx_90C_eifrs-full--ParValuePerShare_iI_pip0_c20210217__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zdncmzd9Iot2"&gt;0.004&lt;/span&gt; par
value, and (c) warrants (the &#x201c;February 2021 Warrants&#x201d;) to purchase &lt;span id="xdx_90C_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--February2021WarrantsMember_znhpLygdixH"&gt;4,800,000&lt;/span&gt; common shares, par value $&lt;span id="xdx_903_eifrs-full--ParValuePerShare_iI_pip0_c20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--February2021WarrantsMember_ziXlWLpcVG3b"&gt;0.004&lt;/span&gt; per share, at
an exercise price of $&lt;span id="xdx_90B_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--February2021WarrantsMember_zR6ARWyLVuI3"&gt;6.25&lt;/span&gt; per share. Total proceeds, net of commission retained by the placement agent, amounted to $&lt;span id="xdx_90F_eifrs-full--ProceedsFromIssuingShares_pn3n3_c20210101__20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_z0DLsAX5dxz9"&gt;27,891&lt;/span&gt;, before
issuance expenses of $&lt;span id="xdx_90F_eifrs-full--ShareIssueRelatedCost_pn3n3_c20210101__20210217__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zNfgeuhvfU8l"&gt;152&lt;/span&gt;. All 950,000 pre-funded warrants were exercised subsequently with total proceeds of $&lt;span id="xdx_901_eifrs-full--ProceedsFromExerciseOfOptions_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--February2021WarrantsMember_zUn6VBgCfs25"&gt;10&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;The
February 2021 Warrants are exercisable for a period of five and one-half years commencing on the date of issuance. The warrants are exercisable, at the option of each holder, in whole or in part by delivering to the Company 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 issuance of the common shares underlying the warrants under the Securities Act is not effective, the holder may, in its sole discretion,
elect to exercise the warrant through a cashless exercise, in which case the holder would receive upon such exercise the net number of
common shares determined according to the formula set forth in the warrant. If the Company does not issue the shares in a timely fashion,
the warrant contains certain liquidated damages provisions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;As
at December 31, 2022 and 2021, no February 2021 Warrants had been exercised and the Company had February 2021 Warrants outstanding to
purchase an aggregate of &lt;span id="xdx_90A_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--February2021WarrantsMember_z2aID7SeWWS"&gt;&lt;span id="xdx_908_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--February2021WarrantsMember_zjyWWKskmrKf"&gt;4,800,000&lt;/span&gt;&lt;/span&gt; common shares.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;On
June 29, 2021, the Company entered into a securities purchase agreement with certain unaffiliated institutional investors to issue (a)
&lt;span id="xdx_906_eifrs-full--IncreaseDecreaseInNumberOfSharesOutstanding_pip0_c20210301__20210629__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zT6FDuJjR6H7"&gt;8,900,000&lt;/span&gt; common shares par value $&lt;span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20210629__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_z5TJfOD461Yl"&gt;0.004&lt;/span&gt; per share, (b) pre-funded warrants to purchase &lt;span id="xdx_90F_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20210629__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_z7LiKD0XzUzk"&gt;1,100,000&lt;/span&gt; common shares, par value $&lt;span id="xdx_906_eifrs-full--ParValuePerShare_iI_pip0_c20210629__ifrs-full--ClassesOfShareCapitalAxis__custom--PreFundedWarrantsMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zzmyyWlYx5Fe"&gt;0.004&lt;/span&gt; par
value, and (c) warrants (the &#x201c;June 2021 Warrants&#x201d;) to purchase &lt;span id="xdx_90E_ecustom--NumberOfSharesCalledByWarrants_iI_pip0_uShares_c20210629__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--June2021WarrantsMember_zUNa3FKbCQxa"&gt;10,000,000&lt;/span&gt; common shares, par value $&lt;span id="xdx_901_eifrs-full--ParValuePerShare_iI_pip0_c20210629__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--June2021WarrantsMember_z9PySo19j5kc"&gt;0.004&lt;/span&gt; per share, at an
exercise price of $&lt;span id="xdx_906_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pip0_c20210629__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember__ifrs-full--ClassesOfShareCapitalAxis__custom--June2021WarrantsMember_zhYiASS71drd"&gt;5.00&lt;/span&gt; per share. Total proceeds, net of commission retained by the placement agent, amounted to $&lt;span id="xdx_904_eifrs-full--ProceedsFromIssuingShares_pn3n3_c20210301__20210629__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zgZ64ATgVwCa"&gt;46,581&lt;/span&gt;, before issuance
expenses of approximately $&lt;span id="xdx_903_eifrs-full--ShareIssueRelatedCost_pn3n3_c20210301__20210629__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--InstitutionalInvestorsMember_zncaRqJS2Mk3"&gt;129&lt;/span&gt;. As at September 30, 2021, 1,100,000 pre-funded warrants were exercised and the total proceeds amounted
to $&lt;span id="xdx_901_eifrs-full--ProceedsFromExerciseOfOptions_pn3n3_c20210101__20210930__ifrs-full--ClassesOfShareCapitalAxis__custom--June2021WarrantsMember_zkrORBW5FHPe"&gt;11&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&#160;&lt;/p&gt;




&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Share Capital and Share Premium (continued)&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;The
June 2021 Warrants are exercisable for a period of five and one-half years commencing on the date of issuance. The warrants are exercisable,
at the option of each holder, in whole or in part by delivering to the Company 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
issuance of the common shares underlying the warrants under the Securities Act is not effective, the holder may, in its sole discretion,
elect to exercise the warrant through a cashless exercise, in which case the holder would receive upon such exercise the net number of
common shares determined according to the formula set forth in the warrant. If the Company does not issue the shares in a timely fashion,
the warrant contains certain liquidated damages provisions.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;As
at December 31, 2022 and 2021, no June 2021 Warrants had been exercised and the Company had June 2021 Warrants outstanding to purchase
an aggregate of &lt;span id="xdx_905_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--June2021WarrantsMember_zbEAF9Yw1v1a"&gt;&lt;span id="xdx_90B_ecustom--NumberOfWarrantsOutstanding_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--June2021WarrantsMember_zT5IcGYGUmNd"&gt;10,000,000&lt;/span&gt;&lt;/span&gt; common shares.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;Total
transaction costs for the issuance of common shares in relation to the offerings in 2021 amounted to $&lt;span id="xdx_900_eifrs-full--ShareIssueRelatedCost_pn3n3_c20210101__20211231_zxXfGLPx0Tm"&gt;401&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;The
Company&#x2019;s warrants were classified as equity in accordance with the provisions of IAS 32 meet the classification criteria as per
IAS 32 and, accordingly, are classified in equity.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;Share
premium includes the contribution of Globus&#x2019; shareholders to the acquisition of the Company&#x2019;s vessels. Additionally, share
premium includes the effects of the Globus initial and follow-on public offerings, the effects of the settlement of the related party
loans (note 4) with the issuance of the Company&#x2019;s common shares and the effects of the share-based payments described in note 12.
Accordingly, at December 31, 2022 and 2021, Globus share premium amounted to $&lt;span id="xdx_906_eifrs-full--SharePremium_iI_pn3n3_c20221231_zD3lKRY2Jqfi"&gt;&lt;span id="xdx_904_eifrs-full--SharePremium_iI_pn3n3_c20211231_zVc0jRJW3qFc"&gt;284,406&lt;/span&gt;&lt;/span&gt;, and at December 31, 2020 amounted to $&lt;span id="xdx_90E_eifrs-full--SharePremium_iI_pn3n3_c20201231_zy1xtibMlVa"&gt;195,102&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory>
    <ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_893_eifrs-full--DisclosureOfClassesOfShareCapitalExplanatory_zhgiOrpxCPHj" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Share
Capital and Share Premium - Authorized share capital&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="5" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;December
    31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Authorized share capital:&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span id="xdx_905_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zPEi0VuTcXQa" title="Number of shares authorised"&gt;&lt;span id="xdx_905_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zPMykCjjxz1"&gt;&lt;span id="xdx_90D_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zbNbREXW58z1"&gt;500,000,000&lt;/span&gt;&lt;/span&gt;&lt;/span&gt; Common shares
    of par value $&lt;span id="xdx_902_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zHKm90HR3AQ3" title="Par value per share"&gt;&lt;span id="xdx_90C_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zgmFJGb2MNP" title="Par value per share"&gt;&lt;span id="xdx_905_eifrs-full--ParValuePerShare_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zUgxrflnv987" title="Par value per share"&gt;0.004&lt;/span&gt;&lt;/span&gt;&lt;/span&gt; each&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span id="xdx_909_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zwuQ1RJohWBa"&gt;2,000&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span id="xdx_909_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zDDKdGZ7Mlw7"&gt;2,000&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span id="xdx_901_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--CommonSharesMember_zGax0ZWMBRaa"&gt;2,000&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span id="xdx_902_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zxbCAk1G6UCl" title="Number of shares authorised"&gt;&lt;span id="xdx_909_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zpPurs14kncl" title="Number of shares authorised"&gt;&lt;span id="xdx_907_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zGfGNgJ5LAkd" title="Number of shares authorised"&gt;100,000,000&lt;/span&gt;&lt;/span&gt;&lt;/span&gt; Class B Common
    shares of par value $&lt;span id="xdx_90D_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_z4TngE8o7Gc" title="Par value per share"&gt;&lt;span id="xdx_909_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zDKNOX014Zxf" title="Par value per share"&gt;&lt;span id="xdx_90C_eifrs-full--ParValuePerShare_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zHEMOWPJBhx" title="Par value per share"&gt;0.001&lt;/span&gt;&lt;/span&gt;&lt;/span&gt; each&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span id="xdx_901_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zFYRJjEjPvC7"&gt;100&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span id="xdx_90B_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zGrTPseGH7t1"&gt;100&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span id="xdx_902_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBCommonSharesMember_zquskyYjMY1a"&gt;100&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span id="xdx_90F_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zkFHBQhcQvGj" title="Number of shares authorised"&gt;&lt;span id="xdx_90B_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zrNMHXMpMpe5" title="Number of shares authorised"&gt;&lt;span id="xdx_90B_eifrs-full--NumberOfSharesAuthorised_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_z744a1ArT6Qk" title="Number of shares authorised"&gt;100,000,000&lt;/span&gt;&lt;/span&gt;&lt;/span&gt; Preferred shares
    of par value $&lt;span id="xdx_902_eifrs-full--ParValuePerShare_iI_pip0_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zOTVOTEwxn3a" title="Par value per share"&gt;&lt;span id="xdx_909_eifrs-full--ParValuePerShare_iI_pip0_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zFlBATecxyV2" title="Par value per share"&gt;&lt;span id="xdx_900_eifrs-full--ParValuePerShare_iI_pip0_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zAM1RrPaTp1e" title="Par value per share"&gt;0.001&lt;/span&gt;&lt;/span&gt;&lt;/span&gt; each &lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span id="xdx_901_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_z1a3qSdzbzo1"&gt;100&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span id="xdx_903_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_zJjMitsLM1c5"&gt;100&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span id="xdx_907_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20201231__ifrs-full--ClassesOfShareCapitalAxis__custom--PreferredSharesMember_z5gi9J6UeVv1"&gt;100&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total authorized share
    capital&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&lt;span id="xdx_902_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20221231_zptSHJR2VOV9" title="Total value of shares authorised"&gt;2,200&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&lt;span id="xdx_906_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20211231_zgQ1UcpwPCEk" title="Total value of shares authorised"&gt;2,200&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&lt;span id="xdx_90A_ecustom--ValueOfSharesAuthorised_iI_pn3n3_c20201231_zpuYEfih0Fzj" title="Total value of shares authorised"&gt;2,200&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
</ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory>
    <ifrs-full:NumberOfSharesAuthorised
      contextRef="AsOf2022-12-31_custom_CommonSharesMember"
      decimals="INF"
      unitRef="Shares">500000000</ifrs-full:NumberOfSharesAuthorised>
    <ifrs-full:NumberOfSharesAuthorised
      contextRef="AsOf2021-12-31_custom_CommonSharesMember"
      decimals="INF"
      unitRef="Shares">500000000</ifrs-full:NumberOfSharesAuthorised>
    <ifrs-full:NumberOfSharesAuthorised
      contextRef="AsOf2020-12-31_custom_CommonSharesMember"
      decimals="INF"
      unitRef="Shares">500000000</ifrs-full:NumberOfSharesAuthorised>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2022-12-31_custom_CommonSharesMember"
      decimals="INF"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2021-12-31_custom_CommonSharesMember"
      decimals="INF"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2020-12-31_custom_CommonSharesMember"
      decimals="INF"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
    <glbs:ValueOfSharesAuthorised
      contextRef="AsOf2022-12-31_custom_CommonSharesMember"
      decimals="-3"
      unitRef="USD">2000000</glbs:ValueOfSharesAuthorised>
    <glbs:ValueOfSharesAuthorised
      contextRef="AsOf2021-12-31_custom_CommonSharesMember"
      decimals="-3"
      unitRef="USD">2000000</glbs:ValueOfSharesAuthorised>
    <glbs:ValueOfSharesAuthorised
      contextRef="AsOf2020-12-31_custom_CommonSharesMember"
      decimals="-3"
      unitRef="USD">2000000</glbs:ValueOfSharesAuthorised>
    <ifrs-full:NumberOfSharesAuthorised
      contextRef="AsOf2022-12-31_custom_ClassBCommonSharesMember"
      decimals="INF"
      unitRef="Shares">100000000</ifrs-full:NumberOfSharesAuthorised>
    <ifrs-full:NumberOfSharesAuthorised
      contextRef="AsOf2021-12-31_custom_ClassBCommonSharesMember"
      decimals="INF"
      unitRef="Shares">100000000</ifrs-full:NumberOfSharesAuthorised>
    <ifrs-full:NumberOfSharesAuthorised
      contextRef="AsOf2020-12-31_custom_ClassBCommonSharesMember"
      decimals="INF"
      unitRef="Shares">100000000</ifrs-full:NumberOfSharesAuthorised>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2022-12-31_custom_ClassBCommonSharesMember"
      decimals="INF"
      unitRef="USDPShares">0.001</ifrs-full:ParValuePerShare>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2021-12-31_custom_ClassBCommonSharesMember"
      decimals="INF"
      unitRef="USDPShares">0.001</ifrs-full:ParValuePerShare>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2020-12-31_custom_ClassBCommonSharesMember"
      decimals="INF"
      unitRef="USDPShares">0.001</ifrs-full:ParValuePerShare>
    <glbs:ValueOfSharesAuthorised
      contextRef="AsOf2022-12-31_custom_ClassBCommonSharesMember"
      decimals="-3"
      unitRef="USD">100000</glbs:ValueOfSharesAuthorised>
    <glbs:ValueOfSharesAuthorised
      contextRef="AsOf2021-12-31_custom_ClassBCommonSharesMember"
      decimals="-3"
      unitRef="USD">100000</glbs:ValueOfSharesAuthorised>
    <glbs:ValueOfSharesAuthorised
      contextRef="AsOf2020-12-31_custom_ClassBCommonSharesMember"
      decimals="-3"
      unitRef="USD">100000</glbs:ValueOfSharesAuthorised>
    <ifrs-full:NumberOfSharesAuthorised
      contextRef="AsOf2022-12-31_custom_PreferredSharesMember"
      decimals="INF"
      unitRef="Shares">100000000</ifrs-full:NumberOfSharesAuthorised>
    <ifrs-full:NumberOfSharesAuthorised
      contextRef="AsOf2021-12-31_custom_PreferredSharesMember"
      decimals="INF"
      unitRef="Shares">100000000</ifrs-full:NumberOfSharesAuthorised>
    <ifrs-full:NumberOfSharesAuthorised
      contextRef="AsOf2020-12-31_custom_PreferredSharesMember"
      decimals="INF"
      unitRef="Shares">100000000</ifrs-full:NumberOfSharesAuthorised>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2022-12-31_custom_PreferredSharesMember"
      decimals="INF"
      unitRef="USDPShares">0.001</ifrs-full:ParValuePerShare>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2021-12-31_custom_PreferredSharesMember"
      decimals="INF"
      unitRef="USDPShares">0.001</ifrs-full:ParValuePerShare>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2020-12-31_custom_PreferredSharesMember"
      decimals="INF"
      unitRef="USDPShares">0.001</ifrs-full:ParValuePerShare>
    <glbs:ValueOfSharesAuthorised
      contextRef="AsOf2022-12-31_custom_PreferredSharesMember"
      decimals="-3"
      unitRef="USD">100000</glbs:ValueOfSharesAuthorised>
    <glbs:ValueOfSharesAuthorised
      contextRef="AsOf2021-12-31_custom_PreferredSharesMember"
      decimals="-3"
      unitRef="USD">100000</glbs:ValueOfSharesAuthorised>
    <glbs:ValueOfSharesAuthorised
      contextRef="AsOf2020-12-31_custom_PreferredSharesMember"
      decimals="-3"
      unitRef="USD">100000</glbs:ValueOfSharesAuthorised>
    <glbs:ValueOfSharesAuthorised contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">2200000</glbs:ValueOfSharesAuthorised>
    <glbs:ValueOfSharesAuthorised contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">2200000</glbs:ValueOfSharesAuthorised>
    <glbs:ValueOfSharesAuthorised contextRef="AsOf2020-12-31" decimals="-3" unitRef="USD">2200000</glbs:ValueOfSharesAuthorised>
    <glbs:VotingRights contextRef="From2022-01-01to2022-12-31">Holders
of the Company&#x2019;s common shares and Class B common shares have equivalent economic rights, but holders of Company&#x2019;s
common shares are entitled to one vote per share and holders of the Company&#x2019;s Class B common shares are entitled to twenty
votes per share.</glbs:VotingRights>
    <glbs:DisclosureOfCommonSharesExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_895_ecustom--DisclosureOfCommonSharesExplanatory_zPVV4BmVvro7" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="display: none; font-size: 10pt"&gt;&#160;Share Capital and Share Premium - Common Shares issued and fully paid&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="width: 79%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 1.65pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Common Shares
    issued and fully paid&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Number
    of shares &lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;USD&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;As at January 1, 2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iS_pip0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zsYhZlQLpejb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;52,235&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--IssuedCapital_iS_pn3n3_d0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zODX58XW33zh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#x2014;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Issued during the year for
    share-based compensation (note 12)&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_pip0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zJG23l4GwPDj" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issued during the year for share-based compensation (note 12)"&gt;&lt;span style="font-size: 10pt"&gt;2,812&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Issuance of common stock
    due to conversion of loan&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughConversionOfConvertibleInstruments_pip0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zJ4f9eD2QS85" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of common stock due to conversion of loan"&gt;&lt;span style="font-size: 10pt"&gt;11,678&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Issuance of new common stocks&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_983_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity_pip0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zuWLW0okvs35" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of new common stocks"&gt;&lt;span style="font-size: 10pt"&gt;2,942,848&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--IssueOfEquity_pn3n3_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zeAXR9g1tnQe" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of new common stocks"&gt;&lt;span style="font-size: 10pt"&gt;12&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Issuance of common stock
    due to exercise of pre-funded warrants&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_986_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity_pip0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zDpd4RM1HUjk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of common stock due to exercise of pre-funded warrants"&gt;&lt;span style="font-size: 10pt"&gt;25,000&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Issuance of common stock
    due to exercise of warrants&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity_pip0_c20200101__20201231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_z0aKFBA9bCFg" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of common stock due to exercise of warrants"&gt;&lt;span style="font-size: 10pt"&gt;5,550&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;As at December 31, 2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_980_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iS_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zvOxa975P9Qb" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;3,040,123&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_980_eifrs-full--IssuedCapital_iS_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_z3IS68fOIm64" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;12&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Issued during the year for
    share-based compensation (note 12)&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zgVSnj80Y054" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issued during the year for share-based compensation (note 12)"&gt;&lt;span style="font-size: 10pt"&gt;12,178&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Issuance of new common stocks&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zt1UHYKR54Ec" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of new common stocks"&gt;&lt;span style="font-size: 10pt"&gt;14,905,000&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--IssueOfEquity_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zKpTCzRNx28l" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of new common stocks"&gt;&lt;span style="font-size: 10pt"&gt;60&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Issuance of common stock
    due to exercise of pre-funded warrants&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_985_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity_pip0_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_z3WZwW8VbOPh" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of common stock due to exercise of pre-funded warrants"&gt;&lt;span style="font-size: 10pt"&gt;2,625,000&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--IncreaseDecreaseThroughExerciseOfWarrantsEquity_pn3n3_c20210101__20211231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_z1lPxqsw5kT9" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issuance of common stock due to exercise of pre-funded warrants"&gt;&lt;span style="font-size: 10pt"&gt;10&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;As at December 31, 2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iS_pip0_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zgQNoj1BDCq2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;20,582,301&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--IssuedCapital_iS_pn3n3_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zf4IHZNwHph" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance beginning of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;82&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Issued during the year for
    share-based compensation&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_ecustom--IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions_pip0_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zCQxcTcwdnHc" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Issued during the year for share-based compensation"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&lt;span style="-sec-ix-hidden: xdx2ixbrl1188"&gt;&#x2014;&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#x2014;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;As at December 31, 2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--NumberOfSharesIssuedAndFullyPaid_iE_pip0_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zPyEvQtT3m3b" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;20,582,301&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--IssuedCapital_iE_pn3n3_c20220101__20221231__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--IssuedCapitalMember_zL8SFn605Zka" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Balance ending of period"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;82&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
</glbs:DisclosureOfCommonSharesExplanatory>
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    <glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity
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      unitRef="Shares">25000</glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity>
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      decimals="INF"
      unitRef="Shares">5550</glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity>
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      decimals="INF"
      unitRef="Shares">3040123</ifrs-full:NumberOfSharesIssuedAndFullyPaid>
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      decimals="-3"
      unitRef="USD">12000</ifrs-full:IssuedCapital>
    <glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions
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      unitRef="Shares">12178</glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughSharebasedPaymentTransactions>
    <glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity
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      unitRef="Shares">14905000</glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedIssueOfEquity>
    <ifrs-full:IssueOfEquity
      contextRef="From2021-01-012021-12-31_ifrs-full_IssuedCapitalMember558003140"
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    <glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity
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      decimals="INF"
      unitRef="Shares">2625000</glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity>
    <ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity
      contextRef="From2021-01-012021-12-31_ifrs-full_IssuedCapitalMember558003140"
      decimals="-3"
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      contextRef="AsOf2021-12-31_ifrs-full_OrdinarySharesMember"
      decimals="INF"
      unitRef="Shares">20582301</ifrs-full:NumberOfSharesIssuedAndFullyPaid>
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    <ifrs-full:NumberOfSharesIssuedAndFullyPaid
      contextRef="AsOf2022-12-31_ifrs-full_OrdinarySharesMember"
      decimals="INF"
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    <ifrs-full:IssuedCapital
      contextRef="AsOf2022-12-31_ifrs-full_IssuedCapitalMember558003218"
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    <ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding
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    <ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding
      contextRef="From2020-01-012020-12-31_custom_CommonSharesMember"
      decimals="INF"
      unitRef="Shares">2812</ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2021-12-31_custom_CommonSharesMember"
      decimals="INF"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2020-12-31_custom_CommonSharesMember"
      decimals="INF"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
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    <ifrs-full:ParValuePerShare
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    <ifrs-full:NumberOfSharesOutstanding
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      unitRef="Shares">0</ifrs-full:NumberOfSharesOutstanding>
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      contextRef="From2020-01-012020-06-12_custom_AffiliatedCompanyOfCompanysCEOMember_custom_ClassBPreferredSharesMember"
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    <glbs:IssueOfPreferredShares
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      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
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      unitRef="USDPShares">35</ifrs-full:ExercisePriceOfOutstandingShareOptions2019>
    <ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding
      contextRef="From2020-01-012020-06-22_custom_MaximGroupLLCMember_custom_FortyFiveDayOptionMember"
      decimals="INF"
      unitRef="Shares">51429</ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2020-06-22_custom_MaximGroupLLCMember_custom_FortyFiveDayOptionMember"
      decimals="INF"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
    <glbs:NumberOfSharesCalledByWarrants
      contextRef="AsOf2020-06-22_custom_MaximGroupLLCMember_custom_FortyFiveDayOptionMember"
      decimals="INF"
      unitRef="Shares">51429</glbs:NumberOfSharesCalledByWarrants>
    <ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding
      contextRef="From2020-01-012020-06-22_custom_MaximGroupLLCMember"
      decimals="INF"
      unitRef="Shares">51393</ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2020-06-22_custom_MaximGroupLLCMember"
      decimals="INF"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
    <ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding
      contextRef="From2020-01-012020-06-22_custom_MaximGroupLLCMember"
      decimals="INF"
      unitRef="Shares">51393</ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding>
    <ifrs-full:ExercisePriceOfOutstandingShareOptions2019
      contextRef="AsOf2020-06-22_custom_MaximGroupLLCMember"
      decimals="INF"
      unitRef="USDPShares">35</ifrs-full:ExercisePriceOfOutstandingShareOptions2019>
    <ifrs-full:DescriptionOfOptionLifeShareOptionsGranted
      contextRef="From2020-01-012020-06-22_custom_MaximGroupLLCMember"
      decimals="INF"
      unitRef="Pure">5</ifrs-full:DescriptionOfOptionLifeShareOptionsGranted>
    <ifrs-full:ProceedsFromExerciseOfOptions
      contextRef="From2020-01-012020-06-22_custom_MaximGroupLLCMember"
      decimals="-3"
      unitRef="USD">12695000</ifrs-full:ProceedsFromExerciseOfOptions>
    <glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity
      contextRef="From2021-01-012021-12-31_custom_ClassAWarrantsMember"
      decimals="INF"
      unitRef="Shares">5550</glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity>
    <glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity
      contextRef="From2022-01-012022-12-31_custom_ClassAWarrantsMember"
      decimals="INF"
      unitRef="Shares">5550</glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2022-12-31_custom_ClassAWarrantsMember"
      decimals="INF"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2021-12-31_custom_ClassAWarrantsMember"
      decimals="INF"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
    <glbs:ProceedsFromWarrantExercises
      contextRef="From2021-01-012021-12-31_custom_ClassAWarrantsMember"
      decimals="-3"
      unitRef="USD">194000</glbs:ProceedsFromWarrantExercises>
    <glbs:ProceedsFromWarrantExercises
      contextRef="From2022-01-012022-12-31_custom_ClassAWarrantsMember"
      decimals="-3"
      unitRef="USD">194000</glbs:ProceedsFromWarrantExercises>
    <glbs:NumberOfWarrantsOutstanding
      contextRef="AsOf2022-12-31_custom_ClassAWarrantsMember"
      decimals="INF"
      unitRef="Shares">388700</glbs:NumberOfWarrantsOutstanding>
    <glbs:NumberOfWarrantsOutstanding
      contextRef="AsOf2021-12-31_custom_ClassAWarrantsMember"
      decimals="INF"
      unitRef="Shares">388700</glbs:NumberOfWarrantsOutstanding>
    <glbs:NumberOfSharesCalledByWarrants
      contextRef="AsOf2022-12-31_custom_ClassAWarrantsMember"
      decimals="INF"
      unitRef="Shares">388700</glbs:NumberOfSharesCalledByWarrants>
    <glbs:NumberOfSharesCalledByWarrants
      contextRef="AsOf2021-12-31_custom_ClassAWarrantsMember"
      decimals="INF"
      unitRef="Shares">388700</glbs:NumberOfSharesCalledByWarrants>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2022-12-31_custom_ClassAWarrantsMember"
      decimals="INF"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
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      contextRef="AsOf2021-12-31_custom_ClassAWarrantsMember"
      decimals="INF"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
    <ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding
      contextRef="From2020-01-012020-06-30_custom_PPWarrantsMember"
      decimals="INF"
      unitRef="Shares">458500</ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2020-06-30_custom_PPWarrantsMember"
      decimals="INF"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
    <glbs:NumberOfSharesCalledByWarrants
      contextRef="AsOf2020-06-30_custom_PPWarrantsMember"
      decimals="INF"
      unitRef="Shares">458500</glbs:NumberOfSharesCalledByWarrants>
    <glbs:PurchasePriceOfOutstandingWarrants
      contextRef="AsOf2020-06-30_custom_PPWarrantsMember"
      decimals="INF"
      unitRef="USDPShares">27</glbs:PurchasePriceOfOutstandingWarrants>
    <ifrs-full:ExercisePriceOfOutstandingShareOptions2019
      contextRef="AsOf2020-06-30_custom_PPWarrantsMember_ifrs-full_TopOfRangeMember"
      decimals="INF"
      unitRef="USDPShares">30</ifrs-full:ExercisePriceOfOutstandingShareOptions2019>
    <ifrs-full:ExercisePriceOfOutstandingShareOptions2019
      contextRef="AsOf2020-06-30_custom_PPWarrantsMember_ifrs-full_BottomOfRangeMember"
      decimals="INF"
      unitRef="USDPShares">18</ifrs-full:ExercisePriceOfOutstandingShareOptions2019>
    <glbs:ProceedsFromWarrantExercises
      contextRef="From2020-01-012020-06-30_custom_PPWarrantsMember"
      decimals="-3"
      unitRef="USD">11513000</glbs:ProceedsFromWarrantExercises>
    <ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding
      contextRef="From2020-01-012020-07-21_custom_PPWarrantsMember"
      decimals="INF"
      unitRef="Shares">833333</ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2020-07-21_custom_PPWarrantsMember"
      decimals="INF"
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    <glbs:NumberOfSharesCalledByWarrants
      contextRef="AsOf2020-07-21_custom_PPWarrantsMember"
      decimals="INF"
      unitRef="Shares">833333</glbs:NumberOfSharesCalledByWarrants>
    <glbs:PurchasePriceOfOutstandingWarrants
      contextRef="AsOf2020-07-21_custom_PPWarrantsMember"
      decimals="INF"
      unitRef="USDPShares">18</glbs:PurchasePriceOfOutstandingWarrants>
    <ifrs-full:ExercisePriceOfOutstandingShareOptions2019
      contextRef="AsOf2020-07-21_custom_PPWarrantsMember"
      decimals="INF"
      unitRef="USDPShares">18</ifrs-full:ExercisePriceOfOutstandingShareOptions2019>
    <glbs:ProceedsFromWarrantExercises
      contextRef="From2020-01-012020-07-21_custom_PPWarrantsMember"
      decimals="-3"
      unitRef="USD">13950000</glbs:ProceedsFromWarrantExercises>
    <glbs:NumberOfWarrantsOutstanding
      contextRef="AsOf2022-12-31_custom_PPWarrantsMember"
      decimals="INF"
      unitRef="Shares">1291833</glbs:NumberOfWarrantsOutstanding>
    <glbs:NumberOfWarrantsOutstanding
      contextRef="AsOf2021-12-31_custom_PPWarrantsMember"
      decimals="INF"
      unitRef="Shares">1291833</glbs:NumberOfWarrantsOutstanding>
    <glbs:NumberOfSharesCalledByWarrants
      contextRef="AsOf2022-12-31_custom_PPWarrantsMember"
      decimals="INF"
      unitRef="Shares">1291833</glbs:NumberOfSharesCalledByWarrants>
    <glbs:NumberOfSharesCalledByWarrants
      contextRef="AsOf2021-12-31_custom_PPWarrantsMember"
      decimals="INF"
      unitRef="Shares">1291833</glbs:NumberOfSharesCalledByWarrants>
    <ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding
      contextRef="From2020-01-012020-12-09_custom_InstitutionalInvestorsMember"
      decimals="INF"
      unitRef="Shares">1256765</ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2020-12-09_custom_InstitutionalInvestorsMember"
      decimals="INF"
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    <glbs:NumberOfSharesCalledByWarrants
      contextRef="AsOf2020-12-10_custom_PreFundedWarrantsMember_custom_InstitutionalInvestorsMember"
      decimals="INF"
      unitRef="Shares">155000</glbs:NumberOfSharesCalledByWarrants>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2020-12-10_custom_PreFundedWarrantsMember_custom_InstitutionalInvestorsMember"
      decimals="INF"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
    <glbs:NumberOfSharesCalledByWarrants
      contextRef="AsOf2020-12-10_custom_InstitutionalInvestorsMember_custom_DecemberWarrantsMember"
      decimals="INF"
      unitRef="Shares">1270587</glbs:NumberOfSharesCalledByWarrants>
    <ifrs-full:ExercisePriceOfOutstandingShareOptions2019
      contextRef="AsOf2020-12-10_custom_InstitutionalInvestorsMember_custom_DecemberWarrantsMember"
      decimals="INF"
      unitRef="USDPShares">8.50</ifrs-full:ExercisePriceOfOutstandingShareOptions2019>
    <ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding
      contextRef="From2020-01-012020-12-09_custom_InstitutionalInvestorsMember"
      decimals="INF"
      unitRef="Shares">1256765</ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2020-12-09_custom_InstitutionalInvestorsMember"
      decimals="INF"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
    <ifrs-full:ProceedsFromIssuingShares
      contextRef="From2020-01-012020-12-10_custom_InstitutionalInvestorsMember"
      decimals="-3"
      unitRef="USD">11159000</ifrs-full:ProceedsFromIssuingShares>
    <glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity
      contextRef="From2020-01-012020-12-31_custom_PreFundedWarrantsMember"
      decimals="INF"
      unitRef="Shares">25000</glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfPreFundedWarrantsEquity>
    <ifrs-full:ProceedsFromExerciseOfOptions
      contextRef="From2020-01-012020-12-31_custom_PreFundedWarrantsMember"
      decimals="0"
      unitRef="USD">250</ifrs-full:ProceedsFromExerciseOfOptions>
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      decimals="INF"
      unitRef="Shares">130000</glbs:NumberOfWarrantsOutstanding>
    <glbs:NumberOfSharesCalledByWarrants
      contextRef="AsOf2020-12-31_custom_PreFundedWarrantsMember"
      decimals="INF"
      unitRef="Shares">130000</glbs:NumberOfSharesCalledByWarrants>
    <ifrs-full:ProceedsFromExerciseOfOptions
      contextRef="From2021-01-012021-01-13_custom_PreFundedWarrantsMember"
      decimals="0"
      unitRef="USD">1000</ifrs-full:ProceedsFromExerciseOfOptions>
    <glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity
      contextRef="From2021-01-012021-01-13_custom_PreFundedWarrantsMember"
      decimals="INF"
      unitRef="Shares">130000</glbs:IncreaseDecreaseInNumberOfOrdinarySharesIssuedThroughExerciseOfWarrantsEquity>
    <glbs:NumberOfSharesCalledByWarrants
      contextRef="AsOf2022-12-31_custom_DecemberWarrantsMember"
      decimals="INF"
      unitRef="Shares">1270587</glbs:NumberOfSharesCalledByWarrants>
    <glbs:NumberOfSharesCalledByWarrants
      contextRef="AsOf2021-12-31_custom_DecemberWarrantsMember"
      decimals="INF"
      unitRef="Shares">1270587</glbs:NumberOfSharesCalledByWarrants>
    <ifrs-full:ShareIssueRelatedCost
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">1079000</ifrs-full:ShareIssueRelatedCost>
    <ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding
      contextRef="From2021-01-012021-01-29_custom_InstitutionalInvestorsMember"
      decimals="INF"
      unitRef="Shares">2155000</ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2021-01-29_custom_InstitutionalInvestorsMember"
      decimals="INF"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
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      contextRef="AsOf2021-01-29_custom_PreFundedWarrantsMember_custom_InstitutionalInvestorsMember"
      decimals="INF"
      unitRef="Shares">445000</glbs:NumberOfSharesCalledByWarrants>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2021-01-29_custom_PreFundedWarrantsMember_custom_InstitutionalInvestorsMember"
      decimals="INF"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
    <glbs:NumberOfSharesCalledByWarrants
      contextRef="AsOf2021-01-29_custom_InstitutionalInvestorsMember_custom_January2021WarrantsMember"
      decimals="INF"
      unitRef="Shares">1950000</glbs:NumberOfSharesCalledByWarrants>
    <ifrs-full:ParValuePerShare
      contextRef="AsOf2021-01-29_custom_InstitutionalInvestorsMember_custom_January2021WarrantsMember"
      decimals="INF"
      unitRef="USDPShares">0.004</ifrs-full:ParValuePerShare>
    <ifrs-full:ExercisePriceOfOutstandingShareOptions2019
      contextRef="AsOf2021-01-29_custom_InstitutionalInvestorsMember_custom_January2021WarrantsMember"
      decimals="INF"
      unitRef="USDPShares">6.25</ifrs-full:ExercisePriceOfOutstandingShareOptions2019>
    <ifrs-full:ProceedsFromIssuingShares
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      decimals="-3"
      unitRef="USD">15108000</ifrs-full:ProceedsFromIssuingShares>
    <ifrs-full:ShareIssueRelatedCost
      contextRef="From2021-01-012021-01-29_custom_InstitutionalInvestorsMember"
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    <ifrs-full:ProceedsFromExerciseOfOptions
      contextRef="From2021-01-012021-12-31_custom_January2021WarrantsMember"
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    <glbs:NumberOfWarrantsOutstanding
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      decimals="INF"
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    <glbs:NumberOfWarrantsOutstanding
      contextRef="AsOf2021-12-31_custom_January2021WarrantsMember"
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      unitRef="Shares">1950000</glbs:NumberOfWarrantsOutstanding>
    <ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding
      contextRef="From2021-01-012021-02-17_custom_InstitutionalInvestorsMember"
      decimals="INF"
      unitRef="Shares">3850000</ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding>
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      decimals="INF"
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      decimals="INF"
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    <ifrs-full:ParValuePerShare
      contextRef="AsOf2021-02-17_custom_PreFundedWarrantsMember_custom_InstitutionalInvestorsMember"
      decimals="INF"
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      contextRef="AsOf2021-02-17_custom_InstitutionalInvestorsMember_custom_February2021WarrantsMember"
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    <ifrs-full:ShareIssueRelatedCost
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    <ifrs-full:ProceedsFromExerciseOfOptions
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    <glbs:NumberOfWarrantsOutstanding
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    <glbs:NumberOfWarrantsOutstanding
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    <ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding
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    <ifrs-full:DisclosureOfEarningsPerShareExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_807_eifrs-full--DisclosureOfEarningsPerShareExplanatory_z70EVfuMfKjb" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;10.&#160;&#160;&#160;&#160;&#160;
&lt;span id="xdx_82D_z6VAcNvoFAQl"&gt;Earnings/(Loss) per Share&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Basic earnings
/ (loss) per share (&#x201c;EPS&#x201d; / &#x201c;LPS&#x201d;) is calculated by dividing the net income /(loss) for the year attributable
to Globus shareholders by the weighted average number of shares issued, paid and outstanding.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Diluted earnings
/ (loss) per share is calculated by dividing the net income / (loss) attributable to common equity holders of the parent by the weighted
average shares outstanding during the year plus the weighted average number of common shares that would be issued on the conversion of
all the dilutive potential common shares into common shares. The incremental shares (the difference between the number of shares assumed
issued and the number of shares assumed purchased) are included in the denominator of the diluted earnings/(losses) per share computation
unless such inclusion would be anti-dilutive.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;As for the years
ended December 31, 2022 and 2021, the securities that could potentially dilute basic EPS in the future are any incremental shares of
unexercised warrants (Note 9). As the warrants were out-of-the money during the periods ended December 31, 2022 and 2021, these were
not included in the computation of diluted EPS, because to do so would have anti-dilutive effect.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;As the Company
reported losses for the year ended December 31, 2020, the effect of any incremental shares would be antidilutive and thus excluded from
the computation of the LPS.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The following
reflects the net income/(loss) per common share:&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_89A_ecustom--DisclosureOfEarningsPerShareTableExplanatory_zkf3yqy4KBzb" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Earnings/(Loss)
per Share&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_498_20220101__20221231_z4nsmHxkYSP9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_499_20210101__20211231_zbbOgXAENu9b" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_49F_20200101__20201231_z2evNAKmJWCc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="5" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&#160;&#160;For
    the year ended December 31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_401_eifrs-full--ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity_pn3n3_zdiz6CUZkpAi" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Income/(Loss)
    attributable to common equity holders&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;24,280&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;14,950&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;(17,372)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_408_eifrs-full--WeightedAverageShares_pn3n3_zcLbM69m94ga" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Weighted
    average number of shares &#x2013; basic and diluted&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;20,582,301&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;14,809,536&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;959,157&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_401_ecustom--BasicAndDilutedEarningsLossPerShare_pip0_zbp3aw0817Dc" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Net
    income/(loss) per common share &#x2013; basic and diluted&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1.18&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1.01&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;(18.11)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p id="xdx_8A2_z1e7tB3DZd3k" style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"/&gt;




&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&#160;&lt;/p&gt;

</ifrs-full:DisclosureOfEarningsPerShareExplanatory>
    <glbs:DisclosureOfEarningsPerShareTableExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_89A_ecustom--DisclosureOfEarningsPerShareTableExplanatory_zkf3yqy4KBzb" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Earnings/(Loss)
per Share&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_498_20220101__20221231_z4nsmHxkYSP9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_499_20210101__20211231_zbbOgXAENu9b" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_49F_20200101__20201231_z2evNAKmJWCc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="5" style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&#160;&#160;For
    the year ended December 31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_401_eifrs-full--ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity_pn3n3_zdiz6CUZkpAi" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Income/(Loss)
    attributable to common equity holders&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;24,280&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;14,950&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;(17,372)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_408_eifrs-full--WeightedAverageShares_pn3n3_zcLbM69m94ga" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Weighted
    average number of shares &#x2013; basic and diluted&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;20,582,301&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;14,809,536&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;959,157&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_401_ecustom--BasicAndDilutedEarningsLossPerShare_pip0_zbp3aw0817Dc" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Net
    income/(loss) per common share &#x2013; basic and diluted&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1.18&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1.01&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;(18.11)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
</glbs:DisclosureOfEarningsPerShareTableExplanatory>
    <ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">24280000</ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity>
    <ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">14950000</ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity>
    <ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">-17372000</ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity>
    <ifrs-full:WeightedAverageShares
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="Shares">20582301000</ifrs-full:WeightedAverageShares>
    <ifrs-full:WeightedAverageShares
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="Shares">14809536000</ifrs-full:WeightedAverageShares>
    <ifrs-full:WeightedAverageShares
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="Shares">959157000</ifrs-full:WeightedAverageShares>
    <glbs:BasicAndDilutedEarningsLossPerShare
      contextRef="From2022-01-01to2022-12-31"
      decimals="INF"
      unitRef="USDPShares">1.18</glbs:BasicAndDilutedEarningsLossPerShare>
    <glbs:BasicAndDilutedEarningsLossPerShare
      contextRef="From2021-01-012021-12-31"
      decimals="INF"
      unitRef="USDPShares">1.01</glbs:BasicAndDilutedEarningsLossPerShare>
    <glbs:BasicAndDilutedEarningsLossPerShare
      contextRef="From2020-01-012020-12-31"
      decimals="INF"
      unitRef="USDPShares">-18.11</glbs:BasicAndDilutedEarningsLossPerShare>
    <ifrs-full:DisclosureOfBorrowingsExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_80A_eifrs-full--DisclosureOfBorrowingsExplanatory_zkFhbSm2sTul" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;11.&#160;&#160;&#160;&#160;&#160;&#160;
&lt;span id="xdx_82B_zGobxV8RH3K9"&gt;Long-Term Debt, net&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Long-term
debt in the consolidated statement of financial position is analysed as follows:&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_898_ecustom--DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition_zBpCqccOvH5b" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="display: none; font-size: 10pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;Long-Term
Debt, net - Consolidated statement of financial position&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="border-bottom: Black 1pt solid; vertical-align: top; width: 56%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;
    &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Borrower&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Principal&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Deferred
    finance costs&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Accrued
    Interest&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Amortized
    cost&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Devocean Maritime LTD., Domina Maritime LTD., Dulac Maritime S.A., Artful Shipholding S.A., Longevity Maritime Limited,  Serena
    Maritime Limited and Salaminia Maritime Limited.&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zHIMJDHrSwsk" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"&gt;&lt;span style="font-size: 10pt"&gt;44,375&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_ecustom--DebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zcgUlUpmryFl" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Unamortized Debt Discount"&gt;&lt;span style="font-size: 10pt"&gt;(541)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_ecustom--AccruedInterest_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zmiEfKtQIkz3" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;491&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zMa3xWul4CLj" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Total Borrowings"&gt;&lt;span style="font-size: 10pt"&gt;44,325&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total
    at December 31, 2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_983_ecustom--BorrowingsGross_iI_pn3n3_c20221231_zhRObwknHObh" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;44,375&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_ecustom--DebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231_zG2nRhtoIy3g" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Unamortized Debt Discount"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(541)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_ecustom--AccruedInterest_iI_pn3n3_c20221231_z8nGbPELI5nf" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;b&gt;491&lt;/b&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--Borrowings_iI_pn3n3_c20221231_zIrXRvwEI4q7" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Total Borrowings"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;44,325&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Less:
    Current Portion&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_988_ecustom--CurrentPortionOfLongTermBorrowingsGross_iI_pn3n3_c20221231_zAQAmyXHGWPh" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance - Current Portion"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(6,500)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_981_ecustom--CurrentPortionOfDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231_zHQLyK48ezj1" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Unamortized Debt Discount- Current Portion"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;188&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;
    &lt;td id="xdx_984_ecustom--AccruedInterestCurrent_iNI_pn3n3_di_c20221231_z4684zpoBb02" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest - Current Portion"&gt;&lt;b&gt;(491)&lt;/b&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--CurrentPortionOfLongtermBorrowings_iNI_pn3n3_di_c20221231_z8lFRzkDIQFk" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Total Borrowings - Current Portion"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(6,803)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Long-Term
    Portion&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_ecustom--LongTermBorrowingsGross_iI_pn3n3_c20221231_zFaBU7K8KAPh" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance - Long-Term Portion"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;37,875&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_988_ecustom--LongTermDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231_zGvnSrtblPK8" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Unamortized Debt Discount - Long-Term Portion"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(353)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;b&gt;&#x2014;&lt;/b&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--LongtermBorrowings_iI_pn3n3_c20221231_zhf9drukakPl" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Total Borrowings - Long-Term Portion"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;37,522&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total
    at December 31, 2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_ecustom--BorrowingsGross_iI_pn3n3_c20211231_z6LAgXqR616a" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;31,750&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_ecustom--DebtInstrumentUnamortisedDiscount_iI_pn3n3_c20211231_zyYVNThi0BI2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Unamortized Debt Discount"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(447)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_982_ecustom--AccruedInterest_iI_pn3n3_c20211231_zFIL6xdw6TIa" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;b&gt;179&lt;/b&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--Borrowings_iI_pn3n3_c20211231_zbIq0CbhDKoa" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Total Borrowings"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;31,482&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Less:
    Current Portion&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_ecustom--CurrentPortionOfLongTermBorrowingsGross_iI_pn3n3_c20211231_zyvRRgd5HAef" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance - Current Portion"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(5,000)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_982_ecustom--CurrentPortionOfDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20211231_zXaqrvyvJYW" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Unamortized Debt Discount- Current Portion"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;135&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_982_ecustom--AccruedInterestCurrent_iNI_pn3n3_di_c20211231_z0ofL4tPFNWi" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest - Current Portion"&gt;&lt;b&gt;(179)&lt;/b&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--CurrentPortionOfLongtermBorrowings_iNI_pn3n3_di_c20211231_z0W0k1y1RQak" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Total Borrowings - Current Portion"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(5,044)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Long-Term
    Portion&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_ecustom--LongTermBorrowingsGross_iI_pn3n3_c20211231_zZXKJDXn7Fb5" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance - Long-Term Portion"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;26,750&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_ecustom--LongTermDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20211231_zKP0cxEvk6l1" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Unamortized Debt Discount - Long-Term Portion"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(312)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;b&gt;&#x2014;&lt;/b&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--LongtermBorrowings_iI_pn3n3_c20211231_ziOCcXvbYylf" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Total Borrowings - Long-Term Portion"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;26,438&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p id="xdx_8A7_zhuwGxWP4lvh" style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0%"/&gt;&lt;td style="width: 2%"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b/&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; width: 98%"&gt;&lt;span style="font-size: 10pt"&gt;In
                                            June 2019, Globus through its wholly owned subsidiaries, Devocean Maritime Ltd.(the &#x201c;Borrower
                                            A&#x201d;), Domina Maritime Ltd. (the &#x201c;Borrower B&#x201d;), Dulac Maritime S.A. (the
                                            &#x201c;Borrower C&#x201d;), Artful Shipholding S.A. (the &#x201c;Borrower D&#x201d;) and Longevity
                                            Maritime Limited (the &#x201c;Borrower E&#x201d;), vessel owning companies of m/v River Globe,
                                            m/v Sky Globe, m/v Star Globe, m/v Moon Globe and m/v Sun Globe, respectively, entered a
                                            new term loan facility for up to $&lt;span id="xdx_901_ecustom--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn3n3_c20190630__ifrs-full--BorrowingsByNameAxis__custom--EnTrustMember_z0t5NVXDHEb"&gt;37,000&lt;/span&gt; with EnTrust Global&#x2019;s Blue Ocean Fund &lt;span id="xdx_90B_ecustom--DescriptionOfBorrowingsScope_c20190101__20190630__ifrs-full--BorrowingsByNameAxis__custom--EnTrustMember_zJ8Tm7XKrDpe"&gt;for
                                            the purpose of refinancing the existing indebtedness secured on the ships and for general
                                            corporate purposes.&lt;/span&gt; The loan facility was in the names of Devocean Maritime Ltd., Domina
                                            Maritime Ltd, Dulac Maritime S.A., Artful Shipholding S.A. and Longevity Maritime Limited
                                            as the borrowers and is guaranteed by Globus. The loan facility bore interest at &lt;span id="xdx_90A_eifrs-full--BorrowingsInterestRateBasis_c20190101__20190630__ifrs-full--BorrowingsByNameAxis__custom--EnTrustMember_zo20lnBzQdak"&gt;LIBOR plus
                                            a margin&lt;/span&gt; of &lt;span id="xdx_903_eifrs-full--BorrowingsAdjustmentToInterestRateBasis_iI_pip0_dp_c20190630__ifrs-full--BorrowingsByNameAxis__custom--EnTrustMember_z1gch9etxl2c"&gt;8.50&lt;/span&gt;% (or &lt;span id="xdx_908_ecustom--BorrowingsDefaultInterestRate_iI_pip0_dp_c20190630__ifrs-full--BorrowingsByNameAxis__custom--EnTrustMember_zykqoZmTLra9"&gt;10.5&lt;/span&gt;% default interest) for interest periods of three months. This
                                            loan facility was referred to as EnTrust loan facility. &lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;In March
2021, the Company prepaid $&lt;span id="xdx_902_ecustom--DebtInstrumentPrepaymentAmount_pdn6_c20210101__20210331__ifrs-full--BorrowingsByNameAxis__custom--EnTrustMember_zl938t7NBgc9"&gt;6.0&lt;/span&gt; million of the Entrust loan facility, which represented all amounts that would otherwise come due during
calendar year 2021 and on May 10, 2021, the Company fully prepaid the balance of the EnTrust Loan facility.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0%"/&gt;&lt;td style="width: 2%"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b/&gt;&lt;/span&gt;&lt;/td&gt;&lt;td style="text-align: justify; width: 98%"&gt;&lt;span style="font-size: 10pt"&gt;In November 2018, Globus Maritime Limited entered into a
                                                                                                  credit facility for up to $&lt;span id="xdx_901_ecustom--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn3n3_c20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zecetcZZwue5"&gt;15,000&lt;/span&gt;
                                                                                                  with Firment Shipping Inc., an affiliate of the Company&#x2019;s chairman, for the purpose &lt;span id="xdx_907_ecustom--DescriptionOfBorrowingsScope_c20180101__20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zDHZFcvVuwTc"&gt;of
                                                                                                  financing its general working capital needs&lt;/span&gt;. The Firment Shipping Credit Facility was unsecured and remained available until
                                                                                                  its final maturity date on &lt;span id="xdx_90F_eifrs-full--BorrowingsMaturity_c20180101__20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zwpL7YmIw3N4"&gt;October
                                                                                                  31, 2021&lt;/span&gt; . The Company had the right to draw-down any amount of up to $15,000 or prepay any amount in multiples of $&lt;span id="xdx_90C_ecustom--LineOfCreditFacilityDrawndownAmountsMultiples_pn3n3_c20180101__20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zUPaib8B7je2"&gt;100&lt;/span&gt;.
                                                                                                  Any prepaid amount could be re-borrowed in accordance with the terms of the facility. Interest on drawn and outstanding amounts was
                                                                                                  charged at &lt;span id="xdx_901_eifrs-full--BorrowingsInterestRate_iI_pip0_dp_c20201231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_z5MCuArtI2q2"&gt;3.5&lt;/span&gt;%
                                                                                                  per annum until December 31, 2020, and thereafter at &lt;span id="xdx_906_eifrs-full--BorrowingsInterestRate_iI_pip0_dp_uPure_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zY3hHo3szVR"&gt;7&lt;/span&gt;%
                                                                                                  per annum and no commitment fee was charged on the amounts remaining available and undrawn. Interest was payable the last day of a
                                                                                                  period of three months after the draw-down date, after this period in case of failure to pay any sum due, a default interest of 2%
                                                                                                  per annum above the regular interest was charged. &lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 11pt Book Antiqua, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0pt"&gt;&lt;span style="font-size: 10pt"&gt;Globus
also had the right, in its sole option, to convert in whole or in part the outstanding unpaid principal amount and accrued but unpaid
interest under the Firment Shipping Credit Facility into common stock. The conversion price would equal the higher of (i) the average
of the daily dollar volume-weighted average sale price for the common stock on the principal market on any trading day during the period
beginning at 9.30 a.m. New York City time and ending at 4.00 p.m. (&#x201c;VWAP&#x201d;) over the pricing period multiplied by &lt;span id="xdx_90D_ecustom--DebtInstrumentConvertibleConversionMultiplier_dp_c20180101__20181130__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zo4Tdx4BZwz6"&gt;80&lt;/span&gt;%, where
the &#x201c;Pricing Period&#x201d; equaled the ten consecutive trading days immediately preceding the date on which the conversion notice
was executed or (ii) Two hundred eighty US Dollars ($280) (absolute amount).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Book Antiqua, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0pt"&gt;&lt;span style="font-size: 10pt"&gt;As
per the conversion clause included in the Firment Shipping Credit Facility, the Company had recognized this agreement as a hybrid financial
instrument which included an embedded derivative. This embedded derivative component was separated from the non-derivative host. The
derivative component was shown separately from the non-derivative host in the consolidated statement of financial position at fair value.
The changes in the fair value of the derivative financial instrument were recognized in the income statement component of the consolidated
statement of comprehensive income/(loss). For the year ended December 31, 2020, the amount drawn and outstanding with respect to Firment
Shipping Credit Facility was nil.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0pt"&gt;&lt;span style="font-size: 10pt"&gt;On
July 27, 2020, the Company repaid the total outstanding principal and interest of the Firment Shipping Credit Facility amounting to $&lt;span id="xdx_90B_eifrs-full--RepaymentsOfCurrentBorrowings_pn3n3_c20200101__20200727__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_z26wW8AjN2Z5"&gt;863&lt;/span&gt;.
The Company recognized a gain on this derivative financial instrument amounting to $&lt;span id="xdx_908_eifrs-full--GainsLossesOnChangeInFairValueOfDerivatives_pn3n3_c20200101__20200727__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zcdwNY9PMQE2"&gt;220&lt;/span&gt;, which was classified under &#x201c;gain/(loss)
on derivative financial instruments&#x201d; in the income statement component of the consolidated statement of comprehensive income/(loss).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;On May 8,
2020 the Amended and Restated Agreement converted the existing Revolving Credit Facility to a Term Credit Facility and extended the maturity
date to October 31, 2021. The facility with Firment Shipping Inc. expired on October 31, 2021.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The Firment
Shipping Credit Facility required that Athanasios Feidakis remained Chief Executive Officer and that Firment Shipping maintained at least
a &lt;span id="xdx_90C_ecustom--ProportionOfOwnershipInterestsHeldByControllingParty_dp_c20220101__20221231__ifrs-full--RangeAxis__srt--MinimumMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FirmentShippingIncMember_zqhD9OWzMZW2"&gt;40&lt;/span&gt;% shareholding in Globus, other than due to actions taken by Firment Shipping, such as sales of shares. In connection with the public
offering on June 22, 2020 and the registered direct offering on June 30, 2020, July 21, 2020, December 7, 2020, January 27, 2021, February
12, 2021 and June 25, 2021 (collectively, the &#x201c;Filings&#x201d;), the Company obtained waivers from Firment Shipping Inc. The waivers
consented to the Company making the Filings and waived the requirement to maintain at least a 40% shareholding in Globus as a result
of the issuance of common shares and warrants.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"/&gt;&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;11.&#160;&#160;&#160;&#160;Long-Term Debt, net (continued)&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;In
May 2021, Globus through its wholly owned subsidiaries, Devocean Maritime Ltd.(the &#x201c;Borrower A&#x201d;), Domina Maritime Ltd. (the
&#x201c;Borrower B&#x201d;), Dulac Maritime S.A. (the &#x201c;Borrower C&#x201d;), Artful Shipholding S.A. (the &#x201c;Borrower D&#x201d;),
Longevity Maritime Limited (the &#x201c;Borrower E&#x201d;) and Serena Maritime Limited (the &#x201c;Borrower F&#x201d;), vessel owning companies
of m/v River Globe, m/v Sky Globe, m/v Star Globe, m/v Moon Globe, m/v Sun Globe and m/v Galaxy Globe, respectively, entered a new term
loan facility for up to $34,250 with First Citizens Bank &amp;amp; Trust Company (&#x201c;CIT Loan Facility&#x201d;) (formerly known as CIT
Bank N.A.) for the purpose of refinancing the existing indebtedness secured on the ships. The loan facility is in the names of Devocean
Maritime Ltd., Domina Maritime Ltd, Dulac Maritime S.A., Artful Shipholding S.A., Longevity Maritime Limited and Serena Maritime Limited
as the borrowers and is guaranteed by Globus. This loan facility is referred to as the &#x201c;CIT loan facility&#x201d;. The loan facility
bore interest at LIBOR plus a margin of 3.75% for interest periods of three months.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;


&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The loan
agreement was for the lesser of $&lt;span id="xdx_902_ecustom--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn3n3_c20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zWRYyuCLKALg"&gt;34,250&lt;/span&gt;
and &lt;span id="xdx_903_ecustom--PercentageOfCoverageOfBorrowingCapacity_iI_pip2_c20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zb5GWggrs8c3"&gt;52.5&lt;/span&gt;%
of the aggregate market value of the Company&#x2019;s ships. The Company drew an aggregate of $&lt;span id="xdx_904_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pn3n3_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zxEUpAAcrrzh"&gt;34,250&lt;/span&gt;
at closing and &lt;span id="xdx_90D_ecustom--DescriptionOfBorrowingsScope_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zePYpG2XyxSb"&gt;used
a significant portion of the proceeds to fully repay the amounts outstanding under the loan agreement with EnTrust.&lt;/span&gt; The
Company also entered into a swap agreement with respect to LIBOR. The Company paid CIT Bank an upfront fee in the amount of &lt;span id="xdx_905_ecustom--PercentageOfUpfrontFeeInLoanAgreement_iI_pip2_c20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--SWAPAgreementMember_zzFFi1wbyu8d"&gt;1.25&lt;/span&gt;%
of the total commitment of the loan.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;On May
10, 2021&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;, the Company drew down $34,250, paid $&lt;span id="xdx_902_eifrs-full--BorrowingCostsIncurred_pn3n3_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zcF2VJ3o3NW"&gt;545&lt;/span&gt;
   of borrowing costs incurred for the CIT loan facility, which were deferred over the duration of the loan
facility, and fully prepaid the balance of the EnTrust loan facility. The CIT loan facility consists of &lt;span id="xdx_90B_ecustom--NumberOfLoanTranches_iI_dc_uPure_c20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zsrx8R18rTK"&gt;six &lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;tranches,
which shall be repaid in &lt;span id="xdx_900_ecustom--DebtInstrumentNumberOfRepaymentInstallments_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zP1ZsYAMAaqj"&gt;20 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;consecutive &lt;span id="xdx_905_ecustom--BorrowingsFrequencyOfPeriodicPayment_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zE3B1DlL7z2e"&gt;quarterly &lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;instalments
with each instalment in an aggregate amount of $&lt;span id="xdx_902_ecustom--BorrowingsPeriodicPayment_pdn6_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zY1wm9Qj6DPa"&gt;1.25 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;million
(absolute amount) as well as a balloon payment in an aggregate amount of $&lt;span id="xdx_908_ecustom--BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid_iI_pdn6_c20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zMLbbadQjKhj"&gt;9.25 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;million
(absolute amount) due together with the 20th and final instalment due in &lt;span id="xdx_90E_eifrs-full--BorrowingsMaturity_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_ztXOXy5s6pbe"&gt;May
2026&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;. The CIT Loan Facility bore interest at &lt;span id="xdx_907_eifrs-full--BorrowingsInterestRateBasis_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zXKhWmZ4tjnh"&gt;LIBOR &lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;plus &lt;span id="xdx_90F_eifrs-full--BorrowingsAdjustmentToInterestRateBasis_iI_pip2_c20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zM25On7slJ3"&gt;3.75&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;%
(or &lt;span id="xdx_90C_ecustom--BorrowingsDefaultInterestRate_iI_pip2_c20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_zSYbcFy3c39d"&gt;5.75&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;%
default interest).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Following
the agreement reached in August 2022 the benchmark rate of the CIT Loan Facility was amended from LIBOR to SOFR and the applicable margin
was decreased from 3.75% to 3.35%. This amendment to the loan agreement falls within the scope of Interest Rate Benchmark Reform &#x2013;
Phase 2, Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (&#x201c;Amendments&#x201d;), which have been published by IASB in August
2020 and adopted by the Company as of January 1, 2021. In particular, the Company applied the practical expedient available under the
Amendments and adjusted the effective interest rate when accounting for changes in the basis for determining the contractual cash flows
under CIT loan facility. No adjustment to the carrying amount of the loan was necessary. The Company has also amended its interest rate
swap agreement with First Citizens Bank &amp;amp; Trust Company (formerly known as CIT Bank N.A.) and replaced the respective benchmark rate
from LIBOR to SOFR in order to depict the change of base rate of the CIT Loan Facility. As a result of this amendment, and the revaluation
of the interest rate swap, the Company recognized a realized gain of $&lt;span id="xdx_904_eifrs-full--GainsLossesOnChangeInFairValueOfDerivatives_pn3n3_c20220101__20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zrMCqLx6OwT9"&gt;163&lt;/span&gt;, which is included under Gain/(Loss) on derivative financial
instruments, net in the income statement component of the consolidated statement of comprehensive income for the year ended December
31, 2022.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;In
August 2022, the Company also reached an agreement with First Citizens Bank &amp;amp; Trust Company (formerly known as CIT Bank N.A.)
for a deed of accession, amendment and restatement of the CIT loan facility by the accession of an additional borrower in order to
increase the loan facility from a total of $34.25 million (absolute amount) to $&lt;span id="xdx_900_ecustom--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pdn6_c20220810__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_znuJcrCcWKCb"&gt;52.25 &lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;million
(absolute amount), by a top up loan amount of $18 million (absolute amount) &lt;span id="xdx_902_ecustom--DescriptionOfBorrowingsScope_c20220101__20220810__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zIf0ZvhugMwl"&gt;for
the purpose of financing vessel Orion Globe and for general corporate and working capital purposes of all the borrowers and
Globus&lt;/span&gt;. The CIT loan facility (including the new top up loan amount) became further secured by a first preferred mortgage
over the vessel Orion Globe. Furthermore, the loan facility bears interest at Term &lt;span id="xdx_90E_eifrs-full--BorrowingsInterestRateBasis_c20220101__20220810__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zQaAZ6NanSj9"&gt;SOFR
plus a margin&lt;/span&gt; &lt;span id="xdx_906_eifrs-full--BorrowingsAdjustmentToInterestRateBasis_iI_pip2_c20220810__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zE2sDXHzUvWc"&gt;3.35&lt;/span&gt;%
for the whole CIT loan facility. The Company also entered into a new swap agreement in order for the additional borrower to enter
into hedging transactions (separately from those entered by the other borrowers) with First Citizens Bank &amp;amp; Trust Company
(formerly known as CIT Bank N.A.). On August 10, 2022, the Company drew down $&lt;span id="xdx_90E_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pdn6_c20220101__20220810__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zUGqyUicBCY8"&gt;18&lt;/span&gt;
million (absolute amount), paid approximately $&lt;span id="xdx_908_eifrs-full--BorrowingCostsIncurred_pn3n3_c20220101__20220810__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--August2022AgreementMember_zOTSZ7j6UtRg"&gt;259&lt;/span&gt;
of borrowing costs incurred, which were deferred over the duration of the loan facility.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The CIT Loan
Facility may be prepaid. If the prepayment of any tranche other than the tranche financing Orion Globe occurs on or before May 10, 2023
but after May 10, 2022, the prepayment fee is &lt;span id="xdx_907_ecustom--PercentageOfUpfrontFeeInLoanAgreement_iI_pip2_c20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--SWAPAgreementMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--PrepaymentOnOrBeforeMay2023ButAfterMay2022Member_zV9sBLo3WLN8"&gt;1&lt;/span&gt;% of the amount prepaid, subject to certain exceptions. If the prepayment of the tranche
financing Orion Globe occurs on or before August 10, 2023, the prepayment fee is &lt;span id="xdx_90B_ecustom--PercentageOfUpfrontFeeInLoanAgreement_iI_pip2_c20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--SWAPAgreementMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--PrepaymentOnOrBeforeAugust2023ButAfterMay2023Member_z9XyyBeXyxsl"&gt;2&lt;/span&gt;% of the amount prepaid and thereafter until August
10, 2024, the prepayment fee is &lt;span id="xdx_904_ecustom--PercentageOfUpfrontFeeInLoanAgreement_iI_pip2_c20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--SWAPAgreementMember__ifrs-full--CategoriesOfFinancialAssetsAxis__custom--PrepaymentOnOrBeforeAugust2024ButAfterAugust2023Member_zkiHq3J9mUC3"&gt;1&lt;/span&gt;% of the amount prepaid, subject to certain exceptions. The Company cannot reborrow any amount of the
CIT Loan that is prepaid or repaid.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The CIT Loan
Facility is secured by:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#x2022; First
preferred mortgage over m/v River Globe, m/v Sky Globe, m/v Star Globe, m/v Moon Globe, m/v Sun Globe, m/v Galaxy Globe and m/v Orion
Globe.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#x2022; Guarantee
from Globus Maritime Limited and joint liability of the seven vessel owning companies (each of which is a borrower under the CIT Loan
Facility).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#x2022; Shares
pledges respecting each borrower.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&#160;&lt;/p&gt;




&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"/&gt;

&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;11.&#160;&#160;&#160;&#160;&#160;Long-Term Debt, net (continued)&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#x2022; Pledges
of bank accounts, a pledge of each borrower&#x2019;s rights under any interest rate hedging agreement in respect of the CIT Loan Facility,
a general assignment over each ship's earnings, insurances and any requisition compensation in relation to that ship, and an assignment
of the rights of Globus with respect to any indebtedness owed to it by the borrowers.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The
Company is not permitted, without the written consent of CIT, to enter into a charter the duration of which exceeds or is capable of
exceeding, by virtue of any optional extensions, 12 months.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The CIT Loan
Facility contains various covenants requiring the vessels owning companies and/or Globus Maritime Limited to, among other things, ensure
that:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 242pt 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;span style="font-family: Symbol"&gt;&#xb7;
&lt;/span&gt;The borrowers, must maintain a minimum liquidity at all times of not less than $500 for each mortgaged ship.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;span style="font-family: Symbol"&gt;&#xb7;
&lt;/span&gt;A minimum loan (including any exposure under a related hedging agreement) to value ratio of 70%, except for the tranche financing
Orion Globe, for which for the first 18 months of the utilization of that tranche including any exposure under a related hedging agreement),
a minimum loan to value ratio of 75% and thereafter 70%.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;span style="font-family: Symbol"&gt;&#xb7;
&lt;/span&gt;Each borrower must maintain in its earnings account $150 in respect of each ship then subject to a mortgage.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;span style="font-family: Symbol"&gt;&#xb7;
&lt;/span&gt;Globus Maritime Limited must maintain cash in an amount of not less than $150 for each ship that it owns that is not subject to
a mortgage as part of the CIT Loan.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;span style="font-family: Symbol"&gt;&#xb7;
&lt;/span&gt;Globus Maritime Limited must have a maximum leverage ratio of 0.75:1.00.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;span style="font-family: Symbol"&gt;&#xb7;
&lt;/span&gt;If Globus Maritime Limited pays a dividend, subject to certain exceptions, then the debt service coverage ratio (i.e., aggregate
EBITDA of Globus Maritime Limited for any period to the debt service for such period) after such dividend and for the remain of the CIT
Loan Facility shall be at least 1.15:1.00.&lt;/span&gt;&lt;/p&gt;


&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 18pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span id="xdx_904_ecustom--DebtSecuritiesCovenants_c20210101__20210510__ifrs-full--BorrowingsByNameAxis__custom--CiTLoanFacilityMember_z6EoghwE6ot3"&gt;Each
borrower must create a reserve fund in the reserve account to meet the anticipated dry docking and special survey fees and expenses
for the relevant ship owned by it and (for certain ships) the installation of ballast water treatment system on the ship owned by it
by maintaining in the reserve account a minimum credit balance that may not be withdrawn (other than for the purpose of covering the
documented and incurred costs and expenses for the next special survey of that ship). Amounts must be paid into this reserve account
quarterly, such that $1,200 is set aside by each borrower for its ship&#x2019;s special survey, except for Serena Maritime Limited
and Salaminia Maritime Limited, each of which are required to set aside quarterly payments that aggregate to $900.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Globus
Maritime Limited is prohibited from making dividends (other than up to $500 annually on or in respect of its preferred share) in
cash or redeem or repurchase its shares unless there is no event of default under the CIT Loan Facility, the net loan (including any
exposure under a related hedging agreement)  to value ratio is less than 60% before the making of the dividend and Globus
Maritime Limited is in compliance with the debt service coverage ratio, and Globus Maritime Limited must prepay the CIT Loan
Facility in an equal amount of the dividend.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The CIT Loan
Facility also prohibits certain changes of control, including, among other things, the delisting of Globus from the Nasdaq or another
internationally recognized stock exchange, or the acquisition by any person or group of persons (acting in concert) of a majority of
the shareholder voting rights or the ability to appoint a majority of board members or to give directions with respect to the operating
and financial policies of Globus Maritime Limited with which the directors are obliged to comply, other than those persons disclosed
to CIT Bank on or around the date of the CIT Loan Facility and their affiliates and immediate family members.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The
Company was in compliance with the covenants of the CIT Loan Facility as at December 31, 2022 and 2021.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;The
contractual annual loan principal payments  to be made subsequent to December 31, 2022, were as follows:&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_89B_ecustom--DisclosureOfLongTermDebtAnnualPrincipalPayments_zXG0zGWFsH74" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Long-Term
Debt, net - Annual loan principal payments&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="vertical-align: bottom; font-weight: bold; text-align: left; width: 89%"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;December
    31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: right; width: 10%"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;First
    Citizens Bank &amp;amp; Trust Company (formerly known as CIT Bank N.A.)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;2023&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_988_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zzoBBTG5vg4d" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan Balance"&gt;&lt;span style="font-size: 10pt"&gt;6,500&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;2024&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_980_ecustom--BorrowingsGross_iI_pn3n3_uUSD_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zKJu35ns4g9g" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan Balance"&gt;&lt;span style="font-size: 10pt"&gt;6,500&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;2025&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_ecustom--BorrowingsGross_iI_pn3n3_uUSD_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanThreeYearsAndNotLaterThanFourYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zQaqpn3jIzWk" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan Balance"&gt;&lt;span style="font-size: 10pt"&gt;6,500&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;2026 &lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanFourYearsAndNotLaterThanFiveYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_z9SxNlFWypG2" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan Balance"&gt;&lt;span style="font-size: 10pt"&gt;24,875&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_980_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zvNJYWLMCGoi" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan Balance"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;44,375&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 18pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;The
contractual annual loan principal payments  to be made subsequent to December 31, 2021, were as follows:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="vertical-align: bottom; font-weight: bold; text-align: left; width: 89%"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;December
    31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: right; width: 10%"&gt;&lt;span style="font-size: 10pt"&gt;First
    Citizens Bank &amp;amp; Trust Company (formerly known as &lt;b&gt;CIT Bank N.A.)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;2022&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_987_ecustom--BorrowingsGross_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_z6kKqk2fICRk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"&gt;&lt;span style="font-size: 10pt"&gt;5,000&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;2023&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_ecustom--BorrowingsGross_iI_pn3n3_uUSD_c20211231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zrUg6WRPY71e" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"&gt;&lt;span style="font-size: 10pt"&gt;5,000&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;2024&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98B_ecustom--BorrowingsGross_iI_pn3n3_uUSD_c20211231__ifrs-full--MaturityAxis__ifrs-full--LaterThanThreeYearsAndNotLaterThanFourYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zfgIOEN3sxEf" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"&gt;&lt;span style="font-size: 10pt"&gt;5,000&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;2025&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98D_ecustom--BorrowingsGross_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__ifrs-full--LaterThanFourYearsAndNotLaterThanFiveYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zkvVFlpIGcfk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"&gt;&lt;span style="font-size: 10pt"&gt;5,000&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;2026 and thereafter&#160;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_980_ecustom--BorrowingsGross_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__ifrs-full--LaterThanFiveYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zGT6dpnThdCf" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"&gt;&lt;span style="font-size: 10pt"&gt;11,750&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_ecustom--BorrowingsGross_iI_pn3n3_c20211231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zD980e5ilCs1" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;31,750&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p id="xdx_8A1_zH9oPKdGMEvc" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm"&gt;&lt;span style="font-size: 10pt"&gt;The weighted average interest rate
for the years ended December 31, 2022 and 2021, was &lt;span id="xdx_90F_eifrs-full--BorrowingsInterestRate_iI_pip0_dp_c20221231__ifrs-full--RangeAxis__ifrs-full--WeightedAverageMember_zTbcIjIZRBU3"&gt;5.58&lt;/span&gt;% and &lt;span id="xdx_90A_eifrs-full--BorrowingsInterestRate_iI_pip0_dp_c20211231__ifrs-full--RangeAxis__ifrs-full--WeightedAverageMember_zD8QFCRIwR8d"&gt;5.69&lt;/span&gt;%, respectively.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -1cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-indent: -1cm"/&gt;

</ifrs-full:DisclosureOfBorrowingsExplanatory>
    <glbs:DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_898_ecustom--DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition_zBpCqccOvH5b" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="display: none; font-size: 10pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;Long-Term
Debt, net - Consolidated statement of financial position&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="border-bottom: Black 1pt solid; vertical-align: top; width: 56%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;
    &lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Borrower&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Principal&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Deferred
    finance costs&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 10%"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Accrued
    Interest&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Amortized
    cost&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Devocean Maritime LTD., Domina Maritime LTD., Dulac Maritime S.A., Artful Shipholding S.A., Longevity Maritime Limited,  Serena
    Maritime Limited and Salaminia Maritime Limited.&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zHIMJDHrSwsk" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"&gt;&lt;span style="font-size: 10pt"&gt;44,375&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_ecustom--DebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zcgUlUpmryFl" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Unamortized Debt Discount"&gt;&lt;span style="font-size: 10pt"&gt;(541)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_ecustom--AccruedInterest_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zmiEfKtQIkz3" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;491&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--Borrowings_iI_pn3n3_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember_zMa3xWul4CLj" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Total Borrowings"&gt;&lt;span style="font-size: 10pt"&gt;44,325&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total
    at December 31, 2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_983_ecustom--BorrowingsGross_iI_pn3n3_c20221231_zhRObwknHObh" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;44,375&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_ecustom--DebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231_zG2nRhtoIy3g" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Unamortized Debt Discount"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(541)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_ecustom--AccruedInterest_iI_pn3n3_c20221231_z8nGbPELI5nf" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;b&gt;491&lt;/b&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--Borrowings_iI_pn3n3_c20221231_zIrXRvwEI4q7" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Total Borrowings"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;44,325&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Less:
    Current Portion&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_988_ecustom--CurrentPortionOfLongTermBorrowingsGross_iI_pn3n3_c20221231_zAQAmyXHGWPh" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance - Current Portion"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(6,500)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_981_ecustom--CurrentPortionOfDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231_zHQLyK48ezj1" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Unamortized Debt Discount- Current Portion"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;188&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;
    &lt;td id="xdx_984_ecustom--AccruedInterestCurrent_iNI_pn3n3_di_c20221231_z4684zpoBb02" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest - Current Portion"&gt;&lt;b&gt;(491)&lt;/b&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--CurrentPortionOfLongtermBorrowings_iNI_pn3n3_di_c20221231_z8lFRzkDIQFk" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Total Borrowings - Current Portion"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(6,803)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Long-Term
    Portion&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_ecustom--LongTermBorrowingsGross_iI_pn3n3_c20221231_zFaBU7K8KAPh" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance - Long-Term Portion"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;37,875&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_988_ecustom--LongTermDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20221231_zGvnSrtblPK8" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Unamortized Debt Discount - Long-Term Portion"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(353)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;b&gt;&#x2014;&lt;/b&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--LongtermBorrowings_iI_pn3n3_c20221231_zhf9drukakPl" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Total Borrowings - Long-Term Portion"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;37,522&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total
    at December 31, 2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_ecustom--BorrowingsGross_iI_pn3n3_c20211231_z6LAgXqR616a" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;31,750&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_ecustom--DebtInstrumentUnamortisedDiscount_iI_pn3n3_c20211231_zyYVNThi0BI2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Unamortized Debt Discount"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(447)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_982_ecustom--AccruedInterest_iI_pn3n3_c20211231_zFIL6xdw6TIa" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;b&gt;179&lt;/b&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--Borrowings_iI_pn3n3_c20211231_zbIq0CbhDKoa" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Total Borrowings"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;31,482&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Less:
    Current Portion&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_ecustom--CurrentPortionOfLongTermBorrowingsGross_iI_pn3n3_c20211231_zyvRRgd5HAef" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance - Current Portion"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(5,000)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_982_ecustom--CurrentPortionOfDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20211231_zXaqrvyvJYW" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Unamortized Debt Discount- Current Portion"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;135&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_982_ecustom--AccruedInterestCurrent_iNI_pn3n3_di_c20211231_z0ofL4tPFNWi" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued Interest - Current Portion"&gt;&lt;b&gt;(179)&lt;/b&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--CurrentPortionOfLongtermBorrowings_iNI_pn3n3_di_c20211231_z0W0k1y1RQak" style="border-bottom: Black 0.5pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Total Borrowings - Current Portion"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(5,044)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Long-Term
    Portion&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_ecustom--LongTermBorrowingsGross_iI_pn3n3_c20211231_zZXKJDXn7Fb5" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance - Long-Term Portion"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;26,750&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_ecustom--LongTermDebtInstrumentUnamortisedDiscount_iI_pn3n3_c20211231_zKP0cxEvk6l1" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Unamortized Debt Discount - Long-Term Portion"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;(312)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;b&gt;&#x2014;&lt;/b&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--LongtermBorrowings_iI_pn3n3_c20211231_ziOCcXvbYylf" style="border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Total Borrowings - Long-Term Portion"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;26,438&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
</glbs:DisclosureOfBorrowingsConsolidatedStatementOfFinancialPosition>
    <glbs:BorrowingsGross
      contextRef="AsOf2022-12-31_custom_DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember"
      decimals="-3"
      unitRef="USD">44375000</glbs:BorrowingsGross>
    <glbs:DebtInstrumentUnamortisedDiscount
      contextRef="AsOf2022-12-31_custom_DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember"
      decimals="-3"
      unitRef="USD">-541000</glbs:DebtInstrumentUnamortisedDiscount>
    <glbs:AccruedInterest
      contextRef="AsOf2022-12-31_custom_DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember"
      decimals="-3"
      unitRef="USD">491000</glbs:AccruedInterest>
    <ifrs-full:Borrowings
      contextRef="AsOf2022-12-31_custom_DevoceanMaritimeLTDDominaMaritimeLTDDulacMaritimeSAArtfulShipholdingSALongevityMaritimeLimitedSerenaMaritimeLimitedMember"
      decimals="-3"
      unitRef="USD">44325000</ifrs-full:Borrowings>
    <glbs:BorrowingsGross contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">44375000</glbs:BorrowingsGross>
    <glbs:DebtInstrumentUnamortisedDiscount contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">-541000</glbs:DebtInstrumentUnamortisedDiscount>
    <glbs:AccruedInterest contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">491000</glbs:AccruedInterest>
    <ifrs-full:Borrowings contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">44325000</ifrs-full:Borrowings>
    <glbs:CurrentPortionOfLongTermBorrowingsGross contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">-6500000</glbs:CurrentPortionOfLongTermBorrowingsGross>
    <glbs:CurrentPortionOfDebtInstrumentUnamortisedDiscount contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">188000</glbs:CurrentPortionOfDebtInstrumentUnamortisedDiscount>
    <glbs:AccruedInterestCurrent contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">491000</glbs:AccruedInterestCurrent>
    <ifrs-full:CurrentPortionOfLongtermBorrowings contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">6803000</ifrs-full:CurrentPortionOfLongtermBorrowings>
    <glbs:LongTermBorrowingsGross contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">37875000</glbs:LongTermBorrowingsGross>
    <glbs:LongTermDebtInstrumentUnamortisedDiscount contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">-353000</glbs:LongTermDebtInstrumentUnamortisedDiscount>
    <ifrs-full:LongtermBorrowings contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">37522000</ifrs-full:LongtermBorrowings>
    <glbs:BorrowingsGross contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">31750000</glbs:BorrowingsGross>
    <glbs:DebtInstrumentUnamortisedDiscount contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">-447000</glbs:DebtInstrumentUnamortisedDiscount>
    <glbs:AccruedInterest contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">179000</glbs:AccruedInterest>
    <ifrs-full:Borrowings contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">31482000</ifrs-full:Borrowings>
    <glbs:CurrentPortionOfLongTermBorrowingsGross contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">-5000000</glbs:CurrentPortionOfLongTermBorrowingsGross>
    <glbs:CurrentPortionOfDebtInstrumentUnamortisedDiscount contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">135000</glbs:CurrentPortionOfDebtInstrumentUnamortisedDiscount>
    <glbs:AccruedInterestCurrent contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">179000</glbs:AccruedInterestCurrent>
    <ifrs-full:CurrentPortionOfLongtermBorrowings contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">5044000</ifrs-full:CurrentPortionOfLongtermBorrowings>
    <glbs:LongTermBorrowingsGross contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">26750000</glbs:LongTermBorrowingsGross>
    <glbs:LongTermDebtInstrumentUnamortisedDiscount contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">-312000</glbs:LongTermDebtInstrumentUnamortisedDiscount>
    <ifrs-full:LongtermBorrowings contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">26438000</ifrs-full:LongtermBorrowings>
    <glbs:LineOfCreditFacilityMaximumBorrowingCapacity
      contextRef="AsOf2019-06-30_custom_EnTrustMember"
      decimals="-3"
      unitRef="USD">37000000</glbs:LineOfCreditFacilityMaximumBorrowingCapacity>
    <glbs:DescriptionOfBorrowingsScope contextRef="From2019-01-012019-06-30_custom_EnTrustMember">for
                                            the purpose of refinancing the existing indebtedness secured on the ships and for general
                                            corporate purposes.</glbs:DescriptionOfBorrowingsScope>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2019-01-012019-06-30_custom_EnTrustMember">LIBOR plus
                                            a margin</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsAdjustmentToInterestRateBasis
      contextRef="AsOf2019-06-30_custom_EnTrustMember"
      decimals="INF"
      unitRef="Pure">0.0850</ifrs-full:BorrowingsAdjustmentToInterestRateBasis>
    <glbs:BorrowingsDefaultInterestRate
      contextRef="AsOf2019-06-30_custom_EnTrustMember"
      decimals="INF"
      unitRef="Pure">0.105</glbs:BorrowingsDefaultInterestRate>
    <glbs:DebtInstrumentPrepaymentAmount
      contextRef="From2021-01-012021-03-31_custom_EnTrustMember"
      decimals="0"
      unitRef="USD">6000000.0</glbs:DebtInstrumentPrepaymentAmount>
    <glbs:LineOfCreditFacilityMaximumBorrowingCapacity
      contextRef="AsOf2018-11-30_custom_FirmentShippingIncMember"
      decimals="-3"
      unitRef="USD">15000000</glbs:LineOfCreditFacilityMaximumBorrowingCapacity>
    <glbs:DescriptionOfBorrowingsScope contextRef="From2018-01-012018-11-30_custom_FirmentShippingIncMember">of
                                                                                                  financing its general working capital needs</glbs:DescriptionOfBorrowingsScope>
    <ifrs-full:BorrowingsMaturity contextRef="From2018-01-012018-11-30_custom_FirmentShippingIncMember">October
                                                                                                  31, 2021</ifrs-full:BorrowingsMaturity>
    <glbs:LineOfCreditFacilityDrawndownAmountsMultiples
      contextRef="From2018-01-012018-11-30_custom_FirmentShippingIncMember"
      decimals="-3"
      unitRef="USD">100000</glbs:LineOfCreditFacilityDrawndownAmountsMultiples>
    <ifrs-full:BorrowingsInterestRate
      contextRef="AsOf2020-12-31_custom_FirmentShippingIncMember"
      decimals="INF"
      unitRef="Pure">0.035</ifrs-full:BorrowingsInterestRate>
    <ifrs-full:BorrowingsInterestRate
      contextRef="AsOf2022-12-31_custom_FirmentShippingIncMember"
      decimals="INF"
      unitRef="Pure">0.07</ifrs-full:BorrowingsInterestRate>
    <glbs:DebtInstrumentConvertibleConversionMultiplier
      contextRef="From2018-01-012018-11-30_custom_FirmentShippingIncMember"
      decimals="INF"
      unitRef="Pure">0.80</glbs:DebtInstrumentConvertibleConversionMultiplier>
    <ifrs-full:RepaymentsOfCurrentBorrowings
      contextRef="From2020-01-012020-07-27_custom_FirmentShippingIncMember"
      decimals="-3"
      unitRef="USD">863000</ifrs-full:RepaymentsOfCurrentBorrowings>
    <ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives
      contextRef="From2020-01-012020-07-27_custom_FirmentShippingIncMember"
      decimals="-3"
      unitRef="USD">220000</ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives>
    <glbs:ProportionOfOwnershipInterestsHeldByControllingParty
      contextRef="From2022-01-012022-12-31_srt_MinimumMember_custom_FirmentShippingIncMember"
      decimals="INF"
      unitRef="Pure">0.40</glbs:ProportionOfOwnershipInterestsHeldByControllingParty>
    <glbs:LineOfCreditFacilityMaximumBorrowingCapacity
      contextRef="AsOf2021-05-10_custom_CiTLoanFacilityMember"
      decimals="-3"
      unitRef="USD">34250000</glbs:LineOfCreditFacilityMaximumBorrowingCapacity>
    <glbs:PercentageOfCoverageOfBorrowingCapacity
      contextRef="AsOf2021-05-10_custom_CiTLoanFacilityMember"
      decimals="INF"
      unitRef="Pure">0.525</glbs:PercentageOfCoverageOfBorrowingCapacity>
    <ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities
      contextRef="From2021-01-012021-05-10_custom_CiTLoanFacilityMember"
      decimals="-3"
      unitRef="USD">34250000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities>
    <glbs:DescriptionOfBorrowingsScope contextRef="From2021-01-012021-05-10_custom_CiTLoanFacilityMember">used
a significant portion of the proceeds to fully repay the amounts outstanding under the loan agreement with EnTrust.</glbs:DescriptionOfBorrowingsScope>
    <glbs:PercentageOfUpfrontFeeInLoanAgreement
      contextRef="AsOf2021-05-10_custom_CiTLoanFacilityMember_custom_SWAPAgreementMember"
      decimals="INF"
      unitRef="Pure">0.0125</glbs:PercentageOfUpfrontFeeInLoanAgreement>
    <ifrs-full:BorrowingCostsIncurred
      contextRef="From2021-01-012021-05-10_custom_CiTLoanFacilityMember"
      decimals="-3"
      unitRef="USD">545000</ifrs-full:BorrowingCostsIncurred>
    <glbs:NumberOfLoanTranches
      contextRef="AsOf2021-05-10_custom_CiTLoanFacilityMember"
      decimals="INF"
      unitRef="Pure">6</glbs:NumberOfLoanTranches>
    <glbs:DebtInstrumentNumberOfRepaymentInstallments contextRef="From2021-01-012021-05-10_custom_CiTLoanFacilityMember">20</glbs:DebtInstrumentNumberOfRepaymentInstallments>
    <glbs:BorrowingsFrequencyOfPeriodicPayment contextRef="From2021-01-012021-05-10_custom_CiTLoanFacilityMember">quarterly</glbs:BorrowingsFrequencyOfPeriodicPayment>
    <glbs:BorrowingsPeriodicPayment
      contextRef="From2021-01-012021-05-10_custom_CiTLoanFacilityMember"
      decimals="0"
      unitRef="USD">1250000</glbs:BorrowingsPeriodicPayment>
    <glbs:BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid
      contextRef="AsOf2021-05-10_custom_CiTLoanFacilityMember"
      decimals="0"
      unitRef="USD">9250000</glbs:BorrowingsPeriodicPaymentTermsBalloonPaymentToBePaid>
    <ifrs-full:BorrowingsMaturity contextRef="From2021-01-012021-05-10_custom_CiTLoanFacilityMember">May
2026</ifrs-full:BorrowingsMaturity>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2021-01-012021-05-10_custom_CiTLoanFacilityMember">LIBOR</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsAdjustmentToInterestRateBasis
      contextRef="AsOf2021-05-10_custom_CiTLoanFacilityMember"
      decimals="INF"
      unitRef="Pure">0.0375</ifrs-full:BorrowingsAdjustmentToInterestRateBasis>
    <glbs:BorrowingsDefaultInterestRate
      contextRef="AsOf2021-05-10_custom_CiTLoanFacilityMember"
      decimals="INF"
      unitRef="Pure">0.0575</glbs:BorrowingsDefaultInterestRate>
    <ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives
      contextRef="From2022-01-012022-12-31_custom_CiTLoanFacilityMember_custom_August2022AgreementMember"
      decimals="-3"
      unitRef="USD">163000</ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives>
    <glbs:LineOfCreditFacilityMaximumBorrowingCapacity
      contextRef="AsOf2022-08-10_custom_CiTLoanFacilityMember_custom_August2022AgreementMember"
      decimals="0"
      unitRef="USD">52250000</glbs:LineOfCreditFacilityMaximumBorrowingCapacity>
    <glbs:DescriptionOfBorrowingsScope contextRef="From2022-01-012022-08-10_custom_CiTLoanFacilityMember_custom_August2022AgreementMember">for
the purpose of financing vessel Orion Globe and for general corporate and working capital purposes of all the borrowers and
Globus</glbs:DescriptionOfBorrowingsScope>
    <ifrs-full:BorrowingsInterestRateBasis contextRef="From2022-01-012022-08-10_custom_CiTLoanFacilityMember_custom_August2022AgreementMember">SOFR
plus a margin</ifrs-full:BorrowingsInterestRateBasis>
    <ifrs-full:BorrowingsAdjustmentToInterestRateBasis
      contextRef="AsOf2022-08-10_custom_CiTLoanFacilityMember_custom_August2022AgreementMember"
      decimals="INF"
      unitRef="Pure">0.0335</ifrs-full:BorrowingsAdjustmentToInterestRateBasis>
    <ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities
      contextRef="From2022-01-012022-08-10_custom_CiTLoanFacilityMember_custom_August2022AgreementMember"
      decimals="0"
      unitRef="USD">18000000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities>
    <ifrs-full:BorrowingCostsIncurred
      contextRef="From2022-01-012022-08-10_custom_CiTLoanFacilityMember_custom_August2022AgreementMember"
      decimals="-3"
      unitRef="USD">259000</ifrs-full:BorrowingCostsIncurred>
    <glbs:PercentageOfUpfrontFeeInLoanAgreement
      contextRef="AsOf2021-05-10_custom_CiTLoanFacilityMember_custom_SWAPAgreementMember_custom_PrepaymentOnOrBeforeMay2023ButAfterMay2022Member"
      decimals="INF"
      unitRef="Pure">0.01</glbs:PercentageOfUpfrontFeeInLoanAgreement>
    <glbs:PercentageOfUpfrontFeeInLoanAgreement
      contextRef="AsOf2021-05-10_custom_CiTLoanFacilityMember_custom_SWAPAgreementMember_custom_PrepaymentOnOrBeforeAugust2023ButAfterMay2023Member"
      decimals="INF"
      unitRef="Pure">0.02</glbs:PercentageOfUpfrontFeeInLoanAgreement>
    <glbs:PercentageOfUpfrontFeeInLoanAgreement
      contextRef="AsOf2021-05-10_custom_CiTLoanFacilityMember_custom_SWAPAgreementMember_custom_PrepaymentOnOrBeforeAugust2024ButAfterAugust2023Member"
      decimals="INF"
      unitRef="Pure">0.01</glbs:PercentageOfUpfrontFeeInLoanAgreement>
    <glbs:DebtSecuritiesCovenants contextRef="From2021-01-012021-05-10_custom_CiTLoanFacilityMember">Each
borrower must create a reserve fund in the reserve account to meet the anticipated dry docking and special survey fees and expenses
for the relevant ship owned by it and (for certain ships) the installation of ballast water treatment system on the ship owned by it
by maintaining in the reserve account a minimum credit balance that may not be withdrawn (other than for the purpose of covering the
documented and incurred costs and expenses for the next special survey of that ship). Amounts must be paid into this reserve account
quarterly, such that $1,200 is set aside by each borrower for its ship&#x2019;s special survey, except for Serena Maritime Limited
and Salaminia Maritime Limited, each of which are required to set aside quarterly payments that aggregate to $900.</glbs:DebtSecuritiesCovenants>
    <glbs:DisclosureOfLongTermDebtAnnualPrincipalPayments contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_89B_ecustom--DisclosureOfLongTermDebtAnnualPrincipalPayments_zXG0zGWFsH74" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Long-Term
Debt, net - Annual loan principal payments&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="vertical-align: bottom; font-weight: bold; text-align: left; width: 89%"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;December
    31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: right; width: 10%"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;First
    Citizens Bank &amp;amp; Trust Company (formerly known as CIT Bank N.A.)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;2023&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_988_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zzoBBTG5vg4d" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan Balance"&gt;&lt;span style="font-size: 10pt"&gt;6,500&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;2024&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_980_ecustom--BorrowingsGross_iI_pn3n3_uUSD_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zKJu35ns4g9g" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan Balance"&gt;&lt;span style="font-size: 10pt"&gt;6,500&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;2025&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_ecustom--BorrowingsGross_iI_pn3n3_uUSD_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanThreeYearsAndNotLaterThanFourYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zQaqpn3jIzWk" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan Balance"&gt;&lt;span style="font-size: 10pt"&gt;6,500&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;2026 &lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanFourYearsAndNotLaterThanFiveYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_z9SxNlFWypG2" style="padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan Balance"&gt;&lt;span style="font-size: 10pt"&gt;24,875&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_980_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zvNJYWLMCGoi" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 21.3pt; text-align: right" title="Loan Balance"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;44,375&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 18pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;The
contractual annual loan principal payments  to be made subsequent to December 31, 2021, were as follows:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="vertical-align: bottom; font-weight: bold; text-align: left; width: 89%"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;December
    31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: right; width: 10%"&gt;&lt;span style="font-size: 10pt"&gt;First
    Citizens Bank &amp;amp; Trust Company (formerly known as &lt;b&gt;CIT Bank N.A.)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;2022&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_987_ecustom--BorrowingsGross_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_z6kKqk2fICRk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"&gt;&lt;span style="font-size: 10pt"&gt;5,000&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;2023&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_ecustom--BorrowingsGross_iI_pn3n3_uUSD_c20211231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zrUg6WRPY71e" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"&gt;&lt;span style="font-size: 10pt"&gt;5,000&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;2024&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98B_ecustom--BorrowingsGross_iI_pn3n3_uUSD_c20211231__ifrs-full--MaturityAxis__ifrs-full--LaterThanThreeYearsAndNotLaterThanFourYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zfgIOEN3sxEf" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"&gt;&lt;span style="font-size: 10pt"&gt;5,000&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;2025&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98D_ecustom--BorrowingsGross_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__ifrs-full--LaterThanFourYearsAndNotLaterThanFiveYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zkvVFlpIGcfk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"&gt;&lt;span style="font-size: 10pt"&gt;5,000&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;2026 and thereafter&#160;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_980_ecustom--BorrowingsGross_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__ifrs-full--LaterThanFiveYearsMember__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zGT6dpnThdCf" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"&gt;&lt;span style="font-size: 10pt"&gt;11,750&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_ecustom--BorrowingsGross_iI_pn3n3_c20211231__ifrs-full--BorrowingsByNameAxis__custom--CiTMember_zD980e5ilCs1" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Loan Balance"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;31,750&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
</glbs:DisclosureOfLongTermDebtAnnualPrincipalPayments>
    <glbs:BorrowingsGross
      contextRef="AsOf2022-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_custom_CiTMember"
      decimals="-3"
      unitRef="USD">6500000</glbs:BorrowingsGross>
    <glbs:BorrowingsGross
      contextRef="AsOf2022-12-31_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_custom_CiTMember"
      decimals="-3"
      unitRef="USD">6500000</glbs:BorrowingsGross>
    <glbs:BorrowingsGross
      contextRef="AsOf2022-12-31_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember_custom_CiTMember"
      decimals="-3"
      unitRef="USD">6500000</glbs:BorrowingsGross>
    <glbs:BorrowingsGross
      contextRef="AsOf2022-12-31_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember_custom_CiTMember"
      decimals="-3"
      unitRef="USD">24875000</glbs:BorrowingsGross>
    <glbs:BorrowingsGross
      contextRef="AsOf2022-12-31_custom_CiTMember"
      decimals="-3"
      unitRef="USD">44375000</glbs:BorrowingsGross>
    <glbs:BorrowingsGross
      contextRef="AsOf2021-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_custom_CiTMember"
      decimals="-3"
      unitRef="USD">5000000</glbs:BorrowingsGross>
    <glbs:BorrowingsGross
      contextRef="AsOf2021-12-31_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_custom_CiTMember"
      decimals="-3"
      unitRef="USD">5000000</glbs:BorrowingsGross>
    <glbs:BorrowingsGross
      contextRef="AsOf2021-12-31_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember_custom_CiTMember"
      decimals="-3"
      unitRef="USD">5000000</glbs:BorrowingsGross>
    <glbs:BorrowingsGross
      contextRef="AsOf2021-12-31_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember_custom_CiTMember"
      decimals="-3"
      unitRef="USD">5000000</glbs:BorrowingsGross>
    <glbs:BorrowingsGross
      contextRef="AsOf2021-12-31_ifrs-full_LaterThanFiveYearsMember_custom_CiTMember"
      decimals="-3"
      unitRef="USD">11750000</glbs:BorrowingsGross>
    <glbs:BorrowingsGross
      contextRef="AsOf2021-12-31_custom_CiTMember"
      decimals="-3"
      unitRef="USD">31750000</glbs:BorrowingsGross>
    <ifrs-full:BorrowingsInterestRate
      contextRef="AsOf2022-12-31_ifrs-full_WeightedAverageMember"
      decimals="INF"
      unitRef="Pure">0.0558</ifrs-full:BorrowingsInterestRate>
    <ifrs-full:BorrowingsInterestRate
      contextRef="AsOf2021-12-31_ifrs-full_WeightedAverageMember"
      decimals="INF"
      unitRef="Pure">0.0569</ifrs-full:BorrowingsInterestRate>
    <ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_80A_eifrs-full--DisclosureOfSharebasedPaymentArrangementsExplanatory_zbnD6S4DTC6k" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;12.&#160;&#160;&#160;&#160;&#160;&#160;
&lt;span id="xdx_824_zSmdWrQ2ttvg"&gt;Share Based Payment&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Share-based
payments are quarterly restrictive shares issued to the Company&#x2019;s Non-executive directors for their services and in accordance
with appointment letters.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"&gt;&lt;span style="font-size: 10pt"&gt;Share
based payment comprise the following:&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_89D_ecustom--DisclosureOfShareBasedPayment_zgC0oWCrMXii" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Share
Based Payment&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="vertical-align: bottom; width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Year 2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Number
    of common shares&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Number
    of preferred shares &lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Share
    premium&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Retained
    earnings&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Non-executive directors&#x2019;
    payment &lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--IncreaseDecreaseInNumberOfOrdinarySharesIssued_pip0_c20210101__20211231__ifrs-full--ClassesOfOrdinarySharesAxis__custom--NumberOfCommonSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_zpNN26bTBq3h" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Stock issued during the year (shares) - Share based compensation"&gt;&lt;span style="font-size: 10pt"&gt;12,178&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--IncreaseDecreaseThroughSharebasedPaymentTransactions_pn3n3_c20210101__20211231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--SharePremiumMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_zL1khYvGbK4e" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Stock issued during the year (value) - Share based compensation"&gt;&lt;span style="font-size: 10pt"&gt;40&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Balance at December
    31, 2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--IncreaseDecreaseInNumberOfOrdinarySharesIssued_pip0_c20210101__20211231__ifrs-full--ClassesOfOrdinarySharesAxis__custom--NumberOfCommonSharesMember_zNLVWv2ufYq" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;12,178&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#x2014;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--IncreaseDecreaseThroughSharebasedPaymentTransactions_pn3n3_c20210101__20211231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--SharePremiumMember_zu2tP2vgQcu" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;40&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#x2014;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="vertical-align: bottom; width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Year 2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Number
    of common shares&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Number
    of preferred shares &lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Share
    premium&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Retained
    earnings&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Non-executive directors&#x2019;
    payment &lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--IncreaseDecreaseInNumberOfOrdinarySharesIssued_pip0_c20200101__20201231__ifrs-full--ClassesOfOrdinarySharesAxis__custom--NumberOfCommonSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_z0MLlbpzhaAg" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Stock issued during the year (shares) - Share based compensation"&gt;&lt;span style="font-size: 10pt"&gt;2,812&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--IncreaseDecreaseThroughSharebasedPaymentTransactions_pn3n3_c20200101__20201231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--SharePremiumMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_zBjX4AEKidSe" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Stock issued during the year (value) - Share based compensation"&gt;&lt;span style="font-size: 10pt"&gt;40&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Balance at December
    31, 2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--IncreaseDecreaseInNumberOfOrdinarySharesIssued_pip0_c20200101__20201231__ifrs-full--ClassesOfOrdinarySharesAxis__custom--NumberOfCommonSharesMember_z3wtI8Exv3m9" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2,812&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#x2014;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--IncreaseDecreaseThroughSharebasedPaymentTransactions_pn3n3_c20200101__20201231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--SharePremiumMember_zYF5Orf7EPNf" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;40&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#x2014;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p id="xdx_8A3_z089tmW1VGpj" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;For the year ended December
31, 2022 there were no share based payments, as in 2022 the Company changed the compensation of the non-executive directors (see Note
4).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

</ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory>
    <glbs:DisclosureOfShareBasedPayment contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_89D_ecustom--DisclosureOfShareBasedPayment_zgC0oWCrMXii" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Share
Based Payment&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="vertical-align: bottom; width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Year 2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Number
    of common shares&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Number
    of preferred shares &lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Share
    premium&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Retained
    earnings&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Non-executive directors&#x2019;
    payment &lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--IncreaseDecreaseInNumberOfOrdinarySharesIssued_pip0_c20210101__20211231__ifrs-full--ClassesOfOrdinarySharesAxis__custom--NumberOfCommonSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_zpNN26bTBq3h" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Stock issued during the year (shares) - Share based compensation"&gt;&lt;span style="font-size: 10pt"&gt;12,178&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--IncreaseDecreaseThroughSharebasedPaymentTransactions_pn3n3_c20210101__20211231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--SharePremiumMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_zL1khYvGbK4e" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Stock issued during the year (value) - Share based compensation"&gt;&lt;span style="font-size: 10pt"&gt;40&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Balance at December
    31, 2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--IncreaseDecreaseInNumberOfOrdinarySharesIssued_pip0_c20210101__20211231__ifrs-full--ClassesOfOrdinarySharesAxis__custom--NumberOfCommonSharesMember_zNLVWv2ufYq" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;12,178&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#x2014;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--IncreaseDecreaseThroughSharebasedPaymentTransactions_pn3n3_c20210101__20211231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--SharePremiumMember_zu2tP2vgQcu" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;40&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#x2014;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="vertical-align: bottom; width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Year 2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Number
    of common shares&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Number
    of preferred shares &lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Share
    premium&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Retained
    earnings&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Non-executive directors&#x2019;
    payment &lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--IncreaseDecreaseInNumberOfOrdinarySharesIssued_pip0_c20200101__20201231__ifrs-full--ClassesOfOrdinarySharesAxis__custom--NumberOfCommonSharesMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_z0MLlbpzhaAg" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Stock issued during the year (shares) - Share based compensation"&gt;&lt;span style="font-size: 10pt"&gt;2,812&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--IncreaseDecreaseThroughSharebasedPaymentTransactions_pn3n3_c20200101__20201231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--SharePremiumMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonExecutiveDirectorsMember_zBjX4AEKidSe" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Stock issued during the year (value) - Share based compensation"&gt;&lt;span style="font-size: 10pt"&gt;40&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Balance at December
    31, 2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--IncreaseDecreaseInNumberOfOrdinarySharesIssued_pip0_c20200101__20201231__ifrs-full--ClassesOfOrdinarySharesAxis__custom--NumberOfCommonSharesMember_z3wtI8Exv3m9" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2,812&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#x2014;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--IncreaseDecreaseThroughSharebasedPaymentTransactions_pn3n3_c20200101__20201231__ifrs-full--ComponentsOfEquityAxis__ifrs-full--SharePremiumMember_zYF5Orf7EPNf" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;40&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#x2014;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
</glbs:DisclosureOfShareBasedPayment>
    <ifrs-full:IncreaseDecreaseInNumberOfOrdinarySharesIssued
      contextRef="From2021-01-012021-12-31_custom_NumberOfCommonSharesMember_custom_NonExecutiveDirectorsMember"
      decimals="INF"
      unitRef="Shares">12178</ifrs-full:IncreaseDecreaseInNumberOfOrdinarySharesIssued>
    <ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions
      contextRef="From2021-01-012021-12-31_ifrs-full_SharePremiumMember_custom_NonExecutiveDirectorsMember"
      decimals="-3"
      unitRef="USD">40000</ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions>
    <ifrs-full:IncreaseDecreaseInNumberOfOrdinarySharesIssued
      contextRef="From2021-01-012021-12-31_custom_NumberOfCommonSharesMember"
      decimals="INF"
      unitRef="Shares">12178</ifrs-full:IncreaseDecreaseInNumberOfOrdinarySharesIssued>
    <ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions
      contextRef="From2021-01-012021-12-31_ifrs-full_SharePremiumMember"
      decimals="-3"
      unitRef="USD">40000</ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions>
    <ifrs-full:IncreaseDecreaseInNumberOfOrdinarySharesIssued
      contextRef="From2020-01-012020-12-31_custom_NumberOfCommonSharesMember_custom_NonExecutiveDirectorsMember"
      decimals="INF"
      unitRef="Shares">2812</ifrs-full:IncreaseDecreaseInNumberOfOrdinarySharesIssued>
    <ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions
      contextRef="From2020-01-012020-12-31_ifrs-full_SharePremiumMember_custom_NonExecutiveDirectorsMember"
      decimals="-3"
      unitRef="USD">40000</ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions>
    <ifrs-full:IncreaseDecreaseInNumberOfOrdinarySharesIssued
      contextRef="From2020-01-012020-12-31_custom_NumberOfCommonSharesMember"
      decimals="INF"
      unitRef="Shares">2812</ifrs-full:IncreaseDecreaseInNumberOfOrdinarySharesIssued>
    <ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions
      contextRef="From2020-01-012020-12-31_ifrs-full_SharePremiumMember"
      decimals="-3"
      unitRef="USD">40000</ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions>
    <ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_803_eifrs-full--DisclosureOfOtherOperatingExpenseExplanatory_ztX61OnYMKN9" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;13.&#160;&#160;&#160;&#160;&#160;
&lt;span id="xdx_82D_zwnZKqTK3nW3"&gt;Voyage Expenses and Vessel Operating Expenses&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Voyage expenses
and vessel operating expenses in the consolidated statements of comprehensive income/(loss) consisted of the following:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_898_ecustom--DisclosureOfVoyageExpenses_z3bKQfchFQl8" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Voyage
Expenses and Vessel Operating Expenses - Voyage expenses&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Voyage
expenses consisted of:&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_495_20220101__20221231_zqFwTA6spPNc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_499_20210101__20211231_zGJb4S7WnYbe" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_491_20200101__20201231_zXsCHo5qw2G9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="5" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For
    the year ended December 31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40A_eifrs-full--FeeAndCommissionExpense_pn3n3_maSEzQU5_zcrUmhN2cZA1" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Commissions
    &lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;924&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;626&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;160&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40C_eifrs-full--FuelExpense_pn3n3_d0_maSEzQU5_z04TzpAhAIN4" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Bunkers
    expenses&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;3,876&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;2,117&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_402_ecustom--OtherVoyageExpense_pn3n3_maSEzQU5_zLOGWef8kzn6" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Other
    voyage expenses&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;573&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;502&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;213&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_403_eifrs-full--ServicesExpense_iT_pn3n3_mtSEzQU5_zaJnzNTuJrq" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;5,373&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;1,128&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2,490&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p id="xdx_8AF_zQzsx9GTPUUg" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Vessel operating
expenses consisted of:&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_89C_ecustom--DisclosureOfVesselOperatingExpenses_zicJFRwSBMq1" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span id="xdx_8BD_zZYvkD3Bq8Y7" style="display: none"&gt;Voyage
Expenses and Vessel Operating Expenses - Vessel operating expenses&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 68%"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_49A_20220101__20221231_znvGZYxdZ6qi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_495_20210101__20211231_zHGYTW25akg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_491_20200101__20201231_z0LfNxvNSQwg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="5" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For
    the year ended December 31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_403_eifrs-full--WagesAndSalaries_pn3n3_maOCzIBf_zajWv8u43NJc" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Crew
    wages and related costs&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;8,952&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;7,570&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;4,865&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_401_eifrs-full--InsuranceExpense_pn3n3_maOCzIBf_zWEvb3cHCorg" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Insurance
    &lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,349&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,067&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;661&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_408_eifrs-full--RepairsAndMaintenanceExpense_pn3n3_maOCzIBf_zl3cQxorLb4a" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Spares,
    repairs and maintenance&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;3,935&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;2,414&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,574&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40F_eifrs-full--RawMaterialsAndConsumablesUsed_pn3n3_maOCzIBf_zacHoADSZN8b" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Lubricants&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;924&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;555&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;434&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_406_ecustom--StoresExpense_pn3n3_maOCzIBf_z6aWUPCMkQR7" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Stores&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;2,340&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,712&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;787&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40A_eifrs-full--MiscellaneousOtherOperatingExpense_pn3n3_maOCzIBf_zL8YCY3v0zK2" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Other&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;512&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;490&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;260&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_400_ecustom--OperatingCosts_iT_pn3n3_mtOCzIBf_zZi6SyPKcpTa" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;18,012&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;13,808&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;8,581&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p id="xdx_8A3_zHAwCnJcmMZ1" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"/&gt;

</ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory>
    <glbs:DisclosureOfVoyageExpenses contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_898_ecustom--DisclosureOfVoyageExpenses_z3bKQfchFQl8" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Voyage
Expenses and Vessel Operating Expenses - Voyage expenses&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Voyage
expenses consisted of:&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_495_20220101__20221231_zqFwTA6spPNc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_499_20210101__20211231_zGJb4S7WnYbe" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_491_20200101__20201231_zXsCHo5qw2G9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="5" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For
    the year ended December 31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40A_eifrs-full--FeeAndCommissionExpense_pn3n3_maSEzQU5_zcrUmhN2cZA1" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Commissions
    &lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;924&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;626&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;160&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40C_eifrs-full--FuelExpense_pn3n3_d0_maSEzQU5_z04TzpAhAIN4" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Bunkers
    expenses&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;3,876&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;2,117&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_402_ecustom--OtherVoyageExpense_pn3n3_maSEzQU5_zLOGWef8kzn6" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Other
    voyage expenses&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;573&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;502&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;213&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_403_eifrs-full--ServicesExpense_iT_pn3n3_mtSEzQU5_zaJnzNTuJrq" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;5,373&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;1,128&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2,490&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
</glbs:DisclosureOfVoyageExpenses>
    <ifrs-full:FeeAndCommissionExpense
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">924000</ifrs-full:FeeAndCommissionExpense>
    <ifrs-full:FeeAndCommissionExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">626000</ifrs-full:FeeAndCommissionExpense>
    <ifrs-full:FeeAndCommissionExpense
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">160000</ifrs-full:FeeAndCommissionExpense>
    <ifrs-full:FuelExpense
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">3876000</ifrs-full:FuelExpense>
    <ifrs-full:FuelExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">0</ifrs-full:FuelExpense>
    <ifrs-full:FuelExpense
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">2117000</ifrs-full:FuelExpense>
    <glbs:OtherVoyageExpense
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">573000</glbs:OtherVoyageExpense>
    <glbs:OtherVoyageExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">502000</glbs:OtherVoyageExpense>
    <glbs:OtherVoyageExpense
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">213000</glbs:OtherVoyageExpense>
    <ifrs-full:ServicesExpense
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">5373000</ifrs-full:ServicesExpense>
    <ifrs-full:ServicesExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">1128000</ifrs-full:ServicesExpense>
    <ifrs-full:ServicesExpense
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">2490000</ifrs-full:ServicesExpense>
    <glbs:DisclosureOfVesselOperatingExpenses contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_89C_ecustom--DisclosureOfVesselOperatingExpenses_zicJFRwSBMq1" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span id="xdx_8BD_zZYvkD3Bq8Y7" style="display: none"&gt;Voyage
Expenses and Vessel Operating Expenses - Vessel operating expenses&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 68%"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_49A_20220101__20221231_znvGZYxdZ6qi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_495_20210101__20211231_zHGYTW25akg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_491_20200101__20201231_z0LfNxvNSQwg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 10%"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="5" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For
    the year ended December 31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_403_eifrs-full--WagesAndSalaries_pn3n3_maOCzIBf_zajWv8u43NJc" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Crew
    wages and related costs&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;8,952&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;7,570&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;4,865&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_401_eifrs-full--InsuranceExpense_pn3n3_maOCzIBf_zWEvb3cHCorg" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Insurance
    &lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,349&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,067&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;661&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_408_eifrs-full--RepairsAndMaintenanceExpense_pn3n3_maOCzIBf_zl3cQxorLb4a" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Spares,
    repairs and maintenance&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;3,935&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;2,414&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,574&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40F_eifrs-full--RawMaterialsAndConsumablesUsed_pn3n3_maOCzIBf_zacHoADSZN8b" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Lubricants&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;924&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;555&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;434&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_406_ecustom--StoresExpense_pn3n3_maOCzIBf_z6aWUPCMkQR7" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Stores&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;2,340&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,712&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;787&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40A_eifrs-full--MiscellaneousOtherOperatingExpense_pn3n3_maOCzIBf_zL8YCY3v0zK2" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Other&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;512&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;490&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;260&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_400_ecustom--OperatingCosts_iT_pn3n3_mtOCzIBf_zZi6SyPKcpTa" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;18,012&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;13,808&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;8,581&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
</glbs:DisclosureOfVesselOperatingExpenses>
    <ifrs-full:WagesAndSalaries
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">8952000</ifrs-full:WagesAndSalaries>
    <ifrs-full:WagesAndSalaries
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">7570000</ifrs-full:WagesAndSalaries>
    <ifrs-full:WagesAndSalaries
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">4865000</ifrs-full:WagesAndSalaries>
    <ifrs-full:InsuranceExpense
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">1349000</ifrs-full:InsuranceExpense>
    <ifrs-full:InsuranceExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">1067000</ifrs-full:InsuranceExpense>
    <ifrs-full:InsuranceExpense
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">661000</ifrs-full:InsuranceExpense>
    <ifrs-full:RepairsAndMaintenanceExpense
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">3935000</ifrs-full:RepairsAndMaintenanceExpense>
    <ifrs-full:RepairsAndMaintenanceExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">2414000</ifrs-full:RepairsAndMaintenanceExpense>
    <ifrs-full:RepairsAndMaintenanceExpense
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">1574000</ifrs-full:RepairsAndMaintenanceExpense>
    <ifrs-full:RawMaterialsAndConsumablesUsed
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">924000</ifrs-full:RawMaterialsAndConsumablesUsed>
    <ifrs-full:RawMaterialsAndConsumablesUsed
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">555000</ifrs-full:RawMaterialsAndConsumablesUsed>
    <ifrs-full:RawMaterialsAndConsumablesUsed
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">434000</ifrs-full:RawMaterialsAndConsumablesUsed>
    <glbs:StoresExpense
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">2340000</glbs:StoresExpense>
    <glbs:StoresExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">1712000</glbs:StoresExpense>
    <glbs:StoresExpense
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">787000</glbs:StoresExpense>
    <ifrs-full:MiscellaneousOtherOperatingExpense
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">512000</ifrs-full:MiscellaneousOtherOperatingExpense>
    <ifrs-full:MiscellaneousOtherOperatingExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">490000</ifrs-full:MiscellaneousOtherOperatingExpense>
    <ifrs-full:MiscellaneousOtherOperatingExpense
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">260000</ifrs-full:MiscellaneousOtherOperatingExpense>
    <glbs:OperatingCosts
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">18012000</glbs:OperatingCosts>
    <glbs:OperatingCosts
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">13808000</glbs:OperatingCosts>
    <glbs:OperatingCosts
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">8581000</glbs:OperatingCosts>
    <ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_80F_eifrs-full--DisclosureOfGeneralAndAdministrativeExpenseExplanatory_zabPlGg87ohd" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;14.&#160;&#160;&#160;&#160;&#160;
&lt;span id="xdx_82C_zleiNpfsVMfb"&gt;Administrative Expenses&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The amount
shown in the consolidated statements of comprehensive income/(loss) is analyzed as follows:&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_896_ecustom--DisclosureOfAdministrativeExpenses_zk52v1Z0dt91" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Administrative
Expenses&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_490_20220101__20221231_zAcATd3pTcU" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_493_20210101__20211231_znipZVjxcAvl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_49A_20200101__20201231_zVQUMUK3SZO1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-size: 12pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="5" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;For
    the year ended December 31,&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr id="xdx_40F_ecustom--PersonnelExpense_pn3n3_maAEzTMy_zbHrADSjV3fg" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Personnel expenses&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,454&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,455&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,013&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr id="xdx_40D_eifrs-full--AuditorsRemuneration_pn3n3_maAEzTMy_z6Ulw2FUNsn2" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Audit fees&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;204&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;215&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;143&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr id="xdx_403_ecustom--ConsultingFeesExpense_pn3n3_maAEzTMy_zpuO2QgeH2Ja" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Consulting fees&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;271&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;329&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;243&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr id="xdx_40E_eifrs-full--CommunicationExpense_pn3n3_maAEzTMy_ztKpUk16Pb81" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Communication&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;16&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;16&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;12&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr id="xdx_409_ecustom--StationeryExpense_pn3n3_maAEzTMy_zmoC1PF8qi55" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Stationery&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;3&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;6&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;3&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr id="xdx_40B_eifrs-full--TaxExpenseOtherThanIncomeTaxExpense_pn3n3_maAEzTMy_zAtdUohipp87" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Greek tax authorities (note
    19) &lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;292&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;185&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;130&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr id="xdx_407_eifrs-full--OtherExpenseByNature_pn3n3_maAEzTMy_zoRrsYs5IEp1" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Other &lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;636&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;404&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;347&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr id="xdx_401_eifrs-full--AdministrativeExpense_iT_pn3n3_mtAEzTMy_ztuCXG6nUgOb" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2,876&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2,610&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;1,891&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;/table&gt;
&lt;p id="xdx_8A6_zZXRa9Q2fZh5" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory>
    <glbs:DisclosureOfAdministrativeExpenses contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_896_ecustom--DisclosureOfAdministrativeExpenses_zk52v1Z0dt91" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Administrative
Expenses&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_490_20220101__20221231_zAcATd3pTcU" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_493_20210101__20211231_znipZVjxcAvl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_49A_20200101__20201231_zVQUMUK3SZO1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-size: 12pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="5" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;For
    the year ended December 31,&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr id="xdx_40F_ecustom--PersonnelExpense_pn3n3_maAEzTMy_zbHrADSjV3fg" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Personnel expenses&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,454&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,455&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,013&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr id="xdx_40D_eifrs-full--AuditorsRemuneration_pn3n3_maAEzTMy_z6Ulw2FUNsn2" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Audit fees&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;204&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;215&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;143&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr id="xdx_403_ecustom--ConsultingFeesExpense_pn3n3_maAEzTMy_zpuO2QgeH2Ja" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Consulting fees&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;271&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;329&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;243&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr id="xdx_40E_eifrs-full--CommunicationExpense_pn3n3_maAEzTMy_ztKpUk16Pb81" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Communication&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;16&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;16&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;12&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr id="xdx_409_ecustom--StationeryExpense_pn3n3_maAEzTMy_zmoC1PF8qi55" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Stationery&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;3&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;6&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;3&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr id="xdx_40B_eifrs-full--TaxExpenseOtherThanIncomeTaxExpense_pn3n3_maAEzTMy_zAtdUohipp87" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Greek tax authorities (note
    19) &lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;292&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;185&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;130&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr id="xdx_407_eifrs-full--OtherExpenseByNature_pn3n3_maAEzTMy_zoRrsYs5IEp1" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Other &lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;636&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;404&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;347&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;tr id="xdx_401_eifrs-full--AdministrativeExpense_iT_pn3n3_mtAEzTMy_ztuCXG6nUgOb" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2,876&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2,610&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;1,891&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;/tr&gt;
  &lt;/table&gt;
</glbs:DisclosureOfAdministrativeExpenses>
    <glbs:PersonnelExpense
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">1454000</glbs:PersonnelExpense>
    <glbs:PersonnelExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">1455000</glbs:PersonnelExpense>
    <glbs:PersonnelExpense
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">1013000</glbs:PersonnelExpense>
    <ifrs-full:AuditorsRemuneration
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">204000</ifrs-full:AuditorsRemuneration>
    <ifrs-full:AuditorsRemuneration
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">215000</ifrs-full:AuditorsRemuneration>
    <ifrs-full:AuditorsRemuneration
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">143000</ifrs-full:AuditorsRemuneration>
    <glbs:ConsultingFeesExpense
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">271000</glbs:ConsultingFeesExpense>
    <glbs:ConsultingFeesExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">329000</glbs:ConsultingFeesExpense>
    <glbs:ConsultingFeesExpense
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">243000</glbs:ConsultingFeesExpense>
    <ifrs-full:CommunicationExpense
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">16000</ifrs-full:CommunicationExpense>
    <ifrs-full:CommunicationExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">16000</ifrs-full:CommunicationExpense>
    <ifrs-full:CommunicationExpense
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">12000</ifrs-full:CommunicationExpense>
    <glbs:StationeryExpense
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">3000</glbs:StationeryExpense>
    <glbs:StationeryExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">6000</glbs:StationeryExpense>
    <glbs:StationeryExpense
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">3000</glbs:StationeryExpense>
    <ifrs-full:TaxExpenseOtherThanIncomeTaxExpense
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">292000</ifrs-full:TaxExpenseOtherThanIncomeTaxExpense>
    <ifrs-full:TaxExpenseOtherThanIncomeTaxExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">185000</ifrs-full:TaxExpenseOtherThanIncomeTaxExpense>
    <ifrs-full:TaxExpenseOtherThanIncomeTaxExpense
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">130000</ifrs-full:TaxExpenseOtherThanIncomeTaxExpense>
    <ifrs-full:OtherExpenseByNature
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">636000</ifrs-full:OtherExpenseByNature>
    <ifrs-full:OtherExpenseByNature
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">404000</ifrs-full:OtherExpenseByNature>
    <ifrs-full:OtherExpenseByNature
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">347000</ifrs-full:OtherExpenseByNature>
    <ifrs-full:AdministrativeExpense
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">2876000</ifrs-full:AdministrativeExpense>
    <ifrs-full:AdministrativeExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">2610000</ifrs-full:AdministrativeExpense>
    <ifrs-full:AdministrativeExpense
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">1891000</ifrs-full:AdministrativeExpense>
    <ifrs-full:DisclosureOfInterestExpenseExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_80A_eifrs-full--DisclosureOfInterestExpenseExplanatory_zl43i3rsvofi" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;15.&#160;&#160;&#160;&#160;&#160;
&lt;span id="xdx_82D_zVNwgBV59ym9"&gt;Interest Expense and Finance Costs&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt"&gt;&lt;span style="font-size: 10pt"&gt;The
amounts in the consolidated statements of comprehensive income/(loss) are analyzed as follows:&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_891_ecustom--DisclosureOfInterestExpenseAndFinanceCostsExplanatory_zCDbEFb73cQ9" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;&lt;span style="display: none; font-size: 10pt"&gt;&#160;Interest
Expense and Finance Costs&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_495_20220101__20221231_zTwQNsNzcgY3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 2.85pt; text-align: center; text-indent: -2.85pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_495_20210101__20211231_zF8pBR2tLtGg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 2.85pt; text-align: center; text-indent: -2.85pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_49C_20200101__20201231_zGtdy2jinvV1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 2.85pt; text-align: center; text-indent: -2.85pt"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="5" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For
    the year ended December 31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; width: 10%; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 10%; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 10%; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40A_eifrs-full--InterestExpense_pn3n3_zyzfrV7aLAtc" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Interest
    payable on long-term borrowings&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;2,047&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,958&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;3,721&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40F_eifrs-full--BankAndSimilarCharges_pn3n3_zqwN4YBk2Zn5" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Bank
    charges &lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;60&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;59&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;69&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40C_ecustom--AmortizationOfDebtDiscount_pn3n3_zkUCuvoxCo9e" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Amortization
    of debt discount&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;165&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;547&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;293&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40C_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_z9BzqsKJvLfh" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Operating
    lease liability interest&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;54&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;52&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;44&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_407_eifrs-full--OtherFinanceCost_pn3n3_z7psJ7XtSh3i" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Other
    finance expenses&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;34&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;646&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;28&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40D_ecustom--CreditAdjustmentOfFinanceCost_iN_pn3n3_di0_zDYZzgTyKY6b" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Gain
    from termination of lease liability&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;(40)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&#x2014;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&#x2014;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_408_eifrs-full--FinanceCosts_iT_pn3n3_zshVe2xtUuRe" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2pt double; white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2,320&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2pt double; white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;3,262&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2pt double; white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;4,155&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p id="xdx_8A7_zVsT2zCuoTkg" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Other finance
expenses for 2021 include approximately $&lt;span id="xdx_904_eifrs-full--OtherFinanceCost_pdn6_c20210101__20211231__ifrs-full--BorrowingsByNameAxis__custom--EnTrustMember_zz6UxjpNxd61"&gt;0.6
&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;million (absolute amount) that were the loan prepayment fee and expenses relating to the
prepayment of EnTrust loan facility. Interest on long-term debt is normally settled quarterly throughout the year&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"/&gt;

</ifrs-full:DisclosureOfInterestExpenseExplanatory>
    <glbs:DisclosureOfInterestExpenseAndFinanceCostsExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_891_ecustom--DisclosureOfInterestExpenseAndFinanceCostsExplanatory_zCDbEFb73cQ9" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"&gt;&lt;span style="display: none; font-size: 10pt"&gt;&#160;Interest
Expense and Finance Costs&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_495_20220101__20221231_zTwQNsNzcgY3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 2.85pt; text-align: center; text-indent: -2.85pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_495_20210101__20211231_zF8pBR2tLtGg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 2.85pt; text-align: center; text-indent: -2.85pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_49C_20200101__20201231_zGtdy2jinvV1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 2.85pt; text-align: center; text-indent: -2.85pt"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td colspan="5" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For
    the year ended December 31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="white-space: nowrap; width: 68%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; width: 10%; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 10%; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 10%; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40A_eifrs-full--InterestExpense_pn3n3_zyzfrV7aLAtc" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Interest
    payable on long-term borrowings&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;2,047&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,958&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;3,721&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40F_eifrs-full--BankAndSimilarCharges_pn3n3_zqwN4YBk2Zn5" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Bank
    charges &lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;60&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;59&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;69&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40C_ecustom--AmortizationOfDebtDiscount_pn3n3_zkUCuvoxCo9e" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Amortization
    of debt discount&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;165&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;547&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;293&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40C_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_z9BzqsKJvLfh" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Operating
    lease liability interest&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;54&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;52&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;44&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_407_eifrs-full--OtherFinanceCost_pn3n3_z7psJ7XtSh3i" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Other
    finance expenses&lt;/span&gt;&lt;/td&gt;
    &lt;td style="white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;34&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;646&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;28&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_40D_ecustom--CreditAdjustmentOfFinanceCost_iN_pn3n3_di0_zDYZzgTyKY6b" style="background-color: White"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Gain
    from termination of lease liability&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;(40)&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&#x2014;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&#x2014;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_408_eifrs-full--FinanceCosts_iT_pn3n3_zshVe2xtUuRe" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2pt double; white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2,320&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2pt double; white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;3,262&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2pt double; white-space: nowrap; padding-right: -3.15pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;4,155&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
</glbs:DisclosureOfInterestExpenseAndFinanceCostsExplanatory>
    <ifrs-full:InterestExpense
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">2047000</ifrs-full:InterestExpense>
    <ifrs-full:InterestExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">1958000</ifrs-full:InterestExpense>
    <ifrs-full:InterestExpense
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">3721000</ifrs-full:InterestExpense>
    <ifrs-full:BankAndSimilarCharges
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">60000</ifrs-full:BankAndSimilarCharges>
    <ifrs-full:BankAndSimilarCharges
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">59000</ifrs-full:BankAndSimilarCharges>
    <ifrs-full:BankAndSimilarCharges
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">69000</ifrs-full:BankAndSimilarCharges>
    <glbs:AmortizationOfDebtDiscount
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">165000</glbs:AmortizationOfDebtDiscount>
    <glbs:AmortizationOfDebtDiscount
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">547000</glbs:AmortizationOfDebtDiscount>
    <glbs:AmortizationOfDebtDiscount
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">293000</glbs:AmortizationOfDebtDiscount>
    <ifrs-full:InterestExpenseOnLeaseLiabilities
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">54000</ifrs-full:InterestExpenseOnLeaseLiabilities>
    <ifrs-full:InterestExpenseOnLeaseLiabilities
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">52000</ifrs-full:InterestExpenseOnLeaseLiabilities>
    <ifrs-full:InterestExpenseOnLeaseLiabilities
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">44000</ifrs-full:InterestExpenseOnLeaseLiabilities>
    <ifrs-full:OtherFinanceCost
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">34000</ifrs-full:OtherFinanceCost>
    <ifrs-full:OtherFinanceCost
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">646000</ifrs-full:OtherFinanceCost>
    <ifrs-full:OtherFinanceCost
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">28000</ifrs-full:OtherFinanceCost>
    <glbs:CreditAdjustmentOfFinanceCost
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">40000</glbs:CreditAdjustmentOfFinanceCost>
    <glbs:CreditAdjustmentOfFinanceCost
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">-0</glbs:CreditAdjustmentOfFinanceCost>
    <glbs:CreditAdjustmentOfFinanceCost
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      decimals="-3"
      unitRef="USD">-0</glbs:CreditAdjustmentOfFinanceCost>
    <ifrs-full:FinanceCosts
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">2320000</ifrs-full:FinanceCosts>
    <ifrs-full:FinanceCosts
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">3262000</ifrs-full:FinanceCosts>
    <ifrs-full:FinanceCosts
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">4155000</ifrs-full:FinanceCosts>
    <ifrs-full:OtherFinanceCost
      contextRef="From2021-01-012021-12-31_custom_EnTrustMember"
      decimals="0"
      unitRef="USD">600000</ifrs-full:OtherFinanceCost>
    <ifrs-full:DisclosureOfDividendsExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_802_eifrs-full--DisclosureOfDividendsExplanatory_zl2g3FdLQE2f" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;16.&#160;&#160;&#160;&#160;&#160;
&lt;span id="xdx_829_zHLwQ1FzPDVc"&gt;Dividends&lt;/span&gt; &lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt; font-weight: normal"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt; font-weight: normal"&gt;&lt;span id="xdx_900_eifrs-full--DividendsPaidClassifiedAsFinancingActivities_do_c20220101__20221231_zkpsxv7ojyoj" title="Dividends paid"&gt;&lt;span id="xdx_907_eifrs-full--DividendsPaidClassifiedAsFinancingActivities_do_c20210101__20211231_zokAy5yp9781" title="Dividends paid"&gt;&lt;span id="xdx_90E_eifrs-full--DividendsPaidClassifiedAsFinancingActivities_do_c20200101__20201231_zL6egQ9KHA5i" title="Dividends paid"&gt;No&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;
dividends were declared or paid on common shares during the years ended December 31, 2022, 2021 and 2020.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt; font-weight: normal"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DisclosureOfDividendsExplanatory>
    <ifrs-full:DividendsPaidClassifiedAsFinancingActivities
      contextRef="From2022-01-01to2022-12-31"
      decimals="0"
      unitRef="USD">0</ifrs-full:DividendsPaidClassifiedAsFinancingActivities>
    <ifrs-full:DividendsPaidClassifiedAsFinancingActivities
      contextRef="From2021-01-012021-12-31"
      decimals="0"
      unitRef="USD">0</ifrs-full:DividendsPaidClassifiedAsFinancingActivities>
    <ifrs-full:DividendsPaidClassifiedAsFinancingActivities
      contextRef="From2020-01-012020-12-31"
      decimals="0"
      unitRef="USD">0</ifrs-full:DividendsPaidClassifiedAsFinancingActivities>
    <ifrs-full:DisclosureOfContingentLiabilitiesExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_805_eifrs-full--DisclosureOfContingentLiabilitiesExplanatory_zFYRKKVNZaIc" style="font: bold 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_82B_z5unVNHunhE7"&gt;Contingencies&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;&#160;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Various claims,
suits and complaints, including those involving government regulations, arise in the ordinary course of the shipping business. In addition,
losses may arise from disputes with charterers, environmental claims, agents, and insurers and from claims with suppliers relating to
the operations of the Company&#x2019;s vessels. Currently, management is not aware of any such claims or contingent liabilities, which
are material for disclosure.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"/&gt;

</ifrs-full:DisclosureOfContingentLiabilitiesExplanatory>
    <ifrs-full:DisclosureOfCommitmentsExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_803_eifrs-full--DisclosureOfCommitmentsExplanatory_zPatVekw9wx4" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;b&gt;18.&#160;&#160;&#160;&#160;&#160;&#160;&lt;span id="xdx_82A_zOIM6EUklyOg"&gt;Commitments&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Voyage
revenue&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 37.35pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The Company
enters into time charter arrangements on its vessels. As at December 31, 2022, the non-cancellable arrangements had remaining terms between
nil days to eight months, assuming redelivery at the earliest possible date. As at December 31, 2021, the non-cancellable arrangements
had remaining terms between nil days to two and a half months, assuming redelivery at the earliest possible date. Future net minimum
lease revenues receivable under non-cancellable operating leases as at December 31, 2022 and 2021, were as follows (vessel off-hires
and dry-docking days that could occur but are not currently known are not taken into consideration and early delivery of the vessels
by the charterers is not accounted for):&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_898_ecustom--DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory_zUYUvpopoJzf" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Commitments - Future
minimum lease revenues receivable under non-cancellable operating leases&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 79%; padding-left: 9.45pt; text-align: justify; font-size: 11pt; text-indent: -9.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 10%; text-align: right; font-size: 11pt; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 10%; text-align: right; font-size: 11pt; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-left: 9.45pt; text-align: justify; font-size: 11pt; text-indent: -9.45pt"&gt;&lt;span style="font-size: 10pt"&gt;Within
    one year&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zFiQigOGJE64" style="border-top: Black 0.5pt solid; text-align: right; font-size: 11pt; text-indent: 0cm" title="Within one year"&gt;&lt;span style="font-size: 10pt"&gt;6,675&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zIypZugYkMB3" style="border-top: Black 0.5pt solid; text-align: right; font-size: 11pt; text-indent: 0cm" title="Within one year"&gt;&lt;span style="font-size: 10pt"&gt;6,082&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; font-size: 11pt; text-indent: 0cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20221231_zDEmSaIlJ7fg" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: top; font-size: 11pt; text-indent: 0cm; text-align: right" title="Total"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;6,675&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_988_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20211231_zOlty7WdPNd4" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: top; font-size: 11pt; text-indent: 0cm; text-align: right" title="Total"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;6,082&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p id="xdx_8AE_zfbWuF4i9qxe" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;These
amounts include consideration for other elements of the arrangement apart from the right to use the vessel such as maintenance and crewing
and its related costs.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Office
lease contract&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;As
further discussed in Note 4 the Company has recognized a right of use asset and a corresponding liability with respect to the rental
agreement of office space for its operations within a building leased by FG Europe (an affiliate of Globus&#x2019;s chairman).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;The
depreciation charge for right-of-use assets for the years ended December 31, 2022, 2021 and 2020, was $&lt;span id="xdx_90B_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20220101__20221231_znpQafAuXC7b"&gt;327&lt;/span&gt;,
$&lt;span id="xdx_900_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20210101__20211231_zJYFEuPBGbJ9"&gt;206&lt;/span&gt; and $&lt;span id="xdx_90D_eifrs-full--DepreciationRightofuseAssets_pn3n3_c20200101__20201231_zYqDxpfJymsk"&gt;112&lt;/span&gt;,
respectively, and recognized under depreciation in the income statement component of the consolidated statements of comprehensive
income/(loss). The interest expense on lease liability for the years ended December 31, 2022, 2021 and 2020, was $&lt;span id="xdx_904_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20220101__20221231_zJfCisPX2eP2"&gt;54&lt;/span&gt;,
 $&lt;span id="xdx_901_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20210101__20211231_zmrVNPfkkM9k"&gt;52&lt;/span&gt; and $&lt;span id="xdx_901_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_c20200101__20201231_zNJi1H3d5ybg"&gt;44&lt;/span&gt;
respectively, and recognized under interest expense and finance costs in the income statement component of the consolidated
statements of comprehensive income/(loss).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;At
December 31, 2022 and 2021, the current lease liability amounted to $&lt;span id="xdx_90E_eifrs-full--CurrentLeaseLiabilities_iI_pn3n3_c20221231_zpFoyyfHvkci"&gt;321&lt;/span&gt;
and $&lt;span id="xdx_905_eifrs-full--CurrentLeaseLiabilities_iI_pn3n3_c20211231_zuPLIOgdLGC3"&gt;349&lt;/span&gt;, respectively. The
non-current lease liability amounted to $&lt;span id="xdx_90C_eifrs-full--NoncurrentLeaseLiabilities_iI_pn3n3_c20221231_z5E5VqyWRMVi"&gt;188&lt;/span&gt;
and $&lt;span id="xdx_90E_eifrs-full--NoncurrentLeaseLiabilities_iI_pn3n3_c20211231_zpjHwOzfczyf"&gt;556&lt;/span&gt;, respectively. As at
December 31, 2022 and 2021, the net carrying amount of the right of use asset was $&lt;span id="xdx_90A_eifrs-full--RightofuseAssets_iI_pn3n3_c20221231_zh2ATeyBB0J6"&gt;493
and &lt;/span&gt; $&lt;span id="xdx_905_eifrs-full--RightofuseAssets_iI_pn3n3_c20211231_zb0B4Zrsyiic"&gt;888&lt;/span&gt;,
respectively. These are included in the accompanying consolidated statements of financial position. The total cash outflows for
leases for the years ended December 31, 2022, 2021 and 2020, were approximately $&lt;span id="xdx_905_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20220101__20221231_ztvPZUyC0xak" title="Payment of lease liability - principal and Interest Paid"&gt;341&lt;/span&gt;,
$&lt;span id="xdx_908_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20210101__20211231_zGoS42ZFpbBd" title="Payment of lease liability - principal and Interest Paid"&gt;314&lt;/span&gt;
and $&lt;span id="xdx_90B_ecustom--PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities_pn3n3_c20200101__20201231_zaJcMS5dy1f5" title="Payment of lease liability - principal and Interest Paid"&gt;229&lt;/span&gt;,
respectively, and were recognized in the consolidated statement of cash flows under the Payment of lease liability &#x2013; principal
and Interest Paid.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"&gt;&lt;span style="font-size: 10pt"&gt;Commitments
under shipbuilding contracts&lt;/span&gt;&lt;/p&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"/&gt;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;On
                                                                                                                 April 29, 2022, the Company entered into a contract, through its subsidiary, Calypso Shipholding S.A., for the construction and
                                                                                                                 purchase of one fuel efficient &lt;span id="xdx_90E_ecustom--VesselType_c20220101__20220429__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zXp87IDNMosj"&gt;bulk
                                                                                                                 carrier&lt;/span&gt; of about &lt;span id="xdx_90D_ecustom--VesselCapacity_pip0_uPure_c20220101__20220429__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zXe6A3BoKWlj"&gt;64,000&lt;/span&gt;
                                                                                                                 dwt vessel. The vessel will be built at Nihon Shipyard Co. in Japan and is scheduled to be delivered &lt;span id="xdx_90B_ecustom--VesselDeliveryDate1_uPure_c20220101__20220429__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zGrM2oQo4aL1"&gt;during
                                                                                                                 the first half of 2024&lt;/span&gt;. The total consideration for the construction of the vessel is approximately $&lt;span id="xdx_90D_eifrs-full--CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_pdn6_c20220101__20220429__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zPJhRemePmCh" title="Purchase price"&gt;37.5&lt;/span&gt;
                                                                                                                 million (absolute amount), which the Company intends to finance with a combination of debt and equity. In May 2022 the Company paid
                                                                                                                 the 1st instalment of $&lt;span id="xdx_90E_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20220101__20220531__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zXbeehr68qc5"&gt;7.4&lt;/span&gt;
                                                                                                                 million (absolute amount), which is included under Advances for vessel purchase in the consolidated statement of financial
                                                                                                                 position.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;On
May 13, 2022, the Company has signed two contracts, through its subsidiaries, Daxos Maritime Limited and Paralus Shipholding S.A.,
for the construction and purchase of two fuel efficient &lt;span id="xdx_90C_ecustom--VesselType_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedMember_zLGpeMSFEZz1"&gt;&lt;span id="xdx_900_ecustom--VesselType_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ParalusShipholdingSAMember_zoUiPs0QZQ93"&gt;bulk
carrier&lt;/span&gt;&lt;/span&gt; of about &lt;span id="xdx_90C_ecustom--VesselCapacity_pip0_uPure_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedMember_znxc5Th3hpU1"&gt;&lt;span id="xdx_908_ecustom--VesselCapacity_pip0_uPure_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ParalusShipholdingSAMember_zqnHLx7M1j42"&gt;64,000&lt;/span&gt;&lt;/span&gt;
dwt each. The sister vessels will be built at Nantong COSCO KHI Ship Engineering Co. in China with the first one scheduled to be
delivered &lt;span id="xdx_907_ecustom--VesselDeliveryDate1_uPure_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedMember_zCGBYLgys73j"&gt;during
the third quarter of 2024&lt;/span&gt; and the second one scheduled &lt;span id="xdx_901_ecustom--VesselDeliveryDate1_uPure_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ParalusShipholdingSAMember_zE87B4eP9HBb"&gt;during
the fourth quarter of 2024&lt;/span&gt;. The total consideration for the construction of both vessels is approximately $&lt;span id="xdx_906_eifrs-full--CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_pdn6_c20220101__20220513__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedandParalusShipholdingSAMember_zwKhriNU0Xti" title="Purchase price"&gt;70.3&lt;/span&gt;
million (absolute amount), which the Company intends to finance with a combination of debt and equity. In May 2022 the Company paid
the 1st instalment of $&lt;span id="xdx_907_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20220101__20220531__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedandParalusShipholdingSAMember_zracAGxWe9gk"&gt;13.8&lt;/span&gt;
million (absolute amount) and in November 2022 paid the 2nd instalment of $&lt;span id="xdx_902_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20220601__20221130__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedandParalusShipholdingSAMember_zCePCpmpu4Y3"&gt;6.9&lt;/span&gt;
million (absolute amount)  for both vessels under construction. Both instalments are included under Advances for vessel purchase in
the consolidated statement of financial position.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;The
contractual annual payments per subsidiary to be made subsequent to December 31, 2022, were as follows:&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_89D_ecustom--DisclosureOfContractualAnnualPaymentsPerSubsidiaryExplanatory_zur4LrRH6Emc" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span style="display: none"&gt;Commitments   - Future minimum contractual obligations&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr&gt;
    &lt;td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 67%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;December
    31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_497_20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zLcZAorDpP18" style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Calypso
    Shipholding S.A.&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_498_20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedandParalusShipholdingSAMember_zepVWHd0If01" style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Daxos
    Maritime Limited &lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_491_20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ParalusShipholdingSAMember_z0EnCZZ8e74h" style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Paralus
    Shipholding S.A.&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_407_ecustom--ContractualObligationsDueInNextTwelveMonths_iI_d0_maCOzWax_zY6B6N4Zc7Sc" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;2023&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;11,100&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_400_ecustom--ContractualObligationsDueInSecondYear_iI_d0_maCOzWax_zx7nXETQdIcl" style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;2024&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;18,500&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;24,785&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;24,785&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_404_ecustom--ContractualObligations_iTI_d0_mtCOzWax_zXVpn4ztUQE1" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;29,600&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;24,785&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;24,785&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p id="xdx_8AA_zcC3juxPn9P5" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;



&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"/&gt;

</ifrs-full:DisclosureOfCommitmentsExplanatory>
    <glbs:DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_898_ecustom--DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory_zUYUvpopoJzf" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Commitments - Future
minimum lease revenues receivable under non-cancellable operating leases&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 79%; padding-left: 9.45pt; text-align: justify; font-size: 11pt; text-indent: -9.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 10%; text-align: right; font-size: 11pt; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 10%; text-align: right; font-size: 11pt; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-left: 9.45pt; text-align: justify; font-size: 11pt; text-indent: -9.45pt"&gt;&lt;span style="font-size: 10pt"&gt;Within
    one year&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zFiQigOGJE64" style="border-top: Black 0.5pt solid; text-align: right; font-size: 11pt; text-indent: 0cm" title="Within one year"&gt;&lt;span style="font-size: 10pt"&gt;6,675&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zIypZugYkMB3" style="border-top: Black 0.5pt solid; text-align: right; font-size: 11pt; text-indent: 0cm" title="Within one year"&gt;&lt;span style="font-size: 10pt"&gt;6,082&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="vertical-align: bottom; padding-right: 5.4pt; font-size: 11pt; text-indent: 0cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20221231_zDEmSaIlJ7fg" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: top; font-size: 11pt; text-indent: 0cm; text-align: right" title="Total"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;6,675&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_988_eifrs-full--UndiscountedOperatingLeasePaymentsToBeReceived_iI_pn3n3_c20211231_zOlty7WdPNd4" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: top; font-size: 11pt; text-indent: 0cm; text-align: right" title="Total"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;6,082&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
</glbs:DisclosureOfFutureMinimumLeaseRevenuesReceivableExplanatory>
    <ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived
      contextRef="AsOf2022-12-31_ifrs-full_NotLaterThanOneYearMember"
      decimals="-3"
      unitRef="USD">6675000</ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived>
    <ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived
      contextRef="AsOf2021-12-31_ifrs-full_NotLaterThanOneYearMember"
      decimals="-3"
      unitRef="USD">6082000</ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived>
    <ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">6675000</ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived>
    <ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">6082000</ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived>
    <ifrs-full:DepreciationRightofuseAssets
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">327000</ifrs-full:DepreciationRightofuseAssets>
    <ifrs-full:DepreciationRightofuseAssets
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">206000</ifrs-full:DepreciationRightofuseAssets>
    <ifrs-full:DepreciationRightofuseAssets
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">112000</ifrs-full:DepreciationRightofuseAssets>
    <ifrs-full:InterestExpenseOnLeaseLiabilities
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">54000</ifrs-full:InterestExpenseOnLeaseLiabilities>
    <ifrs-full:InterestExpenseOnLeaseLiabilities
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">52000</ifrs-full:InterestExpenseOnLeaseLiabilities>
    <ifrs-full:InterestExpenseOnLeaseLiabilities
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">44000</ifrs-full:InterestExpenseOnLeaseLiabilities>
    <ifrs-full:CurrentLeaseLiabilities contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">321000</ifrs-full:CurrentLeaseLiabilities>
    <ifrs-full:CurrentLeaseLiabilities contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">349000</ifrs-full:CurrentLeaseLiabilities>
    <ifrs-full:NoncurrentLeaseLiabilities contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">188000</ifrs-full:NoncurrentLeaseLiabilities>
    <ifrs-full:NoncurrentLeaseLiabilities contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">556000</ifrs-full:NoncurrentLeaseLiabilities>
    <ifrs-full:RightofuseAssets contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">493000</ifrs-full:RightofuseAssets>
    <ifrs-full:RightofuseAssets contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">888000</ifrs-full:RightofuseAssets>
    <glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">341000</glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities>
    <glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">314000</glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities>
    <glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">229000</glbs:PaymentsOfLeaseLiabilitiesAndInterestClassifiedAsFinancingActivities>
    <glbs:VesselType contextRef="From2022-01-012022-04-29_custom_CalypsoShipholdingSAMember">bulk
                                                                                                                 carrier</glbs:VesselType>
    <glbs:VesselCapacity
      contextRef="From2022-01-012022-04-29_custom_CalypsoShipholdingSAMember"
      decimals="INF"
      unitRef="Pure">64000</glbs:VesselCapacity>
    <glbs:VesselDeliveryDate1 contextRef="From2022-01-012022-04-29_custom_CalypsoShipholdingSAMember">during
                                                                                                                 the first half of 2024</glbs:VesselDeliveryDate1>
    <ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities
      contextRef="From2022-01-012022-04-29_custom_CalypsoShipholdingSAMember"
      decimals="0"
      unitRef="USD">37500000</ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities>
    <ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities
      contextRef="From2022-01-012022-05-31_custom_CalypsoShipholdingSAMember"
      decimals="0"
      unitRef="USD">7400000</ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities>
    <glbs:VesselType contextRef="From2022-01-012022-05-13_custom_DaxosMaritimeLimitedMember">bulk
carrier</glbs:VesselType>
    <glbs:VesselType contextRef="From2022-01-012022-05-13_custom_ParalusShipholdingSAMember">bulk
carrier</glbs:VesselType>
    <glbs:VesselCapacity
      contextRef="From2022-01-012022-05-13_custom_DaxosMaritimeLimitedMember"
      decimals="INF"
      unitRef="Pure">64000</glbs:VesselCapacity>
    <glbs:VesselCapacity
      contextRef="From2022-01-012022-05-13_custom_ParalusShipholdingSAMember"
      decimals="INF"
      unitRef="Pure">64000</glbs:VesselCapacity>
    <glbs:VesselDeliveryDate1 contextRef="From2022-01-012022-05-13_custom_DaxosMaritimeLimitedMember">during
the third quarter of 2024</glbs:VesselDeliveryDate1>
    <glbs:VesselDeliveryDate1 contextRef="From2022-01-012022-05-13_custom_ParalusShipholdingSAMember">during
the fourth quarter of 2024</glbs:VesselDeliveryDate1>
    <ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities
      contextRef="From2022-01-012022-05-13_custom_DaxosMaritimeLimitedandParalusShipholdingSAMember"
      decimals="0"
      unitRef="USD">70300000</ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities>
    <ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities
      contextRef="From2022-01-012022-05-31_custom_DaxosMaritimeLimitedandParalusShipholdingSAMember"
      decimals="0"
      unitRef="USD">13800000</ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities>
    <ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities
      contextRef="From2022-06-012022-11-30_custom_DaxosMaritimeLimitedandParalusShipholdingSAMember"
      decimals="0"
      unitRef="USD">6900000</ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities>
    <glbs:DisclosureOfContractualAnnualPaymentsPerSubsidiaryExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_89D_ecustom--DisclosureOfContractualAnnualPaymentsPerSubsidiaryExplanatory_zur4LrRH6Emc" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span style="display: none"&gt;Commitments   - Future minimum contractual obligations&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
  &lt;tr&gt;
    &lt;td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 67%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;December
    31,&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_497_20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSAMember_zLcZAorDpP18" style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Calypso
    Shipholding S.A.&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_498_20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--DaxosMaritimeLimitedandParalusShipholdingSAMember_zepVWHd0If01" style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Daxos
    Maritime Limited &lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_491_20221231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--ParalusShipholdingSAMember_z0EnCZZ8e74h" style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Paralus
    Shipholding S.A.&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_407_ecustom--ContractualObligationsDueInNextTwelveMonths_iI_d0_maCOzWax_zY6B6N4Zc7Sc" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;2023&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;11,100&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_400_ecustom--ContractualObligationsDueInSecondYear_iI_d0_maCOzWax_zx7nXETQdIcl" style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;2024&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;18,500&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;24,785&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;24,785&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr id="xdx_404_ecustom--ContractualObligations_iTI_d0_mtCOzWax_zXVpn4ztUQE1" style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;29,600&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;24,785&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;24,785&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
</glbs:DisclosureOfContractualAnnualPaymentsPerSubsidiaryExplanatory>
    <glbs:ContractualObligationsDueInNextTwelveMonths
      contextRef="AsOf2022-12-31_custom_CalypsoShipholdingSAMember"
      decimals="-3"
      unitRef="USD">11100000</glbs:ContractualObligationsDueInNextTwelveMonths>
    <glbs:ContractualObligationsDueInNextTwelveMonths
      contextRef="AsOf2022-12-31_custom_DaxosMaritimeLimitedandParalusShipholdingSAMember"
      decimals="-3"
      unitRef="USD">0</glbs:ContractualObligationsDueInNextTwelveMonths>
    <glbs:ContractualObligationsDueInNextTwelveMonths
      contextRef="AsOf2022-12-31_custom_ParalusShipholdingSAMember"
      decimals="-3"
      unitRef="USD">0</glbs:ContractualObligationsDueInNextTwelveMonths>
    <glbs:ContractualObligationsDueInSecondYear
      contextRef="AsOf2022-12-31_custom_CalypsoShipholdingSAMember"
      decimals="-3"
      unitRef="USD">18500000</glbs:ContractualObligationsDueInSecondYear>
    <glbs:ContractualObligationsDueInSecondYear
      contextRef="AsOf2022-12-31_custom_DaxosMaritimeLimitedandParalusShipholdingSAMember"
      decimals="-3"
      unitRef="USD">24785000</glbs:ContractualObligationsDueInSecondYear>
    <glbs:ContractualObligationsDueInSecondYear
      contextRef="AsOf2022-12-31_custom_ParalusShipholdingSAMember"
      decimals="-3"
      unitRef="USD">24785000</glbs:ContractualObligationsDueInSecondYear>
    <glbs:ContractualObligations
      contextRef="AsOf2022-12-31_custom_CalypsoShipholdingSAMember"
      decimals="-3"
      unitRef="USD">29600000</glbs:ContractualObligations>
    <glbs:ContractualObligations
      contextRef="AsOf2022-12-31_custom_DaxosMaritimeLimitedandParalusShipholdingSAMember"
      decimals="-3"
      unitRef="USD">24785000</glbs:ContractualObligations>
    <glbs:ContractualObligations
      contextRef="AsOf2022-12-31_custom_ParalusShipholdingSAMember"
      decimals="-3"
      unitRef="USD">24785000</glbs:ContractualObligations>
    <ifrs-full:DisclosureOfIncomeTaxExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_804_eifrs-full--DisclosureOfIncomeTaxExplanatory_z96wWM35EAAa" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;19.&#160;&#160;&#160;&#160;&#160;
&lt;span id="xdx_829_zA1lyRd28Eui"&gt;Income Tax&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;Under
the laws of the countries of the vessel owning companies&#x2019; incorporation and / or vessels&#x2019; registration, vessel owning companies
are not subject to tax on international shipping income; however, they are subject to registration and tonnage taxes,which are included
in vessel operating expenses in the accompanying consolidated statements of income/(loss).&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;Greek
Authorities Tax&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0.5in"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;In January 2013,
the tax Law 4110/2013 amended the 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 89/67 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 satisfies all income tax obligations of both the ship-owning 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. As at December 31, 2022, 2021 and 2020, the tax expense under the law amounted to $&lt;span id="xdx_901_eifrs-full--TaxExpenseOtherThanIncomeTaxExpense_pn3n3_c20220101__20221231_zZaJjdsozDwl"&gt;292&lt;/span&gt;, $&lt;span id="xdx_902_eifrs-full--TaxExpenseOtherThanIncomeTaxExpense_pn3n3_c20210101__20211231_zZgR1U0X5Oic"&gt;185&lt;/span&gt; and $&lt;span id="xdx_90B_eifrs-full--TaxExpenseOtherThanIncomeTaxExpense_pn3n3_c20200101__20201231_zcGM2xUXlhBd"&gt;130&lt;/span&gt;, respectively
and is included in administrative expenses in the consolidated statements of comprehensive income/(loss).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;&#160;&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&lt;i&gt;U.S.
Federal Income Tax&lt;/i&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Globus is a
foreign corporation with wholly owned subsidiaries that are foreign corporations, which derive income from the international operation
of a ship or ships that may earn United States (&#x201c;U.S&#x201d;) source shipping income for U.S. federal income tax purposes.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Globus believes
that under &#xa7; 883 of the Internal Revenue Code, its income and the income of its ship-owning subsidiaries, to the extent derived
from the international operation of a ship or ships, were exempt from U.S. federal income tax in 2022.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The following
is a summary, discussing the application of the U.S. federal income tax laws to the Company relating to income derived from the international
operation of a ship or ships. The discussion and its conclusion are based upon existing U.S. federal income tax law, including the Internal
Revenue Code (the &#x201c;Code&#x201d;) and final U.S. Treasury Regulations (the &#x201c;Regs&#x201d;) as currently in effect, all of which
are subject to change, possibly with retroactive effect.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;In general,
under &#xa7; 883, certain non-U.S. corporations are not subject to U.S. federal income tax on their U.S. source income derived from the
international operation of a ship or ships (&#x201c;gross transportation income&#x201d;). Absent &#xa7; 883 or a tax treaty exemption,
such income generally would be subject to a 4% gross basis tax, or in certain cases, to a net income tax plus a 30% branch profits tax.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;For this purpose,
U.S. source gross transportation income includes 50% of the shipping income that is attributable to transportation that begins or ends
(but that does not both begin and end) in the United States.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Shipping income
attributable to transportation exclusively between non-U.S. ports is generally not subject to any U.S. federal income tax. &#x201c;Shipping
income&#x201d; generally means income that is derived from:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;(a) the use
of vessels;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;(b) the hiring
or leasing of vessels for use on a time, operating or bareboat charter basis;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;(c) the participation
in a pool, partnership, strategic alliance, joint operating agreement or other joint venture it directly or indirectly owns or participates
in that generates such income; or&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;(d) the performance
of services directly related to those uses.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The Regs provide
that a foreign corporation will qualify for the benefits of &#xa7; 883 if, in relevant part, the foreign country in which the foreign
corporation is organized grants an equivalent exemption to corporations organized in the U.S. and the foreign corporation meets either
the qualified shareholder test or the publicly traded test described below.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;i&gt;Qualified
Shareholder Test&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;A foreign corporation
having more than 50 percent of the value of its outstanding shares owned, directly or indirectly by application of specific attribution
rules, for at least half of the number of days in the foreign corporation's taxable year by one or more qualified shareholders will meet
the qualified shareholder test. In part, an individual who is a shareholder will be considered a qualified shareholder if he or she is
a resident of a qualified foreign country (which means for this purpose that he or she is fully liable to tax in such country, and maintains
a tax home in such country for 183 days or more in the taxable year, or certain other rules apply) and does not own his or her interest
in the foreign corporation through bearer shares (except for bearer shares held in a dematerialized or immobilized book entry system),
either directly or indirectly by application of the attribution rules. In addition, in order to meet the qualified shareholder test,
a foreign corporation will need to obtain certifications from its qualified shareholders (including from intermediary entities) substantiating
their stock ownership.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;i/&gt;&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;19.&#160;&#160;&#160;&#160;&#160;&#160;Income Tax (continued)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;i&gt;Publicly
Traded Test&lt;/i&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The Publicly
Traded Test requires that one or more classes of equity representing more than 50% of the voting power and value in a non-United States
corporation be &#x201c;primarily and regularly traded&#x201d; on an established securities market either in the United States or in a foreign
country that grants an equivalent exemption. Among others, &#xa7; 883 provides, in relevant part, that the shares of a non-United States
corporation will be considered to be &#x201c;primarily traded&#x201d; on an established securities market in a country if the number of
shares of each class of shares that are traded during any taxable year on all established securities markets in that country exceeds
the number of shares in each such class that are traded during that year on established securities markets in any other single country.
&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Notwithstanding
the foregoing, &#xa7; 883 provides, in relevant part, that a class of shares will not be considered to be &#x201c;regularly traded&#x201d;
on an established securities market for any taxable year in which 50% or more of the vote and value of the outstanding shares of such
class are owned, actually or constructively under specified share attribution rules, on more than half the days during the taxable year
by persons who each own 5% or more of the vote and value of such class of outstanding shares which is referred as the 5 Percent Override
Rule.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;In the event
that the 5 Percent Override Rule is triggered, &#xa7; 883 provides that such rule will not apply if the Company can establish that within
the group of 5% shareholders, there are sufficient qualified shareholders within the meaning of &#xa7; 883 to preclude non-qualified
shareholders in such group from owning 50% or more of the total value of the Company&#x2019;s common shares for more than half the number
of days during the taxable year.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;For the
years ended December 31, 2022 and 2021, Globus and its wholly owned subsidiaries deriving income from the operation of international
ships were organized in foreign countries that grant equivalent exemptions to corporations organized in the U.S. Globus&#x2019;s
common shares, representing more than 50% of the voting power and value in Globus, were primarily and regularly traded on the Nasdaq
Capital Market, which is an established securities market. Although Globus&#x2019;s ship-owning and operating subsidiaries were not
publicly traded, they should have qualified for the qualified shareholder test by virtue of their ownership by Globus. Accordingly,
all of Globus&#x2019; and its ship-owning or operating subsidiaries that relied on &#xa7; 883 for exempting U.S. source income from
the international operation of ships should not have been subject to U.S. federal income tax for the years ended December 31, 2022
and 2021. It was not clear whether Globus was able to rely on the &#xa7; 883 exemption for the year ended December 31, 2020.
Nevertheless, because Globus and its subsidiaries earned no U.S. source gross transportation income (because none of Globus&#x2019;s
vessels made a voyage to or from the United States in 2020) neither the U.S. 4% gross basis tax nor the net income tax should be
owed for 2020. &lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Under the laws
of the Republic of Malta, the country of incorporation of one of the Company&#x2019;s vessel-owning company&#x2019;s, this vessel-owning
company is not liable for any income tax on its income derived from shipping operations. The Republic of Malta is a country that has
an income tax treaty with the United States. Accordingly, income earned by vessel-owning companies organized under the laws of the Republic
of Malta may qualify for a treaty-based exemption. Specifically, Article 8 (Shipping and Air Transport) of the treaty sets out
the relevant rule to the effect that profits of an enterprise of a Contracting State from the operation of ships in international traffic
shall be taxable only in that State.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DisclosureOfIncomeTaxExplanatory>
    <ifrs-full:TaxExpenseOtherThanIncomeTaxExpense
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">292000</ifrs-full:TaxExpenseOtherThanIncomeTaxExpense>
    <ifrs-full:TaxExpenseOtherThanIncomeTaxExpense
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">185000</ifrs-full:TaxExpenseOtherThanIncomeTaxExpense>
    <ifrs-full:TaxExpenseOtherThanIncomeTaxExpense
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">130000</ifrs-full:TaxExpenseOtherThanIncomeTaxExpense>
    <ifrs-full:DisclosureOfFinancialRiskManagementExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_801_eifrs-full--DisclosureOfFinancialRiskManagementExplanatory_zwMjx3aFLDp3" style="font: 9pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;20.&#160;&#160;&#160;&#160;&#160;
&lt;span id="xdx_82A_zCN9PHjzI6nf"&gt;Financial risk management objectives and policies&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;The
Company&#x2019;s financial liabilities are long-term borrowings, trade and other payables and the financial derivative instrument. The
main purpose of these financial liabilities is to assist the Company in the financing of its operations and the acquisition of vessels.
The Company has various financial assets such as trade accounts receivable, financial derivative instrument and cash and short-term deposits
including restricted cash, which arise directly from its operations. The main risks arising from the Company&#x2019;s financial instruments
are cash flow interest rate risk, credit risk, liquidity risk and foreign currency risk.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Interest
rate risk&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;Interest
rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. The Company&#x2019;s exposure to the risk of changes in market interest rates relates primarily to the Company&#x2019;s
long-term debt obligations with floating interest rates. As at December 31, 2022 and 2021, the Company had no long-term borrowings at
a fixed interest rate.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Interest
rate risk table&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;The
following table demonstrates the sensitivity to a reasonably possible change in interest rates, with all other variables held constant,
on the Company&#x2019;s income/(loss).&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;20. &#160;&#160;&#160;&#160;&#160;
Financial risk management objectives and policies (continued)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_891_ecustom--DisclosureOfInterestRateRiskExplanatory_zHV7JUJRClDj" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Financial
risk management objectives and policies - Interest rate risk&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="vertical-align: top; width: 79%; padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: top; width: 10%; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Increase/(Decrease) in basis points&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Effect on income / (loss)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top"&gt;
    &lt;td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: White"&gt;
    &lt;td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;$ Libor/SOFR&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_980_ecustom--IncreaseInInterestRates_pip0_uPure_c20220101__20221231_zJpSUCsgtyVi" style="text-align: right; text-indent: 0cm" title="Increase in Libor/SOFR"&gt;&lt;span style="font-size: 10pt"&gt;+15&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_983_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20220101__20221231_zH11xznxbUEj" style="text-align: right; text-indent: 0cm" title="Effect on loss (Increase in Libor/SOFR)"&gt;&lt;span style="font-size: 10pt"&gt;(55)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_ecustom--DecreaseInInterestRates_pip0_uPure_c20220101__20221231_zyQ0PRXsH1A" style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR"&gt;&lt;span style="font-size: 10pt"&gt;-20&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20220101__20221231_zBsvRh4yaDXf" style="text-align: right; text-indent: 0cm" title="Effect on loss (Decrease in Libor/SOFR)"&gt;&lt;span style="font-size: 10pt"&gt;73&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: White"&gt;
    &lt;td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;$ Libor&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_ecustom--IncreaseInInterestRates_pip0_uPure_c20210101__20211231_zXplXyQ2M3V3" style="text-align: right; text-indent: 0cm" title="Increase in Libor"&gt;&lt;span style="font-size: 10pt"&gt;+15&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20210101__20211231_ztDgW1hsI6Ch" style="text-align: right; text-indent: 0cm" title="Effect on loss (Increase in Libor)"&gt;&lt;span style="font-size: 10pt"&gt;(52)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: White"&gt;
    &lt;td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98D_ecustom--DecreaseInInterestRates_pip0_uPure_c20210101__20211231_zcOXSBq5ZWOi" style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR"&gt;&lt;span style="font-size: 10pt"&gt;-20&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_987_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20210101__20211231_zW44bxdfuhJg" style="text-align: right; text-indent: 0cm" title="Effect on loss (Decrease in Libor)"&gt;&lt;span style="font-size: 10pt"&gt;69&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: 0cm" title="Effect on loss (Decrease in Libor)"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: White"&gt;
    &lt;td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;$ Libor&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_ecustom--IncreaseInInterestRates_pip0_uPure_c20200101__20201231_z2RcEzYiZgD6" style="text-align: right; text-indent: 0cm" title="Increase in Libor"&gt;&lt;span style="font-size: 10pt"&gt;+15&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20200101__20201231_zucDT0D94hV" style="text-align: right; text-indent: 0cm" title="Effect on loss (Increase in Libor)"&gt;&lt;span style="font-size: 10pt"&gt;(57)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_ecustom--DecreaseInInterestRates_pip0_uPure_c20200101__20201231_zFbf2vnLVNp8" style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR"&gt;-20&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_988_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20200101__20201231_zl6bZZPz9Uta" style="text-align: right; text-indent: 0cm" title="Effect on loss (Decrease in Libor)"&gt;75&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: White"&gt;
    &lt;td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: 0cm" title="Effect on loss (Decrease in Libor)"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"/&gt;

&lt;p id="xdx_8AA_zsnDFPgITSAh" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Foreign
currency risk&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;The following
table demonstrates the sensitivity to a reasonably possible change in the Euro exchange rate, with all other variables held constant,
to the Company&#x2019;s loss due to changes in the fair value of monetary assets and liabilities. The Company&#x2019;s exposure to foreign
currency changes for all other currencies as at December 31, 2022 and 2021, was not material.&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_898_ecustom--DisclosureOfForeignCurrencyRiskExplanatory_zCwWZIhOjQX4" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Financial
risk management objectives and policies - Foreign currency risk&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 79%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Change in
    rate&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Effect on income
    / (loss) &lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_ecustom--IncreaseInExchangeRates_pip0_uPure_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zC4CSIZzU95l" style="padding-right: 5.4pt; text-align: right" title="Increase in Euro exchange rate"&gt;&lt;span style="font-size: 10pt"&gt;+10%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_983_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zo6M9rvy3hP8" style="text-align: right" title="Effect on loss (Increase in Euro exchange rate)"&gt;&lt;span style="font-size: 10pt"&gt;(573)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_ecustom--DecreaseInExchangeRates_pip0_uPure_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zig7dbvj33vc" style="padding-right: 5.4pt; text-align: right" title="Decrease in Euro exchange rate"&gt;&lt;span style="font-size: 10pt"&gt;-10%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zVIvgdl5skpl" style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)"&gt;&lt;span style="font-size: 10pt"&gt;573&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_ecustom--IncreaseInExchangeRates_pip0_uPure_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zaxRhFosYLLl" style="padding-right: 5.4pt; text-align: right" title="Increase in Euro exchange rate"&gt;&lt;span style="font-size: 10pt"&gt;+10%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_980_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zkp6mvJlCRf9" style="text-align: right" title="Effect on loss (Increase in Euro exchange rate)"&gt;&lt;span style="font-size: 10pt"&gt;(478)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_ecustom--DecreaseInExchangeRates_pip0_uPure_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zduLN0hyks4j" style="padding-right: 5.4pt; text-align: right" title="Decrease in Euro exchange rate"&gt;&lt;span style="font-size: 10pt"&gt;-10%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98E_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zuESJBOy5wY9" style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)"&gt;&lt;span style="font-size: 10pt"&gt;478&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; text-align: right" title="Decrease in Euro exchange rate"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_ecustom--IncreaseInExchangeRates_pip0_uPure_c20200101__20201231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zbxkdz6OyS9e" style="padding-right: 5.4pt; text-align: right" title="Increase in Euro exchange rate"&gt;&lt;span style="font-size: 10pt"&gt;+10%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20200101__20201231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_z8DafdUkuol1" style="text-align: right" title="Effect on loss (Increase in Euro exchange rate)"&gt;&lt;span style="font-size: 10pt"&gt;(258)&lt;b/&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_ecustom--DecreaseInExchangeRates_pip0_uPure_c20200101__20201231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zkIoOUF9pTei" style="padding-right: 5.4pt; text-align: right" title="Decrease in Euro exchange rate"&gt;&lt;span style="font-size: 10pt"&gt;-10%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98B_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20200101__20201231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zRSPmpWRySRk" style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)"&gt;&lt;span style="font-size: 10pt"&gt;258&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; text-align: right" title="Decrease in Euro exchange rate"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p id="xdx_8A1_ztK6hEeSaHr" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -7.65pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -7.65pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Credit
risk&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;The
Company operates only with recognized, creditworthy third parties including major charterers, commodity traders and government owned
entities. Receivable balances are monitored on an ongoing basis with the result that the Company&#x2019;s exposure to impairment on trade
accounts receivable is not significant. The maximum exposure is the carrying value of trade accounts receivable as indicated in the consolidated
statement of financial position. With respect to the credit risk arising from other financial assets of the Company such as cash and
cash equivalents, the Company&#x2019;s exposure to credit risk arises from default of the counter parties, which are recognized financial
institutions. The Company performs annual evaluations of the relative credit standing of these counter parties. The exposure of these
financial instruments is equal to their carrying amount as indicated in the consolidated statement of financial position.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -7.65pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Concentration
of credit risk table:&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;The
following table provides information with respect to charterers who individually, accounted for approximately more than 10% of the Company&#x2019;s
revenue for the years ended December 31, 2022, 2021 and 2020:&lt;/span&gt;&#160;&lt;span style="font-size: 10pt"&gt;&lt;b/&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_890_ecustom--DisclosureOfConcentrationOfCreditRiskExplanatory_zFL3SWuFhtKl" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Financial
risk management objectives and policies - Concentration of credit risk table&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b/&gt;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="font-weight: bold; text-align: right; width: 34%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 10%"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 10%"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;%&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 10%"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 10%"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;%&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 10%"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 10%"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;%&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-size: 9pt"&gt;A&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zWFivZWbKt8c" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-size: 9pt"&gt;6,606&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zuSCeMCwTkce" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;11%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zCbaOJhF5Ssk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_980_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zFT4WLne7gB3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zn8HmDcPDO4a" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_z6lN0AwXxe46" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-size: 9pt"&gt;B&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zhN70z8UcJU9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-size: 9pt"&gt;6,548&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zGbuqu9HNA0f" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;11%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_z373HEIBWDL7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zZrWusyV3oR4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zAMqq3ncmASl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zbL0AHe2Beqc" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-size: 9pt"&gt;C&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_z46Z7Llh3j1l" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zkjL7SquX0m5" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_z7yvdFNGA1Bg" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-size: 9pt"&gt;7,726&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zsbU3ApgaQC9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;18%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_z7XylfJ0bSRa" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_z1zK8OLZGD96" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-size: 9pt"&gt;D&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zwibcAUL7JG5" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zcfZvOnDoBG3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zz4hYGiwM9E8" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-size: 9pt"&gt;4,571&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zqmAdFIrcRjb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;11%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_z6ojPu3lYxLd" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zv4nXtpCalPc" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-size: 9pt"&gt;Other &lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zTqKi36RGgSh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-size: 9pt"&gt;48,236&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zV3HKHURdwSa" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;78%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_980_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zlD21EKt4YZ" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-size: 9pt"&gt;30,914&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_z2Hd9aWJBWV4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;71%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zTn6Ou3mP2bk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-size: 9pt"&gt;11,753&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zgHMvjTXY8z3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;100%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_988_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20220101__20221231_zeugv3zWe0N7" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;61,390&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20220101__20221231_zgtuKQh8phMk" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;100%&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20210101__20211231_zEwEYoxQ1knj" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;43,211&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20210101__20211231_zccAzRxu4fj3" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;100%&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20200101__20201231_zLrkHmxp8qee" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;11,753&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20200101__20201231_zaxoNVBO39Wh" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;100%&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p id="xdx_8A4_zIM9J785KFB" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -7.65pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Liquidity
risk	&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0pt 12pt 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;The
Company mitigates liquidity risk by managing cash generated by its operations, applying cash collection targets appropriately. The vessels
are normally chartered under time-charter, bareboat and spot agreements where, as per the industry practice, the charterer pays for the
transportation service 15 days in advance, supporting the management of cash generation. Vessel acquisitions are carefully controlled,
with authorization limits operating up to board level and cash payback periods applied as part of the investment appraisal process. In
this way, the Company maintains a good credit rating to facilitate fund raising. In its funding strategy, the Company&#x2019;s objective
is to maintain a balance between continuity of funding and flexibility through the use of bank loans. Excess cash
used in managing liquidity is only invested in financial instruments exposed to insignificant risk of changes in market value or are being
placed on interest bearing deposits with maturities fixed usually for no more than 3 months. The Company monitors its risk relating to
the shortage of funds by considering the maturity of its financial liabilities and its projected cash flows from operations.&lt;/span&gt;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&#160;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;20.&#160;&#160;&#160;&#160;&#160;&#160;Financial risk management objectives and policies (continued)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;The
table below summarizes the maturity profile of the Company&#x2019;s financial liabilities (including interest) at December 31, 2022 and
2021 based on contractual undiscounted cash flows.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_89D_eifrs-full--DescriptionOfManagingLiquidityRisk_zDe9VNDrUuv2" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Financial
risk management objectives and policies - Liquidity risk&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Year ended
    December 31, 2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Less
    than 3 months&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;3
    to 12 months&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;1
    to 5 years&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;More
    than 5 years&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Long-term debt&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zsbEBN0ATtR4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-size: 10pt"&gt;2,495&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zholTVXOZ3g4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-size: 10pt"&gt;7,266&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zKvxICgIRzP6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-size: 10pt"&gt;43,816&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zGpLG6yqoGUh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231_zGmprW1OmkWd" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-size: 10pt"&gt;53,577&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Lease liabilities &lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zObascA6rtda" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-size: 10pt"&gt;80&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zuIkrjDP5E07" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-size: 10pt"&gt;241&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zgCYB5GIRjH3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-size: 10pt"&gt;188&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--LeaseLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zLRu4uwJ4Vr2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231_z1DiIXfsl7M" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-size: 10pt"&gt;509&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Accrued liabilities and
    other payables&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zPxM4T8vm55b" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-size: 10pt"&gt;5,814&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zSV3d9IzoD7k" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zNJtHkd0plcl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zw4QAUrNpVUa" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20221231_zvYkJnAXlMic" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-size: 10pt"&gt;5,814&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Trade accounts payables&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zJ8RE2Kp8Lp6" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-size: 10pt"&gt;3,548&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zNjzoQBrIDsl" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zC1KUN8x9yn4" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zN4iNQI5P1Jk" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20221231_zQAn8uillqAk" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-size: 10pt"&gt;3,548&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_z6FwY6Ka4iE1" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;11,937&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_z3LDIOukRrL4" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;7,507&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_980_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zPfZRg1Kglu3" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;44,004&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--FinancialLiabilities_iTI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zCzUJ6L2UpUh" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#x2014;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231_z76puX9r7PM8" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;63,448&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Year ended
    December 31, 2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Less
    than 3 months&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;3
    to 12 months&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;1
    to 5 years&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;More
    than 5 years&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Long-term debt&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zBI3tVy94gs1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-size: 10pt"&gt;1,566&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zd48sHaPFjKc" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-size: 10pt"&gt;4,614&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zzvhSxKgZGt8" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-size: 10pt"&gt;29,325&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zQa6Rq5jEKbh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20211231_z0TsNNiT1Ji6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-size: 10pt"&gt;35,505&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Lease liabilities &lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--LeaseLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zoFubLCDvQj4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-size: 10pt"&gt;92&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--LeaseLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zfHJR0B8zYjf" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-size: 10pt"&gt;275&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--LeaseLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zg0cnhZcuWNg" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-size: 10pt"&gt;585&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--LeaseLiabilities_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zA1cPOpnsRda" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--LeaseLiabilities_iI_pn3n3_c20211231_zhrHEHry4Fyj" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-size: 10pt"&gt;952&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Accrued liabilities and
    other payables&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zvrnUX2yJSZh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-size: 10pt"&gt;3,497&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_z16iFnTOf5x6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_ztD2tyiyqZE2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zJjx58GZIJT7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20211231_z7PfFyIRp7f8" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-size: 10pt"&gt;3,497&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Trade accounts payables&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zSkuxAoCzsah" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-size: 10pt"&gt;1,100&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zViERfpnfVE6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zAhSmG5VgIBl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zhHT5YTVAR4a" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20211231_zA12ndxcwsxf" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-size: 10pt"&gt;1,100&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Current portion of fair
    value of derivative financial instruments&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--CurrentDerivativeFinancialLiabilities_iIP3ifrs-full--TradeAndOtherCurrentPayables_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zyWrWXtWNEWc" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"&gt;&lt;span style="font-size: 10pt"&gt;23&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--CurrentDerivativeFinancialLiabilities_iIP3ifrs-full--TradeAndOtherCurrentPayables_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zr5LKZGamDIi" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"&gt;&lt;span style="font-size: 10pt"&gt;69&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--CurrentDerivativeFinancialLiabilities_iIP3ifrs-full--TradeAndOtherCurrentPayables_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zkRaih07Hvqh" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--CurrentDerivativeFinancialLiabilities_iIP3ifrs-full--TradeAndOtherCurrentPayables_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zUzuDivBL9P7" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_980_eifrs-full--CurrentDerivativeFinancialLiabilities_iIP2ifrs-full--FinancialLiabilities_pn3n3_c20211231_zdBsMPZUKEZ6" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;92&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zXCVxwzsqebl" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;6,278&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zPPd998JGRT3" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;4,958&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zb74skEy8K55" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;29,910&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--FinancialLiabilities_iTI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zywFfe3bkKw5" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#x2014;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_980_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20211231_zjkbDM0RO7fb" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;41,146&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p id="xdx_8A9_zU84Jxr6vjk3" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 96.4pt; text-align: justify; text-indent: -68.05pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Capital
management&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 96.4pt; text-align: justify; text-indent: -60.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;The
primary objective of the Company&#x2019;s capital management is to ensure that it maintains a strong credit rating and healthy capital
ratios in order to support its business and maximize shareholder value. The Company manages its capital structure and makes adjustments
to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Company may adjust the dividend payment
to shareholders, return capital to shareholders or issue new shares as well as managing the outstanding level of debt. Lenders may impose
capital structure or solvency ratios (refer to note 11). No changes were made in the objectives, policies or processes during the years
ended December 31, 2022 and 2021.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DisclosureOfFinancialRiskManagementExplanatory>
    <glbs:DisclosureOfInterestRateRiskExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_891_ecustom--DisclosureOfInterestRateRiskExplanatory_zHV7JUJRClDj" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Financial
risk management objectives and policies - Interest rate risk&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="vertical-align: top; width: 79%; padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: top; width: 10%; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Increase/(Decrease) in basis points&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Effect on income / (loss)&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top"&gt;
    &lt;td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: White"&gt;
    &lt;td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;$ Libor/SOFR&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_980_ecustom--IncreaseInInterestRates_pip0_uPure_c20220101__20221231_zJpSUCsgtyVi" style="text-align: right; text-indent: 0cm" title="Increase in Libor/SOFR"&gt;&lt;span style="font-size: 10pt"&gt;+15&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_983_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20220101__20221231_zH11xznxbUEj" style="text-align: right; text-indent: 0cm" title="Effect on loss (Increase in Libor/SOFR)"&gt;&lt;span style="font-size: 10pt"&gt;(55)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_ecustom--DecreaseInInterestRates_pip0_uPure_c20220101__20221231_zyQ0PRXsH1A" style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR"&gt;&lt;span style="font-size: 10pt"&gt;-20&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20220101__20221231_zBsvRh4yaDXf" style="text-align: right; text-indent: 0cm" title="Effect on loss (Decrease in Libor/SOFR)"&gt;&lt;span style="font-size: 10pt"&gt;73&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: White"&gt;
    &lt;td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;$ Libor&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_ecustom--IncreaseInInterestRates_pip0_uPure_c20210101__20211231_zXplXyQ2M3V3" style="text-align: right; text-indent: 0cm" title="Increase in Libor"&gt;&lt;span style="font-size: 10pt"&gt;+15&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20210101__20211231_ztDgW1hsI6Ch" style="text-align: right; text-indent: 0cm" title="Effect on loss (Increase in Libor)"&gt;&lt;span style="font-size: 10pt"&gt;(52)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: White"&gt;
    &lt;td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98D_ecustom--DecreaseInInterestRates_pip0_uPure_c20210101__20211231_zcOXSBq5ZWOi" style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR"&gt;&lt;span style="font-size: 10pt"&gt;-20&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_987_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20210101__20211231_zW44bxdfuhJg" style="text-align: right; text-indent: 0cm" title="Effect on loss (Decrease in Libor)"&gt;&lt;span style="font-size: 10pt"&gt;69&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: 0cm" title="Effect on loss (Decrease in Libor)"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: White"&gt;
    &lt;td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;$ Libor&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_ecustom--IncreaseInInterestRates_pip0_uPure_c20200101__20201231_z2RcEzYiZgD6" style="text-align: right; text-indent: 0cm" title="Increase in Libor"&gt;&lt;span style="font-size: 10pt"&gt;+15&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20200101__20201231_zucDT0D94hV" style="text-align: right; text-indent: 0cm" title="Effect on loss (Increase in Libor)"&gt;&lt;span style="font-size: 10pt"&gt;(57)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_ecustom--DecreaseInInterestRates_pip0_uPure_c20200101__20201231_zFbf2vnLVNp8" style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR"&gt;-20&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_988_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20200101__20201231_zl6bZZPz9Uta" style="text-align: right; text-indent: 0cm" title="Effect on loss (Decrease in Libor)"&gt;75&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: White"&gt;
    &lt;td style="padding-left: 9.45pt; text-align: justify; text-indent: -9.45pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: 0cm" title="Decrease in Libor/SOFR"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; text-indent: 0cm" title="Effect on loss (Decrease in Libor)"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"/&gt;

</glbs:DisclosureOfInterestRateRiskExplanatory>
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      decimals="INF"
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      contextRef="From2022-01-01to2022-12-31"
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      contextRef="From2021-01-012021-12-31"
      decimals="INF"
      unitRef="Pure">15</glbs:IncreaseInInterestRates>
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    <glbs:DecreaseInInterestRates
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      decimals="INF"
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    <glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">69000</glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit>
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      contextRef="From2020-01-012020-12-31"
      decimals="INF"
      unitRef="Pure">15</glbs:IncreaseInInterestRates>
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    <glbs:DecreaseInInterestRates
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      unitRef="Pure">-20</glbs:DecreaseInInterestRates>
    <glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">75000</glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit>
    <glbs:DisclosureOfForeignCurrencyRiskExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_898_ecustom--DisclosureOfForeignCurrencyRiskExplanatory_zCwWZIhOjQX4" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Financial
risk management objectives and policies - Foreign currency risk&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 79%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Change in
    rate&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Effect on income
    / (loss) &lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98A_ecustom--IncreaseInExchangeRates_pip0_uPure_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zC4CSIZzU95l" style="padding-right: 5.4pt; text-align: right" title="Increase in Euro exchange rate"&gt;&lt;span style="font-size: 10pt"&gt;+10%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_983_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zo6M9rvy3hP8" style="text-align: right" title="Effect on loss (Increase in Euro exchange rate)"&gt;&lt;span style="font-size: 10pt"&gt;(573)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98E_ecustom--DecreaseInExchangeRates_pip0_uPure_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zig7dbvj33vc" style="padding-right: 5.4pt; text-align: right" title="Decrease in Euro exchange rate"&gt;&lt;span style="font-size: 10pt"&gt;-10%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20220101__20221231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zVIvgdl5skpl" style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)"&gt;&lt;span style="font-size: 10pt"&gt;573&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98C_ecustom--IncreaseInExchangeRates_pip0_uPure_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zaxRhFosYLLl" style="padding-right: 5.4pt; text-align: right" title="Increase in Euro exchange rate"&gt;&lt;span style="font-size: 10pt"&gt;+10%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_980_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zkp6mvJlCRf9" style="text-align: right" title="Effect on loss (Increase in Euro exchange rate)"&gt;&lt;span style="font-size: 10pt"&gt;(478)&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_ecustom--DecreaseInExchangeRates_pip0_uPure_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zduLN0hyks4j" style="padding-right: 5.4pt; text-align: right" title="Decrease in Euro exchange rate"&gt;&lt;span style="font-size: 10pt"&gt;-10%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98E_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20210101__20211231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zuESJBOy5wY9" style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)"&gt;&lt;span style="font-size: 10pt"&gt;478&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; text-align: right" title="Decrease in Euro exchange rate"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_984_ecustom--IncreaseInExchangeRates_pip0_uPure_c20200101__20201231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zbxkdz6OyS9e" style="padding-right: 5.4pt; text-align: right" title="Increase in Euro exchange rate"&gt;&lt;span style="font-size: 10pt"&gt;+10%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td id="xdx_98B_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit_pn3n3_c20200101__20201231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_z8DafdUkuol1" style="text-align: right" title="Effect on loss (Increase in Euro exchange rate)"&gt;&lt;span style="font-size: 10pt"&gt;(258)&lt;b/&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_ecustom--DecreaseInExchangeRates_pip0_uPure_c20200101__20201231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zkIoOUF9pTei" style="padding-right: 5.4pt; text-align: right" title="Decrease in Euro exchange rate"&gt;&lt;span style="font-size: 10pt"&gt;-10%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98B_ecustom--SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit_pn3n3_c20200101__20201231__ifrs-full--TypesOfRisksAxis__ifrs-full--CurrencyRiskMember_zRSPmpWRySRk" style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)"&gt;&lt;span style="font-size: 10pt"&gt;258&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; text-align: right" title="Decrease in Euro exchange rate"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right" title="Effect on loss (Decrease in Euro exchange rate)"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
</glbs:DisclosureOfForeignCurrencyRiskExplanatory>
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    <glbs:DecreaseInExchangeRates
      contextRef="From2022-01-012022-12-31_ifrs-full_CurrencyRiskMember"
      decimals="INF"
      unitRef="Pure">-0.10</glbs:DecreaseInExchangeRates>
    <glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit
      contextRef="From2022-01-012022-12-31_ifrs-full_CurrencyRiskMember"
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    <glbs:IncreaseInExchangeRates
      contextRef="From2021-01-012021-12-31_ifrs-full_CurrencyRiskMember"
      decimals="INF"
      unitRef="Pure">0.10</glbs:IncreaseInExchangeRates>
    <glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit
      contextRef="From2021-01-012021-12-31_ifrs-full_CurrencyRiskMember"
      decimals="-3"
      unitRef="USD">-478000</glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit>
    <glbs:DecreaseInExchangeRates
      contextRef="From2021-01-012021-12-31_ifrs-full_CurrencyRiskMember"
      decimals="INF"
      unitRef="Pure">-0.10</glbs:DecreaseInExchangeRates>
    <glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit
      contextRef="From2021-01-012021-12-31_ifrs-full_CurrencyRiskMember"
      decimals="-3"
      unitRef="USD">478000</glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit>
    <glbs:IncreaseInExchangeRates
      contextRef="From2020-01-012020-12-31_ifrs-full_CurrencyRiskMember"
      decimals="INF"
      unitRef="Pure">0.10</glbs:IncreaseInExchangeRates>
    <glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit
      contextRef="From2020-01-012020-12-31_ifrs-full_CurrencyRiskMember"
      decimals="-3"
      unitRef="USD">-258000</glbs:SensitivityAnalysisForEachTypeOfMarketRiskNegativeEffectOnProfit>
    <glbs:DecreaseInExchangeRates
      contextRef="From2020-01-012020-12-31_ifrs-full_CurrencyRiskMember"
      decimals="INF"
      unitRef="Pure">-0.10</glbs:DecreaseInExchangeRates>
    <glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit
      contextRef="From2020-01-012020-12-31_ifrs-full_CurrencyRiskMember"
      decimals="-3"
      unitRef="USD">258000</glbs:SensitivityAnalysisForEachTypeOfMarketRiskPositiveEffectOnProfit>
    <glbs:DisclosureOfConcentrationOfCreditRiskExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_890_ecustom--DisclosureOfConcentrationOfCreditRiskExplanatory_zFL3SWuFhtKl" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Financial
risk management objectives and policies - Concentration of credit risk table&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b/&gt;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="font-weight: bold; text-align: right; width: 34%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 10%"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 10%"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;%&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 10%"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 10%"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;%&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 10%"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 10%"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;%&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-size: 9pt"&gt;A&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zWFivZWbKt8c" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-size: 9pt"&gt;6,606&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zuSCeMCwTkce" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;11%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zCbaOJhF5Ssk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_980_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zFT4WLne7gB3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_zn8HmDcPDO4a" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererMember_z6lN0AwXxe46" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-size: 9pt"&gt;B&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zhN70z8UcJU9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-size: 9pt"&gt;6,548&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zGbuqu9HNA0f" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;11%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_z373HEIBWDL7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zZrWusyV3oR4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zAMqq3ncmASl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererBMember_zbL0AHe2Beqc" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-size: 9pt"&gt;C&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_z46Z7Llh3j1l" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zkjL7SquX0m5" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_z7yvdFNGA1Bg" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-size: 9pt"&gt;7,726&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_zsbU3ApgaQC9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;18%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_z7XylfJ0bSRa" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererCMember_z1zK8OLZGD96" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-size: 9pt"&gt;D&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zwibcAUL7JG5" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zcfZvOnDoBG3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zz4hYGiwM9E8" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-size: 9pt"&gt;4,571&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zqmAdFIrcRjb" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;11%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--RevenueFromRenderingOfServices_pn3n3_d0_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_z6ojPu3lYxLd" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--PercentageOfEntitysRevenue_pip0_d0_uPure_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--MajorChartererDMember_zv4nXtpCalPc" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-size: 9pt"&gt;Other &lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zTqKi36RGgSh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-size: 9pt"&gt;48,236&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20220101__20221231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zV3HKHURdwSa" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;78%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_980_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zlD21EKt4YZ" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-size: 9pt"&gt;30,914&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20210101__20211231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_z2Hd9aWJBWV4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;71%&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zTn6Ou3mP2bk" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center" title="Revenue"&gt;&lt;span style="font-size: 9pt"&gt;11,753&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20200101__20201231__ifrs-full--CounterpartiesAxis__custom--OtherMajorCharterersMember_zgHMvjTXY8z3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;100%&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="text-align: left"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_988_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20220101__20221231_zeugv3zWe0N7" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;61,390&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20220101__20221231_zgtuKQh8phMk" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;100%&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20210101__20211231_zEwEYoxQ1knj" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;43,211&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20210101__20211231_zccAzRxu4fj3" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;100%&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--RevenueFromRenderingOfServices_pn3n3_c20200101__20201231_zLrkHmxp8qee" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;11,753&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--PercentageOfEntitysRevenue_pip0_uPure_c20200101__20201231_zaxoNVBO39Wh" style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;100%&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
</glbs:DisclosureOfConcentrationOfCreditRiskExplanatory>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2022-01-012022-12-31_custom_MajorChartererMember"
      decimals="-3"
      unitRef="USD">6606000</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2022-01-012022-12-31_custom_MajorChartererMember"
      decimals="INF"
      unitRef="Pure">0.11</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2021-01-012021-12-31_custom_MajorChartererMember"
      decimals="-3"
      unitRef="USD">0</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2021-01-012021-12-31_custom_MajorChartererMember"
      decimals="INF"
      unitRef="Pure">0</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2020-01-012020-12-31_custom_MajorChartererMember"
      decimals="-3"
      unitRef="USD">0</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2020-01-012020-12-31_custom_MajorChartererMember"
      decimals="INF"
      unitRef="Pure">0</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2022-01-012022-12-31_custom_MajorChartererBMember"
      decimals="-3"
      unitRef="USD">6548000</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2022-01-012022-12-31_custom_MajorChartererBMember"
      decimals="INF"
      unitRef="Pure">0.11</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2021-01-012021-12-31_custom_MajorChartererBMember"
      decimals="-3"
      unitRef="USD">0</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2021-01-012021-12-31_custom_MajorChartererBMember"
      decimals="INF"
      unitRef="Pure">0</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2020-01-012020-12-31_custom_MajorChartererBMember"
      decimals="-3"
      unitRef="USD">0</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2020-01-012020-12-31_custom_MajorChartererBMember"
      decimals="INF"
      unitRef="Pure">0</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2022-01-012022-12-31_custom_MajorChartererCMember"
      decimals="-3"
      unitRef="USD">0</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2022-01-012022-12-31_custom_MajorChartererCMember"
      decimals="INF"
      unitRef="Pure">0</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2021-01-012021-12-31_custom_MajorChartererCMember"
      decimals="-3"
      unitRef="USD">7726000</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2021-01-012021-12-31_custom_MajorChartererCMember"
      decimals="INF"
      unitRef="Pure">0.18</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2020-01-012020-12-31_custom_MajorChartererCMember"
      decimals="-3"
      unitRef="USD">0</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2020-01-012020-12-31_custom_MajorChartererCMember"
      decimals="INF"
      unitRef="Pure">0</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2022-01-012022-12-31_custom_MajorChartererDMember"
      decimals="-3"
      unitRef="USD">0</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2022-01-012022-12-31_custom_MajorChartererDMember"
      decimals="INF"
      unitRef="Pure">0</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2021-01-012021-12-31_custom_MajorChartererDMember"
      decimals="-3"
      unitRef="USD">4571000</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2021-01-012021-12-31_custom_MajorChartererDMember"
      decimals="INF"
      unitRef="Pure">0.11</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2020-01-012020-12-31_custom_MajorChartererDMember"
      decimals="-3"
      unitRef="USD">0</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2020-01-012020-12-31_custom_MajorChartererDMember"
      decimals="INF"
      unitRef="Pure">0</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2022-01-012022-12-31_custom_OtherMajorCharterersMember"
      decimals="-3"
      unitRef="USD">48236000</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2022-01-012022-12-31_custom_OtherMajorCharterersMember"
      decimals="INF"
      unitRef="Pure">0.78</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2021-01-012021-12-31_custom_OtherMajorCharterersMember"
      decimals="-3"
      unitRef="USD">30914000</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2021-01-012021-12-31_custom_OtherMajorCharterersMember"
      decimals="INF"
      unitRef="Pure">0.71</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2020-01-012020-12-31_custom_OtherMajorCharterersMember"
      decimals="-3"
      unitRef="USD">11753000</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2020-01-012020-12-31_custom_OtherMajorCharterersMember"
      decimals="INF"
      unitRef="Pure">1</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2022-01-01to2022-12-31"
      decimals="-3"
      unitRef="USD">61390000</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2022-01-01to2022-12-31"
      decimals="INF"
      unitRef="Pure">1</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2021-01-012021-12-31"
      decimals="-3"
      unitRef="USD">43211000</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2021-01-012021-12-31"
      decimals="INF"
      unitRef="Pure">1</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:RevenueFromRenderingOfServices
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">11753000</ifrs-full:RevenueFromRenderingOfServices>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="From2020-01-012020-12-31"
      decimals="INF"
      unitRef="Pure">1</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:DescriptionOfManagingLiquidityRisk contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_89D_eifrs-full--DescriptionOfManagingLiquidityRisk_zDe9VNDrUuv2" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Financial
risk management objectives and policies - Liquidity risk&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Year ended
    December 31, 2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Less
    than 3 months&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;3
    to 12 months&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;1
    to 5 years&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;More
    than 5 years&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Long-term debt&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zsbEBN0ATtR4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-size: 10pt"&gt;2,495&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zholTVXOZ3g4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-size: 10pt"&gt;7,266&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zKvxICgIRzP6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-size: 10pt"&gt;43,816&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zGpLG6yqoGUh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20221231_zGmprW1OmkWd" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-size: 10pt"&gt;53,577&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Lease liabilities &lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zObascA6rtda" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-size: 10pt"&gt;80&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zuIkrjDP5E07" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-size: 10pt"&gt;241&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zgCYB5GIRjH3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-size: 10pt"&gt;188&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--LeaseLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zLRu4uwJ4Vr2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98E_eifrs-full--LeaseLiabilities_iI_pn3n3_c20221231_z1DiIXfsl7M" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-size: 10pt"&gt;509&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Accrued liabilities and
    other payables&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zPxM4T8vm55b" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-size: 10pt"&gt;5,814&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zSV3d9IzoD7k" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zNJtHkd0plcl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zw4QAUrNpVUa" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20221231_zvYkJnAXlMic" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-size: 10pt"&gt;5,814&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Trade accounts payables&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zJ8RE2Kp8Lp6" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-size: 10pt"&gt;3,548&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zNjzoQBrIDsl" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zC1KUN8x9yn4" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zN4iNQI5P1Jk" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20221231_zQAn8uillqAk" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-size: 10pt"&gt;3,548&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_z6FwY6Ka4iE1" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;11,937&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_z3LDIOukRrL4" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;7,507&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_980_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zPfZRg1Kglu3" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;44,004&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--FinancialLiabilities_iTI_pn3n3_d0_c20221231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zCzUJ6L2UpUh" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#x2014;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20221231_z76puX9r7PM8" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;63,448&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Year ended
    December 31, 2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Less
    than 3 months&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;3
    to 12 months&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;1
    to 5 years&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;More
    than 5 years&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Long-term debt&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zBI3tVy94gs1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-size: 10pt"&gt;1,566&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zd48sHaPFjKc" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-size: 10pt"&gt;4,614&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zzvhSxKgZGt8" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-size: 10pt"&gt;29,325&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zQa6Rq5jEKbh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--NoncurrentFinancialLiabilities_iI_pn3n3_c20211231_z0TsNNiT1Ji6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Long-term debt"&gt;&lt;span style="font-size: 10pt"&gt;35,505&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Lease liabilities &lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--LeaseLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zoFubLCDvQj4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-size: 10pt"&gt;92&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--LeaseLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zfHJR0B8zYjf" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-size: 10pt"&gt;275&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--LeaseLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zg0cnhZcuWNg" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-size: 10pt"&gt;585&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--LeaseLiabilities_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zA1cPOpnsRda" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--LeaseLiabilities_iI_pn3n3_c20211231_zhrHEHry4Fyj" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Lease liabilities"&gt;&lt;span style="font-size: 10pt"&gt;952&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Accrued liabilities and
    other payables&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zvrnUX2yJSZh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-size: 10pt"&gt;3,497&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_z16iFnTOf5x6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_ztD2tyiyqZE2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zJjx58GZIJT7" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_c20211231_z7PfFyIRp7f8" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Accrued liabilities and other payables"&gt;&lt;span style="font-size: 10pt"&gt;3,497&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Trade accounts payables&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98B_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zSkuxAoCzsah" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-size: 10pt"&gt;1,100&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zViERfpnfVE6" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zAhSmG5VgIBl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zhHT5YTVAR4a" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--TradeAndOtherCurrentPayables_iI_pn3n3_c20211231_zA12ndxcwsxf" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Trade accounts payables"&gt;&lt;span style="font-size: 10pt"&gt;1,100&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;Current portion of fair
    value of derivative financial instruments&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--CurrentDerivativeFinancialLiabilities_iIP3ifrs-full--TradeAndOtherCurrentPayables_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zyWrWXtWNEWc" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"&gt;&lt;span style="font-size: 10pt"&gt;23&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_985_eifrs-full--CurrentDerivativeFinancialLiabilities_iIP3ifrs-full--TradeAndOtherCurrentPayables_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zr5LKZGamDIi" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"&gt;&lt;span style="font-size: 10pt"&gt;69&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--CurrentDerivativeFinancialLiabilities_iIP3ifrs-full--TradeAndOtherCurrentPayables_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zkRaih07Hvqh" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--CurrentDerivativeFinancialLiabilities_iIP3ifrs-full--TradeAndOtherCurrentPayables_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zUzuDivBL9P7" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right" title="Current portion of fair value of derivative financial instruments"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_980_eifrs-full--CurrentDerivativeFinancialLiabilities_iIP2ifrs-full--FinancialLiabilities_pn3n3_c20211231_zdBsMPZUKEZ6" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;92&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--LessThanThreeMonthsMember_zXCVxwzsqebl" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;6,278&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--ThreeToTwelveMonthsMember_zPPd998JGRT3" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;4,958&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98A_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20211231__ifrs-full--MaturityAxis__custom--OneToFiveYearsMember_zb74skEy8K55" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;29,910&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--FinancialLiabilities_iTI_pn3n3_d0_c20211231__ifrs-full--MaturityAxis__custom--MoreThanFiveYearsMember_zywFfe3bkKw5" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#x2014;&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_980_eifrs-full--FinancialLiabilities_iTI_pn3n3_c20211231_zjkbDM0RO7fb" style="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;41,146&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
</ifrs-full:DescriptionOfManagingLiquidityRisk>
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    <ifrs-full:NoncurrentFinancialLiabilities
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    <ifrs-full:LeaseLiabilities
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      unitRef="USD">0</ifrs-full:LeaseLiabilities>
    <ifrs-full:LeaseLiabilities contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">509000</ifrs-full:LeaseLiabilities>
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      decimals="-3"
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      unitRef="USD">0</ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities>
    <ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities
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      decimals="-3"
      unitRef="USD">0</ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities>
    <ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities
      contextRef="AsOf2022-12-31_custom_MoreThanFiveYearsMember"
      decimals="-3"
      unitRef="USD">0</ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities>
    <ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">5814000</ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities>
    <ifrs-full:TradeAndOtherCurrentPayables
      contextRef="AsOf2022-12-31_custom_LessThanThreeMonthsMember"
      decimals="-3"
      unitRef="USD">3548000</ifrs-full:TradeAndOtherCurrentPayables>
    <ifrs-full:TradeAndOtherCurrentPayables
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      decimals="-3"
      unitRef="USD">0</ifrs-full:TradeAndOtherCurrentPayables>
    <ifrs-full:TradeAndOtherCurrentPayables
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      decimals="-3"
      unitRef="USD">0</ifrs-full:TradeAndOtherCurrentPayables>
    <ifrs-full:TradeAndOtherCurrentPayables
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      decimals="-3"
      unitRef="USD">0</ifrs-full:TradeAndOtherCurrentPayables>
    <ifrs-full:TradeAndOtherCurrentPayables contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">3548000</ifrs-full:TradeAndOtherCurrentPayables>
    <ifrs-full:FinancialLiabilities
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      decimals="-3"
      unitRef="USD">11937000</ifrs-full:FinancialLiabilities>
    <ifrs-full:FinancialLiabilities
      contextRef="AsOf2022-12-31_custom_ThreeToTwelveMonthsMember"
      decimals="-3"
      unitRef="USD">7507000</ifrs-full:FinancialLiabilities>
    <ifrs-full:FinancialLiabilities
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      decimals="-3"
      unitRef="USD">44004000</ifrs-full:FinancialLiabilities>
    <ifrs-full:FinancialLiabilities
      contextRef="AsOf2022-12-31_custom_MoreThanFiveYearsMember"
      decimals="-3"
      unitRef="USD">0</ifrs-full:FinancialLiabilities>
    <ifrs-full:FinancialLiabilities contextRef="AsOf2022-12-31" decimals="-3" unitRef="USD">63448000</ifrs-full:FinancialLiabilities>
    <ifrs-full:NoncurrentFinancialLiabilities
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      decimals="-3"
      unitRef="USD">1566000</ifrs-full:NoncurrentFinancialLiabilities>
    <ifrs-full:NoncurrentFinancialLiabilities
      contextRef="AsOf2021-12-31_custom_ThreeToTwelveMonthsMember"
      decimals="-3"
      unitRef="USD">4614000</ifrs-full:NoncurrentFinancialLiabilities>
    <ifrs-full:NoncurrentFinancialLiabilities
      contextRef="AsOf2021-12-31_custom_OneToFiveYearsMember"
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      unitRef="USD">29325000</ifrs-full:NoncurrentFinancialLiabilities>
    <ifrs-full:NoncurrentFinancialLiabilities
      contextRef="AsOf2021-12-31_custom_MoreThanFiveYearsMember"
      decimals="-3"
      unitRef="USD">0</ifrs-full:NoncurrentFinancialLiabilities>
    <ifrs-full:NoncurrentFinancialLiabilities contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">35505000</ifrs-full:NoncurrentFinancialLiabilities>
    <ifrs-full:LeaseLiabilities
      contextRef="AsOf2021-12-31_custom_LessThanThreeMonthsMember"
      decimals="-3"
      unitRef="USD">92000</ifrs-full:LeaseLiabilities>
    <ifrs-full:LeaseLiabilities
      contextRef="AsOf2021-12-31_custom_ThreeToTwelveMonthsMember"
      decimals="-3"
      unitRef="USD">275000</ifrs-full:LeaseLiabilities>
    <ifrs-full:LeaseLiabilities
      contextRef="AsOf2021-12-31_custom_OneToFiveYearsMember"
      decimals="-3"
      unitRef="USD">585000</ifrs-full:LeaseLiabilities>
    <ifrs-full:LeaseLiabilities
      contextRef="AsOf2021-12-31_custom_MoreThanFiveYearsMember"
      decimals="-3"
      unitRef="USD">0</ifrs-full:LeaseLiabilities>
    <ifrs-full:LeaseLiabilities contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">952000</ifrs-full:LeaseLiabilities>
    <ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities
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      unitRef="USD">3497000</ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities>
    <ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities
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      unitRef="USD">0</ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities>
    <ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities
      contextRef="AsOf2021-12-31_custom_OneToFiveYearsMember"
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      unitRef="USD">0</ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities>
    <ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities
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      unitRef="USD">0</ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities>
    <ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">3497000</ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities>
    <ifrs-full:TradeAndOtherCurrentPayables
      contextRef="AsOf2021-12-31_custom_LessThanThreeMonthsMember"
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      unitRef="USD">1100000</ifrs-full:TradeAndOtherCurrentPayables>
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      contextRef="AsOf2021-12-31_custom_ThreeToTwelveMonthsMember"
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    <ifrs-full:TradeAndOtherCurrentPayables
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    <ifrs-full:DisclosureOfFairValueMeasurementExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_807_eifrs-full--DisclosureOfFairValueMeasurementExplanatory_z4sN1kphIVPe" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;21.&#160;&#160;&#160;&#160;&#160;
&lt;span id="xdx_82E_zKZ3TbZLgJ47"&gt;Fair values&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Carrying
amounts and fair values&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;The
following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the
fair value hierarchy (as defined in note 2.27). It does not include fair value information for financial assets and financial liabilities
not measured at fair value if the carrying amount is a reasonable approximation of fair value, such as cash and cash equivalents, restricted
cash, trade receivables and trade payables.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&#160;&lt;/p&gt;




&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"/&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"&gt;&lt;b&gt;21.&lt;span style="font-size: 10pt"&gt;&#160;&#160;&#160;&#x202f;&#160;&#160;
Fair values (continued)&lt;/span&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/p&gt;

&lt;p id="xdx_897_ecustom--DisclosureOfFairValuesExplanatory_z8vskmVdEHa8" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Fair
values measurement&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Carrying amount&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="7" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Fair value&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Level 1&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Level 2&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Level 3&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;December&#160;31, 2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Financial assets&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Financial assets measured at fair value&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Non-current portion of fair value of derivative
    financial instruments&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_z2whBS7BdaHl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,315&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_zRU3wGX7Wk13" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,315&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zZhhIE1alBoc" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;1,315&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Current portion of fair value of derivative financial
    instruments&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zuT2QOAG45A" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,092&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_z5UD7ZbKqu8f" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,092&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zHOQXvdeaZrh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;1,092&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--FinancialAssetsAtFairValue_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_z4CPHsVGRv84" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;2,407&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Financial liabilities&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Financial liabilities not measured at fair value&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 9pt"&gt;Long-term borrowings&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98E_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember_zWLN9g89OyC4" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;44,375&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember_zhLB0ENAa3Sj" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;45,549&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98B_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember_zzRfvS8SS6n2" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;45,549&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--FinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember_zOD7R8iBbYf7" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;44,375&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Carrying amount&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="7" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Fair value&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Level 1&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Level 2&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Level 3&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;December&#160;31, 2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Financial assets&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Financial assets measured at fair value&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Derivative financial instruments&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20211231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zSObVLCxAex4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;417&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20211231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_zYLBHPm2XqP3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;417&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20211231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_z6rf7Rk6WgX1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;417&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--FinancialAssetsAtFairValue_iI_pn3n3_c20211231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zeNUnNIuz8Wj" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;417&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Financial liabilities&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Financial liabilities measured at fair value&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Derivative financial instruments&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--NoncurrentDerivativeFinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--FinancialLiabilitiesAtFairValueIIMember_z5rey6iHuFWi" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;92&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--NoncurrentDerivativeFinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--FinancialLiabilitiesAtFairValueIIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_zMUyNHD5bJZj" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;92&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--NoncurrentDerivativeFinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--FinancialLiabilitiesAtFairValueIIMember_zwUbv9g97E85" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;92&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_988_eifrs-full--FinancialLiabilitiesAtFairValue_iI_pn3n3_c20211231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--FinancialLiabilitiesAtFairValueIIMember_zr9Ec3EAVrOh" style="border-top: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;92&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Financial liabilities not measured at fair value&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Long-term borrowings&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_ecustom--BorrowingsGross_iI_pn3n3_c20211231__ifrs-full--MeasurementAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember_z2yPVSaABqm" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;31,750&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_980_ecustom--BorrowingsGross_iI_pn3n3_c20211231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember_zUQrJycUvBVc" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;32,155&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_ecustom--BorrowingsGross_iI_pn3n3_c20211231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember_z68jMy6w8Sr3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;32,155&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--FinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--MeasurementAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember_zXq1qLCaDPnj" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;31,750&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;

&lt;p id="xdx_8AE_zoBSYWREMHq5" style="margin-top: 0; margin-bottom: 0"&gt;&#160;&lt;/p&gt;



&lt;p style="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0pt 0pt 9pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;21.&#160;&#160;&#160;&#160;&#160;&#160;
Fair values (continued)&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 1cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Measurement
of fair values&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 1cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Valuation
techniques and significant unobservable inputs&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;The
following tables show the valuation techniques used in measuring Level 1, Level 2 and Level 3 fair values, as well as the significant
unobservable inputs used.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_89A_ecustom--DisclosureOfValuationTechniquesAndSignificantUnobservableInputs_zLa8SgyqGnO8" style="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;span style="display: none; font-size: 10pt"&gt;&#160;Valuation
techniques and significant unobservable inputs&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: 0cm"/&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-decoration: underline; font-size: 9pt; font-weight: bold; text-align: left; padding-left: 5.4pt; width: 48%"&gt;&lt;span style="font-size: 10pt"&gt;Financial
    instruments measured at fair value&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt; width: 25%"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt; width: 25%"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font-size: 9pt; font-weight: bold; font-style: italic; padding-bottom: 1pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Type&lt;/span&gt;&lt;/td&gt;&lt;td style="font-size: 9pt; font-weight: bold; font-style: italic; padding-bottom: 1pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Valuation
    Techniques&lt;/span&gt;&lt;/td&gt;&lt;td style="font-size: 9pt; font-weight: bold; font-style: italic; padding-bottom: 1pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Significant
    unobservable inputs&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font-size: 9pt; text-align: left; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Derivative financial instruments:&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font-size: 9pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Interest Rate
    Swap&lt;/span&gt;&lt;/td&gt;&lt;td style="font-size: 9pt; padding-bottom: 1pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-size: 9pt; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Discounted
    cash flow&lt;/span&gt;&lt;/td&gt;&lt;td style="font-size: 9pt; padding-bottom: 1pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-size: 9pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&#160;Discount
    rate&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font-size: 9pt; text-align: left; padding-left: 5.4pt"&gt;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&lt;span style="text-decoration: underline"&gt;Financial
                                            instruments not measured at fair value&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-decoration: underline; font-size: 9pt; font-weight: bold; text-align: left; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Asset
    and liabilities not measured at fair value&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font-size: 9pt; font-weight: bold; font-style: italic; padding-bottom: 1pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Type&lt;/span&gt;&lt;/td&gt;&lt;td style="font-size: 9pt; font-weight: bold; font-style: italic; padding-bottom: 1pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Valuation
    Techniques&lt;/span&gt;&lt;/td&gt;&lt;td style="font-size: 9pt; font-weight: bold; font-style: italic; padding-bottom: 1pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Significant
    unobservable inputs&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font-size: 9pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Long-term borrowings&lt;/span&gt;&lt;/td&gt;&lt;td style="font-size: 9pt; padding-bottom: 1pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-size: 9pt; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Discounted
    cash flow&lt;/span&gt;&lt;/td&gt;&lt;td style="font-size: 9pt; padding-bottom: 1pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-size: 9pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Discount rate&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"/&gt;

&lt;p id="xdx_8A8_zhlTOo805XUk" style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 1cm"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Transfers between Level
1, 2 and 3&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"&gt;&lt;span style="font-size: 10pt"&gt;There
were no transfers between these levels in 2021 and 2022.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

</ifrs-full:DisclosureOfFairValueMeasurementExplanatory>
    <glbs:DisclosureOfFairValuesExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_897_ecustom--DisclosureOfFairValuesExplanatory_z8vskmVdEHa8" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"&gt;&lt;span style="display: none; font-size: 10pt"&gt;Fair
values measurement&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Carrying amount&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="7" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Fair value&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Level 1&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Level 2&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Level 3&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;December&#160;31, 2022&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Financial assets&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Financial assets measured at fair value&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Non-current portion of fair value of derivative
    financial instruments&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98D_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_z2whBS7BdaHl" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,315&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_zRU3wGX7Wk13" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,315&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_981_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zZhhIE1alBoc" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;1,315&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Current portion of fair value of derivative financial
    instruments&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_982_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zuT2QOAG45A" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,092&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_z5UD7ZbKqu8f" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;1,092&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_987_eifrs-full--CurrentDerivativeFinancialAssets_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zHOQXvdeaZrh" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;1,092&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--FinancialAssetsAtFairValue_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_z4CPHsVGRv84" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;2,407&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Financial liabilities&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Financial liabilities not measured at fair value&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 9pt"&gt;Long-term borrowings&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98E_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember_zWLN9g89OyC4" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;44,375&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember_zhLB0ENAa3Sj" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;45,549&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98B_ecustom--BorrowingsGross_iI_pn3n3_c20221231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember_zzRfvS8SS6n2" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;45,549&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--FinancialLiabilities_iI_pn3n3_c20221231__ifrs-full--MeasurementAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember_zOD7R8iBbYf7" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;44,375&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;
&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
  &lt;tr&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Carrying amount&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="7" style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Fair value&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Level 1&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Level 2&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Level 3&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right; width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr&gt;
    &lt;td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;December&#160;31, 2021&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Financial assets&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Financial assets measured at fair value&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Derivative financial instruments&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20211231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zSObVLCxAex4" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;417&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20211231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_zYLBHPm2XqP3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;417&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_eifrs-full--NoncurrentDerivativeFinancialAssets_iI_pn3n3_c20211231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_z6rf7Rk6WgX1" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;417&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_986_eifrs-full--FinancialAssetsAtFairValue_iI_pn3n3_c20211231__ifrs-full--ClassesOfFinancialAssetsAxis__custom--FinancialAssetsAtFairValueIMember_zeNUnNIuz8Wj" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;417&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Financial liabilities&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Financial liabilities measured at fair value&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Derivative financial instruments&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98F_eifrs-full--NoncurrentDerivativeFinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--FinancialLiabilitiesAtFairValueIIMember_z5rey6iHuFWi" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;92&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_98C_eifrs-full--NoncurrentDerivativeFinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--FinancialLiabilitiesAtFairValueIIMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember_zMUyNHD5bJZj" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;92&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_983_eifrs-full--NoncurrentDerivativeFinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--FinancialLiabilitiesAtFairValueIIMember_zwUbv9g97E85" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;92&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_988_eifrs-full--FinancialLiabilitiesAtFairValue_iI_pn3n3_c20211231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--FinancialLiabilitiesAtFairValueIIMember_zr9Ec3EAVrOh" style="border-top: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;92&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;Financial liabilities not measured at fair value&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Long-term borrowings&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_ecustom--BorrowingsGross_iI_pn3n3_c20211231__ifrs-full--MeasurementAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember_z2yPVSaABqm" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;31,750&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_980_ecustom--BorrowingsGross_iI_pn3n3_c20211231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember__ifrs-full--LevelsOfFairValueHierarchyAxis__custom--LevelIIMember__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember_zUQrJycUvBVc" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;32,155&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&#x2014;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_989_ecustom--BorrowingsGross_iI_pn3n3_c20211231__ifrs-full--ClassesOfFinancialLiabilitiesAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember__ifrs-full--MeasurementAxis__ifrs-full--AtFairValueMember_z68jMy6w8Sr3" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;32,155&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
  &lt;tr style="background-color: White"&gt;
    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&#160;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td id="xdx_984_eifrs-full--FinancialLiabilities_iI_pn3n3_c20211231__ifrs-full--MeasurementAxis__custom--NotMeasuredAtFairValueFinancialLiabilitiesMember_zXq1qLCaDPnj" style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;span style="font-size: 9pt"&gt;&lt;b&gt;31,750&lt;/b&gt;&lt;/span&gt;&lt;/td&gt;
    &lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-top: Black 0.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
  &lt;/table&gt;

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      unitRef="USD">2407000</ifrs-full:FinancialAssetsAtFairValue>
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      unitRef="USD">45549000</glbs:BorrowingsGross>
    <ifrs-full:FinancialLiabilities
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      unitRef="USD">44375000</ifrs-full:FinancialLiabilities>
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      decimals="-3"
      unitRef="USD">417000</ifrs-full:NoncurrentDerivativeFinancialAssets>
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      unitRef="USD">417000</ifrs-full:NoncurrentDerivativeFinancialAssets>
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      decimals="-3"
      unitRef="USD">417000</ifrs-full:FinancialAssetsAtFairValue>
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    <ifrs-full:NoncurrentDerivativeFinancialLiabilities
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techniques and significant unobservable inputs&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: 0cm"/&gt;&lt;table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-decoration: underline; font-size: 9pt; font-weight: bold; text-align: left; padding-left: 5.4pt; width: 48%"&gt;&lt;span style="font-size: 10pt"&gt;Financial
    instruments measured at fair value&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt; width: 25%"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td style="width: 1%"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt; width: 25%"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font-size: 9pt; font-weight: bold; font-style: italic; padding-bottom: 1pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Type&lt;/span&gt;&lt;/td&gt;&lt;td style="font-size: 9pt; font-weight: bold; font-style: italic; padding-bottom: 1pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Valuation
    Techniques&lt;/span&gt;&lt;/td&gt;&lt;td style="font-size: 9pt; font-weight: bold; font-style: italic; padding-bottom: 1pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Significant
    unobservable inputs&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font-size: 9pt; text-align: left; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Derivative financial instruments:&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font-size: 9pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Interest Rate
    Swap&lt;/span&gt;&lt;/td&gt;&lt;td style="font-size: 9pt; padding-bottom: 1pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-size: 9pt; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Discounted
    cash flow&lt;/span&gt;&lt;/td&gt;&lt;td style="font-size: 9pt; padding-bottom: 1pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-size: 9pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&#160;Discount
    rate&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font-size: 9pt; text-align: left; padding-left: 5.4pt"&gt;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;&lt;span style="text-decoration: underline"&gt;Financial
                                            instruments not measured at fair value&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-decoration: underline; font-size: 9pt; font-weight: bold; text-align: left; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Asset
    and liabilities not measured at fair value&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font-size: 9pt; font-weight: bold; font-style: italic; padding-bottom: 1pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Type&lt;/span&gt;&lt;/td&gt;&lt;td style="font-size: 9pt; font-weight: bold; font-style: italic; padding-bottom: 1pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Valuation
    Techniques&lt;/span&gt;&lt;/td&gt;&lt;td style="font-size: 9pt; font-weight: bold; font-style: italic; padding-bottom: 1pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Significant
    unobservable inputs&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;td&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font-size: 9pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Long-term borrowings&lt;/span&gt;&lt;/td&gt;&lt;td style="font-size: 9pt; padding-bottom: 1pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-size: 9pt; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Discounted
    cash flow&lt;/span&gt;&lt;/td&gt;&lt;td style="font-size: 9pt; padding-bottom: 1pt"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
    &lt;td style="font-size: 9pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"&gt;&lt;span style="font-size: 10pt"&gt;Discount rate&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"/&gt;

</glbs:DisclosureOfValuationTechniquesAndSignificantUnobservableInputs>
    <ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory contextRef="From2022-01-01to2022-12-31">&lt;p id="xdx_80F_eifrs-full--DisclosureOfEventsAfterReportingPeriodExplanatory_zAnIzpdwHeba" style="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;22.&#160;&#160;&#160;&#160;&#160;&#160;
&lt;span id="xdx_820_zSkgFJ3FkO9d"&gt;Events after the reporting date&lt;/span&gt;&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 0; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;On
March 6, 2023, the Company, through a wholly owned subsidiary, entered into an agreement to sell the &lt;span id="xdx_903_ecustom--VesselYearBuilt_c20230101__20230306__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SunGlobeMember_zF2qtHyS07R7"&gt;2007&lt;/span&gt;-built Sun Globe for a gross
price of $&lt;span id="xdx_902_eifrs-full--ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_pdn6_c20230101__20230306__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SunGlobeMember_zoz5m90EL3S2" title="Vessel sale gross price"&gt;14.1&lt;/span&gt; million (absolute amount), before commissions, to an unaffiliated third party, which sale is subject to standard closing
conditions. The Company expects to recognize a gain of approximately $&lt;span id="xdx_908_eifrs-full--GainsOnDisposalsOfInvestmentProperties_pdn6_c20230101__20230306__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--SunGlobeMember_zxj9qvJYbQx4"&gt;4.5&lt;/span&gt; million (absolute amount) as a result of the sale, which will
be classified in the income statement component of the consolidated statement of comprehensive income/(loss).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 36pt; text-align: justify; text-indent: 0cm"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;In
March 2023 the Company, through its subsidiary, Calypso Shipholding S.A., paid the 2&lt;sup&gt;nd&lt;/sup&gt; instalment under the contract dated
April 29, 2022, for the construction and purchase of one fuel efficient &lt;span id="xdx_90F_ecustom--VesselType_c20230101__20230306__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSA1Member_zh2eXEOxaLAb"&gt;bulk carrier&lt;/span&gt; of about &lt;span id="xdx_90B_ecustom--VesselCapacity_pip0_uPure_c20230101__20230331__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSA1Member_zhx3GnL0bGTb"&gt;64,000&lt;/span&gt; dwt vessel, amounting to $&lt;span id="xdx_900_eifrs-full--CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities_pdn6_c20230101__20230331__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--CalypsoShipholdingSA1Member_z9CFYqLaSAQf"&gt;3.7&lt;/span&gt; million
(absolute amount).&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1cm"&gt;&lt;span style="font-size: 10pt"/&gt;&lt;/p&gt;

</ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory>
    <glbs:VesselYearBuilt contextRef="From2023-01-012023-03-06_custom_SunGlobeMember">2007</glbs:VesselYearBuilt>
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    <ifrs-full:GainsOnDisposalsOfInvestmentProperties
      contextRef="From2023-01-012023-03-06_custom_SunGlobeMember"
      decimals="0"
      unitRef="USD">4500000</ifrs-full:GainsOnDisposalsOfInvestmentProperties>
    <glbs:VesselType contextRef="From2023-01-012023-03-06_custom_CalypsoShipholdingSA1Member">bulk carrier</glbs:VesselType>
    <glbs:VesselCapacity
      contextRef="From2023-01-012023-03-31_custom_CalypsoShipholdingSA1Member"
      decimals="INF"
      unitRef="Pure">64000</glbs:VesselCapacity>
    <ifrs-full:CashAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities
      contextRef="From2023-01-012023-03-31_custom_CalypsoShipholdingSA1Member"
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
